DeFi lending protocol created by ex-QuadrigaCX co-founder surpassed $50M in TVL

According to DeFi Llama, UwU Lend, a decentralized finance, or DeFi, protocol that acts as a money market on the blockchain, has surpassed $50 million in total value locked (TVL). The non-custodial protocol was created by Michael Patryn, known by the pseudonym “Sifu,” who was the co-founder of defunct cryptocurrency exchange QuadrigaCX.

UwU Lend allows users to earn interest on deposits and pay interest to borrow funds on its platform. Outstanding loans on UwU lend are overcollateralized, with more collateral backing them than debt. A small amount of fees from each transaction goes into the UwU treasury. Borrowers do not have a repayment schedule and there is no limit on loan duration.

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