What is Union Finance?
Union Finance is a member-owned on-chain, peer-to-peer (P2P) credit network built on Ethereum. This protocol allows users to borrow and lend credits without needing collateral. This trust-based system empowers individuals to manage their own risk and lend to anyone they deem trustworthy, enabling novel use cases for on-chain credit.
Recently, Union Protocol launched on Base, supporting uncollateralized borrowing and lending of USDC. This means users can stake and borrow USDC directly on Union without swapping.
Union Protocol's launch on Base aims to reduce friction and costs associated with traditional borrowing, extending credit access to a wider range of users, including AI agents.
Learn more at Union deploys collateral-free USDC credit on Base
Prerequisite
An ENS or ETH address.
A Wallet with more than 0.00068ETH
Steps
To register on Union Finance, Click this link union finance app
Click Connect Wallet. You can install the app in your device for mobile users.
Connect Wallet After connecting your wallet, Select the Base network and click Begin Membership Process.
Select Network
Skip other sections, scroll down to Become a Member, and click Register. This will prompt you to pay a fee of 0.00063 Base ETH.
Register
After confirming the transaction, you will receive a dialog displaying Welcome to Union. Click Continue, this will take you to your dashboard. Here is how your dashboard will look.
Dashboard
Understanding the Union Credit Dashboard
In this section, we will focus on the credit dashboard:
Borrow: This tab allows users to borrow credit from members or friends who trust or have vouched for them.
Available to Borrow: Displays the amount of USDC your contacts have vouched for you that can borrow from them.
Balance owed: Displays the amount in you are owing and when payment is due.
Borrow: This button allows you to borrow in USDC.
Borrow Stake: Users are encouraged to stake some USDC to trust their friends with credit. Start by depositing a small amount to build trust within the network so you won't lose your funds.
Withdrawable: This shows the amount of your staked tokens available for withdrawal. These funds are withdrawable and continue to earn interest.
Locked: This indicates the amount of staked tokens you lend to your friends or people you trust in your network.
Frozen: Tokens are frozen when the borrower has failed to meet their repayment obligations.
Active borrowers: Displays the list of friends who borrowed from your staked tokens.
Rewards: The rewards system is designed to incentivize staking and maintaining a healthy staked balance, with potential bonuses and penalties based on the user's activity and behavior on the platform.
Stake Contact: This tab allows users to vouch or provide credit for friends they trust within their network. Users can also receive credit from friends who trust them on the network. You can also search for your friends using their ENS.
Contact
Getting Reward
After registering on Union Finance, you can get rewards onchain and increase your credit limit by onboarding new members through sharing your referral link. When you do so, you get rewarded with Union points and ETH. Below is a video on how to share your referral link.
In addition, you can receive incentives for staking your tokens, user activity and behavior on the platform.
