Borrow against UNI
Teller pools accept UNI as collateral on Ethereum at up to 28.6% LTV, lending USDC at 25% APR. Every loan is fixed-term with no margin-call, so a price fall during the loan cannot liquidate your collateral.
| Collateral | Network | LTV | APR |
|---|---|---|---|
| UNI | Ethereum | 28.6% | 25% |
Pool data read . Rates and LTVs are set per pool and change when operators change them.
A loan against the token most DeFi users already hold
UNI went out to hundreds of thousands of wallets in one of the widest distributions any protocol has run, so an unusual number of people hold some without ever having bought it. Teller pools take it at 28.6% LTV and 25% APR across 2 pools, and lend USDC against it.
The token sits at 0x1f9840a85d5af5bf1d1762f925bdaddc4201f984 on Ethereum with 18 decimals. Bridged UNI on other chains is a different contract, and each pool takes one address, so deposit the mainnet token to a mainnet pool.
Delegation survives, custody does not
UNI governs the Uniswap protocol through delegated voting: you either vote yourself or assign the weight to someone who does. While the loan runs, the protocol holds the tokens, so treat any vote you intend to influence during the term as something to arrange before you deposit rather than after.
That matters more for UNI than for most governance tokens, since proposals here decide things holders have argued over for years, the fee switch among them. If a vote you care about lands inside your term, size the loan shorter or wait it out.
Why the ceiling is not a bluechip ceiling
28.6% sits below what the same pools give wrapped bitcoin or ether. A governance token trades on protocol news and vote outcomes rather than on the broad market, which makes its path harder to price, and pool operators widen the buffer accordingly.
The loan
Deposit UNI, receive USDC, repay or roll on the due date. Rate, LTV and the roll window lock when the loan opens and the protocol holds the collateral until you close it out. Every loan is fixed-term with no margin-call, so a price fall during the loan cannot liquidate your collateral. Miss the due date and the collateral is forfeit. Budget for mainnet gas across the approval and the borrow.
Other governance tokens sit on the DeFi collateral page.
Frequently asked questions
Yes. Deposit UNI as collateral and receive USDC against it. You keep the tokens and any appreciation, and in the US borrowing is generally not the taxable disposal a sale would be.
The protocol holds the tokens for the length of the term, so arrange any delegation or vote you care about before depositing rather than during the loan.
Not to a mainnet pool. UNI on other chains is a different contract and each pool accepts exactly one address, so match the token to the pool's network.
LTV is the share of your collateral's value the pool will lend. A governance token trades on protocol news and vote outcomes rather than the broad market, and the operator sets the LTV against that.
Nothing happens to the loan. There is no liquidation threshold during the term, so your obligation on the due date stays where it started.
Open a loan
Connect a wallet, deposit your collateral, and borrow a stablecoin. No credit check, no application.
Go to the borrow tab →No collateral to pledge? Check whether you pre-qualify for a no-collateral personal loan. Soft check, no hard pull.