UniDex: Simplifying Decentralized Trading
Exchanges in the cryptocurrency space had plenty of time to prepare for the rise of Uniswap and they still couldn’t stop it from becoming an elite force in the industry. Uniswap has brought about an extremely simple, easy way to trade cryptocurrency in a space that tries to align itself with a decentralized model to maintain a level of transparency not seen in the traditional financial world.
Although it is one of the most viable decentralized exchanges, improvements to make the exchange even easier while adding in factors like arbitrage trading, best value, etc., are being developed in a space that has everyone rushing to find the next way to change it. A new project called UniDex is attempting to do this by making the experience of Decentralized trading even simpler.
UniDex (UNIDX,Contract Address: 0x95b3497bBcCcc46a8F45F5Cf54b0878b39f8D96C)is an ERC20 token tied to a smart contract which provides a trading terminal that takes different decentralized trading solutions while working on top of Dex’s like Uniswap to provide an even easier, simpler experience with additional benefits. What makes UniDex so unique is that isn’t just a limit order finder that utilizes only Uniswap. UniDex uses the liquidity pools from Uniswap, Balancer Pool, 1inch Exchange, Kyber Network, and even Aave.
This contract essentially swaps one token for another once a price target is hit. When the target is reached, UniDex finds this target on the above Dex’s and utilizes their own liquidity pools to execute the order. It’s important to note this, as initially the liquidity of UniDex token will not be a factor because of the abilities in the smart contracts code. The following features and tools are already developed and tested for launch:
- Execution of limit orders on multiple dex’s from a single site removing liquidity/spread concerns
- Offer a competitive swap rate due to discounted fees for holding a percentage of UNIDX tokens in the connected wallet (Uniswap is 0.3%, we can offer the same but less in tiers based on UNIDX holdings)
- lending and borrowing from 1 place and a "marketplace" of rates to explore (Aave/Cream/etc.) Including a lend and borrow UniDex rate
Initially, the token will be used as a governing model token, but it will be utilized to offer a fee rate and allow fees be repaid back later for being staked in the LP. It will also be burned at a rate based on the conversion value between UNIDX/DAI and the 24 hour profit the UniDex site generates, similar to the BNB burn which relies on their quarterly profiit.
The total supply of UniDex is 20,000,000. The tokens distribution model is as follows:
- 9,000,000 UNIDX (45% of total supply) via OTC Private Sale
- 9,000,000 UNIDX (45%) Locked in Uniswap LP Pool
- 1,000,000 (5%) Listing & Team Funds
- 1,000,000 (5%) Marketing, Audits, Misc. Project Enhancements
UniDex will provide you a trading terminal which allows you to see your option positions, current lending/borrowing rates, asset performance, your LP Tokens, and more all on one convenient screen. In addition, a live order book from Uniswap and other Dex’s will be displayed. This will allow you to strategize your trading even further by using this data. On top of all of this, UniDex is decentralized and trustless. Below is a screencap of the upcoming dashboard.
UniDex is in development and will be following an extensive roadmap planned to help direct the development of the project:
- 11/4/20: final design of the UniDex app. Presale conclusion
- Early November: Whitepaper release
- 11/13/20: launch of UniDex smart contracts
- 11/16/20: Third party audit of smart contracts
- 12/1/20: launch of UniDex app Beta
- 12/7/20: community feedback and roadmap for v2 begins based off feedback
With plenty of opportunities for improvement to the way people trade decentrally, UniDex aims to be the first to bring a convenient and effective tool to further increase your ability to strategize your trading opportunities. You can follow along at their website, and join the telegram community to stay up to date on what’s happening with the projects development.
Pertinent Links:
- Telegram: https://t.me/unidexfinance
- Twitter: https://twitter.com/UniDexFinance
- Website: http://unidex.finance
(I write articles, reviews, and Litepapers for legitimate, interesting, up and coming cryptocurrency projects. Feel free to PM me to review your project. Thank you!)
Disclaimer: This is not financial advice. The sole purpose of this post/article is to provide and create an informative and educated discussion regarding the project in question. Invest at your own risk.
