Recap of the UniDex Finance AMA with Blockchain Space
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On Tuesday, January 18th, we had the pleasure to welcome to our Telegram chat:
Krunal Amin, Founder of the exchange Unidex.
We asked him questions about the development of UniDex.
INTRODUCTION
Q~ Introduce yourself and the core background of UNIDEX finance to the community ?
A~ My name is Krunal and im the founder of the exchange UniDex.
UniDex aims to solve the problem of fragmented liquidity and to little trading tools and functionality in DeFi. A couple ways we’ve solved this is by allowing limit orders on uniswap or really any liquidity pool in general, Offering options trading, and leverage and margin trading for people.
Q~ Can you explain how crypto users at large can benefits from UNIDEX finance project, and what real life problem you tend to solve with UNIDEX stardards ?
A~ People that access our exchange ultimately have access to multiple different functions like regular swap markets, leverage trading, margin trading, options trading, futures trading, and prediction markets all in 1 platform built on ETH. Were also moving to L2 solutions like MATIC and roll up contracts.
The problem is all these trading sites on DeFi dont have it all in 1 place nor give a good UI for people to access, Its usually one or the other and so UniDex is brining it all to everyone.
Q~ Tell us the achievements of UNIDEX FINANCE so far and where is your roadmap presently ?
A~ So far we have released token swapping that aggregates between 16 different liquidity pools and a few more in the works like linkswap and value pool making us the largest source of order aggregation.
We are also launching leverage markets and ETF markets on chain aswell and we would have the largest selection of pairs to trade on leverage aswell compared to any exchange on ETH ( about 65+ pairs).
Currently were in the middle of launching multiple other products like lending and borrowing through aave and and performance dashboard. Stuff like this is set to be completed anywhere in Q1.
Q~ Can you describe UNIDEX fee structure, A feature called “competitive fee” is one of your standard, Explain how the fees get lower as users trade and what is the fee percentage?
A~ Sure, so when orders are routed through our pool then by holding UNIDX you would pay a lower fee but also things like gas fees are moved away from you and limit orders cost almost nothing to transact so its fees all across the board that are reduced.
Not to mention by holding the token you get fee discounts but also 17% of fees generated would be distributed to token holders.
QUESTIONS FROM TWITTER
Q ~ Twitter user @hoavouuy : What can I use UNIDX token for in UniDEX ecosystem? What are the benefits of holding it in the long run?
A~ Token holders are paid out daily in ETH based on 17% of the fees we make (proportionate to how much of the supply you own )
But you can also use the token to vote on what features or assets you want to see added to the front end.
Hold the token for an airdrop of launchpad tokens.
Use the token to downvote or upvote traders in our social trading section.
Q ~ Twitter user @capt_boeing : I would like to know if you’ve completed any security audits? Perhaps by third-parties? We’ve seen dozens of hacks, exploits and stuff like that this year, what measures have been taken to protect investors and community from it?
A~ yeah we’ve done some base layer security audits through solidity.finance but also other contracts like margin contracts have been audited by another firm through our partners unimex and xvix.
Before moving to next question
Can we get links or proof of the audit?
Q ~ Twitter user @bao300 : In recent years, technologies around the layer 2 #blockchain, solutions have developed dramatically. How does #Unidex Finance fit into the boom of layer 2 networks? What makes it unique and different from all other platforms of this type?
A~ We would move our network in the short term onto the matic network and in doing so would also mean we would have the largest selection of pairs to trade on Layer 2. But any sort of Layer 2 solution that supports ETH smart contracts with little change can also be done in a short time frame but we would focus on matic because we’re working with chainlink as our oracle of choice and theyre already on the matic network.
Q ~ Twitter user @itachicvc : What can we expect to see from this project in the short-term (at some point in 2020) and 2021 and beyond (long-term goals)?
A~ Our full switch into L2 solutions and similar chains can be expected to be tested in Q1 for beta users and but our full exchange launch with all the feature that we wanna deliver.
In Q2 you can expect the mainnet for our L2 solutions but also aggregation cross chain such as polka, bsc, avax and so forth.
Q ~ Twitter user @roi10x : One of the current financial problems of decentralized borrowing and lending is the high spread, how does Unidex Finance fix this gap, bringing these rates closer?
A~ We would be aggregating services and thats I think the whole point brining the whole ecosystem together. That would ultimately bring spread down as more people use the platform even if it isnt for lending and borrowing.
QUESTIONS FROM TELEGRAM
Q ~ Telegram user @nickkiii : Has the American options trading dashboard integrated along with $UMEX yet?
A~ We arent using Unimex for american options were using our own implementation building on top of opyn so theres more functionality and allows for European and American options. ETHOPT the platform acquired by our partnered exchange for margin trading doesnt have the functionality we believe is needed for traders.
Q ~ Telegram user @senewe10 : Do you plan to introduce some sort of token burn or buy back programs in the future or how do you intend to maintain the scarcity of the #UNIDEX tokens?
A~ This is already in place were 33% of fees generated is used to buyback the token and burn them making a deflationary supply.
Q ~ Telegram user @natarajmarble : I still don’t understand a sentence like this “UniDex aims to replace centralized exchange with DeFi” Isn’t the current DEX not a centralized exchange, so how can the exchange be replaced by DeFi?
A~ It wouldnt be called a dex if it was centralized. We dont hold any of the users funds as its 100% non-custodial and we can replace centralized exchanged by providing the same and if not more trading pairs, while also working on top of layer 1 and 2 giving the same execution speed and cost.
Q ~ Telegram user @natarajmarble : Lately there have been a lot of projects that say they can be the best until the future but in fact after many investors who are sure and join to invest in their projects suddenly they disappear. Can you explain the things that make us investors believe in your project for the future?
A~ We have already launched multiple iterations of the exchange with partnerships along the way for certain services. Essentially were already providing a good chuck of the the services and it would make 0 sense for us to disappear considering it would be a revenue model far greater than running away. Also liquidity has been locked and will remain locked.
Q ~ Telegram user @uba23 : Unidex Trading Terminal is built on Ethereum, and as we know issues like high gas cost, slow rate of transfer and many more are associated with this particular blockchain, Do you have any plans to try out other blockchains like Polkadot, Cosmos, Tron etc. to enable Crosschain swaps in the future?
I noticed some grammatical error on the UniDex Finance website, who do I contact for this?
A~ yup were moving to L2 solutions to be able to work off L2 only pools but also crosschain aggregation onto bsc and polka.
Were also updating our main website for a more accurate look on what solutions were offering and providing so the site will change soon.
CONCLUSION
I think thats all the questions I can find that isnt something I can just find by reading our whitepaper or docs ( or already answered above during the ama ).
Thanks alot @KrunalUniDex
It’s really nice having Unidex Finance project in here!!!
You can check out their website for more details. You can also follow them on Telegram and Twitter to keep up to date with all things relating to UniDex Finance.
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