UniDex Project Insight: The Ultimate DeFi Trading Terminal

Unidex is a DEX aggregator for token swaps, margin trading, options trading, and cross chain swaps preparing to launch on BSC. UniDex will save users the stress and costs of routing liquidity manually/traditionally.

By
Wilfred Victor
on
March 10, 2021
Category:
Project Insight

Introduction

The viability of decentralized finance (DeFi) is in its profit-making strategies for users who participate in trading, yield earning, staking, and various other passive income strategies. But what may act as a deal breaker may be the fees incurred that could reduce the profit gained on decentralized exchange (DEX) trades. Current solutions do not take care of these problems. There is a need for a solution that aggregates all liquidity while simultaneously reducing slippage, transaction fee, and throughput.

What is UniDex

UniDex will be the first mover in Liquidity Pools’ unified management. It allows users to Lend, borrow, and swap tokens in one place right on the Ethereum blockchain. Users will manage all of their operations and monitor their portfolios on one screen without going from one dapp to another. UniDex will operate a unified liquidity pool where users can draw liquidity from multiple sources such as Uniswap, 1inch, Balancer, Sushiswap—providing minimal slippage and fast transactions.


Key Features

The key features of the platform include;

  • Limit orders on any DEX that does not support it.
  • Aggregation from any dex, chain, or other aggregators.
  • Aggregation of margin trading and options trading for efficient leveraged fills
  • Simplified portfolio management


Project Components

Swapping tokens with low liquidity will cause a considerable price slippage that could affect the swapped coins’ profit. When users attempt to swap on just one Dex with low liquidity they run into high price impacts. With UniDex, the same trade can be made while avoiding slippage.

Specific Dex’s may excel in a given attribute, providing simplistic UI/UX while disregarding the sophisticated trader who needs more professional trading tools. According to the whitepaper, UniDex will be an aggregation of all known Dex’s in the space. UniDex will be the one-stop platform for all. The goal is to provide an enhanced trading solution with additional features and an intuitive UI that puts the users at the heart of the whole trading experience.

The Beta of the platform launched on December 7th, 2020. The platform has created strategic partnerships and critical developments that further drive more adoption to the platform.

Partnership with Unimex - A decentralized exchange industry first to implement margin trading.

The partnership will expose UniDex traders to leverage trading. Leveraged trading will be integrated on top of the Uniswap Dex platform in a decentralized manner. Alongside it will be a familiar and clean UI.

Another partnership is the integration of Chainlink oracles for price feeds and leverage trading features. This allows users to take long or short positions with considerable risk and a high-profit margin. Users can take positions on such assets as Gold, Bitcoin, Bitcoin dominance, Silver, Tesla, and even Monero with minimal slippage. Let's say you place a 5x long for ETH/USD, well we would check dydx, unimex, or any other place that abides by the same leverage rules to obtain the best long for the user.

With Chainlink integration, users can get correct and verifiable settlement prices in a decentralized environment. The partnership opens up users to the following features available on the UniDex platform;

  • Prediction Markets
  • Option Contracts
  • Leverage Positions

UniDex also integrated market features that allow users to leverage a blockchain system’s efficiency or other exotic concepts. Users can now bet against the rise or fall of concepts like gas costs, the scalability potential of a system, blockchain dominance, etc. 


Tokenomics

$UNIDX is a vital part of the UniDex ecosystem, with burn mechanism features established to reduce the supply over time. It will grant holders the ability to take part in voting rights and governance. The total supply is at 4,000,000, and the distribution is updated below;


Roadmap

The roadmap target is 80% completed. The full exchange launch with updated UI and functionality has already gone live with the Beta platform’s release. The introduction of the Mirai Liquidity Engine is also live, aggregating liquidity efficiently.

The shift into Layer 2 and new sources of liquidity will come into full effect in the 2nd Quarter of the year. On top of this the team is currently working on a cross-chain bridge to the Binance Smart Chain.


Concluding Thoughts

UniDex will save users the stress and costs of moving from one liquidity pool to another in a simplified and intuitive environment to serve both the experienced and newbie traders.

The introduction of limit orders will make UniDex one of the industry's first. It allows for the unification of pools and acts as a multichain super aggregator of any financial product. UniDex also goes a step further and aggregates derivative products for users, such as options and futures. This aggregator goes a step further then traditional AMM aggregators allowing users to use UniDex as a one stop shop for all trading. Therefore, users will be looking forward to L2 implementation and the launch on the BSC for reduced gas fees. Currently these fees are plaguing the Ethereum ecosystem.

For those who wish to learn more about UniDex refer to the following resources:

Website

Medium

Whitepaper

Telegram

Overall it is vital to proceed with caution when purchasing tokens that have just been listed. For those who have not already read our articles on safety in the BSC it is crucial to reference the following items, HERE and HERE.

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Wilfred Victor

Ace finds himself as a blockchain enthusiast who is focused on growing with the entire crypto sector. He is an energetic and passionate writer who believes that all things are achievable.