Since the birth of cryptocurrencies more than a decade ago, crypto enthusiasts have tried leveraging a plethora of instruments to increase their return on investments. For a long time, centralized crypto exchanges remained dominant as the preferred method of trading digital currencies. This is because they offered simple, efficient and user-friendly platforms with vast liquidity.
However, their centralized nature denied crypto fans, who are also big proponents of decentralized governance models, full control over their funds and personal information. To address this pain point, the innovative crypto ecosystem came up with decentralized applications and decentralized exchanges.
Unlike centralized exchanges, these methods of trading crypto offer users low costs and control over their information and funds. On top of this, they are automated, seeing as they do not have intermediaries. Nonetheless, DEXs have a shortcoming that has inhibited their adoption. Most decentralized exchanges do not have ample liquidity, and as a result, transactions take a long time to clear.
Aiming to provide crypto adopters with the best trading experience, UniDex launched as a fully decentralized platform to serve the decentralized finance ecosystem. It combines the perks of CEXs and DEXs in one streamlined platform to meet the needs of beginners and seasoned crypto traders. To this end, the UniDex platform taps into the best liquidity pools from other DEXs to offer its users the best prices and lowest slippage in the market.
Granting traders simultaneous access to multiple DEXs
The platform lets its users trade across multiple DEXs simultaneously. It enables the automatic execution of trades by combining the best prices from Uniswap, 1inch, Kyber Network, Balancer and Curve. In doing so, UniDex lets traders swap tokens seamlessly by leveraging the liquidity pools of the aforementioned DEXs, among others.
The platform lets traders create limit orders with their ERC-20 tokens and set their preferred parameters easily. A system of relayers determines whether orders can be filled and executed. When the set target is reached, the limit order is filled. To achieve this, the platform liquidates the asset across several liquidity pools. Through this move, the platform ensures that the trader receives the highest possible amount. Additionally, it minimizes the amount of slippage that a trader would encounter while using the liquidity pool of a single DEX.
Apart from limit orders, UniDex offers other ways of trading crypto. These include options trading through the Opyn protocol, margin trading through a partnership with UniMex, leveraged tokens in collaboration with XVIX, futures trading and social trading, among others. Moreover, the platform allows the lending and borrowing of assets through a distinctive and user-friendly dashboard.
By combining the above functionalities, UniDex acts as an all-inclusive platform. Also, the platform is flexible in that it supports the addition of new tools and liquidity sources. The icing on the cake is that UniDex gives its users full control over their portfolios by letting them monitor the tokens of the liquidity provider and tokens sets.
Powered by a utility token dubbed UNIDX
The native token of the UniDex platform is named UNIDX and has a total supply of 4 million, with 3,581,022 tokens in circulation at the moment. Out of the 4 million UNIDX, 7.3% went to marketing, audits and miscellaneous project improvements; 63.75% was used for an OTC private sale; and 20.83% was locked in the Uniswap liquidity pool. The remaining 8.13% went to listing and covering the token’s listing and funding the team.
UNIDX works as a utility token, allowing its holders to vote within the governance system. On top of this, the coin’s holders can suggest updates for the platform and vote on the best decisions for the project.
To incentivize holding UNIDX, the platform pays 17% of all trading fees in Ether (ETH) to the holders based on how much UNIDX they hold. The project also uses 33% of the total trading fees to repurchase and burn tokens. By doing so, it shields UNIDX against inflation. UniDex also generates revenue through leverage token fees and liquidity pool deposits. The system has a dynamic system for rewarding token holders with these funds as well. In the future, the project aims to offer token holders a discounted fee for trading on the platform.
With the hope that the UNIDX token will get more applications in the future, the project is actively working on new improvements. For instance, the project aims to enter into a strategic marketing partnership with DeFiBoost, complete the overhaul of its spot trading interface, add more teasers for lending and borrowing markets, and refresh its landing page.