Monthly leverage wrap up
We have a lot of things to cover in this medium article! I don't want to waste any time so let's just dig right in. We’ll be covering 4 things in this medium article including the overview of the monthly stats, new assets & chains, the trading competition, and the new pool collateral options/mechanism.
While there are still a few days left to close out the month, we still want to share some core stats on the overall protocol and trends.
Volume: 85,781,146 FTM & 31,321,393 USDC
Highest Volume Date: Fri Apr 08 2022
Biggest Net Trader Day Loss: 36,832 FTM
Biggest Net Trader Day Gain: 100,068 USDC
Biggest Trade Count: 405
Day to Day New Users: +3.2%
Monthly Active Traders: 511
UniDex P/S Ratio: 2.526x
UniDex P/E Ratio: 5.268x
This blew our expectations for the first month by a large margin. Trader turnout was huge, and volume was beyond what we imagined month 1 to be. Even with our intense day 1 turn out, we’ve already deployed some long-term solutions to improve the order execution and still have a few things to improve.
There are hundreds of new assets we COULD list. The hard part is what is safe for poolers and viable to trade. Our liquidity pool is still small, and therefore some speculative assets like APE and so forth are hard to list due to their extreme one-sided markets. However, things like OIL, XAU, and other non-crypto pairs are no trouble. We’ll be avoiding stocks in the short term after monitoring similar platforms that allow trading stock synths due to their shallow interest. Things like gold and indices have much higher trader interest, and we will be adding them shortly. We also wanted to introduce some very unique pairs like interest rates and other exotic concepts to trade.
These will be revealed shortly after some more market research, but we wanted to do something that stands out for sure. 1 Pair we will be listing in the coming month is OSRS GP/USD. This is the price in USD for RuneScape’s in-game currency, and this will be a market first for this type of synthetic asset. We choose this to highlight the expansive capabilities of our trading protocol but also to attach some attention. Expect many more of these more exotic ones as the rollout of more established pairs is also added.
We want to expand into some more chains as we want to expand our platform now that most of the shortcomings have been resolved and will automatically be solved on our new chains. We see a consistent problem with gas volatility on fantom but have solved our RPC & node issues.
We are currently making moves to deploy on the Boba network and EVMOS. These will be the first 2 that we will deploy with farming rewards and chain incentives coming to help kickstart activity. We are still considering Metis, our own subnet, or some Polkadot EVM to deploy on and would like the communities opinion for a 4th contender.
Our token is already bridgable to the Boba network, so maybe something fun for liquidity farmers there soon! Our first trading competition will be on Boba. We plan to start a $25,000 trading competition shortly after its deployment. 2 more rounds will follow, with 1 on Fantom and another on EVMOS.
We’ve been searching for ways to expand the utility of the liquidity pools. There is some problem with liquidity being tied to a single asset but not being able to accept similarly pegged assets. We’ve been discussing a strategy on telegram and discord for about a month now that would allow a user to use any pegged collateral to trade and pool against. These assets can also gain interest passively that isn’t tied to the protocol for an extra safety net of pool revenue on platforms like Aave or similar lending markets. Effectively this would let someone trade with any stablecoin or pool with them and gain interest independent of the protocols activity.
This would also apply to similar liquid staking native tokens such as xFTM on Fantom. UniDex is already a great aggregator, so swaps can be done between collaterals while one side leans too heavy and automatically rebalance the pool. The extra benefit UniDex can play is we also have a cross-chain aggregator; therefore, liquidity can be grabbed from multiple sources for the most efficient swaps and, in some cases, positive slippage swaps.
That’s all for today folks! This was a great month and we learned a lot about how we can advance the protocol even further beyond. We thank you guys for trying out the platform and giving us advice along the way. Remember, your feedback is what’s going to make this the most significant trading protocol of our financial lifetime.
UniDex Quick Links
Discord invite link — https://discord.gg/WzJPSjGj4h
Twitter — https://twitter.com/UniDexFinance
Telegram group — https://t.me/unidexfinance
Telegram ann channel — https://t.me/unidexapp
Leverage Terminal — https://www.leverage.unidex.exchange/
Business inquiries — firstname.lastname@example.org