GM UniDex followers!
We want to dive a little more into some of the upcoming things this and next month. Some of the things we’ll be covering will be part of the upcoming 3.0 update, and some of the things we’d cover will be rolling out in the super short term.
Let's not waste time and dive right in 🔥
Leverage Trading Competitions
We’ve built out a dashboard to track and monitor user's performance easily (alongside general protocol health) for our upcoming planned competitions. We kept it clean, simple, and flexible for any personal purposes you may have outside of the events. We know people love events like these and have seen wild success on platforms like FTX.
We actually plan to start our first trial run this Monday (10/17) to gauge activity and best practices for our protocol. We’ll start with Fantom and then move on to our other chains Metis & Boba and start experimenting. Since our protocol works a bit differently than others in terms of flexibility, we have a few more options on how to organize the event. We can do a competition specifically for certain trading pairs or a competition tied to a specific collateral type to encourage more volume and activity for a pool. This can help increase liquidity for pools that generally lack attention or volume flow so we’ll be experimenting soon with this.
While we did shortly just announce our plans to make our own cosmos connected stand-alone chain, building relationships on other networks is still equally as important given the protocol will be IBC connected & cross-chain between existing EVM networks. We’ve added 2 more networks available for the user with one being a testnet for polygons upcoming zkEVM, and the other being BNB chain (Binance Smart Chain).
BNB chain (Binance Smart Chain)
Right away, users can start pooling & trading on BSC while some other protocol upgrades specific to BSC rolling out shortly. Current pool options are BUSD which means the traders collateral would also be BUSD to help concentrate liquidity around stables.
This deployment is still in testnet phase meaning most functionality is still unavailable. However, you can still mess around with the platform on zkEVM which is fully deployed and supports the existing network functionality. There are some limitations of the current testnet that make the frontend unable to read settled orders, or for the keeper network to reliably settle orders, but it's expected to be fixed on the Polygon side soon.
For a while now we’ve been teasing the release of limit orders. While the wait isn't over, we’ll be moving things to the testnet soon to get some feedback on the experience. Theres also a few other things that come with this initial release so we’ll lay them out like a changelog and give a short TLDR on each upgrade and then go into more detail.
- Keeper addresses for settling orders & liquidating orders have been separated into 2 addresses
- Full limit order, stop-loss order, OCO order, and trailing stop loss order support ( requires existing positions to be reopened )
- Specific trading pairs are only allowed by set collateral options
- Support referral addresses
Now a description of each upgrade/change from top to bottom…
1. This change will improve the keepers ability on slow networks like BNB chain and Fantom to settle orders with the priority of new trades without causing an unnecessary backlog. This also means a more intensive liquidation engine can be in place and we expect liquidations only to take 1–2 seconds after the price level has crossed to have the TX already confirmed.
2. Self-explanatory but they're here. We took it a bit deeper and made it allow things like OCO orders (One cancels the other) & trailing orders. Its initial release still be somewhat limited such as trailing orders would require an onchain TX to cancel and resubmit with new params, but we hope traders will love them for what they are.
3. This change separates a healthy pool from a more experimental pool connected to certain trading pairs. For example, we could allow the UNIDX token to be staked and mint a stable ( such as SNX with sUSD ) and only allow experimental trading pairs like BONDS or Interest rates to trade against this pool, but not established pools like the FTM & USDC pool. This limits risk and allows for better experimentation / collaborative partnerships. One thing we can already see forming from this change is allowing certain communities to list a pool and have trading pairs for their token listed on the platform ( let's say a $SUSHI pool while allowing access to the SUSHI-USD trading pair but traders cant use USDC or FTM to place trades on SUSHI-USD eliminating risk for those poolers ).
4. Referral addresses are here and can be tracked through a subgraph to see the total returns each user has contributed to increasing the adoption of our lovely protocol. We’re still building out a dashboard for this, but they aren't too far away.
That's all we’re sharing for today! We hope you’re excited about the upcoming changes that range from next week to the next 1–2 months. We’ll be releasing more information about the upcoming rebrand & cosmos connected chain shortly this month as well so keep your eyes peeled for that one. As always, thank you for taking the time to read through these medium updates, and we wish you a wonderful day.
UniDex Quick Links
Discord invite link — https://discord.gg/unidex
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