UniDex brings perpetual leverage trading to Fantom

After a long quarter with twists and turns, rises and falls, and everything in between. UniDex’s implementation of leverage trading for the Fantom network is live! →(mainnet link & testnet)

This means traders on the Fantom network can now trade perpetual contracts with or without leverage fully on-chain. The need for a centralized exchange for reliable order security, execution times, and low fees has vanished with our new product offering in the DeFi ecosystem. Let’s go over how this differs from centralized exchanges and existing protocols and what’s coming next.

The Product

One of the many reasons people still go to CEXs is their vast amount of trading pairs with deep liquidity. With how much DeFi has progressed and evolved, we feel like we could make something that would rival centralized exchanges and even entirely replace them.

UniDex allows you to enter a position on any asset, product, or exotic concept the user wants to enter a trade on. Effectively this means someone can enter leverage positions for their favorite blue chips like BTC, FTM, SOL, or even fantom natives like BOO. However, traders can also take positions on trading pairs like TSLA, XAU, EURUSD, or exotic concepts like EthGasFees.

This gives the fantom ecosystem an alternative to CEXs that we believe will top existing crypto-focused CEXs on the market. Slowly over time, we want to have at least 2000 trading pairs before the end of May.

Day 1

We launched the platform on March 31st and were immediately flooded with users. We smashed the $2,000,000 volume mark in 24 hours, making our all-time high in volume for a single day, reaching an all-time high in user count, and a large inflow of traders voicing their feedback. We love to see the ideas for trading pairs and design coming and want more!

image of the current trading volume since its release ( 1 day ago )

Future plans

We’re planning to expand the list of trading pairs massively each week until there’s no reason to visit a CEX anymore. Additionally, we want to find better ways to provision liquidity pools with incentives. We also want to introduce things like cross-chain trades so someone from Avalanche can enter a position and have it settled and finalized on the Fantom network.

Let's talk about these 3 things briefly…

  1. More trading pairs will equal more opportunity and usage of the platform. Many traders shouldn’t have to look for a platform to do “X” or “Y” on. We want to provide the experience to long or short any trading pair fully on-chain. Each week, for the next few months, we want to hit a goal of 2000 trading pairs for traders all around.
  2. Currently, liquidity providers on the platform can earn an expected market average of ~70% APR on single stake USDC or FTM. Liquidity providers act as the counterparty to trades on the platform and share liquidity with all trading pairs. While traders do lose more than win on average ( one example source ), it can be a profitable opportunity for a hedge against traders however, we want to introduce more collateral options like DAI, aUSDC ( aave interest-bearing USDC ), and recently popular options like DEI. These can collect interest for liquidity providers on protocols like AAVE while also having the benefits of providing liquidity.
  3. Our cross-chain swap aggregator can play a significant role in improving the UX and removing complexity for bridging into the ecosystem. We could allow margin “zaps” to allow someone from another chain to use any collateral from another network, bridge them over while swapping for a support collateral token, and enter a position on the platform with one click. We think removing the entry barriers for DeFi is essential for increasing adoption on-chain. This could provide an easy solution for new users and users on other chains to get into Fantom.

UniDex Quick Links

Discord permanent invite link — https://discord.gg/WzJPSjGj4h
Twitter — https://twitter.com/UniDexFinance
Telegram group — https://t.me/unidexfinance
Telegram ann channel — https://t.me/unidexapp
Website -https://www.unidex.exchange/
Leverage Terminal--https://www.leverage.unidex.exchange/
Business inquiries — marketing@unidex.finance

--

--

--

The ultimate DeFi trading terminal that combines the best from the industry all in 1 site. By traders, for traders, and with traders.

Love podcasts or audiobooks? Learn on the go with our new app.

Recommended from Medium

Market Dips, But Boost in S9 Mining Hash Rate for Same Flat Fee with Cyberan Mine

January Update

Should The USA Make Biden-coin

BLOCKCHAIN MADE SUSTAINABLE

DEFI VS. CEFI: EXPLORING THE DIFFERENCES

Moonbet Monday Recap — January 31

These Web 3.0 cryptocurrencies are the best to invest for profits

The Ethereum Invoice Builder

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
UniDex

UniDex

The ultimate DeFi trading terminal that combines the best from the industry all in 1 site. By traders, for traders, and with traders.

More from Medium

UniDex launches leverage trading on Boba

QiDao Fundamentals Review: Week 42 (Feb 14— 20)

Introducing Fantom Floaty Capital $FFC

An intro to The Popsicle Decentralized Order Book