UniDex launches leverage trading on Boba
Quick update on our leverage trading launch for the Boba network!
Starting tomorrow, we will launch leverage trading for the Boba network, immediately beginning the WAGMIv3 incentives program we’ve laid out with the Boba network. We will talk about exactly how those will be used in the protocol and where the rewards will go.
Right away, you’ll be able to access the Boba deployment from boba.unidex.exchange as just another frontend dedicated to the boba deployment. At the same time, the other primary domain will support multichain access later this week ( after more testing to make sure things are smooth).
We’re allocating 80% of the WAGMIv3 rewards to those providing liquidity ( in other words, counter-trading the positions on the platform until the 31st. It’s simple, Provide LP, and you’ll be rewarded with WAGMIv3 tokens which are then redeemable for 1 BOBA token per WAGMI token.
We’re also allocating 20% of rewards for those that trade on the platform. One mechanism will be a trading competition in which 10% of platform rewards will go towards volume-based metrics and a trading competition ranging from the 23rd — 27th. There are rules for these 2, such as minimum collective position time, so you cannot just open and close a large trade over and over & other things, but we will monitor for players attempting to game the reward system. A leaderboard will also be visible soon once trading data is collected so users can track and verify trades of other users and see how people progress over time.
Start off, we’ll be enabling most of the same pairs you already see on our Fantom deployment with more being added shortly after.
Will be the launch pairs with certain tokens like LINK, DOT, XMR, and commodities following shortly after.
Pooling will only have the ETH option available to concentrate LPs and promote strong liquidity and efficiency. We see a possible issue with the fragmentation being too significant and the efficiency of short to long ratios being too challenging to manage with the smaller on-chain liquidity therefore, we believe one pool is the best option.
Remember, pooling is not risk-free and can have periods of negative APR. However, history shows that it is a sustainable model in TradFi and existing trading data to use as a counterparty for trades.
That's all folks! Remember, you can check out the Boba deployment at boba.unidex.exchange and later leverage.unidex.exchange once we do some more testing for a uniform multichain experience.
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
Fantom Leverage — https://www.leverage.unidex.exchange/
Boba Leverage — https://www.boba.unidex.exchange/
Business inquiries — firstname.lastname@example.org