UniDex Update 09/06/22
We’re going to kick things off by discussing multiple things underway this week. First, we have our community content awards, Metis LP promotion, Boba trading promotion, the status of limit orders, and order size limits.
Community content awards
Starting, we want to highlight how users can participate in social activities and be rewarded for making content like Twitter threads, comparison graphics, or just general art. To do this, join the discord →Here← and take part in the weekly #Community-Voting channel. Every week, we’ll send out small rewards of USDC for what the community deems is the best content of the week. It's a fairly simple change but we think it'll go a long way in getting engagement.
Metis LP Promotion
The recent snapshot proposal has passed for directing 100% of trading fees to LPs on the metis deployment. This is to help encourage active liquidity providing which can then also jump-start trading which is another benefit LPs will have during this time. This will last until 09/19/2022 where it will then go back to the 60/40 split similar to Fantom & Boba.
We’re also working with the Metis team to get approved for the CEG program however it seems to be taking longer to decide on their side. After the Metis team greenlights the vote it's then up to the community to decide if our protocol is worthy of being in the CEG. We know our Metis community will support UniDex but until then we’re just waiting on the Metis team ( Timeline unknown ).
We still love our users on Boba and we do feel a larger surge of users on L2’s in general. We want to make sure no matter how small or big the network. We remain number 1 and keep the activity going. We’ll be doing a similar program on Boba as we have for Metis but to direct trading fees back to the top PnL traders. We’ll start a vote on our snapshot page so keep your eyes peeled for this vote starting soon.
Everyone has been asking... Where the hell are limit orders?
We touched on this a while back during our metis launch stream, but in summary, we wanted to redo the original model we had with a slightly more centralized model for two reasons. This allows greater flexibility while still giving the same transparency as the current DON, and most importantly orders that actually trigger. A common problem we see with current Perp DEXs is the common complaint of “my stop loss never triggered” and we want to avoid that. We could churn out a solution that uses chainlink keepers and has a decentralized flow to the system, but this will result in a slow version of them. Decentralization is a gradient, and we believe that letting a little of that decentralized element go will allow for a much greater user experience for the trader. This doesn't mean we would have access to said funds, but rather we will run a centralized keeper connected to the DON in order to execute limit orders.
At the current stage we are soon submitting an audit which would then translate to initial beta testing on testnet.unidex.exchange, and then followed by an official release on the mainnet.
Order Size Limits
We’re changing how the protocol will accept and deny trades. Previously, we had the protocol not accept trades over a certain size which was account based. However, we’re moving to a model which limits the open interest of each trading pair for each side of the trade while removing the account-based limits.
This means that something like BTC and ETH will allow for 50% of the current Pool TVL to be opened on both the long & short side. While certain pairs like CRV/USD or GMX/USD can now be listed, but capped at 5% of the pool's inventory. Should the TVL change dramatically while an open position exists, the funding rate will adjust accordingly to account for the new utilization rate. This also means more experimental assets can be listed without doing much or any harm to the overall health of the pool but still allowing traders to speculate on these assets.
Each trading pair will have its current allowed limit displayed as you’re making your order like so
That's all for now! We wanted to keep things short and simple to get users up to speed on things that are rolling on either very soon or already live. Good luck trading and let us know how you feel!
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