UniDex V1 release and more

Made by @somniumwave

UniDex is gearing up to undergo its most extensive update yet. Over the past few months, we’ve managed to finish some critical components to UniDex like leverage, any chain charting, and multichain aggregation. Let’s talk about some of these changes and what’s upcoming, but before diving into it, we would like to thank the members that traded on the terminal during the beta.

Our total volume on the platform for market orders reached $7,500,000 million while trailing between 10–50 active users on the terminal. Our single largest limit order was around $350,000, which in today’s value ( using COINBASE: ETH/USD spot price ) is worth $800,000. We also found that our limit to market order ratio was 1:5, which means 20% of all volume came from triggered limit orders above the regular market average of 5%. So that means the average UniDex trader is good at placing take profit & buy limit orders, and our system is highly efficient at filling orders. Now let’s get back on topic and discuss the future🎉.

Charting

For those that have been using the terminal, you may have noticed our charting provider was disconnected. We found the data provided was unreliable, slow, and hard to work with. Since we needed a charting provider for other chains that our old provider did not support, we decided to stop paying for an unreliable service and instead built out our own product that works on any chain.

In short, next week, the terminal will be supporting multichain charting across any of its supported networks. That means for Fantom, Avalanche, xDai, Arbitrum, Celo, and more. Charting will be available for all these chains, plus our original supported chains for traders wanting the dextools experience on any chain. We’re sorry this took so long, but we wanted to make sure the architecture can easily be updated for future chains, and we’re pretty proud to be the first charting provider across 10 different networks. Charts will be easily sharable for whichever chain with a simple copy and paste a shareable link for users to show off their setup and or ideas.

Leverage & other derivatives

Leveraged trading is something we wanted to make sure we got right, and we believe our derivatives aggregator will help turn CeFi traders into DeFi maximalists. Next week users will be able to trade our initial partner for leverage markets GMX protocol ( formerly Gambit ) with more market support on Avalanche, Arbitrum, xDai, and Fantom shortly. We’ve been working with a few teams on each chain to integrate their protocol on UniDex, with more formal partnership announcements coming soon. We plan to continue this perpetual momentum of adding protocols.

We wanted to touch on options soon after the launch of leverage aggregation, but we feel like the UI can use a lot more work. With that said, we will touch on leverage & ETF-based products, with options being held off for now while we add more trading utility to the interface.

Market orders

There has yet to be an aggregator on every chain for a while, at least till now. Next week alongside leverage, users will be able to trade on any DEX on the chain they reside in, aggregating the best return and adding this with charting, more informative elements, and functionality. We plan to make sure this is the last trading terminal a trader needs to profit across all chains..

Polishing

After these next two weeks, we want to touch up the interface and squash the bugs that cause a negative experience all around. We will start focusing on a major facelift to the trading terminal and more styled additions in the next few weeks.

Some things we already started to work on include but not limited to:
- Not having to wait for conformations to do multiple orders
- Network switcher in app
- Show more asset info details and stats
- Estimated fee fix
- Dual rate for limit orders for better pricing options
- Token list sorting by favorite and token balance
- Quote markets without having a wallet connected
- Better savings indication and styling

Going too long without fixing things can cause a lot of technical debt, so we want to iron out the code, so it is easy to settle/make additions without breaking things in the past.

For those that dont understand technical debt, here is a good example of the concept.

This is why sometimes adding a simple element can take long unless of course we just want to add it to the mess and quickly rush out a solution.

Future plans

With our launch of leverage trading, we recognize UniDex to be out of beta into its official release, with more added to an eventual V2 release. Some things we’re tackling include stop-loss orders, more complex data and strategies available to the user, and overall complexity for quant traders to take advantage of and trade. We want to make sure the trader has all the available tools to make an informative decision, and we will be adding more functionality on the trading page and off the trading page, like a portfolio view for all chains.

We also plan to release some sick NFT’s made by a designer we got in contact with that come with some specialized perks, including permanent fee reduction, gas fee rebates, and failed transaction insurance. Stay posted on that to learn how you can grab one 😉.

UniDex is also going to be attending Token2049! For those unfamiliar, Token2049 is an event gathering of crypto speakers and project teams to show off and talk about crypto. If you happen to be attending, be on the watch for us, and you can meet us there.

We will also be doing an airdrop of our fee distribution for holders. Totaling around 4000 USD, this will be distributed on Fantom in the form of USDC so users can easily bridge it back to ETH using multichain or xpollinate for other chains. We will also airdrop 1 FTM to all holders so they don’t have to look for faucets to bridge over FTM to pay gas fees. This can help those that want to bridge over UNIDX but dont have FTM to pay for gas fees once bridged over (Wouldn't it be cool if UNIDX was on a CEX?).

Closing Notes

We can’t thank you enough for being patient with our releases and giving valuable feedback. It wasn’t too long ago that UniDex was just an idea; however, UniDex will be the first to offer charting on any chain, aggregation on any chain, limit orders on any chain, derivative aggregation on any chain, and so much more. We hope we can impress users and traders alike over the next few months and continue building out our vision.

We hope to serve all traders across all sectors CeFi or DeFi so continue to let us know your feedback and additions you want to see on the terminal.

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/
Trading Platform — https://unidexbeta.app/
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.