Fantom Ecosystem Spotlight – UniDex
As experience indicates, a clear sign of growing Web3 sector maturity is seeing UX begin to catch up with protocol functionality. This week’s featured project UniDex is a case in point. UniDex offers many of the features one would expect of a professional trading service including leveraged trading and limit orders, all offered through an intuitive interface and a fully transparent platform that is community governed.
1. What is UniDex?
UniDex provides tools and products to traders that are often missing from DeFi and more commonly found in CeFi environments.
We built out solutions to let traders set limit orders, conduct aggregated swaps, leverage trade, and aggregate derivative products from a single portal.
We’re building a traders’ paradise with a powerful trading terminal with a strong DeFi backbone.
2. How do you introduce UniDex to a novice or someone who knows little about Defi?
We explain UniDex as a Swiss Army knife for your DeFi activity.
UniDex grabs the best parts of many different protocols and offers them all from one place.
3. Can you give us a quick rundown of what UniDex offers?
Since aggregation is the name of our game, anything we provide is done in an aggregated fashion.
So things like limit orders, charting, trade data, derivatives, leverage trading, and market swaps are all aggregated and available for our traders.
4. How did you come up with UniDex and what inspired you?
We identified a particular pain point with many traders who were frustrated by not having a place to conduct things like limit orders on the entire market, chart the new hot asset, or even view basic trade data.
It seemed like the ecosystem was far too fragmented and doing an incomplete job by simply copy-pasting from CEXs.
We wanted to provide a trading terminal offering something similar to CEXs but with a DeFi touch to it.
5. What makes UniDex different from other DeFi trading platforms?
UniDex gets its strength from existing protocols and builds on top of them.
While platforms like SpookySwap and SpiritSwap let you trade on top of their own liquidity, UniDex will split orders between them.
While places like ParaSwap on Fantom will aggregate your swap, UniDex will aggregate all existing aggregators, like a meta-aggregator, to ensure you got the best route.
As the ecosystem and competition grows, UniDex gets better and stronger.
6. What are use cases for the Unidx token?
Currently we have a revenue sharing model in which token holders are airdropped 50% of all our trading product revenue.
We made it simple for newcomers and experts alike to benefit from holding our token.
Rewards are airdropped to users wallets automatically as fees are collected in the form of USDC.
There’s no inflation and these airdrops serve as free spending power for more UNIDX or whatever the holder chooses. We also actively have governance proposals for things like new products, fee structures, and other assorted community votes.
7. What is your background?
We’re a team of traders, coders, and Web3 enthusiasts that want to build better trading products.
We’re very diverse in our skill set but all share the common goal of improving the trading experience in DeFi.
8. How did you learn about Fantom?
We actually had Fantom on our radar way back in January 2021.
In fact, we were one of the first dApps on Fantom when we deployed our limit orders for fUni back in february of 2021!
9. Why did you decide to build on Fantom?
While multichain compatibility is a no brainer for us, DAG technology and low fee chains have always sparked our interest.
High speed and low fee networks are perfect for traders, and so we had to start building on Fantom.
10. What is your experience like building on Fantom?
Amazing and efficient.
The community is amazing and the support we had from the community is outstanding.
11. How did the community receive UniDex?
We had a presale back in November of 2020, when we raised a total of around $50,000, half of which went to supplying liquidity.
We’ve been building since and the community has been buying and selling from our initial sale since then.
12. What’s coming up for UniDex? Free alpha!
We plan to deploy more interesting trading products that come from our leverage trading terminal.
For example one of the fun trading pairs we plan to bring is trading EthGasFees as a derivative product. We think that offerings like this are going to make our product stand out and bring more people to Fantom in general.
13. What are your hopes for the future of DeFi?
We hope that centralized trading services become a thing of the past.
We want crypto based technology to provide the infrastructure for offerings that are indistinguishable from TradFi and CEXs.
When people don’t even realize that they’re using blockchain, we will have hit peak adoption.
14. What would you like to say to fellow developers who haven’t yet started building on Fantom?
The community on Fantom is unrivaled compared to other ecosystems.
As builders of a dApp that’s on 25 networks, we find that Fantom has consistently delivered the best possible experience to build, transact, and grow on.
15. Is there anything that you would like to add, about which we haven’t asked?
We love trader feedback as it’s our bread and butter.
We want to surpass the volume of CEXs and onboard people to a full DeFi trading experience, and we want your help to do so.
If there’s one thing that we want to improve, it’s the experience we bring. We hope you can stop by and try our tools and give us some feedback.
Engage with UniDex