UniMex Announces that its Trading Platform Now Works with MetaMask on Android

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UniMex Announces that its Trading Platform Now Works with MetaMask on Android

Jun 22
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In brief

  • UniMex became one of the most important DeFi protocols by finding a way to offer decentralized margin trading.
  • Initially, however, the project only supported MetaMask on iOS devices.
  • As of recently, that changed, and its trading platform now also works with MetaMask on Android.

UniMex, a DeFi protocol that brought decentralized margin trading, recently announced that its trading platform now works with MetaMask on Android.

DeFi project UniMex, which brought decentralized trading with leverage to the crypto industry, thus making it less dependent on centralized exchanges and brokers for advanced trading methods, recently saw a series of major improvements to its platform and ecosystem. It brought new features and pairs to its site, and it announced that a lot more should be expected in weeks to come.

One of these new developments is its new support for MetaMask on Android, which was long-awaited, as so far, it only had mobile support for iPhones. With the added support for Android, UniMex will now significantly increase the number of users which it can serve via mobile. This is expected to further boost the activity within its ecosystem by allowing a lot more traders to trade with leverage on the go.

In addition to that, the project also announced that it is excited to be a part of the ApeSwap project’s expansion on Polygon (previously Matic). Polygon is a project that is working on making the crypto sector interoperable, by integrating its technology into various other projects and connecting them, thus enabling them to go cross-chain.

UniMex itself is not a part of the Polygon network as of yet. However, it is clear from its recent social interactions that the project is more than willing to become a part of the network, and also that it expects it to happen soon.

For now, however, its addition of mobile support for Android remains the project’s biggest step in the past week, although a lot more is expected from UniMex, as it announced a number of new upcoming developments for days to come.

What is UniMex?

As mentioned, UniMex is a connected ecosystem of dApps and decentralized protocols that enables decentralized margin trading. It is currently live and operating on Ethereum’s network, as well as Binance Smart Chain. It works by using a central factory smart contract that deploys lending pool contracts. Each of the two supported chains, of course, has its own lending pool.

For the moment, the platform only allows users to trade certain DeFi tokens with leverage, and only those that are paired against ETH or BNB. ERC20-ERC20 and BEP20-BEP20 pairs are not allowed to trade with margin, although stablecoin pairs are being added.

UniMex’s original leverage was up to 10x, depending on the AMM liquidity of the trading pair and the project’s soundness. However, the project has been talking about increasing the maximum leverage for some time, and it is likely that it will continue to push that limit as it becomes bigger, stronger, and more established.