Ethereum-based exchange, UniDex, seems to be a new decentralized exchange that is rapidly emerging from the depths of DeFi thanks to its unique approach to trading.
DeFi has grown to become one of the biggest trends of the crypto industry, and by now, it has already established itself as the official branch of the crypto sector. Of course, there is still work that needs doing to make DeFi accessible and easy to approach for everyone, from the tech-savvy users to complete digital novices.
One aspect of this is trading of DeFi tokens, and it is something that UniDex, an Ethereum-based DeFi trading terminal is trying to solve.
What is UniDex?
UniDex is a decentralized trading platform for DeFi that wishes to combine the tools needed for beginners and those wanted by experts. In other words, it aims to become a one-size-fits-all kind of platform, that would be able to accommodate the needs of all users regardless of their crypto or technological expertise.
Of course, similar projects have already emerged before, but the fact is that most, if not all of the successful ones are centralized exchanges, that offer beginner and pro accounts. In a decentralized world, exchanges are far less diversified, and UniDex plans to change that. Its goal is to combine the best that CEXes and DEXes have to offer, and create a hybrid platform that would have all the benefits of CEXes, while still being fully decentralized.
The first, and likely the biggest issues standing in the way of mass adoption of DEXes, are liquidity problems. Historically, liquidity on DEXes has been extremely low, making the exchanges ineffective. As a result, no one wanted to trade there, and they can’t be blamed for not wanting it, given that they were not offered proper services. But, things have changed since those early days of DEXes, and UniDex is not even the first one to come up with a solution.
How does it work?
Its solution is somewhat different, however, as it allows users to execute the trade by dynamically aggregating the best possible prices from DEXes such as 1inch Exchange, Uniswap, Kyber Network, Curve Finance, Balancer, and more. It doesn’t only connect to their own liquidity pools, but also others, all with the goal of offering the best liquidity, access to the best prices, and high diversity of available platforms, so that users can choose the best from the available options.
About a month ago, on March 4th, the exchange also announced the Mirai Liquidity Engine, which is a new liquidity engine that can be used to aggregate any financial activity on any chain. It can be used for token swaps, options and margin trading, and even CEXes, and more. The exchange further aggregates lending and borrowing markets, and it is open to integrating new ones, as it invited its customers and followers to suggest new L&B markets that they wish to see aggregated in the future.
The exchange announced on April 2nd that it crossed a major milestone by going beyond $400k total volume on market orders and limit orders. It also noted that traders keep switching to UniDex due to the fact that it offers users to access multiple exchanges and aggregators with lower fees.
Lastly, the platform is working on supporting Uniswap V3, according to a late March announcement. As part of the announcement, it also revealed that the Uniswap team provided a capital-efficient protocol for traders on UniDex, which is quite helpful for the exchange’s efforts.
Medium | Telegram | Discord | Twitter
Email: [email protected]