2️⃣2021
Early 2021: Unimex.trade
In January, Unimex.trade launched its public beta, running on top of the Uniswap v2 router on ETH. Shortly after, Unimex.trade hosted our first trading event for the community, which was an immense success, a great success, trading over $100m volume in 2 weeks.
Over the remaining period of time, Unimex.trade ended up breaking the $250m volume mark. The protocol/trading fee of 0.8% was lowered to 0.4% along the way based on community demand. Over this period of time, the protocol generated over $1m in WETH rewards between lenders/liquidators/stakers and the team.
It is important to note that all this volume came with strictly WETH deposits enabled, whilst margin trading is primarily done using stablecoins like USDT and USDC, in order to not have direct exposure to two different assets.
These trading volumes validated the scalability of Unimex’s leverage protocol functionality into the millions of dollars with a clear market demand for the product.
Mid 2021: Unimex.trade evolution
Continuous improvements made on the platform:
Implementing stablecoin deposits
Re-working the user interface
Re-wrote, re-audited, and further optimised smart contracts to be more gas efficient
Implemented a multi sig to compose of trusted project leaders and auditors for adding new token/trading pairs
Due to a stupendous increase in ETH gas fee prices, users and liquidation bots were spending $1000+ on opening and closing positions. All of our competitors at the time were experiencing the same issue. In April, Unimex launched on BSC, running on top of the Pancakeswap v1 router to provide a more cost effective decentralised leverage trading avenue.
There was a groundswell of community requests for new capabilities that morphed into the degen protocol. It is a concept which is still yet to be properly implemented in DeFi today; the Uniswap of margin trading. The ability to list any token pair for margin trading, whilst even going a step further by allowing users to customise the majority of base parameters, such as max leverage, pool utilisation percentage, and even trading plus lending fees.
Mid - Late 2021: In real time
We came to an important realisation. We were directly contributing to the volume and fees of both the AMMs we were running our contracts on top of. So any time a user opened a margin trade, they borrowed funds from our lending pools, to execute a buy or sell via that AMM. In our case, these were uniswap on ETH, and pancakeswap on BSC.
We pivoted to partnering with leading AMMs to leverage Unimex’s technology with mutually beneficial terms. This quickly led to our first confirmed integration with Apeswap, a leading BSC and POLYGON Dex, with over 1m MAUs. By integration we are referring to our custom product, being integrated into the user interface of said partner DEX.
What we provide includes:
Custom user interface and branding, made to blend in with the partner ecosystem.
Example: In the case of Apeswap, we rolled with Apemex, following an ape and banana based ui theme, alongside their brand and colour guidelines.
Re-audited and independently deployed smart contracts.
Custom user interface requests. Example: In the case of Apeswap, mostly disclaimer and tool tips based, it was great to see just how much they wished to simplify the product for their users.
What we expect our partners to provide:
Direct/Native integration into their user interface, made easily accessible to their users.
Full/Complete marketing support, treated as a native product of their ecosystem.
Lending initiatives for their community, to further incentivise lending alongside increased APRs Example: In the case of apeswap, $banana farming.
The great thing about these integrations is that they are highlymutually beneficial. Unimex provides the best leverage solution for AMMs, already built, and customised for their needs. In return, Unimex benefits from their marketing support and user base exposure. At the same time, any volume via Unimex’s leverage solution, translates into direct 1:1 volume for the partnered AMM.
None of the leading AMMs out there provide their own native leverage trading solutions at the moment, because they take a lot of time to build from scratch, and are conceptually challenging for most teams. Unimex is eager to fill that gap in the market, and Apemex integration is the first milestone.
In addition, even prior to the Apemex integration, this new integration model has already resulted in high interest from leading AMMs across different chains, including Fantom, Solana and AVAX. To respect the close partnership with these AMMs, Unimex will avoid what we call 'chain conflicts' or 'chain competition' This means Unimex will not be leveraging our technology to any other AMM on chains where we already have existing partner integrations. In the case of Apemex, this means that we will no longer be open to integrations of AMMs on BSC and POLYGON.
Last updated