Recapitulation of UniDex Finance AMA event held at AMA LOVERS CLUB

Venue: https://t.me/amaloversclub
Date: Tuesday, 10th November, 2020
Time: 14:00 UTC

The UniDex Finance team was represented by @UniDexDev. He judiciously shared with us detailed knowledge and information about the project.

1st Segment: INTRODUCTION

Q1 : Can you please introduce yourself and your background, also the team should be imtrocuded

Ans : Right, My name is Krunal Amin and our project is called UniDex the ultimate DeFi trading terminal. I have a degree in computer science but my passion mostly stems from cryptocurrency and trading them. Thats mainly why I built UniDex along with some of my team members. We’re all traders that started out with cryptocurrency because the technology it can provide but we see some big problems when it comes to professional tools in the DeFi space. Were just a team of nerds hoping to make a difference in the trading sector in this new upcoming space.

Q2 : Can you introduce the UniDex Finance what critical problems does it solve that existing solutions are not solving and what’s the competitve advantage over other solutions

Ans : UniDex needed to exist because as a trader you should know that uniswap was never the solution if you used it just once. Its not viable to have multiple tabs open to monitor your LP positions or even trades that you did on the platform. Theres no real DeFi trading terminal either as the UI is either way to simple or its way to nonsensical. There needs to be a binance ordering/trading tools that people can use just like normal exchanges but built on ETH in a decentralized way. Currently there are some solutions but they dont solve the fundamental problem of offering a good environment for professionals traders. Things like Unitrade/unilayer/unibot only work on top of uniswap where as UniDex is able to work on any liquidity source meaning a limit sell for ETH at 500$ would get filled from multiple or all sources.

Another advantage is these current solutions dont do anything outside of a simple smart contract that allows you to do limit orders. UniDex connects with other solutions in the space such as AAVE to let you lend and borrow from 1 website being UniDex. The advantage here is you would never need to open multiple tabs ever again its all in 1 area. Do your options trades, lend and borrow, trade with margin/leverage, manage LP positions, and swap tokens from every liquidity source all from one screen. And this is just the start as more services get offered UniDex can add these things and adapt making it the best trading exchange that can easily replace giants such as Binance.

Q3 : Can you briefly describe the Top milestones you have achieved and your target milestones with timelines, also share your roadmap

Ans : Currently our biggest milestone is completing the contracts required at the base layer for our main features. Meaning being able to do limit ordering that works off multiple sources is already completed and just needs to be further testing and auditing. And most of the UI dashboard as were still working on the main trading screen which is really important to us as were traders our selves so we know how much a good UI can really impact the experience.

Our target milestone is by December 1st we will offer a beta environment for users to test out the exchange and contracts for a real world scenario rather than controlled situations that the team can do. We believe once people see what UniDex allows then people will come in like a flood.

now our roadmap currently looks like this

Nov 13th - UniDex's required smart contracts completed
Nov 16th - Third party audit on contracts
Dec 1st - Launch of UniDex app beta
Dec 7th - Community feedback and v2 of roadmap starts
based on feedback.

2nd Segment: TWITTER QUESTIONS

Q1 : Is there any percentage of UNIDX tokens that will be burned based on the total fees collected and paid back in ETH to holders and what about your Marketing, Partnerships, and Listings?

Ans : Right so 33% of fees generated through trading fees on the exchange ( which will take place once our own LP is launched ) will be used to repurchase UNIDX tokens from pools and be burned. Then based on your holdings of UNIDX you will receive a rebate in ETH from the trading fees accumulated. This number will adjust based on amount of activity on the exchange itself to keep distribution fair.

For marketing were hoping a good presale will let us find good devs to hire thats our hurdle ( capital ) but when it comes to marketing we can take the old route being a referral system tied to your ETH address and offering a discount on trading fees.

for partnerships we would liike to work with chartex for a clean trading chart and or tradingview but thats all we have considered so far. Tokensets is something we like that will be really important to traders when it comes to automated trading.

For listings, we want centralized exchanges just for spot markets for fiat on ramp. We will look at the most popular in the region for those exchanges like coinbase pro ( for the US traders ) and such were manipulation is low.

Q2 : In order to rule out any possibility of a rug pull, what will UniDex do with the intial liquidity generated from the presale? And how soon will you start your own liquidity pool?

Ans : We are committed to a liquidity lock via unicrypt for up to 3 months. By then the exchange should be out of beta and we will move that liquidity to our own Liquidity pool where it will then be locked again for investor confidence. The ETH raised in the presale will be used to start the initial LP. I would also like to touch the topic of rugpulls.

We realize this month has not been good for investors as many projects have pulled on investors for a quick buck. So we added protections to add confidence such as previously mentioned a Liquidity lock, no mint function, and dev wallets are locked with a monthly allowance meaning we cant add a great enough size position in the pool to dilute the LP which seems to be a common tactic for scammers now.

We want to make sure we have your trust. So if possible do let us know if theres anything else we can do to ensure maximum confidence as we want to be as transparent as possible.

Q3 : What problems do you find in the DeFi room now? Does the problem affect your project? if it affects what is the solution?

Ans : Two problems we see in the DeFi space currently.

1. Gas fees are ever increasing and literally costing people to make money in the space.
2. Traders dont have a familiar or good place to do their normal routine in DeFi.

these both greatly would affect UniDex as not only would traders want a solution like this, but also need to make sure exchange fees arent the only thing that will hurt their profits ( gas at one point for a simple swap would cost 30$!! )

1cont. We can solve this by using a rollup contract and moving transactions from our LP to layer 2. While this is still being discussed its a no brainer that ETH wont be able to handle the load of transactions that come from this new wave of ETH users. Using a roll up contract and layer 2 solutions would not only drastically reduce the traffic on the base layer saving everyone else in the space. But also handle ~1000 transactions per second feeless trading on UniDex which is perfect for high frequency trading which would be a FIRST in the DeFi space something that bitmex for example struggles to handle right now.

2cont. touching on high frequency trading and professionals. There needs to be a good UX for already experienced traders. We dont have that currently in the space and its driving people away day by day. The daily volume on uniswap has been tanking and has dropped by 60% because now its just a place for people to swap tokens once or twice and thats it. People thought it can be used to trade but its just not a good experience. UniDex can solve this without users even noticing a difference in ease of use when compared to trading solutions over at binance or coinbase for example.

Q4 : How do you plan to show the world that your product is not just useless blockchain solution to a non-existing problem?

Ans : We drive alot of our passion from existing giants that exist today. When the first Tablet first came out for example every thought "why would I need an oversized phone what I have currently already works?" and they realized that they serve 2 different purposes but work in the same market while providing a better experience to users that want a portable "big screen" and now look at the iPad and how far its been able to be used.

UniDex isnt trying to replace how you trade but rather just deliver the exact same experience you would find that professionals have been having for decades. But now exists in an all in 1 package thats built on ETH and completely decentralized and its surprising how something like this doesnt already exist. But were changing that with UniDex and the solution exists now.

Q5 : You organized an AMA session very rewarding and received a lot of questions related to utilities and technology, future vision, ...So now I want to ask what do you want to receive from the community?

Ans : We want to be as transparent to the community as possible. Theres a saying that I wanted another exchange to adopt but was never able to deliver.

By traders, for traders, and with traders.

This can be so much more with the community input on what really makes it the best place to take your trading experience. We're offering rewards to users that can give us valuable feed back on anything! what can make us more trustworthy, what needs to change on the UI, what needs to change from our interactions with the community, and whatever it may be just let us know! we are 100% open to talking about what needs to change to be an exchange By traders, for traders, and with traders.

3rd Segment: LIVE QUESTIONS

Q1 : On 5 November 2020, the first Unidex pre-sale was closed. The current total holders are the 9 wallets/people I saw on Etherscan.

Is the sale not in high demand or the token hasn't been distributed yet?

And when will the second token sale (pre-sale) start?

Ans : This was correct and eveythings true that you wrote. We can assume multiple things but after talking to other leaders we didnt have a lock on liquidity, alot of the team was still anonymous at the time, and we didnt have much to show at the time and it was kind of embarrassing. The community wasnt communicating because we suspect most were bots or people just wanting an airdrop.

Now things have changed and we've learned alot. Our next presale will take place once we have more people actually willing to talk to us about the exchange and give us feedback on what we can do to improve it as were currently making improvements right now. We released linkedin's, our website is live https://www.unidex.finance/, and we also are still looking for ways to have people trust us because people just didnt have that before.

were probably looking to launch our presale 2 and 3 that can help fund some front end devs and team members ( not to mention liquidity ) by the end of the week again and hoping for a better turn out

Q2 : One question, what is Unidex real focus? Exchange? Lend and borrow? swap? liquidity pool?

Ans : Thats the idea. There isnt just one focus here its a one-stop shop for ALL of these things that DeFi can offer. We are trying to prevent having multiple screens open and hundreds of chrome tabs that eat away at RAM. These things dont have to be offered directly by unidex since we can route functions like lending and borrowing through aave and let users manage their positions there for example. The ultimate experience that you never had to chance to have but is now here.

Q3 : I still don’t understand a sentence like this "UniDex aims to replace centralized exchange with DeFi" Isn’t the current DEX not a centralized exchange, so how can the exchange be replaced by DeFi?

Ans : Its not. Because users funds are never going to be in OUR hands it means if the exchange goes totally offline there will always be a way to recover those funds. Centralized exchanges like bitmex recently you can see if in legal trouble they can freeze your funds and impose KYC restrictions where as on UniDex this wont be a worry. Using your web3 wallet or hardware wallet via web3 like metamask you can simply connect your ETH wallet and give it permissions that a regular cex would offer. This idea is what originally sparked the DeFi race because everything is non-custodial. And with our exchange being able to offer the same experince as a centralized exchange but safer for the customer, then we can easily replace the current top exchanges.

Q4 : - Unidex Trading Terminal is built on Ethereum, and as we know issues like high gas cost, slow rate of transfer and many more are associated with this particular blockchain, Do you have any plans to try out other blockchains like Polkadot, Cosmos, Tron etc. to enable Crosschain swaps in the future?

- I noticed some grammatical error on the UniDex Finance website, who do I contact for this?

Ans : Currently we see ETH as the most decentralized platform for this. We know recently polka has risen in popularity and is also able to emulate the "DeFi" space. So in given time while we dont have an estimate we want to bring our platform to these blockchains. Currently the Dex is limited to ERC tokens ( which isnt to bad considering alot of tokens like BTC have been tokenized as WBTC for example ). But having UniDex on tron, polka, and new competitors will allow us to have an edge for the foreseeable future.

Also we have those errors as a bounty as mentioned on our twitter 😁 you can get a reward for fixing those errors in unidx token for actually reading though our site and noticing them.

Q5 : You have mentioned that you are going to offer a better fee and it will be lower than that of uniswap, we know that fee of uniswap is 0.3%, can you mention a value of UNIDEX fee you are going to offer the users?

Ans : The base fee will be 0.3% but doing a certain amount of monthly volume will allow you to get a fee discount. While we dont know the exact details yet because we dont know what our daily volume would be. It can be something similar to a tier system with 5 or so levels going as low as 0.10%
Holding UNIDX tokens will also allow you to trade with a lower fee in a similar fashion so you arent forced to do a certain amount of monthly volume.

And while you didnt ask but since its related. That amount you would have to hold would be dynamic on a daily basis since we dont know how much fees will be generated on unidex. Because the supply is constantly being burned ( and a portion paid back in ETH ) the percentage the supply users will hold will grow over time. This is also why we wanted 2 options as later in the future some users may find it easier to just achieve a monthly volume.

CONCLUSION

Before you to, do you have any Final Words for community, also do good to share every useful links to your project and how we can participate in the Token Sale

Ans : I just want to say thank you. Like I mentioned before, we're just nerds that code and trade crypto that see this as a much much needed option for the trading space on ETH.

Come over to our telegram channel https://t.me/unidexfinance and discord channel https://discord.gg/WzJPSjGj4h
for updates on the project. Since we can have alot more real activity from here forth we expect a continuation of the presale later this week and will be discussed more later this week.

If you want a look at our beta UI here it is
https://cdn.discordapp.com/attachments/770515919587901473/772808752071311380/UNIDEX.jpg

and if you still have questions ill answer them all anyway and any others in our communication channels!

thank you all and have a wonderful day!

Follow UniDex Finance on their platforms:
 ... Website: https://www.unidex.finance/
 ... Telegram: https://t.me/unidexfinance
 ... Twitter: https://twitter.com/UniDexFinance
 ... Discord: https://discord.com/invite/WzJPSjGj4h

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