Recapitulation of UniDexBot AMA event held at AMA LOVERS CLUB
Date: Friday, 6th November, 2020
Time: 14:00 UTC
The UniDexBot team was represented by @undbadmin @bitcoinly and @ut_citizen. They judiciously shared with us detailed knowledge and information about the project.
1st Segment: INTRODUCTION
Q1 : Can you please introduce yourself and your background, also if you have a team, you can introduce them
Ans : I will introduce myself. I found UNDB at the CoinGecko listing and joined their TG. Due to active interactions, I was made Community Admin. And then, there was a need to spear the product ahead. I am now Strategic Advisor to UniDexBot. @ut_citizen and @undbadmin will intro themselves.
I’m a developer of $UNDB. And in addition, of course, I participate in comunity life
Q2 : Can you introduce the UNIDEXBOT project, What critical problems does it solve that existing solutions are not solving and what’s the competitve advantage over other solutions
Ans : Wow, What an interesting question at first itself. As you know, UniSwap is working on AMM (Automatic Market Maker) model. It does not have the facility to make Limit orders. We solved this first. And then, We moved onto Cycles which, you can say, multiple limit orders (buy and sell Cycles) programmed in a few clicks and this gets done automatically. We will be adding more trading strategies like Martingale Averaging, Stop loss, Trailing stop loss, Sniping of new listings when the token address is known before listing. Regarding competitions, there are a few that claims to do limit orders, but we work far better from them. I will share a comment from our community member who has tried all those platforms below. And we are not just limit orders, we are more than that. It is a full trading suit bot.
As a comparison with other decisions, I would like to show the answers of one of the members of the community.
They promise a lot of things yet the main product which is limit orders dont work. So the rest of the promises features are pointless. If their limit orders dont work, who’s gonna use their platforms? Nobody. So all their promises are just that, hollow promises.
Also, UNDB has cycles too. The bot buys and sells over and over giving you profit while you are sleeping (have had this happened to me this morning and yesterday, managed to catch good cycles). As long as the token fluctuates between your calculated range. I havent seen this anywhere else. Also, you dont spend any gas for setting or canceling the orders. You can still use your metamask wallet and do other transfers (like transfering eth in and out of your wallet) while still having plenty of open orders. In the bugged platforms I spoke before, you send the order and it takes the gas fee and your wallet is unavailable until the price reaches your target, but guess what, most of the time doesnt do anything and you end up having a stuck transaction with these two previously mentioned platforms.
I did not monitor the capabilities of competitors, so I refer to a user, who tried several platforms
Hey man, why is this token so cheap?. The other "projects" are a joke that dont even work or are buggy as hell. This one is even different, I can set limit orders and even change my mind and cancel it and dont have to pay fee for that. I can even do transfers while having a limit order open with this one.
I can even do cycles with UNDB. You cant even think on doing something like this with the other ones. That dont even work lol. And if this one also implements stop losses that's gonna be huge as well.
The other ones (both of them that start with "Uni..." ) are buggy, dont work and most of the time they get your metamask wallet stuck and cant do anything else until the price actually reaches your target and most of the time it doesnt work and just fails. And if you want to cancel you have to cancel the transaction that is stuck lol.
Instead this one is a real piece of art work. Why is market cap so low on this one? I have fallen in love with this one. The true King.
Features of UniDexBot
- Private Uniswap Limit Orders. No open book.
- Less gas cost. 10 times Approval setting is available. No gas required to create, edit or cancel orders.
- Funds stay in your wallet until execution.
- Automatic Percentage based buy and sell cycles. Print money automatically BRRRR!
- Try out for just 0.1 UNDB in your wallet.
- No hidden fees or cuts from your trades.
- More features upcoming.
- Best supportive community.
Q3 : Can you briefly describe the Top milestones you have achieved and your target milestones with timelines, also share your roadmap
Ans : Yes, Uniswap Private Limit Orders - done. Cycles - Done. I am sharing roadmap below:
New ideas/features can get added. We are not Stopping here!
2nd Segment: TWITTER QUESTIONS
Q1 : Half of the total supply is locked in a smart contract, so how do you aim to increase liquidity & add licenses to the market without lowering prices? Or do you have any strategy you aim to adopt to help reduce investment risks that’s usually associated with shrunk pools?
Ans : To solve this problem we already lauched the Liquity Providers Reward Program that spans over 150 days. We are distributing 1 UNDB a day to the Liquidity Providers as per weightage of their liquidity pool share. A total of 150 UNDB will be distributed this way. This is the link where you can track it: http://unidexbot.com/rewards/ There is also Rewards for Holders. You can see full details here: https://unidexbot.medium.com/undb-holding-and-liquidity-provider-rewards-details-da18b6f23116. We are just going to start Marketing. When more people hear about us and the LP rewards program, we believe there will be enough liquidity in the market. If that does not work for some reason, we are open to considering adding liquidity ourselves.
Q2 : UniDexBot has conducted an ICO before, so what happened to the first launch, why are you guys launching again the second time?
Ans : Yes. This is our second launch. In the first launch around 64 days ago, we raised 87 ETH. That time, the app was not integrated with Metamask and the smart contract was too complex. This resulted in very high gas spends for each limt orders. Around 100-150 USD for single trade that was! So, we realized this business model was not viable and the developer wanted to take more time and re-build the product. But then, there was divided opinion in the community that the ETH raised is too small to fund for any changes. This was the earlier Telegram group https://t.me/Utrade_en. So, after careful consideration, the dev decided to return the raised ETH and it was fully refunded. See here: https://etherscan.io/address/0x05ef5be2983f8091a57433938bb5d17612e11268#internaltx Once he revamped the codes, we lauched afresh - that’s UniDexBot. This time it was a great product. We raised 150 ETH for UniDexBot 56 days ago and restarted our journey.
3rd Segment: LIVE QUESTIONS
Q1 : Can you kindly explain how the UniDexBot License Tier structure works?
Q2 : UNIDEXBOX recently rebranded from " UNIDEXBOX.cash " to " UNIDEXBOX.com ",
What are the new features added to this new site of yours.?
Ans : Mild correction there. It was Unibot.Cash. It still works. I felt that was a lazy domain since I was into domain names and branding earlier. So, we moved to UniDexBot.com All new and old sites and links work same.
Q3 : What is the new thing you can add to the community idea? Apart from Trading etc.
Ans : Sorry. I did not understand. We listen to the community suggestions. If you have something you want to see in UniDexBot, we are willing to listen!
Q4 : Can you explain more about $UNDB holders and liquidity providers rewards programs? Why was the program launched, is it still ongoing and how will it be carried out?
It was started on 24th of October. It will run for 150 days. During this period a total of 150 tokens will be distributed for holders and another 150 tokens for liquidity providers. More details: https://unidexbot.medium.com/undb-holding-and-liquidity-provider-rewards-details-da18b6f23116 This was launched to reward holders and liquidity providers. Reward details are tracked here: http://unidexbot.com/rewards
Q5 : Does your bot charge fees for each transaction when making transactions? Every transaction made by the bot is saved in the history?
Ans : in web panel you can check history of your exchanges
Q6 : How do I find the right pair to trade with on UniDEXbot?
What do I own to grant a license to execute a trade on UNIDEXbot?
Ans : You need to find tokens that trade in a range. I personally am making good profit with jsut 1% volatility set. This article should help you: https://unidexbot.medium.com/how-to-find-the-best-coins-to-cycle-using-unidexbot-620bd48480d4?source=follow_footer---------4----------------------------
We can change what we can change but we can't change what we can't 😊 Uniswap is working on ETH blockchain and we should too. But we have instituted many ways to save your gas while you perform trades as you mentioned in your question. We might go DEX agnostic as well in the future.
You need just 0.1 UNDB now to use the bot
Q7 : After the attack of the Kucoin exchange, the security issue has been mentioned many times and is being worried about. Is UNDB token confident about the security of your platform? Can UNDB token share more about UNDB token security technology?
Ans : The Unidexbot interacts with your wallet through metamask, so the security level is high
Q8 : Q: UniDexBot offers lower cost gas to create, edit or cancel orders. 10 times the approval settings. But $UNDB is in Uniswap, which works with the ETH network and always charges fees. How do you keep this from happening with your platform and exchanges?
Q: What is the licensing model implemented by UniDexBot? Why do you only have 0.50 UNDB to use the license model? What is the structure of this model and how are each of its levels composed?
Ans : Sorry. The above answer for this question.
Q9 : Wow there 2020
300 UNDB tokens to be distributed to Holders and Liquidity Providers in a 150-day timeframe. But how you will distribute this token to them? I mean there any condition?
Ans : You can see this now:
Rewards are accrued in proportion to the balance
Q10 : If you guys were me? how many tokens Unidexbot would you buy?
Ans : I will hold 5 at this price.
Q11 : According to your roadmap, by November 30th you expect to launch your adaptive web application for mobile devices. Will this application be available for all operating systems? How do you expect this to facilitate the use of UniDexBot?
Ans : It seems obvious to me. The technology dApps is quite complex, so you have to develop it first for the desktop. Although there is now a development rule mobilefirst
Q12 : What benefits do we get for retaining the 0.1 $UNDP token and using #UniDexBot? We all know that the cost of gas is very expensive, how does the #UniDexBot team respond to that.
Ans : I am posting some real use screenshots below and you can decide. The profit you make from using this bot will make for itself the license cost and much more.
Q13 : Many projects have promised about long term benefits but in fact they are not, some of them scam and rug pulling run away. Can you please explain whether UNDB. is able to provide long term benefits?
Ans : You’d better ask the community about it, a lot of people are with us from the very beginning.
But it is better to try Unidexbot and you will understand how much effort was invested there. It’s too hard to be just a scam.
Q14 : Currently in the market, it seems that investors only pay attention to the profits they get and forget the long-term benefits. So can you give your own opinion, advice why should they buy and hold these tokens / coins?
Ans : See answer for the above question. We are a working product.
Q15 : Q1 🦄
UniDexBot does not yet have an Application for Android or IOS, but is it possible for users to use the wed version from the mobile without any problems or restrictions?
What are the functions that you plan to integrate soon to UniDexBot before the end of this year? Which of these functions is considered a "Priority" for the UniDexBot team?
Ans : Look roadmap pls, There you will find answers to all your questions. Yes, works with Trust wallet and metamask mobile wallet. https://unidexbot.medium.com/how-to-use-unidexbot-if-you-are-on-a-mobile-phone-1217637fd2fc
Roadmap was posted above. Stop loss and New listing sniping is priority.
Q16 : With UniDexBot, I set the price at which I want to buy/sell and wait for the order to be executed, but, regarding risk reduction, does the bot execute it automatically or do I have to assign it manually?
Ans : I think you mean Stop Loss. Yes, i planned add this tool soon
Q17 : How will the stop loss feature and martingale average be applied in the cycles and how will users control the risk level with the stop loss feature? When will these features be added?
How do percentage-based automatic trading cycles work and how is gas charged for orders?
Ans : First part of this question is for the @ut_citizen to answer. Roadmap:
This article tells you how to Cycle: https://unidexbot.medium.com/how-to-place-automatic-trading-cycle-orders-using-unidexbot-6ed9fce48b4
Q17 : You chose ETHEREUM blockchain ? How will the current gas price and congested, ETH network not affect your transactions, ?
What is your most ambitious goal of your project? We would appreciate it if you could share with us any Upcoming Updates?
Ans : We are not limited to anything. Staying only on the Etherium also does not oblige us.
Exactly as far as it interferes with the work of Uniswap
We have implemented a model where gas is only spent at real trade execution not when creating, editing, canceling orders. Please refer above for roadmap.
Q18 : Many projects have promised about long term benefits but in fact they are not, some of them scam and rug pulling run away. Can you please explain whether UNDB. is able to provide long term benefits?
Ans : Refer to the screenshots of profits posted above.
Q19 : With UniDexBot, I set the price at which I want to buy/sell and wait for the order to be executed, but, regarding risk reduction, does the bot execute it automatically or do I have to assign it manually?
Ans : Question not clear but yes we will adding Stop loss and Trailing stop loss.
Q20 : Can you tell us what are the main benefits of a $UNDB Token holder? For investment purposes, why do we have to invest in #UNDB & what benefits does #UNDB give to holders?
Ans : If you want to use the bot and make profit, it is a good hold for you. If you simply want to hold, then your benefit will be from price appreciate. We have an interesting tokenomics and a great working product. 1000 token total supply and 599 Circulating supply. Our ATH was 5000$+
Q21 : 1.How can we become a perfect user of #UNIDEXBOT and become a part of the community?
2. We've seen that we can place limit orders on Uniswap using #UNIDEXBOT? How can we perform this and Is there any minimum amount of $UNDB to hold for doing this?
Ans : You can join our TG group here: https://t.me/usw_bot For placing Limit orders you can refer to this article: https://unidexbot.medium.com/how-to-place-limit-orders-in-uniswap-using-unidexbot-241a67c6e589 License structure was posted above, just hold 0.1 UNDB to try.
Q22 : One of the benefits of using Unidexbot is Simply "set the price at which you want to buy / sell and wait for the order to be executed." How is it different from Centralized Exchange (CEX) to wait for the order to be executed?
To connect to the Unidex Bot dApp, supported wallets only use metamask. Can I use a wallet other than Metamask? such as trustwallet, imtoken and other crypto wallets.
Ans : The difference is we are taping into the opportunities that Uniswap brings. All wallets should be working. I know trustwallet works.
Q23 : For professional traders it is also important not only to make profits but also to have great profits in a short time. There is the possibility of placing on their perpetual platform or futures if so, when would they implement it?
⚡️UniDexbot will be as easy and efficient to operate as uniswap, tell us the most important and notorious difference on this close level?
Ans : Sorry, didn’t understand.
Q24 : What is the structure of unidexbot?
Ans : 😳
Q24 : 💫Your project was previously called UniBot Cash, why did you decide to change the name to UniDex Bot?
Ans : Explained above.
Q25 : If I don’t monitor the quotes to make a trade because there is a fixed price I want to sell/buy which I believe the system should execute. What happens if there is system glitch?
Ans : If there was a downtime, when it resolves system will trigger the orders again when the price is in range.
Q26 : Is UniDex Bot audited? If not, are you planning to do an audit soon?
Ans : Many changes are planned. It is not advisable to conduct an audit now.
Q27 : What mechanism allows you that during the operations, there is no cost of gas in the creation, edition or cancellation of orders? and in the same way, to continue having liquidity.
Ans : Ah, good question. I believe that’s very possible. If you don’t see like this anywhere else, you have just been looted by that platform. At the same time, this model may be very difficult to implement. Dev is a genius and that’s why it is implemented this way. None of the other guys did this. He can talk more about the technical aspect if he wishes to @ut_citizen
Q28 : I would like to know your opion about auditing? Why is unidexbot hesitant about auditing?
Ans : We are not hesitant. Our code is special and we don’t want to leak it to anyone. Further, the auditing narrative is only aesthetic. Anyone can change code after auditing as well. But I guess, dev is planning auditing. @ut_citizen
Q29 : Is this still a family with Uniswap? or different, if so. what is superior to Unidexbot than others?
Ans : Sorry, didn’t understand.
Q30 : What are unidexbot relationship with Uniswap?
Ans : We add features to Uniswap. We are looking into other Dex’s like Honeyswap and Luawap as well. The algorithm don’t change.
Q31 : Is there any subscription fee in using Unidex Bot? How reliable and safe to use is your platform? Can this bot helps me to get a higher profit in trading?
Ans : Answered above.
Q32 : How safe is it to manage your bot without fear of being stolen by a hacker or malware?
How do I know that the bot will not fail to complete orders such as stop limit and stop loss?
Ans : 1. Your tokens stored for your wallet. This top safety, i think.
2. This possible of course, all tools can do mistakes.
Q33 : 2 $UNDB will be proportionally rewarded daily over a span of 150 days for early $UNDB holders ?
Will you still over such opportunity after this batch ?
Ans : It just started on 24th of October, so get in. There won’t be more of this after 150 days are over.
Q34 : Does Unidexbot require KYC?
Ans : No
Please do you have any Final Words for community, also do good to share every useful links to your project so we can participate
Ans : Join our Telegram group https://t.me/usw_bot Of course take a license and use the platform and boast about the profits everywhere. We have planned marketing, so price should go to ATH too. Thank you everyone and admin.
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