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Satoshi was very clear about his intentions in creating Bitcoin. The point was to eventually disrupt the traditional financial system so that it can be obviated. This overly ambitious goal has not been met by any cryptocurrency or blockchain platform so far.
The reasons are manifold and go from the basic trust that potential cryptocurrency users have (or lack) in the technology to the absence of a basic infrastructure in which all kinds of cryptocurrency-based economic activities can thrive.
To use an umbrella term, the environment is not mature enough yet for Bitcoin, or any other of the promising digital tokens to launch a serious challenge on fiat currencies as the standard means of exchange.
Decentralization, a feature at the heart of blockchains, doesn’t help matters along very much. It is a cherished value in the community for sure, but it promotes the appearance of myriad new currencies that try to challenge the traditional system instead of consolidating all the efforts into a single token.
But the ecosystem is changing slowly. We’ve seen how the current DeFi explosion puts the focus on new features and functionality instead of particular tokens. But even this new trend fails to collect the cohesiveness that could bring the industry’s momentum above the critical point.
A Possible Solution
It is within this situation that UniDex brings forward its multi-Dex trading platform. The idea is to bring together the best of all possible worlds into a single place. On one hand, it will offer the best features commonly found in the best decentralized exchanges (DEXs). On the other, professional-level trading tools are part of the experience to help provide a completely smooth user experience.
These features could seem an obvious necessity, so one has to wonder why it hasn’t been fulfilled so far? Because of who’s behind the project, is the answer. This team is composed of experienced investors and traders who bring along their expertise so that the cryptosphere finds a way to vanquish the obstacles that have been holding it back so far.
In their view, centralized exchanges have amazing trading features. But users pay for that functionality with their privacy. Besides, centralization is anathema when you’re thinking blockchain.
The other problem is that while plenty of Decentralized exchanges have appeared in recent years, they are too small and basic in terms of trading features so that a seasoned trader can have his needs met by the system.
UniDex aims to attack and solve both problems. The new trading platform is designed as a competitive option vis a vis the investor tools you can find in any standard CEX.
But it includes the ability to do trade in a wide variety of DEXs that include some of the most advanced in the world. Thus UniDex has the potential to unify the best of both the traditional trading and the crypto trading worlds into a single product that can serve the needs of both very experienced investors and the casual newcomers into the cryptosphere.
The Differential Advantage
The previous features, while important, are not the project’s real trick. That is in its smart contract trading system. It’s built with a purpose, namely, to avoid the problems that arise from the scarce liquidity in most DEXs. This situation makes large volume swaps cumbersome and slow, and also can cause undue price fluctuations in a given trading pair. That, in turn, erodes the profits from the transaction.
UniDex is an alternative in which much of this friction can be smoothed out. It works like this: if you place your order through Unidex (which is compatible with Uniswap, 1inch Exchange, Kyber Network, Balancer, and Curve), the system will find the best possible DEX to execute the order.
Then, as the operation is taking place, the price conditions are re-evaluated so that a better alternative can be taken advantage of if it exists. Also, the use of many parallel DEXs to fulfill an order minimizes the effect of price changes in a single exchange thus maximizing profits.
The liquidity problems are thus solved by parallel partial trading across several DEX simultaneously. This strategy has the practical effect of adding up the liquidity in all the available DEX.
The features described so far would make UniDex a good product for all kinds of traders if the project’s objectives are met in terms of functionality. But there’s more. The project is just starting so that, in the future, it aims to become a one-stop resource for investors, and features such as options, margins, social trading tools, and many others should be available as the platform matures.
Outlook
To sum it all up, UniDex is a platform built by traders for traders. It will bring the functionality of traditional financial market platforms into cryptocurrency trade without giving up decentralization and the values cherished by the blockchain community.
It’s a very ambitious new platform, and it remains to be seen if it can both walk the walk and get the attention of the crypto trading community as a whole. Competitions are fierce, and only a genuinely original product will be able to find its way into success. In the following weeks and months, we will find out if UniDex has what it takes.
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