AMA Hosted by The Crypto Lifestyle RECAP (09/20/20)

Unitrade had an AMA hosted by The Crypto Lifestyle, it is recommended to watch the prerecorded version of the AMA at https://youtu.be/3AQbyb4TDGE

Here are the questions and answers from this AMA.

  1. will holders who stake their trade also receive the trading fee discount whilst staking ?

No, you will have to choose between staking or receiving the trading fee discounts.

2. will rewards from lock up be rewarded daily/weekly/end of lockup?

The lock up periods will be 7, 14, 30, 60, 90 days. We will have a separate site setup for locking TRADE, checking your rewards, and withdrawing rewards. Technically you can withdraw ETH rewards whenever you want but in some cases it would be best to let your rewards build up before withdrawing. e.g. if you withdraw every hour and only have $1 in ETH rewards but the gas to withdraw is $3 it’s not really worth it.

3. How will users be rewarded for executing Limit Orders, will anyone be able to do this?

Currently we are working on a system behind the scenes that is essentially a miner but instead of mining blocks this system will mine limit orders. The way this works is it watches the UniTrade contract and checks all open orders. It will go through open orders and compare the price of the order vs the price on Uniswap. If an order is ready to be executed the miner checks to see how much this order is paying for gas (processing fee on the frontend). So let’s say the order is willing to pay $5 for their limit order to be processed and the miner can execute this order for $3 they will make $2 for calling executeOrder on the contract.

I’m not entirely sure how much users can potentially earn for executing orders but it will be interesting to see how this system develops. Obviously if there are opportunities to make money there will be competition.

4. What is the status of the Liquidity Pool management system?

This will be a separate system than limit orders. Right now our focus is purely on limit orders, ETH rewards, and buy+burn. The liquidity pool management, such as removing your liquidity at specific price points or adding liquidity at price points etc will be a future addition to the platform.

5. Can you specify the amount of gas to use for your Limit Order when it is executed?

This will vary a lot depending on current gas prices. UniTrade will give you a good estimate of what you should pay. But if you want to make absolutely sure your order gets processed it’s best to increase this to whatever you’re willing to pay for your trade to be executed.

6. In case, UniSwap would die, build their own UniSwap gui, if the code was changed making it difficult for UniTrade to function. Is there a backup plan?

Uniswap is a decentralized app deployed on the ethereum network, it can not die. The only way it would potentially “die” is if every single person removed all their liquidity from Uniswap which I find highly unlikely as Uniswap is continuing to show they are adapting and improving their solution. It’s a great backend system for UniTrade to utilize.

7. Will Unitrade evolve to be applied on other blockchains i.e. Cardano, EOS, etc if those platforms become popular enough that they have their own decentralized exchange swap like Uniswap was for Ethereum?

Yes this is something I have thought about and ready to pursue. Right now the focus is to deliver the working product on Ethereum network with Uniswap.

8. If uniswap v3 is released, will UnitTrade face a crisis of existence? If not, how will UnitTrade survive change?

Far from it. Uniswap v3 will be an improvement and bring more features that UniTrade can utilize. Uniswap has publicly stated they are not implementing limit orders in their system so I can imagine their v3 will add big improvements to their core product.

Once they update it will be a fairly simple adjustment for UniTrade to upgrade from v2 to v3.

9. How smart is the gas estimator? Most wallet gas estimators assume you’re ok waiting a few minutes but in a trading terminal most people are used to their trade processing more quickly. What if people estimate a low fee, will the trade get stuck in pending?

Yes if you set a low fee your limit order won’t be executed. UniTrade will be able to provide you with really close estimates but if you are worried about your trade not executing it’s best to increase the amount you’re willing to pay for gas.

10. Will staking and the buyback + burn features be live at platform launch already or will they come later?

The buyback and burn, which will be 60% of the fees taken from trades made on UniTrade will be used to buy TRADE from the ETH/TRADE liquidity pool on UniSwap and burn them will be live on launch.

ETH rewards (staking) where the other 40% of fees in ETH will be rewarded to people who lock their TRADE in a smart contract will be live on launch.

11. Will we see some bigger changes on the (beta) UI until launch?

Maybe ;)

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Thanks to The Crypto Lifestyle for hosting this AMA and don’t forget to join our community at https://t.me/UniTradeApp

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