AMA with UniTrade’s Founder RECAP [01/21]
Q1 — Now that we’re working more closely with Binance, has there been any chatter of a listing with them? ;)
That’s a possibility. BSC has given us a lot of support in expanding our solution to their chain. We will see how things go in the future as we continue to work together
Q2 — How does Binance Chain interact with Uniswap currently? Is there any sort of link or are we going to be a sort of “bridge” perhaps?
Binance Chain has a similar solution to Uniswap that is called Pancake Swap, which functions essentially the same. That is the DEX we will be interacting with to place limit orders on BSC.
Q3 — How will moving to Binance Chain work? Are we completely migrating from ETH? Will there be some sort of token conversion?
We are not migrating from Ethereum blockchain. We will have both solutions for Ethereum and Binance. The solution will be very streamlined so if your web3 wallet is connected to Binance Smart Chain the site will show tokens on that chain and if you are on Ethereum it will show those tokens and corresponding functionality.
The worst thing we could possibly do is get stuck in a bubble. We can stay on Ethereum blockchain, only offer limit orders, fix bugs, and not progress any further — that is not what I want. I’m not oblivious to what’s happening in the crypto space. I stay up to date with competitors and upcoming projects.
Taking risks like this, expanding our solution, offering more, and doing things no one else is doing is how we continue to grow. Sometimes there are issues, bugs, questions, doubts, and everything else in between but the important thing is we are making progress forward and that makes it all worth it.
Q4 — What is Unitrade doing to get more users?
User acquisition is a multi-pronged strategy that is centered around marketing, integrations and partnerships.
On the marketing front, we’ve seen a lot of success with banner ads on popular crypto sites. For brand awareness, YouTube influencer campaigns have been particularly helpful. We’ve also been doing some experimental things, like promoting to Telegram trading groups, and launching a trading competition. We expect to continue testing new, innovative ideas like this in the future.
With integrations and partnerships, we’re primarily interested in how we can expand our footprint. Building the UniTrade application into existing trading tool platforms, wallet providers, and the like give us immediate access to a much wider audience and userbase. Furthermore, moving on to other chains like BSC gives us an opportunity to partner with new DEX’s and gain access to an even deeper crypto audience beyond Ethereum.
Q5 — How will trade pairs be added to the BSC and how will this move affect ETH rewards?
As mentioned we will be utilizing Pancake Swap as the backend. They already have many popular pairs on their site currently that will be able to be traded using UniTrade platform. This will allow us to immediately get a great start with many pairs and a lot of liquidity
Q6 — What is the big announcement that you guys keep teasing us with ?
We will have a new roadmap releasing soon that will detail the big announcement. This weekend or very early next week. Graphics and website updates are underway…
Q7 — Any new exchanges planned this month?
We have a lot of coverage right now with the big exchanges we are already listed on. If something comes up we will obviously explore the possibility.
Q8 — With the recent announcement of UniTrade joining the Binance Smart Chain. Will their be a BEP20 Unitrade token and if so how is this distributed?
This is still being discussed, it’s a possibility. Whatever we decide will be announced ahead of time.
Q9 — Will there be more utility/use-cases developed for the Trade token in the future?
Yes, we want to continue with the vision and offer more than just limit orders. Much of this will be outlined in the upcoming roadmap for this year. Make sure you are following the announcement channel for updates, https://t.me/UniTradeAnnouncements
Q10 — When will v2 be complete with slippage adjustment?
The thing is slippage won’t really change that much of how the platform works. Essentially a limit order by design shouldn’t have any slippage. You are placing the order at a specific price point. You don’t get charged twice or face any penalties if the order doesn’t go through due to volatility — as with Uniswap.
With all that being said we are working on that but it’s not something that is high priority. Things like stop loss orders, customizing gas, reducing gas cost, bsc integration and other trading features are higher priority right now.
Q11 — When roadmap?
Roadmap is already complete just getting designs put together and the website updated. Should be either this weekend or very early next week — we need to get moving on it. 🚀
Q12 — UniTrade has many competitors now, how are you planning to differentiate from the rest?
It is no surprise that after our release many other products started popping up. We were the first to market with this innovative idea and have established a solid userbase and a good name. Our network of order miners is growing and is continuing to getting stronger.
Just as we pioneered this idea of decentralized limit orders we must continue to bring new ideas, take risks, expand to other platforms, bring new partners, among other objectives that I have… In my opinion if we stay as simply a limit order platform on Ethereum without doing anything else we will eventually die or be replaced. I won’t let that happen.
Q13 — crosschain is great but can we expand to any other dex besides Uniswap?
Yes we can, however at this point there really isn’t any great reason to do so. Uniswap provides acceptable market rates for tokens and a lot of liquidity. The obvious downside is the cost of these transactions and the volatility of trades not being executed. A bit of the issues are from the Ethereum blockchain itself and a bit of it on Uniswap — not much we can do about it right now.
Q14 — Is placing charts on v2 on the roadmap?
With all the ongoing development, other features, other chains, partnerships, api’s, etc this is currently not a high priority item. In the future, yes.
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Live round -
Q15 — So what kind of partnership is unitrade looking for? I mean top 100 projects or small projects with great views? Are there any ideas from the team atm for certain partnerships?
Primarily other apps that can provide either a utility improvement (binance smart chain) or one that has a userbase that could benefit from our current solution
Q16 — Say an app has a function of tranding funds will there be api’s available in the future for those apps to connect with unitrade so they can benefit from our limit order system?
Yes that is on the roadmap. We want to have an iframe or something that can be easily embedded on their site
Q17 — Are there any specific influencers or youtubers or marketing sites you would hope to partner with or are planning to to hire/partner with?
We have some lined up but haven’t signed off on anything yet. Having brand ambassadors is important and something we are focusing on this year.
Q18 — the transaction/cancellation fees is holding back people from using the platform. unless this is taken care of, the adoption will not be fantastic.
Binance smart chain expansion will help with this in the meantime
Q19 — As we are going to BSC as well. Is there a possibility to implement farming? BSC is getting super popular because of the liquidity farms.
We’re exploring this option and have a few connections in this space, it’s likely.
Q20 — any zkrollups update coming? is $trade doing something to get better about fee?
Not sure if this is the best solution for a platform like ours, maybe though, would need to look into it more
It’s really difficult to get around the fees on ethereum… that is essentially the backend for the application. We can’t control the ETH network, only small solutions and workarounds like the one you mentioned. Let’s give it a little more time, maybe they can resolve things for future growth because it’s pretty clear that super high fees is not going to work out longterm for ethereum.
Q21 — How do you feel about the numbers of people using Unitrade? Is that less / more than what you expected ?
What we built is still “early” in this space. There are a lot of people who are interested in what we’ve built and a good number of them use our application. We have a channel that tracks activity on the platform https://t.me/unitrade_volume
Pretty cool to see… but there are some inherent obstacles with building on the ethereum blockchain that do prevent some users from trading, a big one being the high cost to make a trade.
A lot of this stuff we are looking into and with time we will see more growth. It’s early honestly. The future is decentralized exchanges, without a doubt.
I don’t see centralized exchanges existing in the future. In most cases there is way too much regulation, corruption, freezing funds, etc etc. it’s just not crypto imo.
Q22 — What is the priority list for v2 currently, as in, what releases will be seeing and in what order do you think?
The binance chain integration right now.
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Thanks for joining the AMA! Follow us at -
Twitter — https://twitter.com/unitradeapp
Telegram — https://t.me/UniTradeApp
Announcement channel — https://t.me/UniTradeAnnouncements
Help & Suggestions group — https://t.me/UniTradeAppBeta