Market Orders Added to Platform
After several weeks of development work, we have finally launched the new smart contract for market orders. Functionality has been incorporated into the UniTrade platform to accommodate both limit orders and market orders, so that users never have to leave the UniTrade ecosystem. Any market orders executed through UniTrade will carry the same 0.2% fee as limit orders, and gas prices will be similar to swapping directly on Uniswap.
When users go to the UniTrade interface at https://unitrade.app, they will be presented with the option to choose either “market” or “limit” orders. The interface will accommodate both user flows in a sleek, efficient way, not too dissimilar to what you might see on a centralized exchange. The obvious benefit of incorporating market orders into the platform is to give our traders a choice: to execute transactions instantaneously, or in the future, using limit orders. Adding this feature functionality further expands upon our vision of building a truly decentralized trading platform for DeFi.
In addition to market orders, a number of other updates have been rolled out across the UniTrade ecosystem:
- Informational website has moved to https://about.unitrade.app
- Staking rewards portal has moved to https://rewards.unitrade.app
- UniTrade “V1” (charts, analysis, live order book) has moved to https://info.unitrade.app
- Links to all of these sites have been added as new buttons in the left panel of the UniTrade platform (https://unitrade.app)
Trading Competition LIVE through 1/17!
The trading competition kicked off in earnest on Monday morning (1/4), with several large transactions putting wallets up on the scoreboard early. Our current leader has a $54k transaction booked (DSD to USDC), with second place clocking in around $35k (ETH to TRADE, no less). A $100k order is still on the books from last evening, but the price has yet to hit the target set out by the trader.
We’ll be rolling out a leaderboard for the competition sometime in the next week. In the meantime, you can keep track of all limit orders placed on the platform by subscribing to the following Telegram bot: https://t.me/unitrade_volume
You can also view the Order Book smart contract on Etherscan at any time for a look at all outstanding orders/trades waiting to be executed.
To commemorate the addition of market order functionality to the UniTrade platform, we are going to be including any executed market orders as part of the trading competition. Previously, we had only been including the value of limit orders as consideration for the top prizes. This means that all market and/or limit orders executed from the same wallet (cannot stack wallets!) will be used to determine the total prize winnings in the competition. All other rules apply. For more information about the trading competition, please refer to our previous post here.
2 Million Additional Tokens Burned!
In conjunction with the launch of the trading competition, UniTrade burned 2m of additional tokens from the total supply. This transaction was valued at over $400,000. To date, UniTrade has burned a total of 2.5m tokens, meaning only 47.5m of total supply remains (with < 30m circulating). As a deflationary token, UniTrade will continue to buy and burn TRADE on a daily basis with each transaction executed on the platform — including market orders. All burning activity can be found in our Burn Contract.
In summary: January is off to a great start. We are excited to bring widespread adoption to the UniTrade platform in 2021, as well as continue to expand upon the ecosystem as the year progresses. Stay tuned for additional updates about the future direction of UniTrade later this month :)