UniTrade — Big Updates & Future Developments.
ETH Rewards Smart Contract (staking)
Our biggest upcoming release is the new UniTrade ETH Rewards smart contract. This allows for users to lock their TRADE tokens and earn ETH passively from fees that are generated on the trading platform.
Due to the complexity of the task of creating separate locking periods that allowed for variable amounts of TRADE to be input in different pools while still maintaining a fair system we have adjusted the locking period to only have one option of a 30 day locking period.
Upon launch the ETH rewards subdomain will go live and allow anyone holding TRADE to deposit their funds. ETH earned from fees can be claimed at anytime via the website or smart contract and sent back to your wallet. The audit is scheduled to complete in 5–7 days (more about that below).
ETH Reward (staking) Bonus — $30,000 (USD) in ETH
As mentioned above ETH rewards allow TRADE holders to earn from 40% the fees generated from trades being made on UniTrade. These fees are divided up among all the stakers. For the initial launch of this smart contract we are going to deposit $1,000 (USD) in ETH each day for 30 days that will be divided among the current stakers for a total of $30,000.
This will be a part of a larger marketing promotion in the coming weeks.
Burn Bonus ($225,000)
500,000 TRADE burned forever by the buy and burn smart contract. The burn contract collects 60% of the fees generated by the trading platform and buys TRADE on UniSwap and burns the amount it receives. To kickstart this contract off we are burning half a million TRADE, forever taken out of circulation, from the company wallet.
This will be a part of a larger marketing promotion in the coming weeks.
Order Book Contract Improvements & Updates
Software should always be improving and that’s what we are focused on. After the initial audit of the UniTrade smart contract all issues were resolved and we were able to deploy on mainnet without putting anyones funds at risk. This allowed us to collect great feedback from the community in a real production environment, as before we were only running on testnet.
We’ve implemented improvements and updates to the order book smart contract that will be deployed in the coming weeks. These updates are:
Nonstandard ERC-20 tokens (deflationary tokens for example) were not able to be traded on the platform as the supply and amounts were changing while sending funds to the contract. We’ve found a solution for this and will be pushing that update out in the next deployment. In the meantime we’ve disabled some token pairs from being traded until this goes out on mainnet.
On testnet the trading fees were set to a fixed 1%. The trading fee is 0.2% and will be updated in the next contract deployment. The 0.8% of fees in ETH that have accumulated from transactions so far will be refunded and sent directly to the wallets that made those trades when the updated version goes live.
Security Audit Finalization
The ETH Rewards (staking) contract development is set to be completed in the next couple days, which will be announced once completed. The audit will commence directly after taking approximately 5–7 days to complete. I’ll have the exact dates very soon to report back to you guys.
The updates to the Order Book contract, mentioned in the other section, will also be included in this audit. The next mainnet deployment will have a lot of exciting things to look forward to as we continue to innovate and improve our solution.
Current Beta Interface Fixes & Improvements
Our current interface has been rolled out on mainnet and is successfully allowing users to place limit orders that are being fullfiled. There has been great feedback from the community that is all being noted. As with any new software release there will be some minor issues and we are dedicated to resolving all of them to have a polished trading application.
In each iteration of the app we’ve continued to provide a better and better platform to trade on. Below are the updates that have gone out thanks to our amazing community:
+ Added UniTrade total fee collection display.
+ thegraph (uniswap) optimizations and improvements.
+ metamask quick fixes.
+ Processing fee gas estimation optimizations.
+ Minor chart bug fixes.
+ url and help text updates.
+ Token detail data, orderbook sorting, logo display issue.
+ Restructure to access all tokens, not just top 200.
+ temporarily enable token blacklisting for deflationary coins until contract fix goes out.
+ General styling updates and fixes.
+ Execution risk added to orderbook.
Currently the existing development team is continuing to work through updates and fixes for the launched info UI and the Order Book smart contract. As shown above we are making great strides and improvements each and every day.
Alongside the existing team I have hired 2 new very talented developers as full-time core team members for UniTrade that will be working directly with me to focus on new product innovation (explained below).
We are looking to expand our public relation team members (moderators) with a focus on the Chinese community groups to provide accurate information and support. If you are interested send us an email!
To empower the community and grow UniTrade even more we’ve established an internal core advisor team that is comprised of some of the best minds in the industry who all believe in the future vision of UniTrade. Connecting all of these individuals under a single objective allows new ideas to form, strong new partnerships opportunities to be established, and powerful connections to be made.
UniTrade New App UI (V2 of the current interface)
Following the release of our beta on testnet I was gathering feedback and a lot of users were looking for things to be simplified even further. This gave rise to the App version of UniTrade that will be the new landing page for unitrade.app. This version is really going to be a powerful addition to the UniTrade, it has the familiarity of UniSwaps UI while providing the additional functionality users are looking for. I’m really looking forward to launching this and excited to see the continued growth of our platform.
Development has been underway for the last couple weeks for the new UI and progress is going great. So far we have the front-end built out for all of the elements show in the designs. Searching tokens, token pages, recent orders, and the order book are all being populated. Next will be the integration with the current Order Book smart contract and actually processing orders.
We’ve built out a backend API to cache the order book data to load faster on this version that will be adopted by the info site once completed.
This version will include both limit orders AND market orders. Both going through the TRADE ecosystem generating fees.
We want to provide better API documentation and allow the center trading panel to be embedded on third party sites will give them immediate access to our platform. Their users can then place limit orders and market orders through the UniTrade ecosystem.
All in all progress is going very well. I will have a final release date but roughly speaking we are looking at around 3–4 weeks. I want us to have enough time to have a solid launch and allow for more thourough testing before going live.
Future of UniTrade
If we are not adapting to what the user wants to actually use then we are failing. Innovation is what drives UniTrade forward. The applications we build are entirely custom, the ideas we have are unique, and the products we release purely exist to serve the community.
I’m always open to your feedback and look forward to continuing this journey with all of you.