WeChat Chinese Community AMA — RECAP (09/20)
- Q： If Uniswap decides to issue it’s own coin, what effects would this have on Unitrade? How will Unitrade react?
A： Uniswap recently raised 11 million dollars in their Series A funding round to continue development on the V3 of their product. Based upon this I don’t foresee them needing to create any sort of token to raise additional funds for their company. They will continue to improve upon the backend liquidity pool functionality which UniTrade will utilize while providing traders with advanced trading functionality. Uniswap and Unitrade are very complimentary products and in the end both benefit from each other.
2. Q：What is Unitrade’s relationship with Uniswap? How do we guarantee that Uniswap’s users will use Unitrade?
A：The focus right now is to deliver a quality product that enhances the functionality of Uniswap by providing all of the trading features listed on our website. Once this is complete a partnership with Uniswap is always a possibility. First thing we need to prove to everyone we will deliver what we promise. There is no guarantee that anyone will use Unitrade but think about it yourself if you would use this product. If that is true then it’s likely someone else would want to use this platform too. There will always be competitors in cryptocurrency and every market. It’s good to notice these things, make adjustments, adapt and improve based on what is working. But in a race each time you look behind you are not able to run as fast if you just focused on what’s in front of you. There is a time to analyze competitors and there is a time to build, right now we are building.
3. Q：Can Unitrade list on Coinbase or Binance?
A：Currently we are listed on OKEx, Poloniex, IDEX, and of course Uniswap. These are high volume and well know exchanges. As a company we have a lot to prove and once our product is successfully released listing on Binance or Coinbase could become a reality.
4. Q： Is there a demo/test version of Unitrade’s product / platform? When will be the beta be released?
A： The beta will be released on September 11th. You can find more information about this on our website, https://unitrade.app/ and be sure you are following our Twitter account, https://twitter.com/UniTradeApp for live updates. To access the beta initially will require a balance of 20,000 TRADE. This is so we can keep the test group small enough and gather feedback from supporters. After a period of time this beta will become available for the entire community to test out.
5. Q： After the official release on September 30th, what are the plans for after release?
A： Right now we are still in a development phase and the people who are aware of our product are early supporters. Once the platform is live anyone will be able to land on the webpage and begin using UniTrade very easily. All that is needed is a web3 wallet connection, no account, no KYC, no limits. After the release we will greatly increase our marketing budget to gain new users and exposure. That will begin the growth phase which I think will see the most price action and overall usage of the product. In cryptocurrency groups sharing of UniTrade links instead of Uniswap will begin in full force. I believe the product will gain momentum quickly.
6. Q： Seeing is better than hearing, is it possible to send us the UI of the beta so we can have a look?
A： The UI graphics have been on display in our Discord group in the #announcements channel. You can join here and preview it for yourself, https://discord.gg/tvH5bMm . We have added an international channel for the Chinese community as well! As I mentioned there is a lot to prove with UniTrade, which is expected. The true believers and early supporters of UniTrade are the ones that will be greatly rewarded in the end. When the full working application is released it is my opinion that the skeptics will be the ones rushing in to buy.
7. Q： Since Unitrade will implement an order book function, and gas fees are higher in daytime (as opposed to night time due to the open times of different markets), if an order submitted during the day time is not fulfilled, but can be fulfilled during the night time, what mechanism is implemented to ensure that there is enough gas to complete the transaction?
A: If an order is submitted to the order book and there is not enough gas initially provided to execute the transaction it will not be executed. So in this case as the gas prices decrease and if your order is within the price slippage you set then it will eventually be executed (as night time as you said) when possible.
8. Q: can the ETH rewarded for holding TRADE be withdrawn at any time? Or is there a time limitation?
A: The specific dynamics of the ETH rewards has not yet been decided. This is separate from the core application which we are focusing on. The ETH rewards will be a separate smart contract. In my vision it would be nice if your rewards are automatically sent to your wallet. That’s what I would like but we need to consider all possibilities and their pros and cons first.
9. Q: Are there any plans to buy or merge with another DEX? Does the Unitrade team plan on becoming its own DEX?
A: This is something I am still considering. There are many factors to consider such as how many users are on the platform, the percent of marketshare they own, and if these users would be likely to adopt UniTrade vs whatever the DEX is that we acquire. One important metric is to measure how much money we spend on marketing and the amount of new users this brings to UniTrade. Then you consider buying a DEX with X number of users, their tech, and team versus just spending that money on marketing. I will consider these options on a case by case basis.
10. Q: Will TRADE have it’s own Liquidity pool?
A: Something to consider for the future. Right now we are building on top of Uniswaps liquidity which works very well.
11. Q: Who do you think is the biggest competitor to Unitrade?
A: Time
12.Q: What do you think Unitrade’s future valuation or support would be?
A: Only time will tell. Check Uniswap’s and DeFi’s growth and run the numbers yourself to come to your own conclusion for the possible valuation of UniTrade.
13. Q: What do you think are the future risks with Unitrade? In a worst case scenario basis.
A: The major challenge, for all of DeFi, is building applications on the Ethereum network where gas costs can hit prices that are almost unrealistic to even operate at times. With Ethereum v2.0 there is a lot of hope that these gas prices will decrease and allow for more growth in the space overall. We need to give some time for these developers to adapt to the sudden increase in activity on their network. I have faith that they can solve these issues. In the scenario where this isn’t the case and the prices remain high there is always a solution and one we will find to make Unitrade the best DeFi trading application.
14. Q: Does TRADE have any plans or solutions to solve the current issue with the high gas fees?
A: Mostly addressed in the previous question, there are some internal operations to help bring gas costs lower, but ultimately these are the fees charged by the Ethereum network. In the worst case we will explore options to combat this issue. Right now it’s necessary to allow Ethereum v2.0 to launch and see how it affects the market first.
15. Q: What plans does Unitrade have to adapt to other players in the DEX space, such as Sushiswap or MiniSwap
A: It’s a possibility to add in additional liquidity providers but to be honest I think the amount of volume, user base, and overall liquidity on UniSwap is perfectly fine.
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