AMA Recap: Krunal Amin from UniDEX Finance

We are happy to announce our AMA session with UniDEX and its CEO Krunal! @Unidexdev. I’m sure it’s an extremely busy time for you with the pre-sale ongoing etc so let’s get to the first question.

Q1) If you could first just give an introduction to yourself and what you’re going to achieve with UniDEX?

So my name is Krunal Amin and I'm from Houston Texas. I got my degree in computer science because at the time (and currently) my passion is with crypto and that's the closest I felt I can get with crypto. I've been a trader and keeping up with the space for around 5 years now and over time it's accomplished a lot but there's just 1 problem that keeps reoccurring. There isn't an exchange the actually knows how to service traders mainly and sadly in DeFi.

The goal with UniDex is to create an exchange that better tailor features that crypto traders will want to use and love such as dynamic order filling. Even just a good UI/UX will go a long way made for traders and professionals alike.

Q2) So you’re based in the USA and you have Doxxed yourself so that we can view your LinkedIn profile. This is rare these days to not be anon, especially for such a low cap project, what was your reasoning for doing this?

Honestly, I didn't really feel a need to keep my identity a secret after all I am building a DEX here.

I'm also committed to doing live streams or talks with the community because I know some people would love to know their voice is actually being heard by the exchange CEO. We’ve asked for quality of life changes to exchanges like BitMEX for a long time and they just go unheard. So it’s stuff like that made me choose to go public.

Q2) For investors, it’s important to understand what the actual use of the UNIDEX token itself is and why they would hold UNIDX. I often see projects release their native token without a strong use case or any need for it at all in my opinion.

How will the value of the project as a whole be captured by investors who hold the UNIDEX token and what are the main use cases? Will it have some sort of governance power?

There will be 2 primary causes for the token. For one, yes governance is something I want to be capitalized on so that traders can make, choose, or vote on what is important to them while they trade on UniDex. We don't want to be a crypto-based organization and not use crypto and have some silly email feature request system.

What we feel traders would like is 33% of fees generated by UniDex ( while our LP is live ) will be used to repurchase UNIDX tokens and be burned. 17% of the fees then generated are going to be redistributed back to token holders in ETH. The idea with the token here is to have it act like holding a percentage of our profits.

This is done to have a true deflationary system tied to actual real world value. And also keep the price afloat with incentives BUT not in the native token to keep selling pressure low.

Ok, so its deflationary, holders receive ETH from trading fee profits, discounts on trading fees, and governance to be introduced. Sounds great!

Do you have a date on which governance will be implemented?

We don't have a set date to use our native token to vote so until then communication is going to be the key. But such a task isn't hard to make and in due time as the team scales up and or other protocols come up that we can use. It shouldn't be longer than 1 month after the exchange lanch.

Q3) Gas costs have been an ongoing concern for traders, meincluded. Do you have plans or anything implemented that with help to reduce the current gas fees?

So we have a neat mechanism that we adopted that can allow trades users place to be carried out even if gas prices rise at a later time. We have a small read up on how exactly that's possible but not only that, we do plan to move this to layer 2 in due time.

With Uniswapv3 hinting moving to layer 2 and other pools like balancer and such going to make the change in due time. We use options like a roll-up contract to reduce the overall gas cost. We plan to be big and because of that, it means a lot of transactions are going to be coming out from us. It's really our responsibility to add in these layer 2 solutions so we don't spam the eth chain.

Q4) I know audits are really important to investors, right now more than ever. In your roadmap I see you have submitted details for an audit this week based on a successful pre-sale, is this still the plan?

Yeah, we will do our research on who is a good auditor but we will always get the community recommendation for who they can trust as the person for the task. We haven't looked into the cost and our presale hasn't reached the soft cap yet so it may come later but being auditing is one of our main goals because we know how important is it.

Ok, perfect. I have a few in mind so Im sure we can discuss this further once the pre-sale has been completed.

Whilst speaking about your roadmap I see you are planning to launch the beta version of the DApp within 2–3 weeks so token holders will have utility very soon post pre-sale. Are you still on track for this?

Right, I’m currently working on the beta myself on the front end as the back end work is for the majority already done. We have multiple dev posts on our progress on how the beta is going to look but with the recent lack of funds I don't want to promise a Dec 1st launch since those figures are given we reach a soft cap and we can hire more experienced dev team members. Nonetheless, progress is being made even without funding so in due time we will have a product to show that everyone can use and I'm willing to commit to a demo showcase later this week. If our ongoing presale goes well then we can deliver faster.

Q5) The blockchain space is becoming increasingly more competitive. Who do you see as your closest competitors and what edge do you think UniDEX will have over those projects?

Right we have projects like UniTrade who recently had a max market cap of 47 million so we know the market for very basic level features. Currently, these niche tokens don't really hit the spot with traders. UniDex offers a different limit order system that is a first for the space.

To quote the litepaper “UniDex doesn't just aggregate exchanges. It lets you put a limit order that can get filled in parts or whole from multiple liquidity sources at once at a specific price. For example, this allows for complex fills, such as a limit sell for ETH at 1000 USDT being filled (once hit) with 11% from Uniswap, 19% from Kyber, 35% from Balancer, and 35% from 1inch Exchange.”

This alone is a game-changer because liquidity no longer becomes a problem for coins that have split liquidity in the space. Sometimes the worst thing a trader deals with is slippage and getting orders filled. With this system, we made it essentially gives us a slippage that even centralized exchanges cant match but also done completely decentralized.

(and If I may mention this isn't something that needs to be a “work in progress” its already worked on and we’re just adding support for a few more liquidity pools like kyber )

Not only that but UniDex is going to serve as the HUB for all things DeFi trading related as the ultimate terminal. Youll be able to lend and borrow, leverage trade, manage your liquidity pool, or even look at your current yield assets. UniDex is going to be the place that all traders go to in order to get their work done without needing to have hundreds of tabs open eating away at your ram.

Wow, thanks for the very detailed reply and some really interesting things planned for UniDex!

Q6) There is some competition, as you say with projects like Unitrade (max 47 million MC and currently trading around 6 million right now) but there is so much room for innovation and it sounds like your platform will be a real all-in 1 solution.

As we know, your pre-sale is going on now and your hard cap is just 100 ETH. What will your approximate listing market cap be if you hit the hard cap?

Around 54k assuming we burned the remaining ~7 million tokens allocated for the presale but we will end up having to burn more to preserve that 45% pre-sale 45% liquidity and 10% for the team ratio. So really the market cap will be much lower. We have our market cap that low as we had to reduce the ETH we were raising since we believed with such a powerful tool for traders we would get a lot more funding but we didn't get the turnout we expected.

We reduced it and added some post-sale functionality like locking liquidity and dev wallets behind team.finance. We hope to get a good turn out for the current and last sale.

Community questions:

Q7) In recent days Unidex was supposed to complete its required smart contracts. So you plan to have audited that’s good. Will you have additional audits at any important step/level?
We can eventually every single one of our contracts audited by the ones that more susceptible to attack vectors are going to be the ones audited. And yes the main contracts required for the key feature have been completed but we’re just working on adding different liquidity sources for traders now.

oh and of course the front end for the site to actually deliver a product unlike the majority of projects.

Q9) Who are your target customers - professional traders or the one’s that are just getting started? Who can benefit the most from the tools that you are offering?

We want to bring in experienced and inexperienced traders to our platform. We have very specific sites like dydx currently but only do a small market for their traders. It's best to think of it as a dydx experience in terms of the environment but offering many more services and ability to trade across the entire liquidity DeFi can offer with complex limit order fills.

For those interested in participating gin the current pre-sale please use the link below: https://app.bounce.finance/fixed-swap/4461

We would like to thank the UniDex CEO and lead DEV Krunal Amin for attending and sharing information on the project, please find links for more information above.

Important links:

UniDEX
Website: https://www.unidex.finance/
Telegram Chat: https://t.me/unidexfinance
Telegram Announcements: https://t.me/unidexfinance
Litepaper: https://filebin.net/y7gaftyzx7ujtwol/UniDex_Litepaper.pdf?t=dwecdktp
Twitter: https://twitter.com/UniDexFinance

The Selective Ape Community

Telegram Chat: https://t.me/unidexfinance
Telegram Announcements: https://t.me/unidexfinance
Twitter: https://twitter.com/UniDexFinance

WRITTEN BY

The Selective Ape Community

Founded in order to create a paradigm shift for investing within the cryptocurrency sector🧠🦍