AMA Recap — UniMex

Uniswap Detective :
Hello, welcome @farmtownN to the Selective. We’ve been watching UMX for a long time, so I’m excited to get into things today. Thanks for joining us!

UniMex had an interesting challenge that it overcame recently, so first let’s get into that : so-as to squash any doubts regarding the legitimacy of the project.

Q1) What’s the story behind the transition from the $UMEX token, to $UMX?

Farmtown :
Sadly, a day or two before the public release of the unimex v1 platform, we had one of the lead developers decide to abandon his involvement in the project and then proceed to try and extort $1M out, which would have been a bad hit for the project early on. With both domains and control of the liquidity lock as leverage, despite trying to remain flexible, it would be impossible for us to come to any form of agreement with peace of mind. So after some consideration came up with the next steps for protecting our community which were:

1. Taking a snapshot of UMEX token holders.
2. Selling all the UMEX tokens under my control in order to salvage as much of the liquidity as possible.
3. This totalled to about 680 eth in the end.
4. Knowing that the snapshot was taken, the community sold their UMEX into the remaining 500+ eth of liquidity, with a few of our community members being kind enough to return some of the eth they themselves managed to salvage.
5. UMX token was created, and then listed on uniswap with 1000 eth liquidity at the snapshot price.
6. UMX was airdropped 1:1 based on the snapshot of UMEX holders.

Uniswap Detective :
So close to launch as well. Already a stressful time I’m sure leading up to launch so that must have been really tough, unfortunately there’s a lot of bad actors in this space…

So you had to put in ~320 eth in addition to what you salvaged from the last project?

Farmtown :
Yep, correct

Uniswap Detective :
So it wasn’t a case that the liquidity was pulled then? Is the new liquidity locked?

Farmtown :
It wasn’t yes, since that liquidity was still under a unicrypt lock. It just couldn’t be left un-settled putting our community at risk. With that in mind, for UMX we locked liquidity for over 102 years via unicrypt as soon as it was listed on uniswap.

You can view that directly here

Uniswap Detective :
Alright, so you easily could’ve walked away with 680 ETH yourself. . . If that isn’t proof of the integrity of the project, then I’m not sure what is.

How do you feel the market sentiment has been now that the dust has settled?

Farmtown :
With how badly things could have gone, I think we have made the best out of a shitty situation and have since grown in terms of token holders.

A complete working product ( and continuous visible improvements have only reinforced our community’s confidence.

Uniswap Detective :
Yea, in these situations you simply cannot please everyone but you took action fast and did what was right for the community plus paid for it out of your own funds as well to ensure the UMX pool was liquid. If you didn’t do that, then who knows where UMX would be today.

I respect that.

Now that we’ve covered the controversy surrounding the transition — which I know many people in the group were watching — let’s move onto the project itself.
Q2) As I said in the announcement for this AMA : UniMex is a margin trading platform. Can you briefly explain what that is?

Farmtown :
Simple put, traders are able to make use of third party provided funds, in our case lending pools, to make trades of greater size/capital through the use of leverage.
Higher leverage allows for larger position sizes, but with it comes the increased risk of liquidation.

Uniswap Detective :
So, essentially : it’s a way to increase the potential gains or losses from an investment. Correct?

Farmtown :
Yep, exactly.

Uniswap Detective :
Understood, and what makes UniMex special among its competitors?

There are numerous margin trading platforms on the market now, so you really need to be unique to attract users.

Farmtown :
UniMex, is the first completely decentralized margin trading platform, unlike any other, it makes no use of any centralized oracles, allows for liquidations to be called by anyone, whilst remaining non-custodial and fully onchain.

All our code is fully open sourced and audited.

Uniswap Detective :
So pertaining to the defi space, UMX has a first mover advantage?

Farmtown :
We are the first and only directly built on top of uniswap, also the only platform rejecting centralized oracles whilst instead making use of our own unique and tested methodology.

Uniswap Detective :
Awesome, most of our community are avid Uniswap users like myself and I only see it being adopted more throughout 2021. So you have a huge market available to you and a really interesting concept.

Farmtown :
Agreed, demand will only grow with defi.

Q3) What’s functional right now on the website? How many pairs, for example, can currently be traded with leverage?

Farmtown :
Everything :) Currently there are 16 pairs available for trade, with a $SWAP pair just around the corner.

with ranging max leverages between 2–5x based on their uniswap liquidity.

Uniswap Detective :
16 pairs with another SWAP pair on the way is a great start.

I think 2–5x leverage is also a good point initially, providing good opportunity for ROI whilst ensuring the risk for users isn’t extremely high.

When was the platform launched and what are the plans for future additions of pairs?

Farmtown :
v1 was released just under 2 weeks ago or so I believe, v1.1 has been pushed yesterday with many quality updates. v2 is already in the works which will be offering not only eth based pairs, but usdt and usdc too.

Along with further gas optimisation and some features yet to be dropped. As for new pairs, as much as we would love to be able to list any and all pairs.

with margin trading it is important to ensure that new pairs have a sufficient eth liquidity amount as a basis in order to minimise the potential for price manipulation. Though for some the smaller, more volatile pairs are what makes uniswap fun, unfortunately it is not a working product model, with lenders at risk, nobody would be willing to provide for the protocol and lose money.

We also make sure to vet the contracts and perform due diligence checks to some extent on the projects to add, to make sure they wont pose a risk to the protocol.

Uniswap Detective :
Yes I can fully understand that you can’t add everything, the lower cap pairs without a deep liquidity pool are already “degen” enough without adding leverage to it.

Of course you have to balance risk and rewards for users to protect the community whilst still ensuring you have a wealth of pairs and do proper DD beforehand.

Q4) Can you possibly walk us through making a margin trade on the Unimex platform?

Farmtown :
In order to make a trade on, you are required to first have some weth(wrapped eth) in your wallet.

To wrap and un-wrap eth you can simply use our already made user interface for it, over at Once you have some weth, you can head to the margin account balances section, first approve your weth in one transaction, like with uniswap, after that you will need to do a second transaction, which is the actual deposit.

Once you have your deposit credited, you can now open short and long positions on unimex. And go ahead with the leverage of your choice. opening a position takes only one tx, no approvals required

Uniswap Detective :
Ok, so it’s pretty similar to using Uniswap really, sounds simple enough which it needs to be.

What happens if the token I’m trading tanks? How is liquidation handled?

Farmtown :
When opening a position, the weth goes into an escrow account.

The liquidation theshold is the point when balance of the opened position plus commitment and minus liquidation bonus can convert to 110% of the owed tokens.

so (position balance + commitment — liquidation bonus — fees) < 110% owed tokens.

Liquidations can be called by anyone, and are rewarded the weth fee which is initially taken when opening a position.

Of course if the user closes the position themselves, not getting liquidated, that liquidation reserve is refunded directly to their balance.

Uniswap Detective :
The liquidations being called by anyone is unique in making this fully decentrliased as it incentivizes participation.

And if a user wants to close off a position in profit or at a loss before liquidation, the funds just go straight back into their wallet.

Nice system, great!

Q5) Let’s talk about market reach : will the UniMex platform be easily Integratable in other Defi projects?

Farmtown :
Integrations are possible to an extent, due to the immutable nature of the contracts not all forms of integrations are possible but we do have a few integrations lined up already, and more in the works. Usually integrations mean having to change/adapt to something. So that goes against the whole immutable aspect

Uniswap Detective :
Ok, I get that. The platform is strong as a stand alone and integrations will only happen when it’s safe to do so.

Have you set up any partnerships or integrations already?

Farmtown :
Yep we have, unidex being one. You can find details on that here:

With regards to partnerships we have a good relationship with trustswap, where swap stakers benefit from a percentage of fees generated by the unimex platform.

Uniswap Detective :
The Unidx partnership is a very exciting one. We have been following them since prior to pre sale so I know most of our community are looking forward to that partnership to see how it develops.

Q6) Okay, for our final question : what are the plans for UniMex in the future?

Farmtown :
To start off, just today, a few hours ago we have launched our 14 day trading + lending competitions, which share a $100,000 prize pool.

Details can be found here:

Current focus is on building our platform userbase and providing incentives for doing so. Unimex v2 is as of now estimated for a release next month. To top it off though, and linking back into the deeper meaning of our new branding formely, and now,

What we are interested in doing is building out a network of decentralized applications, which all feed back into one token, which is UMX.

Like with the ethopt acquisition earlier this month, we will be tapping into the options market very soon :) Our community can probably expect some details on that release quite soon.

Whitepaper v2 will be out next month as well and will disclose some of the further development plans on top of all that, the above should give a good idea for now though.

Uniswap Detective :
Ok, so the trading competition started today and will go on for the next 14 days. Great initiative and giving away $100,000 is a huge reward incentive for the community to get involved and try our the platform🔥. The main thing at this point is building a userbase as you said.

The new website looks great, I personally really like the clean branding you have.

Well, thanks so much for joining us today! It was really great to get an overview of the platform, see how you have overcome some huge hurdles respectfully and there’s definitely some big things to come to Unidex.



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