short little weekend update lots of things to pack in lets address a few promises we made.
25 Sep 2022, 18:21
short little weekend update lots of things to pack in lets address a few promises we made!
New pairs - we decided that we wanted some more depth history and price feed history before we make those few new trading pairs live after the recent oracle manipulation attack GMX had. As you may know from our medium post 3-4 months ago, UniDex moved away from the 0 slippage model after analyzing the risks associated with 0 slippage trades. We tightened some variables and also loosened some for large and small caps so you may notice less price impact on blue chips and more on small caps. We wanted to see how orderbook activity was reacting during certain market activity before listing certain pairs like ATOM and so forth to make sure we dont list something that has unnatural market making. We will be moving forward with increasing the leverage on large caps to put us in line with some other players in the field as promised.
Limit orders - We're currently doing some small tweaks before sending things off to a small audit. Our new limit order system actually has a slight edge over some of the other guys in the space being slightly more centralized. What we'll be offering for users will be a complete package for those that really want to make use of such strategies including, general take profit and stoploss orders, limit buy and sell orders, OCO orders, and trailing stoploss orders. We dont believe others are offering OCO or trailing orders but we'll be offering this for users! This would make use of a new trading contract so you'll have to re-approve ERC20s once the time comes around but a small update on that.
Whitehat report / DAI pool option - We will be listing a DAI pool for LPs which will have 80/20 split between LPs and UNIDX holders. LPs will receive 80% of trading fees and holders will receive the remaining 20% as the dev share will not be taken from this pool. We have been alerted with about a whitehat bug bounty report affecting just the USDC pool on fantom however, we have confirmed with the whitehat and other experts including auditors that this attack is not economically feasible and would cost roughly 27.5x the amount to execute than the amount profited. This is a new attack vector unrelated to any past PnL blackswan event activity but could become economically feasible in the the far future. As such we want to give the option for users to pool with DAI on fantom as a measure of hitting 2 birds with 1 stone. In the future we want to have a GLP like pool compromised of stables & crosschain. Given we will need to attract multiple collateral options anyway, we will open a DAI pool for users that want to migrate to the new pool if they were concerned with USDC's parent company circle and its centralization risks. If the DAI pool exceeds the TVL of the USDC pool then we will pause new trades of the USDC pool and give the option for users to migrate to the DAI pool with no withdraw tax and no swap fees on the UniDex aggregator. Again this is mostly for users concerned with the centralization risks that come with circle and not the whitehat report as it is not economically feasible for the foreseeable future anyway. A migration is not necessary but recommended for higher fee rewards + future proofing.
09/28 NYC SmartCon by Chainlink - The UniDex team will be attending SmartCon by chainlink! If you want to meet up with the team in NYC, shoot us a DM and let us know!