IoTeX x Unifi Protocol - uTrade v2 Launches on August 11
We are excited to announce the next phase of our partnership with Unifi Protocol, a leading DeFi protocol that leverages non-custodial smart contracts to provide building blocks for next-gen DeFi. As IoTeX rapidly expands our ecosystem with new partners, we are also proud to see our existing partners push the industry forward with ever-evolving innovations.
After launching uTrade v1 on IoTeX in March 2021, Unifi has been hard at work developing their new uTrade v2 protocol, a decentralized automated market making (AMM) trading platform that will go live on IoTeX on August 11. uTrade has been integrated on Ethereum, Binance Smart Chain, Polygon, IoTeX, and more with the ultimate goal of unifying the world's top blockchains into a universal DeFi marketplace. Get ready for the multi-chain revolution!
What to Expect for uTrade v2 on IoTeX
The launch of uTrade v2 on IoTeX will enable reduced gas fees, faster transactions, and a seamless experience for both liquidity providers and traders. In addition to uTrade v2, Unifi will soon launch uStake and other products on IoTeX to bring innovative DeFi capabilities to the IoTeX Network.
At launch, uTrade v2 on IoTeX will be fully Web3-compatible with Metamask and ioPay Mobile. The base token in which trading fees will be collected is IOTX. The upgraded smart contracts for uTrade V2 showcase many new features, including:
- Single side liquidity addition: Provide liquidity with a single token, removing the need for LPs to deposit a pair of tokens to liquidity mine.
- New fee structure: unlike other AMMs that take a cut of fees, the uTrade v2 protocol will provide 100% of trading fees to liquidity providers.
- User added listings: Don’t see your favorite token on uTrade? List it yourself! Users can add any new token pairs to uTrade v2.
- Token routing: With no restrictions on token pairs in uTrade v2, users can trade various tokens against each other in endless combinations.
- Customizable smart contracts: uTrade V2 contracts are compatible with Uniswap’s smart contracts calls, making them more developer-friendly.
For the complete details on uTrade v2 features, see this article from Unifi.
uTrade v2 Demo – LIVE with Unifi & IoTeX
Join the Unifi & IoTeX teams for a livestream demo of uTrade v2 on IoTeX on Tuesday, August 10 @ 11am PT. Learn how to provide liquidity, trade, and more during this interactive session. Make sure to register on YouTube!
What's Next?
uTrade v2 will officially launch on IoTeX on Wednesday, August 11 – but there is much more on the way! Unifi plans to launch UNFI Super Pairs on IoTeX in the near future, as well as uStake, an integrated staking platform that will deliver even more earning potential for users. We look forward to continuing our close partnership with Unifi to bring the next generation of DeFi to the IoTeX Network.
About Unifi Protocol
Unifi Protocol is a group of non-custodial, interoperable smart contracts providing the building blocks for the next generation of DeFi development. uTrade is the AMM trading platform utilizing the Unifi Protocol for harnessing multi-chain swaps and liquidity farming to power UNFI, Unifi’s Global Governance Token. Connect with the Unifi community on Telegram, Twitter, Reddit or Medium.
About IoTeX
Founded as an open-source platform in 2017, IoTeX is building the Internet of Trusted Things, an open ecosystem where all “things” — humans, machines, businesses, and DApps — can interact with trust and privacy. Backed by a global team of 30+ top research scientists and engineers, IoTeX combines blockchain, secure hardware, and confidential computing to enable next-gen IoT devices, networks, and economies. IoTeX will empower the future decentralized economy by “connecting the physical world, block by block”.