Thank for writing the text version Glazed Hightops (@Hossbig)
UniDexBot, (unibot.cash, UNDB), is the first operational dApp for processing limit orders. Offering actuation of weighted orders between any 18 decimal ERC20 coin, WETH, and stablecoin. Now fully integrated with Metamask for security, this meshing layer allows user to place calls and puts on the platforms tensor. Whenever the market conditions meet the ones you’ve prescribed, the trade executes. Meaning you can put your feet up and maybe even fall asleep for a bit.
Today, the project debuted its new layout alongside the announcement of its advance in working beta.
To celebrate and promote the achievement, the head developer gave his full attention to a recently held AMA @ https://t.me/InfinityGainzz:
Crypto94: You are a special guest in Infinity Gainz, glad to finally have you here.
Dev Udex Bot: Thank you and I’m glad to see everyone.
C94: Let’s start off by introducing your project to the group and what its main purpose is?
DUB: The main goal is to help traders get away from the computer and let robots do the job for it.
C94: I have a real life example of people thanking me for introducing them to UniDexBot.
C94: The beta version seems to have been a major success.
DUB: Thank you for popularizing our product.
C94: When will the free version end and when will the full platform launch?
DUB: The contract and the algorithm have passed a fairly deep test of several hundred successfully executed orders. There was a big update of the terminal today. Hopefully it will take no more than 7–10 days, to secure its succession. After that we can talk about the full application.
C94: Have you worked on previous projects before? You are anonymous, will you continue to stay anonymous?
DUB: There have been many projects I’ve created before that, almost all of them are one man projects. For about 4 years I have been doing deep programming in the Blockchain. They were both public and anonymous, and with varying degrees of success. Participated in a large team development of a similar dApp, but as it happens in 99% of project cases, the project was canceled. How many public teams do you know with a successful product after IСO? Obviously it doesn’t really matter.
C94: Do you have a Github? Is the code audited? If not, will you eventually have a 3rd party audit the code?
DUB: The audit is in the plans of course. But during all the tests, it is silly to audit the code that is in refinement for beta testing, because it changes every day. I know that audit statements are a powerful marketing ploy, and a convenient reprieve for unscrupulous teams. It takes no more than 1–2 hours to audit 100 lines of a smart contract. Therefore, the audit should in no way delay us before the release.
C94: With the recent scams/rugs on Uniswap, people view audits on anonymous teams as a safety factor. It shows Trust. It also brings new interest from the crypto-community. With the final launch of platform in a couple weeks, will you be looking to audit UniDexBot then?
DUB: Few people know, but this is the second launch of the project. Before that, there was the first, but after the ICO, the team broke up and the ether was returned. So that’s where I met a white hacker who turned out to be a great guy as an auditor. We will definitely contact him before the final release.
C94: Great! Lets move to some member questions:
- KAELIN: UniBot.cash is meant to be used to place limit orders on UniSwap, but having a certain requirement amount of UNDB to use the bot makes it less accessible to more users, where as other options like Trade And Layer and possibly even more in future not having requirements what will UniBot.cash do to bring in new users who may use other services?
- There is a rule in trading; the more people use one strategy, the more users, the less profit it gives. We started from this principle — fewer users — more profit for everyone. We are naturally creating a shortage of licenses, but this is a necessary measure.
- The final decision has not been made, but we plan to coordinate issues related to tokenomics with the holders. After implementing a governance system similar to proof-of-stake; if the majority of the weight is for lowering the license price, then we will change the terms.
- Competitors. And we and they make a product for people. The market will put everything in its place. Of course, I monitored competitors, which is natural, but I could not find a single successful limit order in Etherscan (testnet or mainnet). I’m not saying that they are not there, I am saying that I could not find it. Competition is convenient for the consumer, and we will have to adjust to them.
C94: One more member question
- Astro Rugs: How can we insure that the orders we made in UNDB won’t be front run by bots. UNDB as a limit order tool in Uniswap using bots is interesting. Can the orders front run other bots with the same buying price?
DUB: Great question, thanks, I’m tired of answering it.
I announced one of the features included would be to try to build order protection against front-run bots. It would be somewhat strange to launch a bot inside your service and fight against it.
I understand the distrust of users, but I am set in all projects for the long term, and this is fortitude is possible only with open intentions to the community. Find two messages of mine, contradicting. I try to be honest at all times.
C94: Ok, the last member question;
- joem: Forwarding a question; “Interested to see how they’ll solve the issue of limited liquidity. People don’t want to put their UNDB in an LP since they don’t want to risk losing some of their UNDB. But as the pool shrinks volatility increases and spooks people.”
DUB: We have half of the supply locked in a smart contract.
In order to increase liquidity and add licenses to the market without lowering prices, we decided to make an airdrop. Within 150 days, we will reward token holders and additional holders who have added liquidity to the pair. This will reduce the investment risks.
C94: As an example; if I were to hold 1 UNDB for 150 days, how much value in airdrops will I be getting?
DUB: A total of 2 UNDB will be given per day. 1 holders in proportion to their balances and 1 added liquidity in proportion.
C94: When will this airdrop start?
DUB: After the release of the application, we will start collecting snapshots. There is no exact date. But we are not going to delay. Now focused on the dApp.
C94: Once you achieve full on Uniswap limit orders with hundreds and maybe thousands of users, what else can we expect from UniDexBot?
DUB: Limit orders are the basis for writing trading strategies. Taking them as a base, it will not be difficult to write the construction of full-fledged trading strategies. Apart from this, one of my main projects is a trading bot. It has a huge number of settings for trading. I am well versed in this, so expanding limit orders to trading cycles is the future of the UniDex.
C94: What is your marketing plan for mass adoption?
DUB: I have little to do with marketing, as I mentioned above, the first team broke up, and the marketers left. But there are community members who do an excellent job with these responsibilities. For which many thanks to them; every day the number of limit orders is growing and of course successfully executed, which means that we (they) are doing everything right.
Come down from there before you get hurt: https://unibot.cash/
Be sure to check out our newly implemented UI with charts at https://unibot.cash/app/
To interface with the platform at this stage, your wallet will need to hold 0.1 UNDB tokens, for full access. Once the beta is over, you will be required to hold one full token to operate the platform.
Tokenomy: 1000 static supply. 500 circulating. 112 in locked liquidity. 37 allotted for marketing. Come find out what we’re doing with the rest!