The crypto world is developing faster than ever in 2021, with news of regulations, new advancements, developments, and even new solutions emerging every other day now. Bitcoin made a new all-time high on February 8th, hitting $48,200 per coin, Ethereum is closing in on $2k, and decentralized exchanges are attracting a bigger and bigger share of the market.
One of the new solutions that have been attracting massive amounts of attention is UniMex - a new protocol that has only been active for several weeks. Even so, its user base is expanding at a rapid pace, and the project is seeing new milestones every few days or so.
What is UniMex About?
UniMex is a new protocol that allows for decentralized margin trading. Margin trading has been present in traditional finance for a long time. It also entered the crypto industry at some point, but there were no projects that would allow for decentralized margin trading.
UniMex decided to change that, and it now allows projects on Uniswap to trade with leverage. For the time being, UniMex only allows margin trading for ERC-20 pairs against Ethereum, so that it would prevent any price manipulation regarding small-cap projects.
However, version 2 of the protocol is in the works, and once that one is out, UniMex will offer pairs against two stablecoins - USDT and USDC - as well.
UniMex Growth and Development
Despite the fact that it has only been out for several weeks, UniMex has seen a massive amount of growth already.
On February 8th, the project reported having 2317 holders and 696 stakers, which means that it officially went beyond 3,000 users. Less than a week ago, that number was at around 2,000, meaning that the project is seeing 1000 new users per week, and the arrival of new users is only going to speed up as the news of margin trading on Uniswap continues to travel.
Uniswap is currently also engaged in the battle of the DEXes, with it, SushiSwap, and Curve Finance struggling to be the top-ranking decentralized exchange based on the total value locked (TVL). At the time of writing, Uniswap itself was overtaken by Curve Finance,
UniMex also mentioned that centralized exchanges are proving to be less and less capable of handling the market pressure. Many of them are down at the most crucial moments, which was recently seen when Dogecoin (DOGE) price surged by over 400% in a single day.
Even Binance, the world's largest centralized exchange by volume, had to stop trading and perform some maintenance, as its system could not handle the pressure. As such, UniMex's message is clear - centralized exchanges (CEXes) are no longer reliable enough, especially when these massive changes are occurring.
Uniswap doesn't have such problems, and UniMex is always available, allowing users control over their funds, trades, and more. Decentralized exchanges, as it is well-known, do not even require users to deposit their funds into the exchange's wallet, thus putting them at risk of being hacked. Such incidents have been happening in the crypto industry for years, and they are one of the biggest reasons why some of the largest centralized exchanges in crypto history have perished.
Besides, with blockchain technology achieving satisfactory levels of development - there is no need for exchanges to work outside of blockchain anymore.
UniMex's popularity was noticed on CoinMarketCap, as well. A few days ago, it was among the top 5 trendings according to the crypto price tracking website. On February 6th, it reported being among the top 10 gainers.
The protocol is also rapidly adding new features, as it was announced on February 4th. It brought new chart implementation, and it announced the arrival of new orders, such as Take Profit, Stop-Loss, and more. In fact, the protocol's most recent tweet, the team shared that the new Degen Protocol details should be out in a few days, along with UniMex v1.2, which will incorporate the new orders.
It seems safe to say that the protocol is advancing rapidly, and that its unique features will make it a go-to project for margin trading in the decentralized crypto trading sector. It is also establishing connections with a number of other leading projects, including TrustSwap, Unidex, and more in the works.
* This is a contributed article and this content does not necessarily represent the views of techtimes.com
