Competition continues to heat up among blockchain ecosystems and scaling solutions. Both users and builders need highly scalable solutions providing cheap transactions and high security. Ultrade, powered by the Algorand blockchain, is launching on the testnet soon to enhance the overall DeFi experience.
The Ongoing Growth of DeFi
Cryptocurrency enthusiasts worldwide have taken notice of the decentralized finance ecosystem and its opportunities. It is relatively easy to find ways to put one’s crypto assets to good use and unlock a revenue stream. However, that process is only appealing when the network is cheap, efficient, and scalable. Although Ethereum is the biggest DeFi network by Total Value Locked, it is not necessarily the most efficient network due to high fees and a lack of scaling.
Other networks have begun to build up momentum in decentralized finance. Chains and Layer-2 solutions with better scaling quickly rose the ranks, including BNB Chain, Tron, Avalanche, and Solana. One network often overlooked is Algorand, an ecosystem representing just over $138 million in Total Value Locked. It is home to over half a dozen decentralized finance protocols and provides builders with various benefits, including better efficiency.
DeFi on Algorand is about to enter the next stage as Ultrade will be coming to the testnet soon. Ultrade is an all-in-one trading suite for decentralized finance that ensures users remain in control over their assets at all times. It features various tools and products, including a limit order book DEX, AMM token swaps, leveraged perpetuals, and an integrated lending marketplace.
The Limit order book DEX will be the first project to come to the testnet. Token Swaps will follow shortly, with leveraged perpetuals arriving in July 2022. The integrated lending marketplace will become accessible in September 2022. A gradual rollout ensures the Ultrade team can gather user feedback and fine-tune its solutions based on user preference.
Why Ultrade Is Different
Even though there is substantial competition in decentralized Finance, Ultrade wants to make a positive difference. Unlocking a better DeFi experience is possible through ultra-fast and cheap transactions. With the help of Algorand, transfers are processed within 4 seconds, and fees are kept under $0.002. It is a significant efficiency upgrade over the other top decentralized finance networks.
Furthermore, Ultrade embraces decentralization by ensuring a non-custodial approach to user funds. Platform participants keep control of their coins at all times, even while engaging in trading. In addition, Ultrade leverages Algorand’s Single-Block Finality to secure transactions in one block.
Ultrade goes the extra mile by enabling a white-label solution for developers looking to launch their DeFi platform. Whitelabeling the Ultimate Trading Suite helps builders spin up their DeFi platform in days and access instant liquidity. Moreover, developers earn up to 90% of all fees generated by their project without investing in servers or upfront costs and without coding.
Things get even more interesting with Ultrade’s dBlocks to build custom DeFi applications. It supports all asset types – token pairs, leveraged perpetuals, synthetics, forex, etc – while reducing development costs and the system handling everything all-chain. All a builder needs is a basic web server to run their application through an accessible frontend.
Ultrade aims to launch an exclusive Testnet Early Access campaign for 1,0000 participants in the coming week. That campaign will include various giveaways and airdrops to generate more buzz surrounding this DeFi suite coming to the Algorand ecosystem.
#ULTRADE UPDATE:
Successfully completed automated stress-testing & manual testing. We expect to launch an exclusive Testnet Early Access campaign for 1,000 participants next week with some cool #giveaway and #airdrop
stay tuned!#Algorand #Algo #algofam #cryptocurrencies #defi— ULTRADE (@ULTRADE_org) May 26, 2022
Last but not least, Ultrade will introduce its utility token – ULTR – later in 2022. It will be used for all transaction types across the various available products and support governance, staking, market maker benefits, micropayments, and more.
Keep an eye on Ultrade on Twitter, Telegram, and Discord for the latest news and updates!
None of the information on this website is investment or financial advice and does not necessarily reflect the views of CryptoMode or the author. CryptoMode is not responsible for any financial losses sustained by acting on information provided on this website by its authors or clients. Always conduct your research before making financial commitments, especially with third-party reviews, presales, and other opportunities.
