Uniswap has become a staple in the world of decentralized exchanges. The project has been cloned and mimicked in different ways. UniMex, on the other hand, is expanding the current functionality through margin trading of native Uniswap assets.
UniMex Isn’t a Fork
It is interesting to see projects that aim to leverage Uniswap in different ways. Rather than copying the code and adding a personal flavor, UniMex aims to introduce margin trading. The platform is still based on Uniswap, yet all native assets will become eligible for margin trading. A great solution for those looking to increase their exposure to these assets.
At its core, UniMex is an onchain margin trading platform within Uniswap. All liquidity providers on the latter platform can collateralize their LP tokens. Doing so gives them access to loans via margin trading based on the value of their LP tokens. Fees will be charged to traders, which are then disbursed to lenders.
For those wondering about KYC requirements, there is nothing to be concerned about. UniMex’s team is confident it can provide this service without verifying users’ identities. This makes it similar to Uniswap, as that platform has no such requirements either.
The UMEX Token
As is to be expected from new projects these days, a native token is introduced. For UniMex, the token is UMEX. With a total supply of 10 million, it is somewhat scarce compared to Uniswap’s UNI token.
Distributing the token occurs through a seed offering, initial token offering, Uniswap listing, and an airdrop to YIELD and SWAP holders. The remainder of the funds is distributed to the team, as well as set aside for marketing purposes.
Fees generated by UniMex’s margin trading will be distributed to stakers. A small portion is used for UMEX buybacks and burns. A similar amount is allocated to buy back YIELD and and burn those tokens. SWAP tokens will not be bought back nor burned, by the look of things. This situation may change moving forward.
Looking Ahead for UniMex
On paper, this new project sounds very interesting to a lot of people. An alpha release of the platform is expected to go live in Q4 2020. No exact date has been announced yet at the time of writing.
In the same quarter, the developers aim to introduce staking for UMEX, YIELD, and SWAP. Additionally, they will support Token Governance for UMEX, albeit not too many details are known yet. All of these developments will push Unimex to the forefront in quick succession.
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