UniMex, a revolutionary decentralized finance (DeFi) protocol that introduced absolutely decentralized margin buying and selling to the crypto trade, is now additionally reside on Binance’s Binance Good Chain (BSC). The truth is, the undertaking has been on Binance for a couple of week now, and it matches in excellently.
As talked about, UniMex is a DeFi protocol that turned the primary to allow margin trading on decentralized exchanges. Earlier than the undertaking emerged, solely centralized exchanges (CEXes) used to supply this characteristic, which has develop into moderately common amongst merchants. With margin buying and selling, also called buying and selling with leverage, customers can enhance their beneficial properties a number of instances, whereas solely utilizing a portion of their very own cash for his or her preliminary funding.
The remainder of the cash comes from the alternate within the type of a mortgage. UniMex first emerged very lately on Uniswap, and after being very profitable and well-accepted, the undertaking moved on to develop into the primary decentralized margin buying and selling protocol to go to the Binance Good Chain, as nicely.
UniMex on BSC
Within the early days of March, UniMex launched a brand new improve, the so-called Model 1.2. After that, it made an announcement on March tenth that it’s going to launch on BSC beginning tomorrow, that means March eleventh. The undertaking was supposed to achieve BSC even sooner, though it confronted a minor delay because of the pricing concern. Nevertheless, all contracts and UI have already been deployed by March tenth, and all that took is a few remaining tuning, which was efficiently carried out.
Nevertheless, it nonetheless took to March 14th for UniMex to formally announce that v1.2 went reside on BSC. Regardless, the undertaking was off to a very good begin as soon as it lastly went reside, providing buying and selling with leverage, lending, and the power to stake DGN, a token of one other undertaking Degen Protocol.
The undertaking supplied customers the power to go 5x long whereas utilizing the CRX/wBNB pair on Binance Good Chain, which isn’t large leverage, however it’s a large step in the proper route for anybody who needs to expertise really decentralized buying and selling with leverage.
Moreover, because of the truth that Binance Good Chain is quite a bit quicker and extra scalable than Ethereum — Uniswap’s native chain — opening and shutting positions solely costs $1-$2. It is a large distinction from the state of affairs on Ethereum’s chain, the place the identical actions are presently at round $50.
Ethereum Charges Stay Sky-Excessive, BSC Affords an Various
Ethereum’s charges are so large attributable to all of the exercise on the blockchain, which entails common buying and selling and investing, the usage of sensible contracts, dApps, NFTs, and, after all, nearly all of the DeFi sector. In the meantime, Ethereum has nonetheless not absolutely launched Ethereum 2.0, which makes it very gradual, and anybody who needs for his or her transactions to be processed shortly must pay a hefty payment.
This goes in opposition to the promise that crypto and blockchain made — the power to ship low cost and instantaneous funds — so, it isn’t stunning that UniMex determined to broaden and showcase its true potential on a unique blockchain — one that may assist it attain its full potential.
With Ethereum 2.0 improve being on the way in which, it’s possible that the state of affairs on the undertaking’s community will enhance within the coming months. For now, nonetheless, Ethereum remains to be as gradual because it has ever been, and that’s changing into a significant drawback for the initiatives and protocols primarily based on its community. Many have determined emigrate already, which can be comprehensible, given the circumstances.
As for UniMex on BSC, it’s nonetheless not absolutely polished, and a few buying and selling view charts for sure pairs are nonetheless delayed. The undertaking is presently developing a different chart solution, based on their web site, and hopefully, will probably be out quickly.