Keeping Up With Unstoppable Finance

June 28, 2023

In conclusion

Three months ago, we introduced Unstoppable:DeFi to you, a community-owned, 360-CEX replacement that democratizes access to crypto and DeFi by offering a user-friendly platform that is easily accessible to everyone. You know how we do, if it’s not interesting enough then we don’t cover it.

The argument for Unstoppable was straightforward. It is undeniable that CEXs continue to step into hot waters in combination with there being an urgent need for streamlined DEXs, particularly those capable of offering seamless on and off ramp services. And guess what? Our predictions have proven to be absolutely accurate!

The SEC’s recent crackdown on coinbase and Binance US only reaffirms our position on the need for DEXs like Unstoppable.

The goal for Unstoppable remains to put centralized exchanges out of business — quite audacious to say the least. Now if you play around this space as much as we do, then you definitely understand that it surely goes beyond a Gensler witch-hunt to bring down CEXs, we need superior decentralized alternatives. Therefore, protocols like Unstoppable must leap ahead like a gazelle at dawn in the race to put CEXs out of business by attracting CEX users. 

Indeed, Unstoppable has been consistently forging ahead, actively advancing its platform with innovative features and dedicated efforts to enhance its networking capabilities with partners and protocols. In the following paragraphs, we will delve into noteworthy achievements that have caught our attention.

Unstoppable in April/May

In March, $UND went live, however, what came after, in April, was the new roadmap promising amongst other things, the launch of the Alpha version of the Unstoppable Spot DEX (to be dissected further down this article). 

Unstoppable DeFi’s decision to bring the Alpha launch upwards is a clear case of underpromising and overdelivering as the previously scheduled time for launch was not until the end of the year. In light of this, you can’t deny that the sub-header above is a good pun.

Networking and community

Apart from the launch of the Spot Dex, the team is leveraging the close-knit nature of the Arbitrum community through the Arbitrum Odyssey 2.0 (community edition) project as a way to network with other communities, ensuring that they can attract the users they desire! Remember, the mission for Unstoppable is nothing short of annihilating CEXs.

So, if you ever find yourself in the crosshairs, you better make sure you don't squander your shot! And what better way to do that than an incentivized loyalty program in collaboration with other communities? Nonetheless, we hold our reins on this one as the bulk of the walk is still in the discussion and collaboration phase before eventual rollout.

Community conversations 

Of course, regular updates help a project stay alive! The Unstoppable team has initiated bi-weekly conversations with the community and it’s important to pay attention to these conversations for updates. With respect to recent community calls, some of the updates we are keen on, which prove that Unstoppable is on the right track are:

  • Adding more resources to the team with a new front-end dev and back-end dev
  • A revamp of the front end to merge the SpotDEX & MarginDEX into one seamless UI as well as mobile adaptation
  • Implementation of Uni-V3 time-weighted average price oracle offering slippage protection to protect users from Mev attacks, etc 
  • And to provide updates on the implementation of other features requisite to the Spot DEX such as Trailing stop loss, margin trading, etc all of which we mentioned in our previous article on Unstoppable.  

The Unstoppable Spot DEX has performed quite well with only a few concerns around UI which the team have taken into consideration. In the next few paragraphs, we look at the working parts of the Spot DEX and what’s to come.

Enter: Unstoppable Spot DEX

The unstoppable Spot DEX offers advanced order types on top of existing DeFi liquidity, to empower traders and enhance trading experience on decentralised exchanges. 

Markets available on the Spot DEX

The Spot DEX will make it easy for traders to execute advanced trades on different decentralized exchanges and networks without hassle. To make this happen, Unstoppable integrated Uniswap v3 on the Arbitrum network to support all Uniswap v3 markets. They plan to incorporate more exchanges within the Arbitrum ecosystem and explore multi-chain interoperability.  

Advanced Order types

The Alpha version of Spot DEX started with the rollout of Limit Order functionality i.e., to be able to set orders at certain price levels and have them executed automatically if the market price hits the preset levels. This was one of those features that every CEX supports but where an actually good implementation in DeFi was still missing. In due course, Dollar-Cost-Average (DCA) Orders were added a month after with more advanced order types such as Trailing Stops and more in the works to be released soon(™). A simple API for developers to access this functionality programmatically will also be added in future iterations.

Initially, the highest volume pairs on Arbitrum Uni v3 as well as the $UND token of course were supported, both against WETH and - by supporting automated routing and multi-hop-swaps - against USDC as well.
The smart contracts already support any-to-any token swaps and in the coming update of the UI, all markets will be enabled for users!

Nonetheless, If you are in a hurry and want to see a specific pair implemented directly on Unstoppable Spot DEX, drop the lads a message on Twitter or Discord. They are active and responsive to reasonable requests. More so, plug-ins to support further liquidity sources beyond Uni v3 are also already in development and will soon expand the tradable token universe even further.

Limit order

Users can now set limit BUY/SELL orders at their preferred price using the limit order functionality. Interestingly, unlike other on-chain DEXs, when limit orders are placed, the tokens are not stored in the smart contract but you retain full custody of your assets in your wallet. Unstoppable DEX then uses its keeper infrastructure to execute limit orders subject to price changes. Something about if you’re gonna beat them, you’ve got to be better.

Another awesome feature is that you one-click set buy or sell above or below the current price and the interface will auto select direction. Very intuitive and functional.

Dollar-cost average order 

The DCA order spreads swaps through a specific period and functions as if the user was manually

“DCAing” into an asset i.e. buying a fixed amount of asset at certain intervals.

Trailing stop order 

This order type will allow the user/trader to set specific sell orders according to a stipulated price movement. That is, should the price drop below a specified threshold from an upward movement, the asset should automatically be sold. 

However, this order isn’t live yet and available as the team is still figuring out the best Oracle to query the historic price data from in order to support as many pairs as possible. 

Security

The Spot DEX has security as a top priority. Being a DEX, Unstoppable never takes custody of your funds when placing orders on the Spot DEX. This is handled by smart contracts ensuring that you maintain full control over your funds during the trade, with the option to revoke approvals at any time.

What comes next 

As the Unstoppable team looks towards adding more features to the Spot DEX, they are also gearing up for the mainnet launch of the Margin DEX. Both products will enable Unstoppable to further compete and gain an edge in the Perp DEX market for market share. And we are bullish on the ability of the team to deliver a worthy contender in these products such that it attracts on-chain traders, LPs, and crypto natives as well as newbies. 

However, away from an impending release of the Margin DEX, the primary focus for Unstoppable lies in expanding their user base beyond the crypto natives and currently active on-chain traders. While these users might be ignorant to DeFi, they most likely operate in either the foreign exchange market or the centralized exchange market, both $6.6 trillion dollar and $37 billion daily volume markets respectively, much larger markets compared to DeFi with a daily volume of about $1.5 billion. Consequently, an opportunity exists in bringing users from these markets on-chain or bridging the gap between FX, CEX, and DeFi.

The big question, however, is how? The Unstoppable DeFi team intends to achieve this goal by:—

  • Bridging the gap between Tradfi and DeFi through tokenization of backed assets on-chain 
  • An integrated on/off ramp into the DEX to allow for a seamless switch between fiat and crypto

Both of these processes and products are what you and I can expect to be introduced to the Unstoppable ecosystem very soon. Right now, you can view the aforementioned as tentative first footsteps, paving the way for greater leaps to come.

Wrap Up

0xNic and the team have indeed been busy and have their hands full in order to deliver on a minimum lovable product (MLP) for mainly on-chain traders and users.

The team continues to reiterate their commitment to ensuring that early believers like you and I are rewarded for our continued belief and support. You can go through this recorded Twitter space to hear for yourself.  

Concerning audits, we are told that the contracts could be audited as soon as the end of this month, a significant step in rolling out what Unstoppable considers as the base product that will be the foundation for the rest of their vision. The team has enlisted the help of an in-house auditor as well as Sherlock as the official audit service. 

If the progress and plans highlighted and discussed in the paragraphs above are anything to go by, then we can rightly say that the future is bright for Unstoppable. 

You can try the Unstoppable Spot DEX here, and if you have specific suggestions, share them in the dedicated Telegram or Discord communities.

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