uTrade V2 Is Coming on Ontology to Improve DeFi Capabilities

Unifi Protocol came up with the previous version last year. It lacked a key feature that has now been covered in the upgraded version of the trading platform. Ontology was earlier not compatible with EVM. With time, it has worked on the upgrade and is now EMV-compatible.

uTrade V2, the upgraded version of the trading platform, has now arrived and will soon be on Ontology. Unifi further plans to push the boundaries of DeFi trading by linking Ontology and other blockchains to provide a suite of products.

Background

Ontology is a public blockchain that is categorized as high speed and low cost in nature. It functions with the objective of bringing decentralized identity and data solutions to Web3.

Users and enterprises that deploy Ontology get the flexibility to build blockchain-based solutions to best meet their needs while fulfilling all the regulatory compliances. It is designed to ensure that the compatibility with Ethereum remains frictionless.

The public blockchain aims to maintain privacy, trust, and transparency.

Unifi Protocol has successfully established itself at the forefront of Web3 technology. It was originally founded as a team of volunteers who were passionate about the decentralized future.

Unifi Protocol now has various solutions for Web3 applications. These solutions are found by the experts to be simple and innovative.

It stands on the ground of a 3-year long legacy that emphasizes forward-thinking innovations.

More Opportunities In DeFi Trading

uTrade V2 is a critical component as it grants access to users to the functionality of the Unifi Protocol ecosystem. The functionality includes feature-rich trading and foundational infrastructure for products and services that are yet to come in the future.

The launch of uTrade V2 on Ontology is said to open the doors to new innovations in DeFi trading because of the features that both bring on the plates of their users.

Trading fees will only be collected as ONG. All the tokens from uTrade V1 will not be compatible and hence will not be redeemable on uTrade V2. The only ones to be compatible on uTrade V2 will be ONG and UPong, where ONG will carry 18 decimal places.

Users have been recommended to remove all liquidity from uTrade V1 and redeem them maximum by March 21, 2022.

A new feature of Smart Contract upgrades has also knocked on the door of the users. They will have access to some of the updated features like the addition of single side liquidity. Users added listings, token routing, and customizable smart contracts that users will be able to leverage at the time of launching new tokens and projects.

One feature that stays unique to Unifi Protocol is that UPong will be backed by ONG tokens.

The platform will hand over all the rewards to the stakers, highlighting its community-focused nature in the industry. Unifi has also been giving 100% rewards on IoTeX and 95% rewards on Harmony.

Unifi’s history of innovation speaks volumes about its reputation. It has shared a healthy relationship with Ontology since 2019. Unifi connected Ontology, ICON, TRON, and Binance Smart Chain through a cross-chain bridge for two years from 2019-2021.