uTrade V2 Is Coming on Ontology to Improve DeFi Capabilities

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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.

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