Building an Unstoppable Future
Major Updates At Unstoppable & Announcing Our Core Product
Lately it’s been a bit quiet from our side, primarily because we were heads down working.
Now it’s time to update our community about what exactly we’ve been doing and what’s coming up over the next weeks and months at Unstoppable.
First things first: TriGLP
The GMX team is working hard these days to deliver quite a few updates on their end.
New synthetics (and the connected LPs) are launching soon(tm), changes to the GLP minting and more.
Given these ongoing changes about providing liquidity to GMX (and earning yield), coupled with the multitude of projects trying to “build on GLP” these days (all who will be competing for the same liquidity), we’ve decided to pause TriGLP for now and wait to see how this plays out.
We’ve always wanted to provide something of real value to our users and the space, and if a project like Umami for example will already succeed to build an amazing USDC & ETH vault on top of GLP, we don’t see a point in building something redundant and competing for the same liquidity, we’d then rather integrate with them and build something unique and of value on top of that.
So for now we will wait for things to settle regarding the changes at GMX and we’ll keep a close eye on the success of the projects building on GLP. If in a few weeks/months there still is a need for TriGLP, we’ll launch it then, all the hard work is already done.
That doesn’t mean though that there won’t be a way to earn yield on your USDC and your ETH with Unstoppable, quite the opposite actually.
Introducing Unstoppable:DEX
One of the goals of Unstoppable has always been to make DeFi and crypto more accessible. We had been working on a normie-friendly wallet even before we started Unstoppable.
And ever since the FTX fiasco we asked ourselves again one core question:
How is it that a centralized version of an exchange is still the most obvious and used way (for both, newcomers and veterans alike) to get in and out of crypto?
Why is it that even decentralization maxis like ourselves had accounts at FTX? And what is needed and missing in the current ecosystem to provide a real alternative that is true to the ethos of crypto and DeFi?
For us it came all down to a few key things:
Beautiful interfaces with great usability and deep liquidity are the core.
But it doesn’t stop there, what we also need and where decentralized options so far haven’t been able to compete with CEXs are:
Simple and easy access for anybody and a good Fiat integration.
Being able to start experimenting with crypto without the need to have full technical understanding of wallets, private keys, dapps, rpcs, gas, transaction costs and just being able to easily and quickly sign up with a “web2-like” experience is one of the key things that set CEXs and DEXs apart in the past.
And being able to quickly on-ramp money from your bank account or even better, spend your crypto directly on a credit card is another layer of usability and comfort that gave centralized options an edge.
Things started to come together a few weeks ago when I was working on a liquidation mechanism for our Unstoppable:Loans.
I couldn’t really visualize the code for a particular idea I had and started with some “exploratory programming” to see how this would work in a smart contract.
A few hours later I realized I had accidentally built the core of a decentralized exchange with built in margin trading and some really interesting properties.
Unstoppable:DEX
- Fully decentralized and on-chain
- Built in margin trading
- Single sided LPing with no impermanent loss for LPs
- No counter party risk for LPs
- Deep liquidity sourced from Uniswap/Sushiswap/GMX and others
Combining this with our goal to make DeFi more accessible to everyone:
- Beautiful UI with simple and intuitive UX
- Simple sign-up and “no-wallet” access
- Instant fiat on-/off-ramp
- A mass adoption friendly wallet
We feel this is a product that represents the Unstoppable vision well, adds real value to users and the space and is something we can be proud of working on together with our community for the foreseeable future.
Both the DEX as well as the wallet will also have an actual need for a utility token, which solves another problem that’s been a bit of a headache for us before — how to raise funds to be able to build without selling out or releasing a useless token.
We still have a few things to figure out in that regard and will definitely proceed with the Fair Funding before the token, but more info on tokenomics, utility and more is coming soon. You can already whitelist on our website to be notified if you’re interested in becoming part of the Unstoppable community.
We know this is a lot of new information to digest, please check out our website for more details and we’ll release more articles in the coming weeks to shed some more light on the details of how the different aspects of Unstoppable:DEX will work.
Right now we’re finishing up the work on the UI to launch the beta on testnet.
And as always, if you have any input on what you feel is currently missing in the DEX landscape to provide a real alternative to CEXs, don’t hesitate to reach out and let us know!
