diff --git a/README.md b/README.md index 8c6851d..4c20c82 100644 --- a/README.md +++ b/README.md @@ -5,18 +5,18 @@ coverY: 0 # Introduction -Uniwhale is an oracle-based decentralized on-chain perpetual trading exchange where +Uniwhale is an oracle-based decentralized on-chain perpetual trading exchange where -* You can trade, with up to 200x leverage, BTC, ETH, and many mainstream crypto assets, directly from your wallet. -* You can provide liquidity with stablecoins like USDC, USDT, DAI, and more, to earn real yield from market-making and leverage trading. +* You can trade, with up to 200x leverage, BTC, ETH, and many mainstream crypto assets, directly from your wallet. +* You can provide liquidity with stablecoins like USDC, USDT, DAI, and more, to earn real yield from market-making and leverage trading. -Based on objective price oracles and single-sided liquidity, Uniwhale aims to deliver the best trading experience for traders with zero credit risk, and minimise impermanent loss for liquidity providers. +Based on objective price oracles and single-sided liquidity, Uniwhale aims to deliver the best trading experience for traders with zero credit risk and minimize impermanent loss for liquidity providers. -* Oracle-based price execution means zero slippage. -* Single-sided stablecoin liquidity means zero impermanent loss. -* Decentralized on-chain trading experience means zero credit risk. +* Oracle-based price execution means zero slippage. +* Single-sided stablecoin liquidity means zero impermanent loss. +* Decentralized on-chain trading experience means zero credit risk. -## Uniwhale infrastructure is fully decentralised +## Uniwhale infrastructure is fully decentralized * We provide fully decentralized web links. You can run locally if you like. * Connect through [https://uniwhale.co](https://uniwhale.co) for speed and convenience. diff --git a/execution.md b/execution.md index 97f576c..cbcd3a2 100644 --- a/execution.md +++ b/execution.md @@ -13,19 +13,19 @@ We offer perpetual futures with up to 200X leverage on BTC, ETH, and many mainst ## Keep your assets safe -We do not custody your assets. Your assets stay with you and the margin posted are locked in a dedicated smart contract. +We do not custody your assets. Your assets stay with you and the margins posted are locked in a dedicated smart contract. ## Margining All positions are margined in USDC. Both isolated and portfolio margining will be supported. -You can add margins to ourstanding positions, but cannot partially withdraw posted margin. When margins are added to an outstanding position, the relevant liquidation price is adjusted. +You can add margins to outstanding positions, but cannot partially withdraw posted margins. When margins are added to an outstanding position, the relevant liquidation price is adjusted. Multiple stablecoins are accepted as eligible margins. These will be swapped automatically to USDC. ## Order type supported -You can trade either Market Order or Market Limit Order. Both order types can also have either Stop Loss, Profit Target or both. +You can trade either Market Order or Market Limit Order. Both order types can also have either Stop Loss, Profit Target, or both. ### Market Order @@ -33,7 +33,7 @@ Market orders are filled at the best price offered by the [Liquidity Pool](liqui ### Market Limit Order -Market limit orders are filled when the limit prices matches the best price offered by the [Liquidity Pool](liquidity-pool.md). +Market limit orders are filled when the limit prices match the best price offered by the [Liquidity Pool](liquidity-pool.md). ### Stop Loss @@ -41,7 +41,7 @@ Stop Loss price can be added to Market Order or Market Limit Order, which will t ### Profit Target -Profit Target price can be added to Market Order or Market Limit Order, which will trigger an automatic close of the position if the condition is satisfied. +Profit Target price can be added to the Market Order or Market Limit Order, which will trigger an automatic close of the position if the condition is satisfied. ## Fee and Market Impact @@ -57,7 +57,7 @@ Fee is \[. ]%. ### Market Impact -Market Impact is calculated dynamically as a function of outstanding positions on the platform and the position size. It is a determinstic charge simulating the impact a new position would have on the market. +Market Impact is calculated dynamically as a function of outstanding positions on the platform and the position size. It is a deterministic charge simulating the impact a new position would have on the market. Market Impact (%) = (long/short outstanding positions on the platform + Position size) / 1% depth above/below @@ -71,11 +71,11 @@ Opening a position will transfer the required margin to a dedicated on-chain con The initial margin is calculated based on the matched prices ("Mark Price"). -You can post margin in many stablecoins, which will then been automatically swapped into USDC. +You can post margin in many stablecoins, which will then be automatically swapped into USDC. ## Closing a position -Closing a position will calculate the PnL based on the best price offered by the Liquidity Pool and transfer to the trader, together with the margin posted. +Closing a position will calculate the PnL based on the best price offered by the Liquidity Pool and transfer it to the trader, together with the margin posted. A trader may request the PnL to be transferred in a stablecoin other than USDC, in which case the PnL (together with the margin) will be swapped into the requested stablecoin and transferred to the trader. @@ -87,7 +87,7 @@ Outstanding positions are subject to liquidation if the relevant liquidation pri Outstanding positions eligible for liquidation are liquidated at the earliest chance, to protect the users and the platform. -Liquidation closes the relevant position. It is subject to a liquidation penalty. In order to avoid liquidation penalty, traders are advised to close a position before liquidation is triggered. +Liquidation closes the relevant position. It is subject to a liquidation penalty. In order to avoid the liquidation penalty, traders are advised to close a position before liquidation is triggered. ## Risk management diff --git a/liquidity-pool.md b/liquidity-pool.md index a868dd3..8e0fb8d 100644 --- a/liquidity-pool.md +++ b/liquidity-pool.md @@ -1,22 +1,29 @@ +--- +cover: .gitbook/assets/Uniwhale_Gitbook_Cover_1900x400.png +coverY: 0 +--- + # Liquidity Pool ## Democratization **of orderbook liquidity** -At uniwhale you can provide liquidity with a number of stablecoins (USDC, USDT, DAI, etc). The objective price oracle and single-sided liquidity protects liquidity providers from impermanent loss. +At Uniwhale, you can provide liquidity with a number of stablecoins (USDC, USDT, DAI, etc). The objective price oracle and single-sided liquidity protect liquidity providers from impermanent loss. -* Oracle-based price execution means zero slippage. -* Single-sided stablecoin liquidity means zero impermanent loss. +* Oracle-based price execution means zero slippage. +* Single-sided stablecoin liquidity means zero impermanent loss. ## Provide liquidity the way you want it and earn passive yield -You can provide liquidity to the orderbook, either directly by posting limit orders, or by pooling your assets with others into Liquidity Pool. +You can provide liquidity to the orderbook, either directly by posting limit orders, or by pooling your assets with others into Liquidity Pool. -Uniwhale Liquidity Pool thus provides a convenient way to earn **Passive Real Yield** (trading fees) from market making and leverage trading. +Uniwhale Liquidity Pool thus provides a convenient way to earn passive real yield (trading fees) from market making and leverage trading. ## Provide single-sided liquidity with stablecoins -The design of the Liquidity Pool allows market making of the orderbook at a fixed / pre-determined fee, with zero slippage, benefitting both traders and liquidity providers. +The design of the Liquidity Pool allows the market making of the orderbook at a fixed / pre-determined fee, with zero slippage, benefitting both traders and liquidity providers. Liquidity Pool uses our oracle aggregator to determine its mid-price and apply a fixed fee based on a pre-determined rule to create bid and ask, which are then used to fill the market limit orders on the orderbook. -The Liquidity Pool accepts a number of stablecoins. Liquidity Pool tokens can be minted using any of these stablecoins and burnt to redeem any of these. The price at which the Liquidity Pool token is minted or burnt is determined based on the total market value of the Liquidity Pool divided by the outstanding supply of the token. Since the counterparty of all trades is the Liquidity Pool, this is a zero-sum game between liquidity providers and traders: the traders’ profit and losses will be directly transferred from/to the Liquidity Pool (resulting in a price increase/decrease of Liquidity Pool token). +The Liquidity Pool accepts a number of stablecoins. Liquidity Pool tokens can be minted using any of these stablecoins and burnt to redeem any of these. The price at which the Liquidity Pool token is minted or burnt is determined based on the total market value of the Liquidity Pool divided by the outstanding supply of the token. + +Since the counterparty of all trades is the Liquidity Pool, this is a zero-sum game between liquidity providers and traders: the traders’ profit and losses will be directly transferred from/to the Liquidity Pool (resulting in a price increase/decrease of the Liquidity Pool token). diff --git a/overview/our-vision.md b/overview/our-vision.md index 52f9a9a..d23544f 100644 --- a/overview/our-vision.md +++ b/overview/our-vision.md @@ -1,20 +1,25 @@ +--- +cover: ../.gitbook/assets/Uniwhale_Gitbook_Cover_1900x400.png +coverY: 0 +--- + # Our Vision ## In Code We Trust -Back to where it started: Satoshi created the vision and practical path of a trustless solution - Bitcoin. Code never lies, and saves us from having to trust a centralised authority. +Back to where it started: Satoshi created the vision and practical path of a trustless solution - Bitcoin. Code never lies, and saves us from having to trust a centralized authority. -DeFi, as an alternative to CeFi, provides full on-chain transparency and strict limit on use of user funds. With code, credit risk can be made minimal. +DeFi, as an alternative to CeFi, provides full on-chain transparency and a strict limit on the use of user funds. With code, credit risk can be made minimal. -## Permisionless, Trustless, Transparency +## Permissionless, Trustless, Transparency Not we, but our community decides who has the right to use and benefit from the platform. We believe in the power of full decentralization and permissionless, trustless, transparency. -Uniwhale team is committed to contributing and bringing this vision of the platform to our community, incentivising everyone to participate in the DAO to BUILD together. +Uniwhale team is committed to contributing and bringing this vision of the platform to our community, incentivizing everyone to participate in the DAO to BUILD together. ## Best User Experience -Unknown slippage, uncontrolled impermanent loss, complicated UX, inflated farming yield - we see many issues in the current DeFi protocols. We are a team of web3 developers / builders, joining the efforts to address these issues. +Unknown slippage, uncontrolled impermanent loss, complicated UX, inflated farming yield - we see many issues in the current DeFi protocols. We are a team of web3 developers/builders, joining the efforts to address these issues. We aim to bring the best trading experience to traders, and the most intuitive liquidity provision to liquidity providers, but without harmful token price volatility.