In this article I will explain where we are headed with the POLL DAPP and why this is crucial for the uniswap industry.
As you may know we have made a uniswap explorer, to use it requires a metamask account holding at least 100k UNC. There is no charge, you just need to prove you hold the tokens. This explorer is a bit slow, as it communicates directly with the ethereum blockchain, so the updates are true to real time. In future we will create api’s to make this much faster by polling the ethereum chain and storing it in a database.
What we realised on creating this explorer, is just how many more scams there are daily than any people realise. One reason for this is mentioned as a warning on our explorer:
We were hesitant to release this part of the app as we know some of you are going to gamble on these tokens. Trust us, you will lose more often than you win. Crypto twitter is aware of less than 10% of these new listings. We think what is happening is people have made bots to instantly buy new listings on uniswap as it can be profitable. On the flip side, scammers who realise this have made random tokens, listed them on uniswap, and rug pulled after as little as 2 ETH making quick profit off these bot buyers. Its that easy. Be EXTREMELY cautious. Do not buy tokens without a website, twitter, telegram etc.
If 1000 people gamble $20 on a scam, the scammers make 20k usd. Please dont do this. Rant and warning over :)
We have seen multiple rug pulls daily since creating this explorer. Proving a Proof of Liquidity Dapp is needed now more than ever.
Today we released the POL dapp prototype. It works on the ropsten network and can be used to deposit and lock liquidity and increase a uniswap pairs trust rating. This is the best way to give investors confidence in a new token.
Many of these rug pulls have claimed (POL) yet they rug pull anyway. Lets face it, most investors cant read a smart contract, and some have unnecessarily complicated their contracts. There needs to be someone who does this right, and is trusted by the community. We are striving for this and with the explorer and analytics we will build on week by week we aim to make finding new tokens easier.
We have spent a lot of time on this smart contract, as it needs to be flexible enough to allow any kind of vesting periods token creators want. However, in case there is some tweaking needed we have decided to have a testing period of a few days before creating the official mainnet contract.
Smart contracts cant be updated, this way we ensure it is perfect for token creators, investors and the industry before releasing the final version.
How it works:
Begin by adding a uniswap pair to the system if you can't find your pair there already. The image above shows the UNC-ETH uniswap pair.
You can then go back to the ‘Pairs’ tab and find your newly listed pair. In the image above we are on the ropsten testnet with a test token we created for demonstration called UTT.
To lock liquidity you need to hold liquidity on that pair on uniswap, usually this will be done by token creators. Click ‘Lock liquidity’.
You will then be taken to the pol dapp. Make sure for this testing period you are on the Ropsten network on metamask. After a short explanation of the service you can select to lock your liquidity.
On this screen you can deposit or withdraw liquidity after the timer expires. You will see your tokens trust score update the more you lock. For investors, the above image shows the red part of the chart is unlocked liquidity. It can be held by the token creator or other investors. It can be pulled at any time. The green half shows what is locked, this means no matter what 50% of the liquidity cannot be pulled as it is locked until the timer expires.
In this way investors can use our explorer to see which tokens are committed to the long run and not shady projects.
We will charge a 0.3% fee for the service and promotion on our platform. This will be added to the stake pool for UNC stakers and is part of our Multi-asset staking program where you stake UNC and earn multiple other decentralised assets each month. We think it's going to be pretty awesome!
Upcoming updates to the liquidity locker include custom vesting periods (e.g. allow 10% withdrawal per month for the next ten months) in one click, for now it has to be multiple transactions, and better charting so investors can see the exact tokenomic release schedule.
We can pass around some ropsten testnet tokens for you guys to try this out and let us know your thoughts and see it in action.
Stay awesome UNC community!