Connecting multiple crypto exchanges over their respective APIs through a single dashboard, Upbots aims to be a one-stop shop solution for both amateur and professional traders. Having recently announced two major DeFi partnerships, the trading platform is making its first steps into crypto’s fastest-growing sector. Time to take a deep look at the platform’s most recent advancements.
Marketplace for automated Trading
For skilled exchange users with extensive knowledge of both the fundamentals of crypto markets and technical analysis, trading can be a highly profitable business. However, newcomers often find it difficult to get started and become a profitable trader. The competition is fierce and most amateurs simply don’t have the time and resources to learn the ins and outs of cryptocurrency trading.
On top of that, automated trading is becoming increasingly popular with algorithms getting more sophisticated every day. Therefore, most profits being made flow to trading bots and professionals. While most trading bots are open to anyone, they typically run on a stand-alone subscription-based model. What’s lacking is a marketplace where trading bots can compete for profits and users. Upbots wants to create exactly such a marketplace on which trading bots, signal providers and skilled individuals can offer their services.
UBXT powers the Upbots Ecosystem
As a compensation for their services, bots and signal providers are able to charge a subscription fee that is paid in the platform’s native UBXT utility token, as well as the subscription fee for the Upbots platform itself, as well as online courses on the platform’s learning section.
Instead of paying for subscriptions upfront, users may also elect to stake their UBXT for a predefined period of time, which allows them to receive various benefits, such as free membership and online course subscriptions. The first two private rounds of the UBXT token sale have already been sold out. A third batch of tokens will become available soon in a public IEO to be announced soon.
Partnerships for DeFi integration
Last month, Upbots announced DEX.AG as their first DeFi partner. The decentralized exchange aggregator will extend the interconnected Upbots DeFi trading ecosystem by 11 different DEXes. Thanks to their X Blaster feature, users can instantly split up large orders to always receive the best price with minimal slippage when trading on decentralized exchanges. Additionally, the Upbots dashboard provides an intuitive user interface, along with charting and risk management tools, which are often lacking on DEXes.
Very recently, Upbots has also announced a partnership with Reserve Protocol. Reserve issues decentralized stablecoins via the RSV token. RSV can be minted by staking various cryptocurrencies as collateral, while their own native Reserve Rights (RSR) token serves as a liquidity pool of last resort, securing the RSV stablecoin against value depreciation from falling collateral prices.
With their decentralized approach towards stablecoins and fiat on-ramps, the Reserve Protocol is specifically targeting developing countries. Being riddled by rampant inflation and mostly cut off from traditional banking, the inhabitants of these are among the prime beneficiaries of cryptocurrencies and decentralized finance. However, user experience is still poor, as there is no comprehensive service to connect the various DeFi protocols and their respective financial services.
This is where Upbots comes into play. In a future iteration of their platform, it will be possible to provide liquidity to numerous DeFi protocols through the simplicity of the Upbots dashboard. Charlie Smith, Head of Business Development at Reserve Protocol, is looking forward to this development:
“We have many different centralized exchange products, lending services, and now a huge number of new DeFi services. Each one has their own UX. They act as stand alone services.
I think the future here is aggregation. Users want to be able to quickly take out a loan via Aave and deploy it on Uniswap or Huobi from one interface. UpBots is trying to do just that — offer a simple unified platform from which a user can interact with many of the different services that exist in the crypto ecosystem.”
Summary
Upbots has the potential to combine a vast array of crypto services under a single intuitive dashboard. In a first step, various crypto exchanges will be connected to the dashboard, alongside 11 DEXes, courtesy of DEX.AG. Upbots users will be able to trade on these exchanges either manually, or automatically through trading bots, signal providers, or social copying. The providers of these automated trading opportunities compete among each other on the Upbots marketplace and are fairly compensated in UBXT tokens. Additionally, Upbots features an online learning platform for novice traders to improve their skills.
While primarily targeting crypto traders, Upbots wants to expand their services to forex and commodities trading and, above all, DeFi. It is especially this emerging sector that can profit the most from being connected to a comprehensive dashboard that supports a multitude of protocols, as well as several centralized and decentralized exchanges, while providing an easy and intuitive user experience. In sum, this could greatly help out DeFi adoption, especially as the space matures