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Last updated: Nov 22, 2022
Ubeswap is the first and so far the only Celo’s AMM, which allows users to trade between tokens via their smartphone device. At its core, Ubeswap is a mobile-oriented protocol, however, it also supports web wallets. Ubeswap can be also bridged to Ethereum, Solana, BNB smart chain, Polygon, Avalanche, and Fantom.
Ubeswap is a mobile-compatible Fork of Uniswap, therefore any dApp built on top of Uniswap can easily integrate with Ubeswap.
Ubeswap AMM works just like any other popular DeFi counterparts and comes with standard features that give users additional income-generating tools like providing liquidity to Ubeswap liquidity pools, yield farming, and staking.
Ubeswap liquidity pools, which form the basis of the AMM, require depositing two tokens in equal ratios in exchange for LP token proportional to the depositor's share in the pool. Ubeswap charges a 0.3% fee on all swaps, 0.25% of which goes to liquidity providers, and 0.05% is used to buy back the protocol’s governance tokens UBE. Ubeswap also allows creating own pairs, where the ratio of tokens that were added will set the price of the newly created pool.
To earn additional rewards in UBE tokens, these LP tokens can be staked in Ubeswap farms. Furthermore, users can create their own farm or import yield farms as well as single staking farms.
UBE holders can also stake their tokens and receive 5% of the weekly UBE rewards distribution.
Those users wishing to leverage traditional financial tools can place limit orders on Ubeswap, which will allow them to set their own price to buy or sell the crypto assets. Ubeswap limit orders service is a modified fork of 1inch. Every limit order placed is charged a Ubeswap fee which is set at $1 per $10,000 trade ratio. These fees are collected by the community-controlled Treasury and distributed among UBE holders.
To use the mobile version of the Ubeswap app, users need to connect the Valora wallet. Desktop Ubeswap wallet support includes Metamask, Ledger, imToken, Coin98, D’CENT, and Celo Extension Wallet. A guide on how to set up wallets can be found here.
If your intent is to exchange tokens, head over to the “Swap” section located at the upper navigation bar of the Ubeswap app, then select the token pair in two fields from the drop-down list or just type in the name or paste the address. After entering the desired quantity and configuring the settings such as the slippage tolerance and transaction deadline, approve the operation by clicking “Approve” and paying the gas fee.
If you wish to add tokens to Ubeswap liquidity pools, navigate to the “Pool” section, then click on “Add Liquidity”, then select the pair you'd like to provide liquidity to from the drop-down list, or by typing in the name or pasting the address. After entering the equal amounts of tokens, click “Approve” for each token and then confirm the transaction by clicking the “Supply” button. Users can also create their own token pairs by clicking the “Create a pair” button.
Once you have your LP tokens, you can earn additional rewards in yield farming. To that end, head over to the “Farm” section, and select the relevant pool from the list. Once selected, click “Deposit”, then choose the number of tokens to be deposited or click "MAX" to deposit all tokens available and confirm the transaction. Once LP tokens are deposited in the pool, they will start earning rewards immediately, which can be claimed anytime.
A guide on how to create a farm or import a custom farm can be found here. For those who want to place a limit order, there is a step-by-step tutorial provided by the Ubeswap team.
UBE is the Ubeswap native governance token with a total supply of 100 million tokens.
Launched in April 2021, the UBE token supply is divided into three categories. Liquidity tokens (2.3M) are used to provide liquidity to projects that integrate with Ubeswap. These tokens are liquid at launch. Released tokens (25.7M) are reserved for the Ubeswap team and early supporters and will unlock over a period of three years. Mined tokens (72M) are released over a period of six years, with a halving occurring every 26 weeks.
The mined tokens are distributed as follows: 34% goes to the mining reserve; 30% - to the ecosystem and partnerships; 13% - to the team and advisors; 12,7% to early supporters and strategic investors; 8% to the Celo reserve; and 2,3% are left for liquidity.
UBE tokens can be used to participate in community voting events and staked to receive additional rewards.
Ubeswap contracts’ code is open source and can be verified by the community via Sourcify. Ubeswap smart contracts are available on Ubeswap documentation. The protocol’s documentation is well structured and easy to understand.
Ubeswap is deployed on Alfajores, the Celo testnet, and users are encouraged to report all bugs to the protocol’s discord channel.
The project was founded in January 2021 by Ian Macalinao, who is also a co-founder of Saber. Ian is also a Lead developer in Ubeswap. Ian holds a Bachelor’s degree in Computer Science from the University of Texas at Dallas and a Bachelor's degree in Mathematics from the University of Texas in Austin. Ian has extensive experience in software engineering in various tech companies.
Evan Kereiakes is the Business Lead at Ubeswap, before joining Ubeswap Evan had worked in Terra Lab, Federal Reserve Bank of New York, the U.S. Department of Treasury, and the White House.
Brian Li is the Technology Lead, who is responsible for running the tech side of Ubeswap.
Ubeswap has partnered with Allbridge, Multichain, Optics, and Orbit bridges allowing seamless connection with other chains and contributing to the expansion of the Ubeswap ecosystem.
Other recent Ubeswap partnerships in liquidity mining programs include such Celo projects as Symmetric, Immortal, Impact Market, AriSwap, Resource, TrueFeedBack, and KnoxEdge.
According to the Ubeswap 2022 roadmap, the protocol plans to introduce lending features, step into NFT and Metaverse markets, expand community involvement, explore the climate impact market, etc.
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