Upbotscom
Published in

Upbotscom

UpBots January Update

We’re providing you with a full-on feast of updates of everything that happened during the month of Jan! All the biggest details that unrolled this month are right here for your reading pleasure!

Want it in video format? Check out our January updates video right now:

Or take a read of the summary points below:

Facts & Figures

Our UBXT token is currently listed on a mix of 5 decentralized and centralized exchanges. You can find the UBXT token on Uniswap, FTX, SushiSwap, Serum, and KuCoin.

The MVP demo version is now live on demo.upbots.com

There are more than 600 accounts with at least 1 wallet linked, 7500 people on the waiting list, and 200 accounts linked to the Algo bots.

Currently, the team is comprised of 7 developers, 6 employees, and 5 freelancers.

As of Jan 21, UBXT token price is +/- $0.01 & daily volume = +/- $300k.

Algo bots figures

Below are the results of the current algorithms produced by 4C Trading, available now on UpBots.

Optimus BTC
Number of users: 168
Performance since activation on UpBots (Dec 2nd) 65.12% — uncompounded

Optimus ETH
Number of users: 112
Performance since activation on UpBots (Dec 2nd) 60.37% — uncompounded

Optimus BNB
Number of users: 88
Performance since activation on UpBots (Dec 2nd) 6.87% — uncompounded

These statistics show that the bots are currently working and producing profits for our users. Access to the bots is free, but in order to gain access, you’ll need to stake UBXT tokens on the FTX exchange and add that wallet to the UpBots interface. You can have up to $2500 in tradeable assets per bot.

*Note: UpBots are not responsible for the performance of the algo the bot trades. UpBots is a software provider, not an algorithm developer.*

UBXT Token

Private sale status
Planned on 12 payments every 2 weeks starting Sept 15th
2 payments due (Feb 2nd, Feb 16th)

Development fund
Locked until Sept 15th, 2021
Will be used for new listings and future developments

Team’s token
4 team members qualified will receive 10% of the token supply in 2 years, 1x every 2 weeks, similarly to the private sale.

Usage of UBXT
Pay the performance fees of the bots
Future access to the interface (when the platform is fully developed)
Access to investment tools (Q3 2021)
LP — Detailed in the DAO section below

We are still trying to handle the liquidity of the tokens on the market. The plan is to decrease progressively the number of tokens that are still active. Part of the tokens received through perf fees will be burned until we have 50% of all tokens burned.

In the end, creating this sort of scarcity should help the price of the UBXT token.

IT Developments

UBXT wallet on UpBots

  • Deployment of the Smart Contract of bUBXT — UBXT minting and burning on the Binance Chain for cheap transactions — status 100%
  • Creation of a UBXT wallet on the interface allowing UBXT deposits and withdrawals in order to allocate a budget to the bots, purchase training courses, etc — status 95%
  • Added budget allocation function to bots, performance calculation, and automatic performance fee distribution function — status 30%

We’ve implemented Binance Chain as a solution to help reduce gas fees associated with conducting transactions on the Ethereum blockchain. All transactions conducted on the Binance Chain are far less expensive (between $0.04–$0.10). This will allow UpBots users to conduct transactions and drastically save on gas fees.

Swap

  • Added swap function on the interface, allowing users to connect their MetaMask wallets directly to the platform. Optimization for transactions are also included — status 100%

All swap features are currently available on our demo platform for testing by the public.

Manual Trade

  • Connection of the trading engine to the front of the interface — status 100% with the test version
  • Add different pairs for current and future trades — status 100%
  • Testing phase and capacity test — status 85%

Manual trading should be available in the coming days, currently, the team is rigorously testing it to ensure it’s ready to go. Once everything is working perfectly, we will provide updates to our community on its release.

ETH Portfolio Tracker

  • Connection to the ETH wallet analysis API — status 100%
  • Creation of a database to follow the evolution of the portfolios — status 100%
  • Integration of the analysis of capital held in pools, farming, or loans — status 75%

The ETH portfolio tracker will display visuals of all the assets, liquidity pools, and interest you have on your MetaMask account or another ETH wallet. We are currently finishing the front end of this feature and more updates should arrive in the coming days.

New exchanges for algo bots

  • Preparation for adding FTX and other exchanges for the use of algo bots — status 65% planned soon
  • Preparation of the margin function for algo bots (FTX, Binance Margin..) — status 10% planned for Feb

Right now the algo bots can only trade on the Binance exchange. We want to offer more diverse options for traders in terms of the exchanges the algo bots can conduct trading on.

Notifications & Logs

  • Added a log and analytics tracker for bots and transactions actions, integration in the interface for a clear view for our users — status 25%

These notifications will warn users when there are new trades, positions are closed, and help users track the evolution of the algo bots.

Design improvements

  • Complete design review following the tests carried out, improvement of the designs, and improvements for an improved and faster version of the platform — status 25% integration planned for March/April

These design improvements are based on feedback from current users. We thank you for your feedback to continue helping us make UpBots even better.

Below are examples of our new light and dark modes for the platform.

UpBots Platform Dark Mode

UpBots Platform Light Mode

DAO — A new vision for UpBots

Implementation of our DAO is still under development. The following elements may change in the future. Right now this is our proposed roadmap for the construction of the DAO.

We want to provide a decentralized organization for UpBots because it helps to empower our users. We’ll create a system on top of the current system to help UpBots give more voice to the community and help the UBXT token.

To do this, we’ll be creating the UBXG token which will serve as a governance token. This token will NOT replace the UBXT token, the UBXG token will only help boost the UBXT token.

UBXG will be used to reward users contributing to the platform and UBXT, to vote on the platform, and also as a reward for liquidity providers.

Performance fees calculation

We’re striving to provide an even fairer and secure system. To do that, we’ve revamped our performance fee calculation system.
Users will have to advocate an amount of UBXT to each bot during activation. The performance fees will be dedicated from this allocation

If the user has no more UBXT available, the bot will stop. He can however decide to activate an automatic refill to avoid this situation.

Improvement of the system in case of a negative result
In case of a positive result, the current amount of allocated UBXT will be directly withdrawn at the end of the trade.

In case of a negative result, a “virtual debt” will be created on the specific algorithm, corresponding to the fees due if the trade had been positive.

As long as the “virtual debt” is not returned to 0, no performance fee will be charged to the user. This means that algorithm developers will have to ensure a long-term gain is produced in order to benefit from the performance fees.

Planning Update

We’ve had some slight delays with the official launch of the interface, but now we are back on track and we are pushing to develop as many features as possible.

In the planning picture above, you can view a number of features we are gearing to roll out leading up to our official launch. Once we officially launch the platform we have even more features planned.

And now a meme from our community…

Have a question about the algo bots or the UpBots trading platform? Then come join our Discord server!

Want to receive the latest UpBots updates and news on platform developments? Check out our Telegram!

--

--

--

Trade your capital in Crypto Currency, DeFi solutions, Forex & Commodities, manually or with bots, through UpBots, the Swiss all-in-one trading eco-system.

Recommended from Medium

Blockchain: A story about cryptographic records 🟦 ⛓️

The $21 Trillion Pension Fund Market is Pouring Money into the Blockchain — #icobusted analysis

LOOM Token Swap

A Deep Dive on Solana

Using Innovative Green Technology, VeChain Continues Building The Future of Safe, Traceable Foods…

Is Real Decentralization only Possible with Mobile Mining?

Under the coding hood: Angelhack Bangalore Hackathon 2018

Triathon: Enabling the Blockchain Wind Tunnel Tests | Triathon Now!

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
Daniel UpBots

Daniel UpBots

More from Medium

Swappi — LP-STAKE & EARN — New DEX on Conflux Network 🥑🚀

FantomStarter Becomes Multi-Chain Launchpad Raising Funds on BNB, Fantom and Polygon Chain

Miners Whitepaper

SPACE POOLS: Shilly Wonka Finance AMA