UpBots: Phase 3 and beyond!
The moment you’ve been waiting for is here! UpBots phase 3 is now officially in motion and that means our beta platform is now live. Time to celebrate!
While entering phase 3 is a huge accomplishment for the team, we’re not stopping there. The beta is just the beginning for us and there’s plenty more we have in store. You also might be wondering what this current phase even means.
So that is why we’ll give you a jam-packed article filled with everything you need to know for now. Plus, we hope you’ll become even more excited for what UpBots has planned next.
If you’re eager to get a look at the UpBots beta, then you can jump right over to it here.
What does phase 3 bring us?
Phase 3 rolls out the backbone of our platform, our secret sauce and the key differentiator between us and every other platform out there: the UpBots Performance Fees (UBFs). This is a huge milestone in our development as you can better understand by having a read of our Medium article linked above.
For around a month our internal teams, investors and our beloved Battalion have all been testing the beta platform and a raft of improvements and fixes have been implemented over that time.
UPFs are now live and fully functional, which means our tokenomics are now fully in effect and UBXT now has operational utility and has become deflationary.
Users can deposit UBXT into their account which will be used to pay performance fees associated when a bot wins you a trade. If you recall how performance fees work, several fees will be deducted only from profitable trades which are then distributed to further platform development, paying algo devs, staking reward pools, and our token burn programs.
Other than that, all current UpBots features are available to use. This includes trading bot rentals, manual trading, UBXT staking, portfolio tracking, the ETH/BSC bridge, and DeFi token swaps.
To sum it all up, now that beta is live you can get a fulfilling UpBots experience!
Why is this phase so important?
There are some major reasons why this phase is so important to have. While it’s something to break out the bubbly and celebrate, we’ve still got intense work ahead of us. Brian, please be careful with the cork.
For our Users:
For our beautiful users (yes you are automatically beautiful…yes even you Brian), this is a landmark moment in the development of UpBots because now the Ecosystem of Success we described in our last Medium article about the UpBots Performance Fees system is powered up and online.
This means more algo developers are coming on board, offering you the user more options for Trading Bot rentals (by paying UBFs). The more algo devs on board, and the more users on board, and the more trading bot options we have for those users, the more the price of UBXT should rise and the more success will be shared across all platform users.
Entering phase 3 means we can begin testing the platform at scale. We’ll evaluate data and feedback from our entire user base, and not just from a specific control group. We’ll be able to analyze performance fees and all features in “real-time” while the public uses them.
Assessing the retrieved data can allow us to scale up and improve UpBots for the best user experience possible. Any tweaking, fixes, or bug squashes that need to be done can be implemented along the way.
Additionally, with UBXT now a deflationary token, its supply will gradually decrease as portions of UBXT taken as UPFs are sent to our token burn. This can impact the price of UBXT positively in the long run as demand increases with every new platform user, and the token’s supply decreases.
The feedback we receive also aids us in adjusting existing ideas for new features. By getting to know our user base better in the beta version, we can better prepare for the future.
So…what’s next for UpBots?
Now that we are in the beta stage, we are only one stage from the Full Commercial Platform which will arrive at the conclusion of the beta stage. Beta will not be a really long stage however.
From a features/function point of view the differences between phase 3 beta, and the full commercial platform are slight. Mostly they will be as follows:
A new design
We’re constantly improving the layout and feel of our UI for the best user experience possible. We have brand new dashboard designs cooked up and ready to be served! Created by a former UI/UX lead from Paypal, these adjustments to the layout were made based on the feedback we’ve gathered from our community and our designer’s recommendations.
As more users join the platform we’ll always be looking to continue innovating and refurbishing the interface. You can always share feedback and ideas on how we can improve the look and feel of UpBots.
More, and more, and more trading bots…
Our ultimate goal is to have every algorithm developer in the world who builds winning algos load up their algo in one of our Trading Bot shells. As time goes by more and more bots will come online, all with their own unique trading style.
The team is hard at work recruiting new algo devs to provide our users with even MORE choices. Soon we’ll have a complete library of trading bots for users to skim through.
As more bots make their way onto UpBots, you can expect to see more algo devs submitting their algos to us for approval. This increase in competition should make way for lots of high-performing, profit-winning algo strategies for you to activate.
New ways to make mad gainz is the name of the game!
Even more features to enjoy
The current beta version of UpBots you’re seeing right now is just the tip of the iceberg! There are plenty of features we have planned for your trading needs.
Take a look at our roadmap to get the full picture of what’s in store.
Social copy trading is one such feature. Adding social copy trading will give users another way to follow trading strategies designed by professional traders.
Margin trading is quite close to the top of the list to facilitate short bots and trading on leverage.
Signal provider services are also planned where users can rent out the crypto signals of their choice. For those who wish to learn more about crypto trading, blockchain, or just brush up on the fundamentals, we’ll be adding an education course marketplace to the platform too.
If you’ve got some stable coins lying around then we’ve got a new way for you to earn some UBXT rewards! Plans for the UBXT vault are in motion to be added to the platform in the coming months and we’ll have more details on the vault soon.
UpBots will also soon be available on mobile, so you can take your handy trading bots and tools with you on the go. Currently in development.
All of these are just some of the new features we have planned, there are many other exciting things to come! Just try to not get too excited.
So what happens now with your active bots?
Now that the UPFs system is live, in order to continue to use most of the UpBots bots you will need to transfer in some UBXT to your UpBots account and allocate some of that UBXT to your active bots in order to continue to have those bots actively trading on your behalf.
We have created a helpful guide in our gitbook to help you navigate this process. You can access that here.
Community Bots like AVAX bot and TOMO bot as well as any new community bots will remain free to use for stakers.
Staking UBXT on the platform or on FTX (ends Aug 2nd 2021) will no longer entitle you to free trading bot access.
What will actually happen with your live trading bot today?
If your bot is currently in an open position then it will close its position after it completes any trade that’s in progress. Once the bot closes, it will then require UBXT to be allocated to it in order to resume trading.
If your bot is currently in a closed position then it will stay closed until UBXT is deposited and allocated to it.
On the Bot Activation screen you will see a guide that will give you an estimate of how much you may wish to allocate, however, how much to put on is your choice. At any time the allocation can be moved to another bot or back to your main account if you no longer wish to use a particular bot.
While it may seem like UpBots Performance Fees are a negative thing (because who loves fees after all), when you look at it closely you will see how they are in fact a REALLY REALLY good thing for everyone.
Check out our article here to better understand why this is the case.
Official launch of UpBots
The next step for UpBots after the beta phase is almost as big a deal as phase 3. We’ll officially launch the platform and exit the beta phase.
So that is all you really have to know about phase 3 at this time. There are many things to look forward to down the road, but right now just run off and enjoy our fully functional beta.
We really hope you make a little time to allocate some UBXT and start winning with your trading (even in the current market conditions the bots are doing really well). Even better, be sure to send us your feedback and suggestions on Telegram and Discord. We listen carefully and it helps us improve and will help us move closer to a more perfect platform beloved by traders the world over.
Check out these guides to help you get started
- Platform overview
- Account creation
- Trading bot rental
- Portfolio monitoring
- UBXT overview
- UBXT wallet
- Staking & Farming
- Buying UBXT
Have a question regarding the UpBots platform or our algo bots? Come join our Discord server!
Want to receive the latest UpBots company news and updates? Come join our Telegram channel!