Unicly Decentralized Exchange Review

Unicly is a unique platform that facilitates efficient NFT transactions. It is a permissionless system that is community governed. Created by DeFi enthusiasts and NFT collectors, the DEX helps in profitable NFT liquidity. Automated money maker and yield farming systems are key features added to ensure a seamless trading experience. As per the info on the official site, Leia or 0xLeia is the creator of this platform. 

Unicly overview

The platform supports ERC 721 and ERC 1155 NFTs. You can buy the uTokens from the available brands on the site.  By adding liquidity to the token, you can trade it and also vote. 

Pros & cons

Pros

• An exclusive platform for NFT trading
• Compatible with all NFTs

Cons

• Does not provide support and security info
• Lack of transparency on the pricing

Funding methods:	ETH via wallet
Cryptocurrencies supported:	Only ETH based cryptocoins
Countries:	N/A

Key features of Unicly

The service is created by NFT collectors to enable a unique combination of NFT collection, tokenization, and trading. As per the vendor, the important features of the platform are as shown below:

• You can turn your collections into tradable sizes and combine 1 to 10 NFTs or more.
• The platform allows buying of stake on multiple NFTs simultaneously via the uTokens. You can also own different NFT shards with the uTokens.
• It is compatible with any type of NFT including ERC-1155 and ERC-721. 
• UNIC is the governance token with a total of 1 million supply.
• It allows farming of UNIC tokens with the liquidity and staking features.
• Supported wallets include Metamask, WalletConnect, Coinbase Wallet, Fortmatic, and Portis.

Some of the ways to acquire the native token and trade on the DEX are as follows:

• Liquidity mining is the only way to buy UNIC. LP token holders of whitelisted pools are eligible to stake their LP tokens on the Farm and earn UNIC.
• For providing liquidity you need to use the uTokens that are found listed on the Discover section of the site.
• With ETH and uToken you can visit the Pool section and add liquidity. Decide on the liquidity you want to add. 
• With higher liquidity, you can mine more UNIC tokens and earn 0.25% of the trades on the pair in proportion to the share you own in the pool. The fees accumulate in real-time and you can claim the earnings when you withdraw the liquidity.
• With the LP token, you can stake the tokens and claim UNIC. The longer you stake, the more UNIC you get.
• Advanced staking is another way to earn more rewards on the platform.

What wallets does it support?

To create a Unicly collection you need to have a browser wallet like Metamask, Coinbase, WalletConnect, etc. with NFTs in them.

How does Unicly work?

With the platform you can do the following functions:

• You can choose from the uToken collections listed on the Discover section of the official site.
• If you favor specific NFTs, you can browse through the collections and place a bid. 
• You can also buy the uTokens and help in regulating the collection.
• If you find that the total value of the collection bids is high, you need to stake the uTokens to unlock the NFTs. 
• When staking is completed by a sufficient number of users, you can redeem the uTokens for a few of the NFT auction benefits.

What can you buy with Unicly?

The platform works with the Ethereum blockchain. You can create a uToken with your NFTs. The token is an ERC-20 token that is formed from an NFT bundle. You can use it to deposit or hold ERC-721 and ERC 1155 NFTs in a smart contract. You can customize the name of the uToken, the ticker symbol, description, total supply, and the uToken percentage you need to unlock the NFTs.

Are there any risks with Unicly?

The company does not provide info on the security measures it uses for safeguarding user data and privacy. We are suspicious of the reliability due to the lack of absence of details related to the security methods. 

Unicly fees

The company does not provide info on the fees for transactions including trading fees, withdrawal, and deposit charges.

Deposit methods

There is no info about the deposit requirements provided.

Should you buy it?

As every crypto trading system, this exchange has its pros and cons. You have to take them into account to decide whether it suits your trading needs or not. 

Final word for Unicly

Unicly boasts a special combination of AMMs, farming, and NFT auctions with decentralized governance offering users an efficient trading platform. Traders, casual investors, yield farmers, collectors, and more enjoy many perks by using the service.