Numerous projects have come out in recent months to try and improve upon the Uniswap business model. So far, no one has been able to disrupt the king of DEXes’ position. fUNI, Uniswap on Fantom, is the most recent competitor to throw its hat into the ring.
What can fUNI do Differently?
It has become in recent months that Uniswap’s business model is rather difficult to mimic. This platform is not perfect by any means, but the recent distribution of UNI has seemingly made more people aware of the platform. It is still possible to earn this token by providing pool liquidity on the platform. Its price has decreased significantly, but seems to hold its own at $3.
Several projects have tried to disrupt the position of Uniswap lately. Sushiswap is the most notorious example, yet it’s falling short in this department. Sushiswap’s overall volume is still significant, as are the fees paid to users who provide liquidity. However, its current approach – as well as the value of the SUSHI token – aren’t necessarily attracting new users nor additional liquidity.
fUNI, the Uniswap implementation on the Fantom blockchain, may not necessarily fare any better. Although the project claims to offer lower fees – compared to Ethereum – and faster transactions, that may not be sufficient to win over people. After all, without sufficient liquidity to make a dent, its success will be limited. As has become apparent with SushiSwap, sustaining liquidity and trading volume is very challenging.
That being said, seeing this concept implemented across different blockchains is a plus. All ecosystems can use a DEX of this kind. Not all of them will be incredibly successful, but having the option is never a bad thing. Automated Market Making, or AMM, is of great value to users all over the world.
Currently Supported Tokens
As is often the case when new platforms launch, securing liquidity is the first order of business. fUNI will not allow trading to occur in the first 24 hours after launching. Users are invited to contribute liquidity for fUSD and wFTM. It is possible ERC20 tokens will be added to the list in the future. Fantom supports these tokens through the Ethereum Virtual Machine implementation.
It is also worth mentioning Metamask users can explore fUNI. They will need to set up their wallet to accommodate a custom RPC to access the Fantom Opera network. This makes it a bit easier to navigate this platform. Metamask is the preferred tool for users exploring Uniswap, thus it will be of value to fUNI as well.