ApeSwap Acquires UniTrade After Successful Governance Proposal

frens, UniTrade is officially acquired by ApeSwap. Interesting.

UniTrade's Sunset

If you've never heard of UniTrade, I'm honestly not surprised. It was the first DeFi platform to compete with UniSwap by adding the ability to do limit orders on a decentralized exchange. Back then, this was next level shit because we were just seeing the popularity of DEX's grow. There was no way to do anything other than a market sell or buy until UniTrade launched.

It launched on Ethereum's mainnet and didn't live for very long. If I remember correctly, it was around the end of September of 2020 and I was sure the token was going to the moon. By was I wrong, as usual lol. So of course I have been holding a small bag of TRADE tokens since the launch and they have literally just been sitting since Ethereum's fees went nuts for a while there.

So I did what I normally do with my small coins that have been sitting for a while and decided to randomly check if they had any news on Twitter. To my surprise, I saw that they had retweeted ApeSwap's announcement that they are acquiring the UniTrade protocol. They didn't really give too much of an explanation as to why they decided to do this, but ApeSwap had a community governance proposal that passed with 100% support to acquire "an existing DeFi protocol".

They did not specifically name UniTrade in the proposal to avoid any biased decisions. The proposal explained how the acquisition would be executed and what would happen if the proposal was passed. With 100% votes from the stakers, the proposal was passed and 1 day later, the announcement was made. UniTrade will be spending $250,000 out of it's protocol owned liquidity to purchase BANANA from the market and ApeSwap is spending $50,000 to buy BANANA from the market.

This $300,000 worth of BANANA tokens will be airdropped to all TRADE holders very soon. A snapshot of all TRADE abalances has already been taken, so holders are free to dump their tokens as they will receive the airdrop anyway. Unfortunately for me, I don't have a big enough bag to even swap them based on gas fees so I guess they'll just die in my wallet.

The UniTrade sunset will result in 887,453 BANANA tokens being airdropped to people that held TRADE at the time of the airdrop. The UniTrade app will cease operation and all social media will be redirected to ApeSwap. It's kinda bittersweet because I really wanted the protocol to succeed on its own. I guess at least I'll get a little airdrop though. However small it may be.

ApeSwap plans to use the UniTrade codebases for future features, but will not be maintaining the protocol after May 16th. According to the announcement the $300,000 BANANA buyback has already started and will take place over 10 days before the airdrop commences. It sounds like the airdrop will happen over the course of 30 days so there is a little bit of a vesting period.

With all that being said, I think it's a good thing for the TRADE holders anyway as there weren't really any new things coming. ApeSwap token holders will benefit from the buyback as well as I'm sure it will have a positive impact on the token's price. Or maybe not. Who knows.

RIP UniTrade.

Thanks for reading! Much love.

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