How Does the Degen Protocol Differ from UniMex?

Margin trading has been a big part of the trading experience of countless crypto traders. Many people who have been a part of the crypto sector for a long time now find regular crypto trading to be relatively boring and repetitive. Since they have become experts, even the volatile and extremely risky crypto industry has lost its charm and excitement.

Fortunately, margin trading allowed these traders to increase the risk even further, and have more to gain, or suffer great losses if they lose. While it might sound strange, this need for risk has been driving the gambling industry for millennia, so why not is crypto trading with leverage also?

The only problem was that users could not do it in a decentralized way, even though decentralized finance exploded last year. Things finally changed with the arrival of two protocols — UniMex and Degen. However, while they pretty much offer the same thing, they do not do it in the same way.

How Do Degen and UniMex Differ?

Since both protocols have the same functions, they arrived at the same time, and they share the ecosystem, the fact that they don’t work in the same way is likely confusing to a lot of people. However, the fact that they do is still entirely true, although only due to one key difference and that is the fact that Degen offers users the ability to customize pretty much any aspect of it.

To understand this, users first need to know how Degen’s margin trading works. Basically, it relies on bi-pools to create trading pairs. The important part is that anyone — yes, literally anyone — can become a pool creator and start creating bi-pools.

In addition to that, they can customize any of the pools’ settings entirely, including the creator fee, the lenders’ fee, what leverage will be supported, pool max utilization, the lenders’ day interest, and more.

This is the biggest difference between the two, which UniMex recently pointed out itself, possibly for educational purposes, or maybe just to remind users that they can have a very different experience with Degen if they decide to go down that way.

Like #Unimex, #Degen will be a decentralised margin trading protocol…with a key difference:
ANYONE can create a margin trading bi-pool for ANY PAIR they choose!
Each will be completely customizable (creator & lenders fee, max leverage etc) which anyone can start trading on! pic.twitter.com/9X8hPFku1L

— unimex (@unimex_network) June 12, 2021

Of course, pool creators are only one of the roles that Degen protocol can offer to its participants and community. There are three other major roles, making up the big four, in total. Each is crucial for the project to work as efficiently as it does, so it pays to learn about them and discover new ways to participate in its ecosystem.

And, like UniMex, Degen is also present on Ethereum’s network, as well as on Binance Smart Chain, so it doesn’t matter which one you prefer — the project is ready and waiting on it, although with slight differences when compared to the other.