During the last quarter of 2020, I was deep trying to get to grips with the world of DeFi, particularly in the Ethereum world. One particular issue that stood out to me, the human factor. Many markets in crypto are driven by greed and unsavory characters. This results in bad outcomes, I've seen and experienced markets that crash after hours as well as social media manipulation on a large scale.

I believe that these factors combined with the high cost of entry, knowledge, and money, are some of the reasons that crypto is, in a word, niche.

Unibar's aim is to close the knowledge gap, the people gap making it less opaque, simpler, and safer. Through open-source API tooling, a web app whilst building upon Hedera's network for speed, cost, and scalability.

What it does

Unibar is an API first service to empower developers and product teams to easily create gasless DeFi experiences. It provides a number of inbuilt features such as single-click sign-on using metamask, on the frontend, but any crypto library can be utilized for authentication. The system encrypts all private keys and adds assurances (others are planned) for the transfer of value through an escrow pooling mechanism. The postman docs go into detail about the endpoints with responses we are using and have built.

The web frontend is simply a wrapper of the API with the metamask interaction, in addition to some carefully picked tailwind design components.

How we built it

We settled on a base of NextJs, Prisma (SQlite / Postgres), tailwind and React. Naturally using HTS.

The core idea in mind was using HTS and generating active accounts that continually transfer value. All minting of tokens uses HTS, processes around boosting the network effects for hedera.

Our core DeFi primitive "pools" create "liquidity provider" token that is sent back to a deposited account and can be used as a "ticket" to return an original stake.

Challenges we ran into

Time is always a challenge, when first conceived of Unibar in late December my expectation was to get something out by end of Q1. This challenge accelerated this target, into something that was border-line unrealistic.

I budgeted 100-120 hours over 3 weeks, I've done a lot more than that. 😅

Getting to grips with the current limits of HTS and throttling, communicating with the team.

Accomplishments that we're proud of

Getting the project over the line, getting it to a point that it has a good API and a nice webapp client. It felt good to push hard and complete it.

What we learned

Every software project will take longer than planned and there is always technology to learn, this was no different. With that said learning to use tailwind and writing more typescript is something which I had wanted to continue.

The biggest takeaway I've felt that my social media presence around Unibar and Trust Enterprises has been on point, dare I say it possibly uncovering market fit.

What's next for UNIBAR by Trust Enterprises.

Q1 Business development, funding conversations, and team exploration

Q1 Development of asset swap for HBAR and initial fee structure.

Q1 Partnerships with Hedera ecosystem members.

Q1 Finalise API implementation for customized tokens (FT, NFT, dNFT) and innovative pooling mechanism

Q1/Q2 Purpose and design of UNIBAR token, discussions with community.

Q2 Introduce safe-tech investment measures for compliance and KYC.

Q2 Development of programmable DeFi primitives: farm, yield and tax.

Q2 Development and audit of HTS synthetic Ethereum smart contract bridge using HCS

Q2/Q3 Design/architecture for scale, security audit, and throughput tests.

Q3 Unibar v1 for production (August/September)

Q3/Q4 Referral system with binance-like benefits lower transaction costs.

Q4 2021 (Dec / Jan) UNIBAR strategic airdrop. (UNISWAP / 1INCH inspired)

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posted an update


Added a small fix to #UNIBAR to give #chrome users a little love, there was an issue inputting the token value for the "swap" modal.

Next on the list is to update the "claiming" mechanic, with some bug fixes and adding a slider to represent the percentage of returns.

This ties into having a "non-tradable" token, in other words, a token that can only be owned through the claiming of a receipt.

This #DeFi primitive extends pools to make them globally claimable for any entity. In my head, I'm thinking of a use case for possibly deferring taxable triggers. A user can earn a receipt and then claim when they are ready, as receipts have no value.

As always, keep playing and remember to vote #UNIBAR

I'm certainly going to add an easier method to get feedback my way, likely Typeform.

Finally don't forget to sign up to receive a dynamic #NFT for #UNIBAR early designs and sketches.

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