Frequently Asked Questions

1. What is Illiquids?

Illiquids is a decentralized platform built on Ethereum that allows users to buy and sell locked liquidity provider (LP) tokens, specifically UNI-V2 LP tokens. The platform creates a secondary market for these locked assets, enabling users to unlock liquidity and gain flexibility with their DeFi investments.

2. What are locked LP tokens?

Locked LP tokens represent liquidity that users have provided to decentralized exchanges (DEXs) like Uniswap. These tokens are often locked in a smart contract for a specific duration, preventing users from accessing or trading them until the lock period ends. Illiquids allows users to trade these tokens even while they are locked.

3. How does Illiquids work?

Illiquids operates through smart contracts on the Ethereum blockchain. Users connect their Ethereum wallet, list their locked UNI-V2 LP tokens, and set a price in QUIDS or ETH. Buyers can browse listings and purchase tokens through a secure and transparent transaction process facilitated by smart contracts.

4. What is QUIDS, and what is its purpose?

QUIDS is the native token of the Illiquids platform. It is used for payments, governance, staking, and rewards. Users can receive payments in QUIDS when selling locked LP tokens, participate in governance by voting on platform changes, and stake QUIDS to earn rewards and access premium features.

5. How do I list my locked LP tokens for sale?

To list your locked LP tokens on Illiquids:

1. Connect your Ethereum wallet to the platform.

2. Select your locked LP tokens from supported platforms such as UNCX.network or team.finance.

3. Set your desired price and choose your preferred payment method (QUIDS or ETH).

4. After verification, your tokens will be listed on the marketplace for buyers to see.

6. Can I buy locked LP tokens on Illiquids?

Yes, buyers can browse the marketplace on Illiquids to find and purchase locked LP tokens. Once a purchase is initiated, the smart contract facilitates the secure transfer of ownership while ensuring the seller receives payment in QUIDS or ETH, minus the platform fee.

7. Is Illiquids safe to use?

Yes, Illiquids prioritizes security. All smart contracts are thoroughly audited by third-party firms to ensure there are no vulnerabilities. The platform also operates in a non-custodial manner, meaning users retain control over their assets at all times. Secure wallet integration and ongoing security assessments further enhance the safety of transactions.

8. What is the fee structure on Illiquids?

Illiquids charges a 5% fee on every successful transaction. This fee is deducted from the seller's proceeds and is allocated to platform development, marketing, liquidity pools, operational costs, and a reserve fund. This structure ensures the sustainability and growth of the platform.

9. Which wallets can I use with Illiquids?

Illiquids supports popular Ethereum wallets like MetaMask, allowing users to securely connect their wallets to the platform for listing and trading LP tokens.

10. Is Illiquids decentralized?

Yes, Illiquids operates as a fully decentralized platform. All transactions are governed by smart contracts on Ethereum, and the platform uses a decentralized governance model. QUIDS token holders can vote on important decisions such as platform upgrades and fee adjustments.

11. What platforms are supported for locked LP tokens?

Illiquids currently supports LP tokens locked on platforms like UNCX.network and team.finance. The platform plans to expand its support to other LP locking platforms in the future.

12. Can I stake QUIDS tokens?

Yes, QUIDS holders can stake their tokens to earn rewards and unlock premium features on the Illiquids platform. Staking also allows users to participate more actively in the ecosystem and governance processes.

13. How does the governance system work?

Illiquids employs a decentralized governance model where QUIDS holders can submit and vote on proposals that impact the platform. These proposals can range from fee structure changes to new feature implementations. Voting power is proportional to the number of QUIDS tokens a user holds.

14. How can I get QUIDS tokens?

QUIDS tokens can be acquired through participating in the platform’s initial token sale, purchasing them on decentralized exchanges (DEXs), or earning them as payment when selling locked LP tokens on the Illiquids marketplace.

15. Is there a burn mechanism for QUIDS tokens?

Yes, Illiquids incorporates a burn mechanism. A portion of the platform fees collected in QUIDS may be burned to reduce the overall token supply, increasing the scarcity and long-term value of the QUIDS token.

16. What future developments can we expect from Illiquids?

Illiquids has a comprehensive roadmap, including the introduction of staking and governance features, further integrations with LP locking platforms, expanded token utility, and marketing campaigns to drive user growth. The platform is continually evolving based on community feedback and governance proposals.

17. How can I participate in the Illiquids community?

You can participate by holding QUIDS tokens, voting in governance decisions, staking tokens, or engaging with the community on official platforms such as the Illiquids website, social media channels, and DeFi forums.