Title
Universal Merchant
Author
Patrick McKelvy
tg: @pmckelvy1 (preferred)
Simple Summary
Universal is a wrapped asset protocol designed to enable trading for any token, on any chain. Think Circle for cryptoassets. (docs)
Anyone can use the Universal API to quote, mint, and burn uAssets.
However, becoming a Universal Merchant allows an actor direct access to mint and burn uAssets, putting them a step closer to the markets they’re making.
Reach out to the Universal team to learn more about becoming a Universal Merchant.
Motivation
- What unique value does your liquidity source bring?
- Universal assets allow users to access liquidity on any chain for any crypto asset available on Coinbase prime.
- How will it improve settlement quality?
- There are small liquidity pools of uAssets onchain, and protocols like Reserve Index DTFs adopting uAssets as collateral. Becoming a Universal merchant would enable a solver to better make markets for uAssets by giving them a more streamlined ability to mint and redeem uAssets.
- What trading pairs/assets are supported?
- The full list of uAssets can be found on the Universal website.
- Current trading volumes and liquidity depth
- There is about $15m in TVL across all uAssets (reserves dashboard).
- Many uAssets are being used in Reserve Index DTFs, where Reserve is actively working to grow TVL.
Technical Specification
Price Discovery
- How can solvers obtain price information?
- The simple way to obtain the price of minting a uAsset is to use the Universal
/quoteendpoint Integrate the Universal API | Universal Protocol - As a merchant, a solver could determine their own price based on the price of the underlying asset on Coinbase and the solver’s larger knowledge of the market.
- The simple way to obtain the price of minting a uAsset is to use the Universal
Settlement Interface
- Smart contract addresses
- All relevant Universal address can be found in the Universal Docs.
- Function signatures
- The Universal API docs have more information about how the Universal system works
- Merchants work behind the API to fill orders by depositing the underlying collateral with Universal at Coinbase Prime and receiving a signature that allows them to mint the associated uAsset.
Additional Information
- Security audits
- Known limitations
- Using the Universal API to mint and redeem uAssets can come with a 2-3 second delay. On Base, the orders are usually filled in the next 1-2 blocks.
- Merchants have quicker access to mint and redeem uAssets, because they are the ones fulfilling the orders.
- There is still a small non-atomic portion of the Merchant flow where Universal needs to confirm deposit of the underlying collateral into their Coinbase Prime account. This can take about 1 second or less.
- Future roadmap
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Contact Information
Official Universal Partnership Contacts
For any business partnership inquiries, please ensure that you are communicating only with the official Universal team members listed below:
0xGaut – Co-Founder
Email: gaut@universal.xyz
Telegram: @oxgaut
Twitter: @0xGaut
Austin – Co-Founder
Email: austin@universal.xyz
Telegram: @austindiamond
Twitter: @austinldiamond
Jun – Co-Founder
Email: jun@universal.xyz
Telegram: @queenAeropress
Twitter: @0xethcall
If you are contacted by anyone outside of these official channels, please verify before engaging.
- Technical support channels
- Discord: Universal Protocol