Unibot's Token Value Skyrockets Leveraging Solana Ecosystem

Jonathan Stoker Jan 29, 2024, 09:20am 54 views

Unibot's Token Value Skyrockets Leveraging Solana Ecosystem

Unibot's Expansion into the Solana Ecosystem

The trading application, Unibot, has recently announced plans to issue a native SolanaSolana$104 5.03% ecosystem token. This new development will provide value to the holders of the original EthereumEthereum$2,315 -2.42%-based UNIBOT tokens. This move initially received mixed reviews, leading to erratic price movements last week.

Unibot initially expanded into the Solana ecosystem in late December. However, it was only last week that the introduction of a UNISOL token was announced. This token is designed to accrue revenue in the form of Solana's SOL tokens. The decision sparked concerns among long-standing UNIBOT holders, who worried that the new token would dilute their holdings as traders might prefer the newer token over the older one. This led to a sell-off.

The Potential Benefit of UNISOL to UNIBOT's Value

Despite initial concerns, developers stated on Monday that UNISOL could potentially increase UNIBOT's value accrual. This new perspective helped mitigate some of the losses from the past few days as traders reassessed the situation with the new information. The Unibot platform enables users to connect their wallets to the decentralized exchange Uniswap. Users can then trade tokens as easily as they would send messages to each other using popular messaging applications like Telegram.

Unibot's Price Fluctuations

Over the recent period, UNIBOT's value has fluctuated, sliding from over $100 to as low as $48. The developers have also outlined a revenue sharing plan for protocol revenue generated by Unibot on Solana. This sharing is divided equally between two pools. The first pool benefits Ethereum holders of UNIBOT, while the second pool favors holders of UNISOL on Solana.

UNIBOT holders are expected to receive approximately 80% of the supply of UNISOL through a snapshot and claim mechanism. Since its launch in early January, the platform has gained over 20,000 users and reported more than $130m in total volume.

Unibot's Performance Since Launch

Unibot has amassed 11,700 ether (ETH) in fees since its launch in May, and a portion of these earnings have been paid directly to token holders. User growth has also seen a steady increase, reaching 41,000 on Monday compared to a little over 2,000 at the end of last June.

On a single day, the platform generated $74,000 in fees across Solana and Ethereum on $7.5 million in combined volumes. Currently, Unibot's average daily volumes stand just above $5.5 million, though this still falls significantly short of the $900 million daily on the market-leading DEX Uniswap. In spite of this, UNIBOT prices have risen by 21% in the past 24 hours, according to DEXTools data.

Edited by Jonathan Stoker

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