Markets News Report
January 29, 2024

Unibot Unveils UNISOL, Boosting Token Value with Solana Ecosystem Integration

Unibot Unveils UNISOL, Enhances Token Value Through Solana Ecosystem Integration

Web application for trading, Unibot (UNIBOT) announced its intention to launch a native token in the Solana ecosystem–UNISOL that will accumulate revenue in the form of Solana’s (SOL) tokens. The new token will provide value accumulation for holders of the original UNIBOT tokens based on the Ethereum (ETH) blockchain.

The decision to introduce the new token raised concerns among longstanding UNIBOT holders who feared potential dilution, speculating that traders might favour the newer token over the original. 

Consequently, a sell-off occurred in response to the news. However, earlier today, Unibot developers pointed out that UNISOL can potentially enhance UNIBOT’s value accrual, offering a prospect to mitigate recent losses. The news comes as traders incorporate new information into their assessments. 

The Unibot developers posted on social media platform X that the revenue sharing for protocol-generated revenue by Unibot on Solana is divided equally between two pools. 

“Pool #1: simply being a holder of $UNIBOT on Ethereum, no strings attached. You’ll link your Ethereum address, which holds $UNIBOT, to a Solana address that receives revenue in the form of SOL. Pool #2: holders of $UNISOL on Solana,” said in the official publication.

UNIBOT holders will obtain approximately 80% of the UNISOL supply through a snapshot and claim mechanism. According to developers, since its introduction in early January, the platform has garnered participation from over 20,000 users, resulting in a total volume exceeding $130 million, as reported on Monday.

Unibot Witnesses Steady Growth 

The Unibot platform facilitates the connection of user wallets to the decentralized exchange Uniswap, allowing users to engage in token trading with the same ease as they would communicate via the messaging applications Telegram or a terminal.

Unibot collaborated with trading data aggregators Jupiter Exchange and Birdeye to introduce Unibot on Solana in late December. Engineered for the Solana ecosystem, it automates trading strategies, taking advantage of Solana’s rapid transaction speeds and cost-effective execution. This design aims to improve users’ trading experience by utilizing Birdeye’s data aggregation capabilities.

Since the platform launched in May, it has accumulated 11,700 ETH in fees, with a portion directly distributed to token holders. The user base has exhibited steady growth, reaching 41,000 on Monday.

Recently, the platform generated $74,000 in fees across Solana and Ethereum, with a combined trading volume of $7.5 million. According to Dune Analytics, Unibot’s average daily trading volumes slightly exceed $5.5 million, demonstrating a considerable difference from the market-leading decentralized exchange, Uniswap, which boasts a daily volume of $900 million.

Unibot’s strategic moves in introducing UNISOL and fostering collaborative efforts, coupled with its steady growth and unique position in the Solana ecosystem, showcase its resilience and innovation within the evolving digital landscape.

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Alisa is a reporter for the Metaverse Post. She focuses on investments, AI, metaverse, and everything related to Web3. Alisa has a degree in Business of Art and expertise in Art & Tech. She has developed her passion for journalism through writing for VCs, notable crypto projects, and scientific writing. You can contact her at [email protected]

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Alisa Davidson
Alisa Davidson

Alisa is a reporter for the Metaverse Post. She focuses on investments, AI, metaverse, and everything related to Web3. Alisa has a degree in Business of Art and expertise in Art & Tech. She has developed her passion for journalism through writing for VCs, notable crypto projects, and scientific writing. You can contact her at [email protected]

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