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Unibot Boosts Token Value With Solana Ecosystem Draw
UNIBOT holders are set to receive some 80% of the supply of Solana-based UNISOL through a snapshot and claim mechanism.
Updated Mar 8, 2024, 8:35 p.m. Published Jan 29, 2024, 7:00 a.m.
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Trading application Unibot will issue a native Solana ecosystem token that accrues value back to holders of the original Ethereum-based UNIBOT tokens, a move that initially met with criticism and caused volatile price action last week.
Unibot expanded to the Solana ecosystem in late December but said last week it would introduce a UNISOL token that accrued revenue in the form of Solana’s SOL tokens. The decision created concerns among long-time UNIBOT holders, who feared dilution as traders would be inclined to choose the newer token in favor of the older one. A sell-off ensued.
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But developers said early Monday that UNISOL could ultimately boost UNIBOT’s value accrual, helping ease some losses from the past few days as traders priced in new information. The Unibot platform connects user wallets to the decentralized exchange Uniswap and lets them punt on tokens just as easily as they would send messages to each other on the popular messaging app by using the messaging application Telegram or a terminal.
“The revenue sharing for protocol revenue generated by @UnibotOnSolana is split 50/50 between two pools,” developers posted on X. “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.”
UNIBOT holders are set to receive some 80% of the supply of UNISOL through a snapshot and claim mechanism. Since its early January launch, over 20,000 users have generated more than $130m in total volume, developers claimed Monday.
//ANNOUNCEMENT
— Unibot (@TeamUnibot) January 28, 2024
We'd like to clear the confusion around the path forward.
The revenue sharing for protocol revenue generated by @UnibotOnSolana is split 50/50 between two pools, described as follows.
Pool #1: simply being a holder of $UNIBOT on Ethereum, no strings attached.… pic.twitter.com/vqEVVhG1FI
On-chain data shows Unibot has garnered 11,700 ether in fees since the platform went live in May, paying out a portion of this straight to token holders. Users have also steadily increased, reaching 41,000 on Monday compared to just over 2,000 at the end of last June.
On Sunday alone, the platform generated $74,000 in fees across Solana and Ethereum on $7.5 million in combined volumes.
Per Dune Analytics, Unibot's average daily volumes are just above $5.5 million, a long way from the $900 million daily on the market-leading DEX Uniswap.
UNIBOT prices are up 21% in the past 24 hours, DEXTools data shows.
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