UNIBOT, a popular trading application, is gearing up to launch a new native token within the Solana ecosystem, UNISOL. This initiative is designed to return value to the holders of the original UNIBOT tokens based on the Ethereum blockchain. This move was initially received with skepticism and stirred up some volatile market reactions last week.
After expanding to the Solana ecosystem in late December, Unibot announced the introduction of the UNISOL token, which will accrue revenue in Solana’s SOL tokens. This decision sparked concern among long-standing UNIBOT holders, who worried about the potential dilution of their holdings. The fear was that traders might lean towards the newer UNISOL token, overshadowing the older Ethereum-based UNIBOT. This led to a significant sell-off in the market.
However, in a reassuring turn of events, developers announced early Monday that UNISOL could potentially enhance the value accrual for UNIBOT, helping to recover some of the recent losses. This announcement comes as traders digest the new developments. The Unibot platform facilitates an easy connection between user wallets and the decentralized exchange Uniswap. It allows users to trade tokens with the same ease as sending messages on popular apps like Telegram.
Developers explained the revenue-sharing model: “50% of protocol revenue generated by Unibot on Solana is split between two pools. Pool #1 benefits holders of UNIBOT on Ethereum, with no conditions attached. These holders can link their Ethereum address to a Solana address to receive revenue in SOL. Pool #2 is for holders of UNISOL on Solana.” Additionally, UNIBOT holders are set to receive about 80% of UNISOL’s supply through a snapshot and claim mechanism. Since its launch in early January, the platform has attracted over 20,000 users and generated over $130 million in total volume.
On-chain data reveals that since Unibot went live in May, it has amassed 11,700 ether (ETH) in fees, with a portion of these fees directly paid to token holders. The user base has also seen significant growth, reaching 41,000 users as of Monday, a considerable increase from just over 2,000 at the end of last June. On Sunday alone, Unibot generated $74,000 in fees across Solana and Ethereum, with $7.5 million in combined trading volumes.
According to Dune Analytics, Unibot’s average daily volumes are around $5.5 million, which, while substantial, still trail behind the market-leading DEX Uniswap’s daily volumes of $900 million.
This development in the cryptocurrency market highlights Unibot’s innovative approach to integrating new blockchain technologies and the growing interest in decentralized finance among traders.
