No part of the content we provide constitutes financial advice on coin prices, legal advice, or any other form of advice meant for you to rely on for any purpose. Any use or reliance on our content is solely at your own risk and discretion. And if all 2,000 Uniblocks NFTs are sold, PleasrHouse will then physically burn three pairs of Unisocks on the stream—with a flamethrower. One pair will come from Adams’ own feet, and the collective ashes will apparently be used to create the wearable for Uniblocks buyers. Unisocks are unique dynamically priced NFT socks backed by actual socks. But for its next trick, PleasrDAO plans to burn socks… in both token and physical form.
- However the end goal of shifting the borders of DeFi applications is very serious indeed, much like the MEME token that transformed the world of art and NFTs last year did.
- Doing so will redeem the fungible token for the physical Unisocks, as well as a commemorative NFT (or non-fungible token).
- Notably, the surge coincided with Uniswap itself becoming the first DeFi trading platform to generate over $100 billion in volume.
- Users can freely trade SOCKS on Uniswap or redeem them to receive the physical pair of socks.
- The gauge is between 0 and 100 with lower scores equating to higher risk while higher values represent lower risk.
The very first SOCKS token was listed for $12, but the price of each subsequent sale has been increasing according to a dynamic curve since then. On top of price speculation, people purchase SOCKS believing they will be an important part of internet culture. When Uniswap released their governance token UNI, they even allocated 220,000 UNI to SOCKS holders and redeemers. Uniswap distributed 1000 UNI to each address that previously redeemed or held a SOCKS token at the snapshot date. Assets with the largest change in unique page views on CoinStats in the last 24 hours. This website is using a security service to protect itself from online attacks.
Unisocks Price Chart (SOCKS)
After at least 100 days, all remaining liquidity will be removed and the SOCKS tokens that are left will be burned. The Unisocks project was launched by the Uniswap team, and first brought to the limelight during the Fluidity Summit in New York City on May 9, 2019. In keeping with the zany and envelope-pushing nature of DeFi in 2020, the Unisocks project may seem completely absurd at first glance and a game between DeFi degens. However the end goal of shifting what is unisocks the borders of DeFi applications is very serious indeed, much like the MEME token that transformed the world of art and NFTs last year did. “Uniswap just became the first decentralized trading platform to process over $100b in volume – an exciting milestone for DeFi,” Uniswap’s founder Hayden Adams tweeted on February 16. Notably, the surge coincided with Uniswap itself becoming the first DeFi trading platform to generate over $100 billion in volume.
Back in 2019 Uniswap, launched an exchange, where the users can trade SOCKS ERC20 tokens and redeem them for the real pair of socks. Instead of keeping the price fixed, they are using exciting mathematical formulas and components like the bonding curve. Instead of selling SOCKS at a fixed price and allowing the secondary market to determine their value, Uniswap chose to utilize a bonding curve for a dynamic pricing mechanism.
Additionally, PieDAO’s recently released PLAY index contains SOCKS as one of its 14 assets. Among all the assets available on CoinStats, these have the most similar market capitalization to Unisocks. Whether you’re looking to trade or just want to learn more about cryptocurrencies, Unisocks is the perfect place to start your journey into the world of digital assets.
The gauge is between 0 and 100 with lower scores equating to higher risk while higher values represent lower risk. First, the model allows for the initial minting and purchase of the token based on a price determined within the smart contract. Then, the supply of the token will dictate how the token will be valued later on. Each Uniblocks NFT will sell for 0.1 ETH, or about $180 at present. For each 666 Uniblocks NFTs sold, PleasrHouse will burn one of three SOCKS tokens it acquired specifically for the event.
Users have already made alternative Uniswap pools, including DAI/SOCKS and USDC/SOCKS. Because of the permissionless nature of DeFi, anyone can take it a step further https://cryptolisting.org/ and use SOCKS across other DeFi protocols. Unisocks also provides educational resources to help users learn more about cryptocurrencies and how to safely store them.
Is Unisocks (SOCKS) a Good Investment Friday?
Doing so will redeem the fungible token for the physical Unisocks, as well as a commemorative NFT (or non-fungible token). Complete cryptocurrency market coverage with live coin prices, charts and crypto market cap featuring coins on 750 exchanges. There were about 500 SOCKS tokens created and locked into Uniswap’s liquidity pool with 35 ETH, which created this initial upwards price curve for SOCKS. Dean Eigenmann, a security researcher and co-founder of the blockchain governance startup Harbour and decentralized exchange platform Dexy, performed a quick review of the Unisocks platform before it was launched. Because SOCKS are ERC-20 tokens, they can be used like any other ERC-20 token on Ethereum. Uniswap created an initial liquidity pool of 500 SOCKS and 35 ETH to facilitate trading; however, anyone can make a pool with SOCKS.
The metric looks at recent changes in volume and market cap to evaluate how much a token can be manipulated by limited trading. The score ranges from 0 to 100, with low scores representing high risk and high values equating to low risk. The price of Unisocks (SOCKS) has reached a new all-time high of over $92,000. These digital socks are “memeful” crypto tokens issued by decentralized exchange Uniswap (UNI).
Understanding Unisocks : How unisocks works?
In any case, the campaign may turn newer generations of Web3 users onto the influential and high-value Unisocks, which predate more recent apparel brand moves and tokenized fashion drops by years. If you know about Decentralised Exchanges, you must have heard about the Pools, these pools are nothing but consist of liquidity of two tokens. Unisocks used a similar pool concept in which they built a Pool of 35 Ethereum Paired with the 500 SOCKS token. Any user who is interested to purchase SOCKS tokens from the eth can use that pool.
Uniswap warns that Unisocks is one of the experimental projects on the protocol, which means that it’s very risky to invest in. Every time a SOCKS is purchased, its value increases, which is what is referred to as the “bonding curve” model. Unisocks is an “experimental” non-fungible token (NFT) listed on the Uniswap exchange, which represents a real pair of limited edition and dynamically priced socks that users can purchase from anywhere in the world. Holders of $SOCKS can sell them through the Unisocks platform anytime they want.
Uniswap initially minted 500 SOCKS and deposited them into a liquidity pool with 35 ETH. Since its inception, 185 SOCKS have been burnt and taken out of circulation. Today, out of the 315 SOCKS still in circulation, only 14 remain in the liquidity pool.