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.
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.
Uniswap initially intended to burn the unsold SOCKS after at least 100 days; however, they never went through with these plans. A coin is a digital asset that can be used as a medium of exchange. Coins are created and stored on distributed ledgers, such as blockchain networks, and are typically secured using cryptography. Cryptocurrencies, such as Bitcoin, Ethereum, Litecoin, and Ripple are some of the most popular coins available today. SOCKS reached an all time high (ATH) price of over $12,000 on Jan. 19, 2021.
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).
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.
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 what is unisocks 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.
The platform also offers customer support services in case any issues arise while trading or storing digital assets. Unisocks is using a similar concept, where they have minted only 500 SOCKS tokens, and every pair of socks represents one sock token. During the launch of uni socks, the price was around 55 USD but after two years it has reached almost USD 90k. A bonding curve shows the relationship between the supply and price of the asset. Bitcoin has a limited supply, so whenever any new user purchases the bitcoin, it needs to pay slightly more. Developers can also use bonding curves to incentivize early adopters.
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.
SOCKS’ bonding curve is pretty extreme since the 499th pair will cost 8,750 ETH, and the final pair will cost more than all the ETH in existence. It also innovated on digital receipt, proof of redemption, and token-gating mechanics that have since spread far and wide. We’ll see whether PleasrHouse ultimately sells enough NFTs to burn both digital SOCKS and physical Unisocks on Wednesday night.
While holders might be hesitant to burn their tokens to receive a nondurable good like a pair of socks, Uniswap incentivizes holders by sending them an NFT once they’ve redeemed SOCKS. Unisocks achieves a high risk analysis based on InvestorsObserver research. The proprietary system gauges how much a token can be manipulated by analyzing much money it took to shift its price over the last 24 hour period along with analysis of recent changes in volume and market cap.
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 https://cryptolisting.org/ 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.
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 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.
Unisocks is an innovative cryptocurrency exchange platform that allows users to buy and sell digital assets with ease. Unisocks provides users with access to over 100 different coins from top exchanges around the world. The platform also features advanced trading tools for experienced traders and beginners alike. Additionally, Unisocks offers low fees for transactions and secure storage of funds. With such a limited quantity of socks, Uniswap used a bonding curve to automatically boost the price with each new token sold.
