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.
Furthermore, it can also be used to redeem the pair of socks that the token represents. Unlike other NFTs in the decentralized finance (DeFi) space, $SOCKS follows a “bonding curve” model governing its price, which enables the early adopters to earn more in profit than the late majorities. This is because when there are more tokens bought and brought to the supply, its value increases accordingly. Imagine selling a pair of socks at a price of USD 90k, well, that is quite astonishing.
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Users can freely trade SOCKS on Uniswap or redeem them to receive the physical pair of socks. InvestorsObserver analysis gives Unisocks a high risk assessment. Low values representing high risk while high scores equate to low risk based on a 0 to 100 range. Unisocks receives a high risk rating from InvestorsObserver analysis. The proprietary scoring system analyzes how much money was required to move the price over the past 24 hours.
In short, bonding curves allow for a token’s price to be a function of its supply. Every time a token is bought, the following tokens’ price increases at a rate specified by the curve. On May 9, 2019, at the Fluidity Summit in New York City, Uniswap announced Unisocks, a limited edition pair of socks utilizing a bonding curve as its pricing mechanism. To facilitate ease of trading, Uniswap created SOCKS, an ERC-20 token representing a pair of Unisocks.
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 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.
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.
Furthermore, it is designed to increase in value every time a token is purchased. To turn their tokens into socks, Unisock holders must redeem their tokens, taking them out of circulation. According to Unisocks’ website, there are currently only 315 SOCKS tokens left out of 500 in circulation, so 185 crypto enthusiasts have already redeemed their pretty expensive footwear. Those interested in getting exposure to SOCKS, but don’t necessarily want to buy one full SOCK, can purchase via DEXes with SOCKS liquidity pools.
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.
So now the price is token A is 0.22 token B whereas earlier it was around 0.1 token B. So this is how the price exponentially increases when more and more tokens are purchased. While Unisocks may have initially been released as an experimental project, they have inspired many others over the past few years. Marketplaces like Zora, Foundation, and Saint Fame DAO, have used bonding curves to price scarce physical goods and objects. When a SOCKS holder wants to redeem their token for a physical pair of Unisocks, the token is burned, reducing the number in circulation.
The first token sold for just $12, but as of now, a SOCKS token sells for about $42,400 worth of ETH. Over the years, Unisocks have become a physical-meets-digital status symbol for DeFi degens. On Tuesday night, the group will kick off a 24-hour PleasrHouse auction around Unisocks, a historic project from leading decentralized exchange (DEX) Uniswap. Created in 2019, Uniswap launched 500 https://cryptolisting.org/ SOCKS tokens on Ethereum, and promised buyers that they could “burn” (or permanently destroy) a token in exchange for the physical socks. For example, imagine there is a pool of token A which has 100 tokens in a reserve, and token B which has 10 tokens in reserve. Imagine A seller A comes and buys the 10 Tokens A for 1 Token B, the supply at the Pool is now 90 Tokens A and 20 tokens B.
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 what is unisocks 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.
As Decrypt reported, Ethereum-based, non-fungible tokens CryptoPunks are also selling for outrageous sums of money, with the latest pixelated picture of a male “punk” being auctioned off for 78 ETH (roughly $150,000). This means that the market capitalization of SOCKS peaked at around $28 million at the time. The original idea was that they are “backed” by the same amount of physical, limited-edition pairs of socks. Memes are the new money,” tweeted Meltem Demirors, chief strategy officer at Coinshares, on Tuesday. It will be interesting to watch how projects experiment with bonding curves and how high SOCKS’ price can go.
