The trading application Unibot is making significant strides by issuing a native Solana ecosystem token, aimed at enhancing value for holders of its original Ethereum-based UNIBOT tokens. This move, which initially sparked criticism and led to volatile market responses last week, marks a pivotal moment in the platform’s expansion.
Unibot’s venture into the Solana ecosystem began in late December. However, it was the recent announcement of introducing a UNISOL token, accruing revenue in Solana’s SOL tokens, that raised concerns among existing UNIBOT token holders. They feared potential dilution as traders might favor the new token over the existing one, leading to a brief sell-off.
Addressing these concerns, Unibot developers clarified early Monday that the introduction of UNISOL could, in fact, enhance the value accrual of UNIBOT, potentially reversing some of the recent losses. This development could be pivotal for traders in South Africa. Unibot, known for connecting user wallets to the decentralized exchange Uniswap, facilitates token trading with ease, akin to sending messages on popular apps like Telegram.
Developers elaborated on the revenue-sharing model, stating that 50% of the protocol revenue generated by Unibot on Solana would be divided between two pools. The first pool rewards holders of $UNIBOT on Ethereum with no extra conditions. Users can link their Ethereum address holding $UNIBOT to a Solana address to receive revenue in SOL. The second pool benefits holders of $UNISOL on Solana.
A significant aspect for UNIBOT holders is the allocation of approximately 80% of the UNISOL supply through a snapshot and claim mechanism. Since its January launch, Unibot has attracted over 20,000 users, generating more than $130 million (approximately R2.44 billion) in total volume. The platform has accumulated 11,700 ether (ETH) in fees since its inception in May, directly paying a portion to token holders. User numbers have surged, reaching 41,000 compared to just over 2,000 at the end of last June.
On Sunday, the platform reported $74,000 (approximately R1.39 million) in fees on $7.5 million (approximately R140.7 million) in combined volumes across Solana and Ethereum. According to Dune Analytics, Unibot’s daily volumes average around $5.5 million (approximately R103.18 million). Despite being significantly lower than the market-leading DEX Uniswap’s $900 million (approximately R16.88 billion) daily volume, this marks considerable growth.
Reflecting the positive market response, UNIBOT prices have climbed by 21% in the past 24 hours, as per DEXTools data, signaling a growing interest among South African traders and investors in this dynamic crypto ecosystem.
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