The popular trading application UniBot is preparing to launch a Solana ecosystem-based token, UNISOL, to restore value to the owners of the original Ethereum-based UNIBOT token, which caused variable price movements last week due to initial criticism.
UniBot’s UNISOL Move
UniBot made a significant impact with its expansion into the Solana ecosystem at the end of December 2023. Following this expansion, it was announced last week that a UNISOL token, which would accrue income in the form of Solana’s SOL token, would be introduced. This decision caused concern among long-term UNIBOT investors, who feared that the old token’s price would fall as investors might prefer the new token, leading to selling pressure on the altcoin.
Developers stated in the early hours of the day that UNISOL could ultimately increase the price of the UNIBOT token and help mitigate some of the recent losses as investors price in the new development. As is known, UniBot allows users to connect their wallets to the decentralized exchange Uniswap and buy and sell tokens as easily as sending messages to each other on the popular messaging application Telegram or through a terminal.
In a statement regarding the new token issuance, Unibot developers announced from the platform’s official X account that “The protocol revenue generated by Unibot on Solana will be split 50/50 between two pools. Pool 1 was created for UNIBOT token holders on Ethereum without any conditions. You need to link your Ethereum wallet address holding UNIBOT to a Solana wallet address that earns income in the form of SOL. Pool 2 was created solely for UNISOL holders on Solana.”
UNIBOT holders are preparing to receive about 80% of the UNISOL supply through a snapshot and claim mechanism. Developers reported that since the launch at the beginning of this month, over 20,000 users have generated more than $130 million in volume.
Usage of the UniBot Platform is Increasing
On-chain data shows that since its launch in May, the UniBot platform has generated 11,700 Ether (ETH) in transaction fee revenue and has paid a portion of this directly to token holders. The number of platform users has also steadily increased, from just over 2,000 at the end of June last year to 41,000 early today.
On January 28 alone, the platform generated $74,000 in transaction fee revenue from a combined volume of $7.5 million across Solana and Ethereum. According to Dune Analytics, UniBot’s average daily volume is just over $5.5 million, which is far from the daily $900 million in transaction fee revenue of the market-leading decentralized exchange Uniswap.
The latest data shows that UNIBOT has surged over 40% in the last 24 hours following recent developments. After this rise, the altcoin has slightly pulled back and is currently trading at $61.29, up 20.02%.
