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CDS Crypto News Solana Ecosystem Attracts Token Value Surge Thanks to Unibot

Crypto News

Solana Ecosystem Attracts Token Value Surge Thanks to Unibot

Through a snapshot and claim mechanism, UNIBOT holders are poised to obtain approximately 80% of the total supply of UNISOL, the token native to the Solana ecosystem.

sevval29/01/20241 Mins read156

Unibot, a popular trading application, recently announced the issuance of a native token within the Solana ecosystem, designed to enhance value accrual for holders of the original Ethereum-based UNIBOT tokens. While this move initially faced backlash and triggered volatile price fluctuations last week, developers have since clarified its potential benefits, leading to a more optimistic outlook among investors.

Solana Ecosystem Attracts Token Value Surge Thanks to Unibot

Having expanded its operations to the Solana ecosystem in late December, Unibot revealed plans to introduce a new token called UNISOL, which would generate revenue in the form of Solana’s SOL tokens. However, this decision raised concerns among long-standing UNIBOT holders, who feared dilution of their holdings as traders gravitated towards the newer token. Consequently, a sell-off ensued.

In response to the community’s apprehensions, developers reassured investors on Monday, highlighting the potential for UNISOL to enhance value accrual for UNIBOT holders in the long run. The Unibot platform facilitates seamless trading on the decentralized exchange Uniswap, akin to sending messages via the popular messaging app Telegram or a terminal, by connecting user wallets.

According to developers, the revenue sharing mechanism for protocol-generated revenue from Unibot on Solana operates through two pools. The first pool allocates revenue to holders of UNIBOT on Ethereum, whereas the second pool benefits holders of UNISOL on Solana. UNIBOT holders are slated to receive approximately 80% of the UNISOL supply through a snapshot and claim mechanism.

Since its launch in early January, Unibot boasts an impressive user base of over 20,000 individuals, generating a total volume exceeding $130 million. On-chain data underscores Unibot’s robust performance, with 11,700 ether (ETH) in fees collected since its inception in May. Notably, a portion of these fees is distributed directly to token holders. User adoption has steadily increased, reaching 41,000 on Monday compared to just over 2,000 at the end of last June.