Unisocks Wallet App SOCKS Wallet for Desktop and Mobile

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. The information contained on this website is not necessarily provided in real-time nor is it necessarily accurate. Please see our disclaimer page to find out how often we update information on the website.

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. 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. 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.

Thus, a nascent marketplace for SOCKS has sprung up. Please also note that data relating to the above-mentioned cryptocurrency presented here are based on third party sources. They are presented to you on an “as is” basis and for informational purposes only, without representation or warranty of any kind.

This — along with the new “automated market maker mechanism” that Uniswap uses — was meant to be something of a proof of concept for how such a marketplace could work. 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. 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. Unlike other NFTs in the decentralized finance space, $SOCKS follows a “bonding curve” model governing its price, which enables the early adopters to earn more in profit than the late majorities.

Unisocks Explained

Select your Ethereum as the payment and select the Unisocks as the coin you want to acquire. Connect your Metamask wallet to the DEX you want to use by using your wallet address from Step 2. There are several DEXs to choose from; you just have to make sure the wallet you selected in Step 2 is supported by the exchange. For example, if you use Metamask wallet, you can go to 1inch to make the transaction. There are several crypto wallets to choose from within the Ethereum network and Metamask appears to be the most integrated.

Unisocks ($SOCKS) are tokens that entitle you to 1 real pair of limited edition socks, shipped anywhere in the world. 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. Imagine selling a pair of socks at a price of USD 90k, well, that is quite astonishing. Back in 2019 Uniswap, launched an exchange, where the users can trade SOCKS ERC20 tokens and redeem them for the real pair of socks.

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 and use SOCKS across other DeFi protocols. If you would like to know where to buy Unisocks at the current https://cryptolisting.org/ rate, the top cryptocurrency exchange for trading in Unisocks stock is currently Uniswap . You can purchase your SOCKS and exchange it for other coins straight from your Unisocks wallet on Atomic, which ensures your crypto is securely encrypted and controlled by only you.

The price of Unisocks tokens has reached an all-time high of over $92,000. 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 what is unisocks 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. So now the price is token A is 0.22 token B whereas earlier it was around 0.1 token B.

Popularity is based on the relative market cap of assets. The percent change in trading volume for this asset compared to 1 hour ago. Austin is a DeFi enthusiast based out of San Francisco, CA. In additional to his day job, he currently writes a daily newsletter called Bacon, Eggs, and DeFi and researches DEXes.

Who Are the Founders of Unisocks?

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. 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.

So this is how the price exponentially increases when more and more tokens are purchased. Our Website is a financial data and news portal, discussion forum, and content aggregator, so cannot substitute for professional advice and independent verification. Our Content is intended to be used and should be used for informational purposes only. It is crucial to do your own research before making any investment.

FAQs about Unisocks

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• CryptoPredictions.com is a trusted brand providing one of the most accurate cryptocurrency price predictions on the market.
• Low values representing high risk while high scores equate to low risk based on a 0 to 100 range.
• It follows the ERC-721 token standard for Ethereum-based NFTs.
• All content on this page is used for informational purposes only.

SwapSpace project aims to provide a full spectrum of information for the exchange options. Only trustworthy partners and attention to the customers. The graph below shows the sales of all the 50 SOCK tokens and their ETH sale values. No, we did not mean “stock market.” Source Crypto winter is over, and the pace of innovation in the blockchain space is accelerating.

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. At the end of January, Unisocks were trading at around $12,625. But their price skyrocketed up to over $92,000 on February 16.

How high can the Unisocks price go?

Keep in mind that we may receive commissions when you click on some links on our site. However, this does not impact our reviews and comparisons. We try our best to keep things fair and balanced, in order to help you make informed decision. Unisocks runs on top of the Ethereum blockchain, just like its parent platform, Uniswap.

And it wasn’t even backed by a real, physical punk’s head. Selling for outrageous sums of money, with the latest pixelated picture of a male “punk” being auctioned off for 78 ETH (roughly $150,000). On top of price speculation, people purchase SOCKS believing they will be an important part of internet culture.

Where Can You Buy Unisocks ($SOCKS)?

It follows the ERC-721 token standard for Ethereum-based NFTs. This means that Unisocks’ security rests on the second-largest blockchain network, Ethereum, which currently uses a dual PoW and PoS consensus mechanism. 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 of the token will dictate how the token will be valued later on. If the token supply increases, the price increases consequently.

Our analysis found that there were some very performant SOCKS traders and others that did not trade so well. Investing in Unisocks, SOCKS will purely depend on your personal risk appetite. As you can see over the past 24 hours Unisocks’s price has witnessed a -3.34% decrease and over the past 30 days Unisocks has increased by 14.90%. So it all depends on if this investment will hit your trading goals.

The earliest trading data for Unisocks is on April of 2020 . All images, branding and wording is copyright of Unisocks. All content on this page is used for informational purposes only. CryptoSlate has no affiliation or relationship with the coins, projects or people mentioned on this page. Data is provided by CoinMarketCap, Coinpaprika and TradingView. The company said that the acquisition of Genie, the first NFT marketplace aggregator, will enable it to integrate NFTs into its own products and enable users to buy and sell NFTs through Uniswap.

When a SOCKS holder wants to redeem their token for a physical pair of Unisocks, the token is burned, reducing the number in circulation. 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. The FRST platform was built with professional traders, data scientists, and blockchain researchers in mind. Uniswap is a decentralized exchange that facilitates the exchange of tokens on the Ethereum blockchain. It does away with the concept of order books, replacing them with an automated market maker mechanism that incentivizes liquidity providers.

Unisocks was last seen at $31,936, with a market cap of $9,616,468 and trading volumes of $777.3. SOCKS’s price prediction is possible by analyzing historical price action, current developments and social sentiment from the community. The goal of the token wasn’t just to get people to purchase a pair of outlandishly priced socks, but rather follow a sale pattern known as a bonding curve. That basically means that each pair of SOCKS sold increases the price of the next one.

If you are using a desktop computer, you can download Google Chrome and the wallet Chrome extension. If you prefer using your mobile phone, you can download the wallet via Google Play or iOS App Store if it’s available. Just make sure that you are downloading the official Chrome extension and mobile app by visiting the Metamask’s website. The total dollar value of all transactions for this asset over the past 24 hours. The percentage of Binance customers who increased or decreased their net position in BTC over the past 24 hours through trading.