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Understanding Unisocks : How unisocks works?

Make sure to keep your seed phrase safe, and take note of your wallet address. Stay on top of crypto news, get daily updates in your inbox. 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. I love that I can almost do anything in AW I can purchase and exchange Crypto very easily, very user friendly. Sort your crypto assets by their amount and value to take control of your portfolio. It only takes a few minutes to set up Atomic Wallet on your PC or phone, giving you the perfect place to securely store your Unisocks .

what is unisocks

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.

SOCKS Price Information

At the time of writing, the price of a single token sits at $92,358 — down from an all-time high of $164,012. Regardless of the value drop, they’re still probably the most expensive pair of socks in the world. Now that NFT shoes are a thing, it was only a matter of time before socks materialized in crypto land, too. But as it turns out, this isn’t a new thing — Uniswap, the decentralized crypto exchange, has been selling $SOCKS tokens since 2019 through its Unisocks exchange. SOCKS may be tongue-in-cheek, but it’s an early example of the use of bonding curves as a price discovery mechanism for physical goods. Binance is constantly reviewing and adding cryptocurrencies that can be used on the Binance platform.

what is unisocks

Some of its known developers are Noah Zinsmeister, Uniswap’s engineering lead, and Callil Capuozzo, Uniswap’s designlLead. Leander Capuozzo, Callil’s brother who worked with Uniswap on the design of Unishirt for their V0 birthday, also helped out on the sock design. You can find others listed on our crypto exchanges page.

Set the network to Ethereum, provide your wallet address and the amount you want to transfer. Click the withdraw button and wait for your Ethereum to appear in your Metamask. Register and set up the crypto wallet via the wallet’s Google Chrome extension or via the mobile app you downloaded in Step 1. You may refer to the wallet’s support page for reference.

Unisocks Technical Info

The coin’s price that you are about to see below can fall drastically depending on many factors, so please invest wisely after checking the team and project’s whitepaper. This current price prediction is done by a machine crunching numbers and the model is still in the early beta stages. It should strictly not be taken as an investment advice. Although the best engineers are currently tweaking and updating the algorithm, no human has verified the price predicted below, so please use your discretion and make a decision wisely. We looked at all wallets that have purchased SOCKS tokens from the Unisocks.Exchange and sold the same amount back to the exchange at any point in time. We wanted to analyze those wallets that have no current position in SOCKS and how well they performed.

what is unisocks

We don’t own a crystal ball that would allow us to see the future. The website may include advertisements and other promotional content, and CryptoPredictions may receive compensation at no extra cost to you from these ads. At CryptoPredictions we provide daily, monthly and yearly predictions for Unisocks and other cryptocurrencies.

This link is provided solely for informational purposes and is not an endorsement in any way. We recommend that you exercise extreme caution and consult a registered investment advisor before taking any action. This wallet bought the 50 SOCK tokens for a total of ~7.12 ETH and sold all 50 for a total of ~12.61 ETH, bringing the wallet’s total ETH profit to ~5.49. Once you buy your Ethereum, go to your Binance wallet section and look for the Ethereum you purchased. Click on withdraw and fill up the required information.

Suggest an Edit › Unisocks

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.

  • Our Content is intended to be used and should be used for informational purposes only.
  • Click the withdraw button and wait for your Ethereum to appear in your Metamask.
  • Make sure to keep your seed phrase safe, and take note of your wallet address.
  • Our Website is a financial data and news portal, discussion forum, and content aggregator, so cannot substitute for professional advice and independent verification.
  • Visit our currency converter page to convert SOCKS prices to currencies other than USD.

Of course, a buyer can also sell their token back at any time; they can also redeem the token for a real-world pair of white tube socks covered in pink Uniswap designs. Take a look at the design up top and learn more about $SOCKS tokens here. The token, which can be redeemed for a pair of real-world socks, was created as an edition of 500, with the first SOCKS token priced at a humble $12.

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 https://cryptolisting.org/ 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.

Binance is suspending USD-based bank transfers

DeFi has grown exponentially over the last year, with many innovative financial products brought to market. One of the most exciting products is the Uniswap protocol. Once your wallet is setup, you can login to your binance account and proceed to the Buy & Sell crypto webpage to buy the Ethereum.

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.

CryptoPredictions.com is a trusted brand providing one of the most accurate cryptocurrency price predictions on the market. We aspire to operate on a global scale and offer our predictions in 8 languages and 33 currencies between which you can easily swap at any time. The global crypto market cap is $ with a 24-hour volume of $. The price of Bitcoin is $21,650.17 and BTC market dominance is %. The price of Ethereum is $1,524.36 and ETH market dominance is %.

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.

Uniswap initially intended to burn the unsold SOCKS after at least 100 days; however, they never went through with these plans. This list only includes the top market cap coins with a 24H what is unisocks volume of at least $50,000. Here you can see the current price of Unisocks Edition 0, as well as Unisocks Edition 0 price history. Over the last 24 hours, a Unisocks is worth -2.65% less.

Ethereum NFT market cap shrank 59.6% in 2022; NFT trading volume jumps 38% in January

Developers can also use bonding curves to incentivize early adopters. At the time of writing, SOCKS are trading right around $65,000! SOCKS’ bonding curve is pretty extreme since the 499th pair will cost 8,750 ETH, and the final pair will cost more than all the ETH in existence. There were about 500 SOCKS tokens created and locked into Uniswap’s liquidity pool with 35 ETH, which created this initial upwards price curve for SOCKS. Manage your Unisocks, Ethereum, XRP, Litecoin, XLM and over 300 other coins and tokens. Market cap is calculated by multiplying the asset’s circulating supply with its current price.

While we provide one of the most accurate predictions for SOCKS on the market, they should never be taken as financial advice. Choose the cryptocurrencies you would like to exchange among more than 2200 coins and tokens. If you’re looking to swap Unisocks Edition 0, SwapSpace is your one-stop-shop. We have some light reading for you – in case you’d want a refresher on what is Unisocks Edition 0 or some fresh information about SOCKS’s price movements. Speculations abound for how high Unisocks’s price will get in the future.

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