Early holders of the Telegram-based exchange Unibot (UNIBOT) are sitting on nearly 200 times their initial capital, as the niche sector token quickly gained favor among investors, said Unibot CEO. The Unibot platform connects user wallets to the decentralized exchange Uniswap and allows users to easily trade tokens.
UNIBOT prices have surged 40% in the past 24 hours, reaching the $200 level and tripling since the start of July. The token has a market capitalization of $180 million. Unibot pays out spot ether (ETH) to its token holders based on the revenue generated on the platform. On-chain data shows Unibot has earned 3,600 ether in fees since the platform went live in May.
The appeal of Unibot is its ease of use compared to a decentralized exchange, such as Uniswap, where users have to continually log in to their wallet, cross-check if all token information is correct, and encounter high fees to ensure their trades go through. This combination of utility and fee-sharing is likely to increase demand for UNIBOT tokens in the future.