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. In the past 24 hours, UNIBOT prices have spiked 40%, hitting the $200 level and have more than tripled since the start of July. The token now has a market capitalization of $180 million.
The draw of Unibot is its ability to pay out spot ether (ETH) to its token holders based on the revenue generated on the platform. On-chain data shows Unibot has garnered 3,600 ether in fees since the platform went live in May, paying out a portion of this straight to token holders. Users have also steadily increased, touching 6,500 on Thursday compared to just over 2,000 at the end of June.
Unibot’s average daily volumes stand at just above $5.5 million, still a long draw from volumes of $900 million a day on market-leading DEX Uniswap. The ease of usage compared to a decentralized exchange, such as Uniswap, is likely to amp up demand for UNIBOT tokens in the future, especially during bullish conditions when traders are likely to search for projects that offer passive payouts.