Unlocking the next wave of crypto investing? A brief analysis of the innovative value of Unibot

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Biteye
6 months ago
This article is approximately 776 words,and reading the entire article takes about 1 minutes
Unibot simplifies DEX transactions in an innovative way, but it needs improvements in governance, treasury.

Original author: Jake Pahor

Original translation: Biteye core contributor Crush

Original source: @BiteyeCN

Unibot is a highly popular project that will unlock the next wave of crypto investments.

Today's article is a detailed analysis of the project, so be sure to read until the end to understand my overall rating of the project!

01 Project Overview

Unlocking the next wave of crypto investing? A brief analysis of the innovative value of Unibot

Unibot is a trading bot that allows automated DEX trading via Telegram applications.

It simplifies the trading experience on Uniswap by providing the following features:

  • Clearer user interface

  • MEV protection

  • Reduced risk of transaction failures

  • Faster transactions (6 times faster than Uniswap)

02 Use Cases

Unlocking the next wave of crypto investing? A brief analysis of the innovative value of Unibot

If you have used Uniswap before, you know that the experience can be average.

Telegram trading bots have gained popularity in the crypto community because they provide a more streamlined and expedient way of trading, especially for new users.

They offer the following advantages:

  • Faster transaction speed

  • Improved user experience

  • Automation

  • Greater ease of use for new users

  • Security (Anti-MEV and Anti-RUG)

    Unlocking the next wave of crypto investing? A brief analysis of the innovative value of Unibot

    Unibot has dominated the market, currently holding about 71% market share.

    I believe this is just the beginning in this field, as Telegram bots will help more users and investors enter the web3 space.

    Since its launch in May 2023, Unibot's user base has been continuously growing, with daily active users now stable at 1500 and cumulative users recently surpassing 10,000.

    Project Benefits

    Unlocking the next wave of crypto investing? A brief analysis of the innovative value of Unibot

    Unibot distributes profit shares to token holders through its protocol. As long as you hold at least 10 $UNIBOT tokens, you will receive ETH rewards (no staking or locking required).

    The income allocated to token holders includes:

    • 40% of all robot transaction fees 

    • 1% of UNIBOT trading volume. (2% for those who participated in the token migration before September)

    According to DeFi Llama data, Unibot ranks 26th in terms of income among all protocols and generates $40,000 in revenue daily.

    Economic Model

    Unlocking the next wave of crypto investing? A brief analysis of the innovative value of Unibot

    The token economy model of Unibot is quite simple:

    • Fair launch on May 17, 2023;

    • Issuance of 1 million tokens, which are fully circulated;

    • A 5% tax on every $UNIBOT transaction (1% goes to LP, 1-2% is returned to token holders, 2% goes to the team).

    Here are the current token supply data:

    • Circulating supply and maximum supply = 1 million

    • Market value = $200 million

    • FDV = $200 million

    • Market value / FDV = 1

    The green bubbles in the graph reflect the distribution of income shares. It can be seen that the largest wallet holds only 2.46% of the tokens (24.7k UNIBOT = $4.7 million).

    For more detailed analysis, you can check out the tweet by Bubblemaps.

    06 Treasury

    Unlocking the next wave of crypto investing? A brief analysis of the innovative value of Unibot

    No document from Unibot mentions the treasury situation of the protocol; however, they do mention that 2% of UNIBOT taxes flow to the team and operations.

    Since the project is still in its early stages, I expect they may consider this issue as they grow.

    07 Community and Governance

    Unlocking the next wave of crypto investing? A brief analysis of the innovative value of Unibot

    Although there is no formal decentralized governance forum, as long as you hold 10 UNIBOT tokens, you can access Unibot's private Telegram channel for token holders.

    Here are some social and user data related to Unibot:

    • Twitter - 31.6k followers

    • Telegram - 8,700 people

    • Independent users - 10.3k

    08 Team and Funding

    Unlocking the next wave of crypto investing? A brief analysis of the innovative value of UnibotUnibot was "fair launched" in May 2023, but there is very limited information about the anonymous team behind the project.

    The project recently underwent a migration from V1 to V2 (upgrade of the token economic model, adding the tokens originally used for burning to its liquidity pool), and a vote in the token holder Telegram channel passed with 81% (not a formal DAO vote).

    09 Competitor Analysis

    Unlocking the next wave of crypto investing? A brief analysis of the innovative value of UnibotThe Telegram bot space actually has quite a few competitors, among which Maestro has been around the longest, which is why it is ahead of Unibot in terms of transaction fees and cumulative user count.

    However, since the launch of Unibot, it has been in a leading position, and now Unibot holds about 71% of the market share in the bot race (data from CoinGecko).

    It is believed that it won't be long before Unibot surpasses Maestro in all aspects of data.

    10 Risks

    Unlocking the next wave of crypto investing? A brief analysis of the innovative value of UnibotMy biggest concern about Telegram trading robots is the security of privacy and wallet private keys.

    Unibot states in its documentation:

    • The private keys are encrypted or decrypted using industry-standard symmetric keys (no one can access your keys);

    • Unlike centralized exchanges, users can access the private keys of the trading wallet generated by Unibot;

    • You can import the keys into Metamask and have complete control over the funds in Unibot at any time;

    • Users can always consider the wallet as a hot wallet;

    • Other risks include smart contract vulnerabilities, exploits, and hacker attacks.

    11 Conclusion

    Unlocking the next wave of crypto investing? A brief analysis of the innovative value of UnibotOverall, Unibot has left a great impression on me. It has unique use cases and simplifies DEX trading in an innovative way.

    However, it needs improvement in governance and treasury aspects, and further clarification on privacy issues. As shown in the above figure, the overall weighted score is about 7.4, which is my evaluation of the project.

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