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
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
Reduced risk of transaction failures
Faster transactions (6 times faster than Uniswap)
02 Use Cases
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
Greater ease of use for new users
Security (Anti-MEV and Anti-RUG)
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.
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.
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.
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
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
Unibot 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
The 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.
My 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.
Overall, 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.