Author: Jiang Haibo
Telegram trading robots have a history, and recently, with the popularity of MEME tokens and projects like Unibot, this field has once again received attention.
According to DeFiLlama’s data, as of July 24th, among all blockchain projects, Unibot’s fees generated in the past 24 hours are second only to Ethereum, Lido, Bitcoin, Uniswap, and Tron. After excluding public chain projects, it is only second to Lido and Uniswap. Since Lido requires users to pledge ETH to generate income, 90% of the fees are allocated to users who pledge ETH, and protocol revenue accounts for only 10% of the fees generated; Uniswap allocates all fees to liquidity providers, and the protocol revenue is zero; as a service provider, Unibot’s revenue accounts for 100% relative to the fees, and its revenue of $665,000 in the past 24 hours ranks first among non-public chain projects. Based on this, Unibot will distribute part of the revenue to holders of native tokens, while Lido and Uniswap currently have no plans to distribute income to token holders.
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Unibot’s services and charging mechanism
Unibot’s Telegram robot completes transactions through conversations with users. The whole process is summarized as follows:
Click “Start Trading” on Unibot’s official website to start trading, and a Unibot dialog box will pop up on Telegram;
Unibot generates 3 addresses for each Telegram user;
Users can recharge to Unibot addresses through wallets such as MetaMask;
Select “Buy Tokens” from the options provided in the dialog box;
Select the wallet for the transaction and the amount to be purchased;
Enter the token address to be purchased to complete the transaction.
Compared with decentralized wallets like MetaMask for transactions, Unibot’s user experience is closer to centralized products. However, security should also be paid attention to in this process. The generated addresses can be replaced by refreshing, but the private key needs to be saved before that; the export and storage of private keys should also be avoided from leaking; verify the input address to prevent buying fake tokens. Unibot generates fees in two ways: transaction fees of the Unibot robot and transaction taxes of the native token $UNIBOT.
Unibot charges a fee of 1% of the transaction volume of the Unibot Telegram robot, of which 40% is allocated to holders of $UNIBOT tokens, and the remaining fees are allocated to the team and used for referral rewards. Users can recommend others to use the Unibot robot for transactions, and the referrer can receive 25% of the transaction fees of the referred person.
The $UNIBOT token has a 5% tax on transactions, of which 1% of the transaction volume is allocated to holders of $UNIBOT tokens, and the allocation ratio doubles during the 90-day window period.
If more than 200 $UNIBOT is sold or transferred in each reward cycle, the reward will be confiscated and returned to the reward pool.
This means that currently, about 40% of the fees generated by Unibot are allocated to holders of $UNIBOT tokens.
According to the Dune dashboard provided by the Unibot official website, Unibot generated a fee of 337.54 ETH on July 23rd, which is equivalent to approximately 637,500 USD based on the Binance closing price of 1,888.73 USD. Since Unibot is a service provider and does not need to distribute fees to liquidity providers like DeFi projects such as Uniswap. If the daily income generated is 637,500 USD, and 40% is allocated to $UNIBOT holders, based on the static data of $UNIBOT with a market capitalization of 140 million USD, the P/E ratio of $UNIBOT is only 1.5. If Unibot’s data can be sustained, the $UNIBOT token will be highly competitive.
Robot trading fees and the proportion of $UNIBOT transaction taxes
According to the data in Dune, as of July 23rd, the fees in Unibot have reached a new high. The total fee on July 23rd of 337.54 ETH is 2.35 times that of July 22nd’s 143.55 ETH, which directly stimulated the price of $UNIBOT to rise to 140 USD on July 24th.
Taking the data from July 23rd as an example, the fees generated by robot trading are 38.42 ETH, and approximately 300 ETH of fees are generated by $UNIBOT’s transaction taxes, accounting for about 89% of the transaction taxes.
Prior to this, many MEME tokens also had transaction taxes set up to be allocated to the team, token holders, burn, or add liquidity, but the incentives generated by such tokens often cannot be sustained.
Robot trading fees
The transaction fees generated by the Unibot robot belong to “real income,” but as mentioned above, this part only accounts for about 11% of the total fees. The total trading volume generated by the Unibot robot in the past is 79.66 million USD, with approximately 120,000 transactions, accumulating a total of 396.92 ETH in fees.
From the data in Dune, it can be seen that the robot trading fees are also on the rise. The fees on July 23rd were 1.65 times that of the previous day, but the growth rate is not as fast as $UNIBOT’s tax revenue.
Sources of Unibot’s trading volume
Using the data from July 23rd as an example, among the top ten trading pairs in the Unibot robot’s trading volume, the UNIBOT-WETH trading pair has an absolute advantage, being 7.5 times the trading volume of the second-place pair.
In the past three days of trading, excluding the UNIBOT-WETH pair, 53.6% of the trading volume comes from the HAMS-WETH pair. $HAMS is the token of the real version of the online hamster racing game Hamsters.gg.
In all of Unibot’s trades, the leading tokens in terms of trading volume also include popular tokens and MEME coins such as $BITCOIN, $jim, and $RLB on Ethereum, but the sustainability of these tokens’ popularity may be questionable.
The current static data of $UNIBOT is very attractive, with a P/E ratio of only 1.5. However, about 89% of this comes from the transaction tax of $UNIBOT, and only about 11% comes from the actual earnings generated by the trading bot. In general, dividends provided by transaction tax projects cannot be sustained in the long term.
In the trading volume of Unibot’s robots, there is also a relatively high proportion that comes from $UNIBOT itself. In addition, the trading volume of projects such as $BITCOIN, $jim, $HAMS, and others on Ethereum is also relatively high in Unibot. This indicates that Unibot is indeed suitable for discovering popular projects, but whether the hotspots of the traded projects can be sustained is also a question.