## What Is Unisocks (SOCKS)?

Unisocks is an “experimental” [non-fungible token](https://coinmarketcap.com/alexandria/glossary/non-fungible-token) (NFT) listed on the [Uniswap exchange](https://coinmarketcap.com/exchanges/uniswap-v2/), which represents a real pair of limited edition and dynamically priced socks that users can purchase from anywhere in the world. Holders of $SOCKS can sell them through the Unisocks platform anytime they want. Furthermore, it can also be used to redeem the pair of socks that the token represents.

Uniswap warns that Unisocks is one of the [experimental projects](https://twitter.com/UniswapProtocol/status/1126511166916718592) on the protocol, which means that it’s very risky to invest in. Anyone with an [ERC-20](https://coinmarketcap.com/alexandria/glossary/erc-20) compliant token can purchase SOCKS. Every time a SOCKS is purchased, its value increases, which is what is referred to as the “bonding curve” model.


### Who Are the Founders of Unisocks?

The Unisocks project was launched by the Uniswap team, and first brought to the limelight during the Fluidity Summit in New York City on May 9, 2019. In keeping with the zany and envelope-pushing nature of DeFi in 2020, the Unisocks project may seem completely absurd at first glance and a game between [DeFi degens](https://coinmarketcap.com/alexandria/glossary/defi-degens). However the end goal of shifting the borders of DeFi applications is very serious indeed, much like the [MEME token](https://coinmarketcap.com/currencies/degenerator-meme/) that transformed the world of art and NFTs last year did. 

Some of its known [developers](https://twitter.com/UniswapProtocol/status/1126506347673948161) are Noah Zinsmeister, Uniswap’s engineering lead, and Callil Capuozzo, Uniswap’s designlLead. Leander Capuozzo, Callil’s brother who worked with Uniswap on the design of Unishirt for their V0 birthday, also helped out on the sock design.

Dean Eigenmann, a security researcher and co-founder of the blockchain governance startup Harbour and decentralized exchange platform Dexy, performed a quick review of the Unisocks platform before it was launched.


#### What Makes Unisocks Unique?

Unisocks is an experimental NFT project. Unlike other NFTs in the [decentralized finance](https://coinmarketcap.com/alexandria/glossary/defi) (DeFi) space, $SOCKS follows a “[bonding curve](https://www.linumlabs.com/articles/bonding-curves-the-what-why-and-shapes-behind-it)” model governing its price, which enables the early adopters to earn more in profit than the late majorities. This is because when there are more tokens bought and brought to the supply, its value increases accordingly.

Here’s how it works: the bonding curve model is facilitated by a [smart contract](https://coinmarketcap.com/alexandria/glossary/smart-contract), which is designed to function as an [automated market maker](https://coinmarketcap.com/alexandria/glossary/automated-market-maker-amm) with very specific purposes related to the [tokens in circulation](https://coinmarketcap.com/alexandria/glossary/circulating-supply).

First, the model allows for the initial minting and purchase of the token based on a price determined within the smart contract. Then, the supply of the token will dictate how the token will be valued later on. If the token supply increases, the price increases consequently.

All the assets used to purchase NFTs, which is $SOCKS, in this case, are kept in a different smart contract labeled as the “reserve pool.”

Finally, in $SOCKS, the corresponding NFT gets burned, which simply means that it is removed from circulation, as soon as it is redeemed for a real pair of socks.


#### Related Pages

Learn more about [Decentraland](https://coinmarketcap.com/currencies/decentraland/).

Learn more about [Rarible](https://coinmarketcap.com/currencies/rarible/).

Read more about [NFTs](https://coinmarketcap.com/alexandria/glossary/non-fungible-token).

Check out the [CMC blog](https://coinmarketcap.com/alexandria/categories/blog).


#### How Many Unisocks (SOCKS) Coins Are There in Circulation?

There were about 500 SOCKS tokens created and locked into Uniswap’s [liquidity pool](https://coinmarketcap.com/alexandria/glossary/liquidity-pool) with 35 ETH, which created this initial upwards price curve for SOCKS. 



>>>>> gd2md-html alert: inline image link here (to images/image1.png). Store image on your image server and adjust path/filename/extension if necessary. (<a href="#">Back to top</a>)(<a href="#gdcalert2">Next alert</a>) >>>>> 


![alt_text](images/image1.png "image_tooltip")


Every SOCKS that are sold increases the cost of the next one, but conversely, they can be sold back into the pool anytime, where they will be burned for 1 real pair of unisocks and shipped to any destination in the world. 

After at least 100 days, all remaining liquidity will be removed and the SOCKS tokens that are left will be burned.

SOCKS reached an all time high (ATH) price of over $12,000 on Jan. 19, 2021. Furthermore, it is designed to increase in value every time a token is purchased. At present, only 326 SOCKS are in circulation. 


### How Is the Unisocks Network Secured?

Unisocks runs on top of the Ethereum blockchain, just like its parent platform, Uniswap. It follows the [ERC-721](https://coinmarketcap.com/alexandria/glossary/erc-721) token standard for Ethereum-based NFTs. This means that Unisocks’ security rests on the second-largest blockchain network, Ethereum, which currently uses a [dual PoW and PoS](https://coinmarketcap.com/alexandria/glossary/hybrid-pow-pos) consensus mechanism.


### Where Can You Buy Unisocks ($SOCKS)?

Buying $SOCKS is fairly easy. Users can just visit the Unisocks interface from the [Uniswap webpage](https://unisocks.exchange/) and connect it with their own [cryptocurrency wallets](https://coinmarketcap.com/alexandria/glossary/wallet). Afterwards, they can purchase as much $SOCKS as they want through their ERC-20 compatible tokens including ETH, [ANT](https://coinmarketcap.com/currencies/aragon/), [BAT](https://coinmarketcap.com/currencies/basic-attention-token/), [DAI](https://coinmarketcap.com/currencies/multi-collateral-dai/) and [KNC](https://coinmarketcap.com/currencies/kyber-network/). For more information on buying cryptocurrencies, [click here](https://coinmarketcap.com/how-to-buy-bitcoin/).

Unisocks

Trust Wallet

MetaMask

Validity

EOSDT

Tachyon Protocol

BitKan

Graviocoin

QuadrantProtocol

Celo Dollar

sUSD is a synthetic USD token enabled by the Synthetix protocol. It tracks the price of the US Dollar through price feeds supplied by Chainlink’s decentralized network of oracles. sUSD is integrated across the DeFi ecosystem as one of the most liquid decentralized stablecoins, including at Curve. It can be traded without slippage for other assets native to the Synthetix protocol at Kwenta or Synthetix.Exchange.

sUSD

Humaniq

0xBitcoin

Peercoin, also known as PPC or Peer-to-Peer Coin, was created by Sunny King and his team and launched in August 2012. It is the first blockchain to implement Proof-of-Stake consensus.

The primary inspiration behind the creation of Peercoin was to address a number of perceived shortcomings of Bitcoin, including energy efficiency, security and sustainability, decentralization and long-term viability.

Essentially it was designed as an enhanced replacement for Bitcoin. As such, it was originally forked from Bitcoin and uses the same UTXO style blockchain. However, Peercoin's code was modified to introduce Proof-of-Stake as its primary consensus protocol. The next section explains how this makes for a better blockchain.

Given that Peercoin uses most of the same code, it can easily port new features from Bitcoin and utilize any of the supporting infrastructure, including tech advancements like Taproot or Lightning Network. Peercoin is the only Proof-of-Stake blockchain that uses modern Bitcoin code, making it the perfect drop-in replacement.

Peercoin also has a dedicated community, is actively developed, fairly distributed, has low barriers of participation, can do everything that Bitcoin does, minus the 13 TWh of energy usage, and it's not a scam.

Peercoin

xDai is a cryptocurrency that is pegged to the US dollar. The xDai chain is a stable payment blockchain that is designed for fast and inexpensive transactions. STAKE is secured by proof-of-stake consensus. xDai was founded on Oct. 1, 2018.

STAKE is a multi-chain staking token that is designed to secure the payment layer. Staking allows validators and delegators to provide transaction consensus and receive staking incentives for block production. It is only required for consensus providers, not everyday on-chain transactions.

xDai was created by the POA Network, an open-source public side-chain of Ethereum founded in April 2017. It offers a framework for smart contracts which provides developers with an easy and effective way to code on Ethereum, while also leveraging the POA Network capabilities.

STAKE

Abyss

WaykiChain

saffron.finance

Ignis

WOM Protocol

Ycash

DFI.MONEY, also known as YFII, is a fork of popular decentralized finance (DeFi) aggregator platform yearn.finance (YFI).

Launched in July 2020, it aims to optimize returns for DeFi investors while adhering to changes proposed in an upgrade plan called YIP-8.

In addition to protocol changes, DFI.MONEY has also released new products, chief among which, the Vault, it describes as its “killer product.”

The native token of DFI.MONEY is YFII, a fixed-supply token which liquidity providers earn in accordance with their network interaction.

DFI.Money

Chrono.tech provides blockchain-based solutions for recruitment, HR and payment processes, reducing the barriers to accessing work and transferring funds securely in the global labor marketplace. The project’s suite of services - and native governance token TIME - are hosted on multiple blockchains and include LaborX.com, a peer-to-peer freelancer marketplace, TimeX.io, a Plasma-based cryptocurrency exchange; AUDT, an Australian dollar-backed stablecoin; and PaymentX, a crypto invoicing and payroll solution.

Prix Unisocks
SOCKS

Classement · Selon le classement institutionnel du 2

Unisocks community

Actus Unisocks

À propos de Unisocks

Cryptomonnaies les plus consultées

Tendances

Prix Unisocks SOCKS