Unisocks is an experimental non-fungible token (NFT) listed on the Uniswap exchange. It represents a real pair of limited edition and dynamically priced socks that users can purchase worldwide. Holders of $SOCKS can sell them through the Unisocks platform at any time. Additionally, $SOCKS can be redeemed for the pair of socks it represents.

Uniswap warns that investing in Unisocks is risky as it is an experimental project. Anyone with an ERC-20 compliant token can purchase SOCKS. Each time a SOCKS is purchased, its value increases due to the bonding curve model.

The Unisocks project was launched by the Uniswap team and gained attention during the Fluidity Summit in New York City on May 9, 2019. While the project may seem absurd, it aims to push the boundaries of DeFi applications. Noah Zinsmeister, Uniswaps engineering lead, and Callil Capuozzo, Uniswaps design lead, are among the known developers. Dean Eigenmann, a security researcher and co-founder of Harbour and Dexy, reviewed the Unisocks platform before its launch.

Unisocks is an experimental NFT project in the DeFi space. Unlike other NFTs, $SOCKS follows a bonding curve model, allowing early adopters to earn more profit than latecomers. The bonding curve model is facilitated by a smart contract, functioning as an automated market maker. The token's price is determined by its supply, which increases as more tokens are bought. Assets used to purchase $SOCKS are kept in a separate smart contract known as the reserve pool. When $SOCKS are redeemed, the corresponding NFT is burned.

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Initially, there were about 500 SOCKS tokens locked into Uniswaps liquidity pool with 35 ETH, creating an upward price curve. Each sold SOCKS increases the cost of the next one, but they can be sold back into the pool and burned for a real pair of Unisocks. After 100 days, remaining liquidity is removed, and remaining SOCKS tokens are burned. Currently, only 326 SOCKS are in circulation, with an all-time high price of over $12,000 on Jan. 19, 2021.

Unisocks runs on the Ethereum blockchain, following the ERC-721 token standard for NFTs. Its security relies on Ethereum's dual PoW and PoS consensus mechanism.

Buying $SOCKS is easy. Users can visit the Unisocks interface on the Uniswap webpage, connect their cryptocurrency wallets, and purchase $SOCKS using ERC-20 compatible tokens like ETH, ANT, BAT, DAI, and KNC.

Unisocks is an experimental non-fungible token (NFT) listed on the Uniswap exchange, 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 on the protocol, which means that its very risky to invest in. Anyone with an 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.

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. However the end goal of shifting the borders of DeFi applications is very serious indeed, much like the MEME token that transformed the world of art and NFTs last year did.

Some of its known developers are Noah Zinsmeister, Uniswaps engineering lead, and Callil Capuozzo, Uniswaps designlLead. Leander Capuozzo, Callils 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.

Unisocks is an experimental NFT project. Unlike other NFTs in the decentralized finance (DeFi) space, $SOCKS follows a bonding curve 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.

Heres how it works: the bonding curve model is facilitated by a smart contract, which is designed to function as an automated market maker with very specific purposes related to the tokens in circulation.

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.

There were about 500 SOCKS tokens created and locked into Uniswaps liquidity pool with 35 ETH, which created this initial upwards price curve for SOCKS.

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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.

Unisocks runs on top of the Ethereum blockchain, just like its parent platform, Uniswap. It follows the 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 consensus mechanism.

Buying $SOCKS is fairly easy. Users can just visit the Unisocks interface from the Uniswap webpage and connect it with their own cryptocurrency wallets. Afterwards, they can purchase as much $SOCKS as they want through their ERC-20 compatible tokens including ETH, ANT, BAT, DAI and KNC. For more information on buying cryptocurrencies, click here.