Decentralized exchanges are now processing billions in daily trading volumes, signaling that they are growing in popularity. However, their not-so-easy-to-understand user interfaces are making it challenging to fuel widespread adoption. But thanks to the telegram trading bot Unibot, users no longer have to deal with the complexities that come with trading on decentralized trading platforms.
In this guide, we will explain in detail all aspects of Unibot and how it’s improving the crypto trading experience.
What’s Unibot
Simply put, Unibot is a Telegram bot that lets decentralized finance (DeFi) users trade crypto assets on the decentralized exchange Uniswap V3 within the messaging platform. The bot has seen exponential growth since going live in May. As of this writing, Unibot’s daily active users stand at 1,450, each making an average of 25 trades. The bot processes about $4.2 million in daily trading volume, according to data from Dune Analytics.
The data also indicates that Unibot has so far collected 5,000 ETH in trading fees since its inception.
How Unibot Works
Liquidity Provision
The liquidity provision model employed by Unibot is quite unique. It allows liquidity providers to deposit one crypto asset and borrow another that is more volatile. The model is different from the traditional one that requires liquidity providers to deposit two tokens in a particular pool.
Furthermore, Unibot’s liquidity providers are allowed to short the borrowed asset, giving them an opportunity to profit from the changing market conditions. They also enjoy high annual percentage rates (APRs).
Trading
Unibot is making it possible for users to trade ERC-20 tokens on Telegram by allowing them to import their crypto wallets. They can also use the wallets that the bot creates automatically immediately after registering their accounts.
Unibot’s Main Features
Limit Orders
Unibot has the ability to execute limit orders. But what are they? Limit orders are those that get executed at a specified price.
Private Transactions
Unibot users can transact privately, thus protecting their trades from MEV (Miner Extractable Value) bots that detect and exploit arbitrage opportunities on the Ethereum blockchain.
Mirror Sniper
Unibot lets novice traders copy the trades of those who are experienced through its Mirror Sniper feature. Therefore, it is possible for anyone to open profitable trades using the Telegram bot.
Multi-Wallet Management
Unibot users are not limited to the number of crypto wallets they can manage. The bot allows them to trade from several wallets.
Method Sniper
Do you want to buy cryptocurrencies immediately after their launch? This feature lets you do just that. You can track up to five tokens using Method Sniper.
How to Use Unibot
To start using Unibot, you will need to install a Telegram app on your computer or smartphone. After doing so, go to Unibot’s website (unibot.app) and click “Start Trading” on the homepage. A popup message will appear asking you to open the Telegram desktop or mobile app. Once you click the “Open Telegram App,” Unibot will open on your Telegram account. Now click “Start” to launch the bot.
The bot will then send you a welcoming message and provide you with three wallets that you will need to deposit ETH to start trading. But as mentioned earlier, you can as well import an existing crypto wallet.
To transfer funds to any of your wallets, copy the wallet’s address and paste it on the source from which funds will be transferred. Enter the number of tokens to be deposited and initiate the transaction. Once it’s completed, refresh Unibot so your tokens can reflect.
Now you can explore the various features of the Telegram bot.
UNIBOT Tokenomics
Unibot’s native token, UNIBOT, has a total supply of just one million tokens. The entire supply is already in circulation. Holders of this token earn 40% of the trading fees and enjoy a 20% discount on swapping fees.
As of August 16, UNIBOT is valued at $198 and has a market capitalization of $198 million, according to data from CoinGecko.
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