By Jake Pahor

Compile: Biteye core contributor Crush

Unibot is a very hot project right now that will unlock the next wave of crypto investing.

Today's post is my detailed analysis of the project, be sure to read to the end for my overall rating on the project!

01. Project overview

Unibot is a trading bot that allows you to conduct automated DEX trading through the Telegram app.

It simplifies the trading experience on Uniswap by providing the following features:

• Clearer user interface
• MEV protection
• Reduce the risk of transaction failure
• Faster transactions (6x faster than Uniswap)

02. Actual use cases

If you have ever used Uniswap, you will know that its experience is very average.

Telegram trading bots are taking the crypto world by storm because they offer a simpler and faster way to trade, especially for new users.

They have the following advantages:

• Faster transaction speed
• Improved user experience
• automation
• Easier to use for new users
• Security (Anti-MEV and Anti-RUG)

03. Users adopt

Unibot has dominated the market and currently holds about 71% market share.

I think this is just the beginning of this space as telegram bot will help more users and investors enter the web3 space.

Since its launch in May 2023, Unibot's user base has continued to grow, with daily active users now stabilizing at 1,500 and cumulative users just breaking through 10,000.

04. Project income

Unibot distributes revenue shares to token holders through its protocol, as long as you hold at least 10 $UNIBOT tokens, you will receive ETH rewards (no pledge or lock-up required).

Income allocated to token holders includes:

• 40% of all bot transaction fees
• 1% of UNIBOT trading volume. (2% of people who participated in token migration before September)

According to DeFi Llama, Unibot ranks 26th among all protocols by revenue and consistently generates $40,000 in revenue per day.

05. Economic Model

Unibot's token economic model is fairly simple:

• Fair launch on May 17, 2023;
• 1 million tokens are issued and fully circulated;
• A 5% tax is levied on each $UNIBOT transaction (1% enters LP, 1-2% returns to token holders, and 2% goes to the team).

The following is the current token supply data:

• Circulation and max supply = 1 million
• Market cap = $200 million
• FDV = $200 million
• Market Cap / FDV = 1

The green bubbles in the figure above reflect the distribution of the revenue share. It can be seen that the largest wallet only holds 2.46% of the total tokens (24.7k UNIBOT = $4.7 million).

For a more detailed analysis, check out Bubblemaps tweets

06. Treasury

There is no mention of the treasury of the protocol in any of Unibot's documentation, however, they do mention that 2% of UNIBOT's tax revenue goes to the team and operations.

Since the project is still early, I expect they might consider this as it grows.

07. Community and Governance

While there is no official decentralized governance forum, as long as you hold 10 UNIBOT tokens, you can access Unibot's private Telegram token holder channel.

Here are some social and user data related to Unibot:

• Twitter – 31,600 followers
• Telegram – 8700 people
• Unique Users – 10,300

08. Team and funds

Unibot has a "fair launch" in May 2023, but there is very limited information about the anonymous team that founded the project.

The project recently underwent a migration from V1 to V2 (an upgrade of the token economic model, adding the tokens originally used for burns to its liquidity pool)), which was approved by 81% of the votes in the token holder Telegram channel (not Formal DAO voting).

09. Competitive product analysis

There are actually quite a few competitors in the field of telegram bots, among which Maestro has existed for the longest time, which is why it is ahead of Unibot in terms of transaction fees and cumulative number of users.

However, since its launch, Unibot has been in a dominant position, and now Unibot has about 71% of the market value of the robot track (data from Coingecko).

I believe that it won't be long before Unibot will surpass Maestro in all aspects of data.

10. Risk

My biggest concern with telegram trading bots is privacy and security of wallet private keys.

Unibot states in its documentation:

• 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 key of the transaction wallet generated by Unibot;
• You can import your keys into Metamask and have full control over your funds in Unibot at any time;
• Users can always treat this wallet as a hot wallet;
• Other risks include smart contract vulnerabilities, exploits and hacking.

11. Summary

Overall, I am very impressed with the Unibot. It has unique usage scenarios and simplifies DEX transactions in innovative ways.

But it needs improvements in governance, treasury, and further clarification on privacy issues. As shown in the picture above, the overall weighted score I think can be about 7.4 points, which is my evaluation of the project.