A large holder of Unisocks (SOCKS) decided to redeem its tokens with the asset used to back them up – socks.
SOCKS was launched in mid-2019 by the creators of the Uniswap decentralized exchange.
“These are limited edition dynamically rated socks,” the description says. – These socks are redeemable ERC20 tokens on the Ethereum blockchain. Only 500 SOCKS will be issued for all the time. ”
The first SOCKS users bought for a few dollars and, given the low investment volumes, frivolously exchanged them for merchandise from Uniswap. Over time, the SOCKS pricing curve and the rise in popularity of Uniswap itself have resulted in one such token now trading for around $ 100,000.
However, there are still users who are willing to ditch the dollar value for socks. In the Ethereum blockchain, a 9 SOCKS “burning” operation was recorded, through which a token is withdrawn into an asset in the real world. At the current exchange rate, 9 pairs of socks cost their new owner $ 892,000.
To date, only 195 SOCKS have been redeemed in this way, 19 more are available for purchase on the Unisocks Exchange website. One SOCKS can now be bought from the exchange pool for $ 103,000, and if you take all 19, taking into account dynamic pricing, the purchase price will be $ 44.5 million.
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