SOCKS holder exchanged $892,000 worth of tokens for nine pairs of socks
A large holder of Unisocks (SOCKS) has decided to redeem its tokens with the asset used to provide them – socks.
SOCKS was launched in mid-2019 by the creators of the decentralized exchange Uniswap. "These are dynamically priced limited edition socks," the description says. - These socks are represented by ERC20 tokens available for redemption on the Ethereum blockchain. Only 500 SOCKS will be released for the entire time."
The first SOCKS users bought for a few dollars and, given the low volume of investments, lightly exchanged them for merch from Uniswap. Over time, the SOCKS pricing curve and the growing popularity of Uniswap itself have resulted in one such token now trading at around $100,000.
However, there are still users who are willing to ignore the dollar value for the sake of socks. In the Ethereum blockchain, the operation of "burning" 9 SOCKS was recorded, through which the token is withdrawn into a real-world asset. 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, and another 19 are available for purchase on the Unisocks Exchange website. One SOCKS can now be purchased from the exchange's pool for $103,000, and if you take all 19, taking into account dynamic pricing, the purchase price will be $44.5 million.