The Ethereum whale uniswap token briefly reached $100,000, but there is a catch

On August 25, the creator of the well-known Uniswap Antiample (XAMP) and Tokens of Babel (TOB) tokens launched Boa. Ether’s whale projects have seen growing interest within Uniswap’s niche market.

A common theme among the projects of developer Bill Drummond is unique delivery systems. Through unorthodox mechanisms, such as overflow, the supply of XAMP and TOB decreases through coin burns over time.

TOB, for example, is a token that uses overruns to decrease its supply, but ensures that the holder has a certain percentage of the total supply. Bill explains:

„TOB overruns affect the number of tokens in your coin purse, but not your total share of the total supply. If you have 0.5% of the total supply, you will always have 0.5% of the total supply, regardless of the number of tokens in your purse.

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Why did Boa briefly reach USD 100,000?
Like Bill’s other projects, Boa also has a special supply system that makes it a deflation token. On currency burns, Boa also applies a 1% tax to sellers, not buyers, which discourages sellers.

In the records, Boa reached USD 100,000, but his circulating supply was below 50, and the supply drops even more over time.

Therefore, even at a price of USD 100,000, the actual market capitalization of the token would remain below USD 5 million. Currently, according to Uniswap, the price of Boa is trading just below USD 51,000. That puts the token’s market capitalization at around USD 2.5 million.

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The developer said he was inspired by yearn.finance’s YFI, which recently reached a peak of USD 16,668 due to its small supply of 50,000. The developer said:

The developer said: „People love YFI because it is very expensive. Up the number. Well, with Boa, there are only 50 tokens in circulation. Fifty. And with an incentive to burn them, there will be less and less to give away.“

Bill’s projects and unique tokens are considered more like experiments with specialized supply systems. Cryptoactives have been seen in the cryptomarket with a fixed offer or an inflationary offer, but none with a continuously decreasing offer with special conditions.

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For example, the developer said that Boa was made after the team unexpectedly encountered some problems with XAMP and TOB. Bill said vendors were trying to take advantage of the supply conditions. The developer explained:

„We looked at how Antiample and Tokens of Babel were being marketed in the community. There seemed to be activity focused on whether or not to achieve burns. This caused one side of the traders to ‚push‘ for a burnout while the other side took advantage of this push and bought or sold against it. This created an unexpected conflict.