How to buy
5 steps to buy on BYDFi
Open BYDFi account for free
Sign up for BYDFi with your email/mobile number and create a strong password to protect your account
Keep your account safe
Enable Google Authentication (2FA), set anti-phishing code, and trading password to add an extra layer of protection to your account.
Verify account
Enter your personal information and upload a photo of your valid ID cardVerify your personal identity
Add payment method
Once your BYDFi account is verified, add credit/debit card or bank account
Buy
There are various payment methods available to purchase SOCKS on BYDFi. We'll guide you through it
Choose how to purchase SOCKS on BYDFi
Buying coins on BYDFi is easy and convenient. Explore different ways to buy
- 1
Buy with credit/debit card
This is the easiest way for new users to buy (SOCKS). Connect your credit/debit card to your account, enter the amount, and wait for the transaction to complete
- 2
Buy through third-party channels
BYDFi supports a variety of leading third-party payment services. Visit ourThird-party payment pageCheck out the payment methods available in your area
- 3
Buy on BYDFi's Spot market
BYDFi's Spot market offers 500+ Coin pairs, making it the most popular buying platform. Buying methods are as follows:1. Buy stablecoins through BYDFi, third-party Coin buying channels. Additionally, you can transfer crypto assets from other wallets or exchanges to the BYDFi platform. Please make sure to choose the correct blockchain network, once you deposit your funds to the wrong address it cannot be reversed.2. Transfer your crypto to BYDFi account. Find the trading pair you want to trade on BYDFi's spot market. Place an order to exchange your currency to
Note: BYDFi offers a variety of order types to buy in the spot market, such as market orders to buy immediately and limit orders to buy at a specific price. For more information about BYDFi order types, click here3. After a successful trade, you can view the available in your account
How to store ?
The best way to store will vary depending on your needs and preferences. Check out the pros and cons to find the best way to store
Store SOCKS in your BYDFi account
Storing assets on BYDFi will give you quick access to trading products such as spot and contract trading, savings, lending, and more. BYDFi acts as the custodian of your crypto assets, saving you the hassle of keeping your private keys. Make sure to set strong passwords and upgrade your security settings to prevent malicious actions from accessing your assets
Deposit your SOCKS to the wallet
「No key, can't withdraw」If security is your biggest concern, you can withdraw to a decentralized wallet, so you can easily manage your key. You can use any type of wallet, including smart wallets, Web3 wallets or paper wallets. Note that this option may not be convenient if you want to frequently trade or use your assets. Be sure to store your private key in a secure location as loss of the key could result in the permanent loss of .
How you can use with BYDFi
Hold
Store in your BYDFi account.
Trade
Trade in spot and futures markets.
Why is BYDFi the best platform to buy ?
Safe and reliable
Millions of global crypto users trust us. Our multi-tier & multi-cluster system architecture and insurance fund protect your account.
High liquidity
BYDFi has highly liquid buy and sell orders for all listed cryptocurrencies, providing a liquid trading experience with tight spreads
Gem cryptocurrency platform
Supporting over 500 cryptocurrencies, BYDFi is the best platform to find your next Gem. You can buy SOCKS on BYDFi and use it to exchange other crypto assets.
Friendly interface
Thanks to its simple interface and superior technology, buying on BYDFi is quick and convenient. Buy Coin on BYDFi to receive SOCKS
Trade
Answers
What Is Unisocks (SOCKS)?
Unisocks is an experimental non-fungible token (NFT) listed on the Uniswap exchange, which represents a real pair of limited edition and dynamically priced socks that users can purchase from anywhere in the world. Holders of $SOCKS can sell them through the Unisocks platform anytime they want. Furthermore, it can also be used to redeem the pair of socks that the token represents.
Uniswap warns that Unisocks is one of the experimental projects on the protocol, which means that its very risky to invest in. Anyone with an ERC-20 compliant token can purchase SOCKS. Every time a SOCKS is purchased, its value increases, which is what is referred to as the bonding curve model.
Who Are the Founders of Unisocks?
The Unisocks project was launched by the Uniswap team, and first brought to the limelight during the Fluidity Summit in New York City on May 9, 2019. In keeping with the zany and envelope-pushing nature of DeFi in 2020, the Unisocks project may seem completely absurd at first glance and a game between DeFi degens. However the end goal of shifting the borders of DeFi applications is very serious indeed, much like the MEME token that transformed the world of art and NFTs last year did.
Some of its known developers are Noah Zinsmeister, Uniswaps engineering lead, and Callil Capuozzo, Uniswaps designlLead. Leander Capuozzo, Callils brother who worked with Uniswap on the design of Unishirt for their V0 birthday, also helped out on the sock design.
Dean Eigenmann, a security researcher and co-founder of the blockchain governance startup Harbour and decentralized exchange platform Dexy, performed a quick review of the Unisocks platform before it was launched.
What Makes Unisocks Unique?
Unisocks is an experimental NFT project. Unlike other NFTs in the decentralized finance (DeFi) space, $SOCKS follows a bonding curve model governing its price, which enables the early adopters to earn more in profit than the late majorities. This is because when there are more tokens bought and brought to the supply, its value increases accordingly.
Heres how it works: the bonding curve model is facilitated by a smart contract, which is designed to function as an automated market maker with very specific purposes related to the tokens in circulation.
First, the model allows for the initial minting and purchase of the token based on a price determined within the smart contract. Then, the supply of the token will dictate how the token will be valued later on. If the token supply increases, the price increases consequently.
All the assets used to purchase NFTs, which is $SOCKS, in this case, are kept in a different smart contract labeled as the reserve pool.
Finally, in $SOCKS, the corresponding NFT gets burned, which simply means that it is removed from circulation, as soon as it is redeemed for a real pair of socks.
How Many Unisocks (SOCKS) Coins Are There in Circulation?
There were about 500 SOCKS tokens created and locked into Uniswaps liquidity pool with 35 ETH, which created this initial upwards price curve for SOCKS.
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Every SOCKS that are sold increases the cost of the next one, but conversely, they can be sold back into the pool anytime, where they will be burned for 1 real pair of unisocks and shipped to any destination in the world.
After at least 100 days, all remaining liquidity will be removed and the SOCKS tokens that are left will be burned.
SOCKS reached an all time high (ATH) price of over $12,000 on Jan. 19, 2021. Furthermore, it is designed to increase in value every time a token is purchased. At present, only 326 SOCKS are in circulation.
How Is the Unisocks Network Secured?
Unisocks runs on top of the Ethereum blockchain, just like its parent platform, Uniswap. It follows the ERC-721 token standard for Ethereum-based NFTs. This means that Unisocks security rests on the second-largest blockchain network, Ethereum, which currently uses a dual PoW and PoS consensus mechanism.
Where Can You Buy Unisocks ($SOCKS)?
Buying $SOCKS is fairly easy. Users can just visit the Unisocks interface from the Uniswap webpage and connect it with their own cryptocurrency wallets. Afterwards, they can purchase as much $SOCKS as they want through their ERC-20 compatible tokens including ETH, ANT, BAT, DAI and KNC. For more information on buying cryptocurrencies, click here.
