When Elon Musk edited his Twitter bio to add “#bitcoin” last week, he literally moved the market, but not just for bitcoin. UniWhales users could see the big holders making moves in real time.
Matt Aaron, CEO of UniWhales, highlighted three big moves by liquidity providers who pulled out of USDC / ETH and USDT / ETH positions on Uniswap, right after Musk told the world, “Our thesis is that whales control the market". In 11 minutes, $ 47 million in cash flowed out of the Uniswap system, Aaron said in an interview.
UniWhales
UniWhales was born in September as a simple Telegram channel with a bot marking large purchases on Uniswap. Hence the name UniWhales. He started analyzing the moves of the big holders (whales) on Uniswap, the leading automated market maker on Ethereum.
Santiago Roel of ParaFi Capital said he has been using UniWhales for some time. "Their subscription model offers a glimpse into how SaaS could be brought on chain, which will be an emerging theme as a new monetization model," he wrote.
Launched by a pseudonymous developer named Timur, Aaron, a former cryptocurrency expert, was one of the first subscribers. “I was addicted to this channel, just like a fan,” he said. The idea took off quickly and the two decided to turn it into a business together.
Correlation is not causation
Cash movements are indicative, but many things start with big purchases. For example, on January 26, the price of the Ethereum PICKLE token increased by 40% (from just under $ 11 to nearly $ 14 - quotation in real time) and the UniWhales community members saw it happen in real time.
UniWhales' Telegram bot reported that $ 1,6 million in PICKLE was being withdrawn in a short amount of time on Uniswap. That was 75% of the daily trading volume moved all at once. Identifying this type of movement is essential.
Traders need alerts to know if something big is happening with a token they have a position in or if they should take a position instead. Correlation isn't causation, but Musk's tweet seems to fit in well with market moves.
Pickle began as a public Weird DeFi project aimed at helping stablecoins maintain their anchor. Before long, the project evolved into something akin to an imitation of Yearn Finance, the leading return robo advisor. It had an exploit and Yearn, in turn, absorbed it, in its plan to become the powerhouse of decentralized finance.
Eventually, Timur and Aaron developed the UWL token, which allows access to the app, exclusive webinars, and premium Telegram channels. Like any startup, UniWhales is still working on its business model, but its goal is to build a strong analytics community for DeFi.
