The unicycle is a blockchain platform that confuses everyone, me included.
So keep an open mind as we try to decipher exactly what this structure/system is all about.
I am not making any promises on this being the best Unicycle review you will ever come across, or it being everything you need to know… but, one thing is certain, this is a fair start.
So grab a seat and whatever, let us dive in.
What is a Unicycle?
The unicycle is its ecosystem, a unique one at that, that comprises the CYCLE token and BNB. Unlike most counterparts, it is a closed protocol with its market inside of the ecosystem.
The unicycle is a staking platform, a highly lucrative one at that.
It is a decentralized system, therefore there is no hierarchy of ownership and the community takes sole responsibility and decisions pertaining to the growth of this ecosystem.
This platform was launched completely fixed, with its keys burnt, therefore it is immutable. This might sound scary and boring, as change is an exciting thing, especially with blockchain technology, but Unicycle has proven to be unique and this measure ensures it remains so. This way, there is no temptation to repeat and copy newer projects.
This is a system of reward for long-term stakers.
Built on the Binance Smart Chain, it is designed in a way to pay dividends to the CYCLE stakers in the form of BNB, for up to 100 days. The unicycle is the first of its kind.
The official website is http://unicycle.network/
Unicycle review: The native token of this ecosystem
If it has not been clear at this point, then, CYCLE is the native token of the unicycle platform.
Cycle token is a digital currency that is designed to be used in the form of a digital currency. It can be used to pay for goods and services. The value of a cycle token is determined by how much demand there is for it. It has no physical form and its value can only be determined by its use as an exchange medium.
The token can be purchased through the auction lobby or PancakeSwap.
Total Supply: 20,480,562.342398 CYCLE
Contract address: 0x5fE2A9183804E8d3094D695CB0610d3e00E1F355
Price as of June, 2022: $0.00012 in USD
Total Liquidity: $4,520.85
Alltime High: $4.58
All Time Low: $0.000236
Market Cap: $2,397.68
Uses of CYCLE token
- CYCLE Token can be staked qualifying one to have a share of daily BNB Dividends for up to 100 days.
- CYCLE Token can be paired with BNB and added to PancakeSwap LP (Liquidity Pool) to receive CYCLE/BNB FLIP Tokens.FLIP Tokens can then be staked to earn no inflationary rewards in CYCLE.
Features of CYCLE token
- It is a BEP-20 token based on Binance Smart Chain.
- It is the native Token of the Unicycle Platform.
- CYCLE Token is Burned each time a user stakes. 5% is sent as FLIP Stake rewards and 95% is BURNED.
- CYCLE Token has inflation of 100,000 CYCLE every 24 hours, which is offered in the Auction Lobby in exchange for BNB.
Features of the platform: How to make money with Unicycle.
From the website, we can see different features of this platform, aside from the native token. We have the auction lobby, the stake, and the flip farm. These are ways one can make money with a Unicycle.
In this section, I will try to explain each as much as possible. Bear in mind that the key reference and source remains the platform’s website.
This is where everything starts, and one of the two ways for acquiring CYCLE.
Here, every 24 hours 100,000 cycle tokens get minted and anyone can bid for these tokens by entering BNB into the lobby for auction.
CYCLE tokens get distributed according to the amount of $BNB that was bid here at the end of these 24 hours.
This is a feature that allows you to utilize already acquired CYCLE tokens, allowing you to earn BNB dividends on them.
At the start of a Stake, 5% of CYCLE Tokens are deducted and used as FLIP Farm Rewards, and 95% of CYCLE is burned. Every 24 hours, BNB Dividends are distributed to Active Stakes and this goes on for up to 100 Days.
At the End of each Stake, users receive all collected BNB in their wallets. The downside is that once you unstake before 100 days, you would stop getting the dividends. You can not claim your BNB until you unstake, it will stay locked in the system.
One major thing to note is that once staked, the CYCLE tokens are burnt and you will not be getting your CYCLE tokens back. You only earn BNB dividends.
It is said that another way to utilize your CYCLE Tokens is to Farm non-inflationary rewards.
Just like every other Farm, you need a pair of cryptocurrencies for the liquidity pool. Here, BNB and CYCLE are paired and added to a PancakeSwap pool to get FLIP.
PancakeSwap BNB/CYCLE FLIPs can then be staked to farm CYCLE, each time someone starts CYCLE stake.
Once LPs are staked, they collect CYCLE rewards for as long as they are staked.
- Unlike the staking Lounge (for BNB Dividends) CYCLE rewards can be collected at any time without unstaking.
Aside from these 3 options of making money on the Unicycle website, one can also make money with plain old hodling… where you buy a token to sell at a higher price.
Although judging from the past price pattern of CYCLE, this does not look like a good idea.
So, is Unicycle a good investment?
I noticed that people made money from bidding for CYCLE in the auction lobby and reselling in PancakeSwap. Also, the staking system doesn’t make much sense to me, nor does the FLIP farm (although this one seems a bit more reasonable).
I don’t know if my being skeptical arises from the fact the unicycle concept is a hard one to grasp.
But then, I am not one to discourage you from investing, especially with a unique platform like this.
One clear thing for me is that buying and holding CYCLE is not a good idea as the token has been plummeting from the very day it got launched.
So I do hope this article breaks down the basics of Unicycle for you without much jargon and numbers.
As always, this article is not financial advice nor does it deter you from DYOR.
In all, remember to invest just what you can afford to lose.