ULAB token rises: What are Unilab crypto’s smart contract services?

March 07, 2022 11:51 PM PST | By Ankit Sethi

ULAB token rises: What are Unilab crypto’s smart contract services? — Image source: Pixabay.com

What is the Unilab cryptocurrency project?

Unilab works in the smart contracts space, with a focus on easy deployment of a variety of blockchain-powered projects. Unilab claims it can help deploy token contracts and NFT contracts, which can create Ethereum-based ERC-20 and ERC-721 tokens, respectively. Besides, the platform also claims to offer support for ICO and blockchain-based crowdfunding projects.

Also read: 3 cryptos to watch if you are a cryptocurrency beginner

Unilab seems to be targeting those blockchain enthusiasts that do not have the same expertise as those developers that can build their apps on Ethereum, Solana or other networks. The project is claiming to be a bridge between the decentralized world of Web 3.0 and the “masses”.

For now, Unilab states it has support for the Ethereum Virtual Machine (EVM) and the Binance Smart Chain (BSC) network, which it envisions to expand to non-EVM networks like Solana in the near future. More will be known only after Unilab opens its repository for DApps developers in the latter half of 2022.

Also read: GALA, ALICE & RARI: 3 gaming cryptos to watch in the near term

What Are Unilab Crypto’s Smart Contract Services?

Unilab crypto

Available for trading on PancakeSwap, the ULAB token serves as the native token of Unilab. It can have a maximum supply of 100 million tokens, as claimed by the project. The token would be used in staking and for payments by users that access premium features of the network.

Unilab crypto price

Unilab’s ULAB token sits very low on the CoinMarketCap listing of cryptos by market cap. Its trading volume over the last 24 hours was nearly US$14,000 as of writing. The price per token was US$0.11.

Unilab crypto price fluctuation

As stated earlier, ULAB is very new, but the price has manifested volatility. It started with over US$0.4 almost a month back, then fell to under US$0.2 in early February, rose to over US$0.3, before entering a continuous sliding phase, and now this late rally.

Unilab crypto price

Data provided by CoinMarketCap.com

Also read: As Yearn Finance crypto drops, what is YFI token’s price prediction?

Bottom line

Unilab is not only very new, it also has yet to demonstrate utility in a world where Ethereum and other high market cap blockchain networks currently dominate. The project is promising that smart contract deployment using its network will help amateurs enter the blockchain world.

The native ULAB token would be used within Unilab for tasks like staking. In this light, ULAB’s price prediction is incomplete without having clarity on the response of users in the coming months toward Unilab’s services.

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