SOCKSPrice

(SOCKS)

The SOCKS token is a unique hybrid asset that functions as both an ERC-20 token and a redeemable NFT. It was designed as an experiment to showcase how physical merchandise can be tokenized on the blockchain. Holding one full token entitles the owner to a pair of limited-edition physical socks. When a user chooses to claim the physical item, the token is permanently removed from circulation through a burning process. In exchange, the holder receives a non-transferable NFT, which serves as a digital receipt and proof of redemption.

Yes, the redemption contract remains active. Because the project had an extremely limited original supply, many tokens have already been redeemed or lost over time. To claim the physical item, a holder must visit the project's official redemption portal and burn their token. This action triggers the shipping process for the real-world branded socks. It is important to note that once a token is redeemed for the physical goods, it is destroyed, further reducing the circulating supply of the liquid token.

SOCKS tokens were not sold at a fixed rate; instead, they utilized a bonding curve mechanism. This mathematical model determines the cost of the asset based on its current supply. Specifically, the protocol is programmed so that every time a token is purchased from the liquidity pool, the cost of the subsequent token automatically increases. This creates a dynamic environment where the valuation fluctuates based on demand and the number of tokens remaining in the pool. This experiment was one of the first to demonstrate automated market-making for physical goods in the decentralized finance ecosystem.

In late 2020, when the protocol launched its native governance token, it rewarded early supporters of the ecosystem. Every wallet that had interacted with SOCKS by purchasing or redeeming a token before the snapshot was eligible for a significant airdrop of the new governance tokens. This event is highly regarded in the community, as it provided substantial value to early adopters and solidified SOCKS as a premier historical collectible. This legacy has helped maintain its status as a landmark project in the history of the Ethereum network.

The authentic SOCKS token exists exclusively on the Ethereum network. Users should always verify the specific contract address (0x23b608675a2b2fb1890d3abbd85c5775c51691d5) to ensure they are interacting with the original project. Many imitation tokens or meme projects use similar names on other blockchain networks, but these are not affiliated with the original physical goods experiment and cannot be redeemed for the protocol-branded socks. Always check the network and contract details before performing any transactions.

Yes. Because it is an ERC-20 token, it is fully divisible, allowing users to purchase small portions of a token. However, there is a major distinction regarding utility: the physical redemption process requires exactly 1.0 SOCKS. If a user holds less than a full token, they cannot claim the physical socks or the redemption NFT. Fractional ownership is restricted to the digital value of the token and does not grant the holder the right to trigger the shipment of the physical product.