Uniglo is a community-based social currency backed by digital assets, digital currencies, and uncommon non-fungible tokens (NFTs), and its strong burning mechanism is considered the reason to push GLO into the top 100 among Fantom (GTM) and Enjin Coin (ENJ).
Uniglo reflects scarcity with its unique ultra-burn technology, enabling users to burn their coins faster.
The fight against market volatility has been more crucial than ever for the cryptocurrency community in 2022. Uniglo hedges its bets against volatile and unfavorable market conditions by holding a diverse buskets of cryptocurrencies, digital assets, and non-traditional financial instruments to back its native coin GLO. Uniglo aims to create a token that, over time, will become more valuable.
Unlike fiat currencies, which can be vulnerable to hyperinflation due to quantitative easing, Uniglo features a special double-burn approach that can assist in establishing a deflationary currency.
What Is Uniglo Ultra Burning Mechanism?
Uniglo has designed an Ultra-Burn method because they think that by utilizing their vault to sustain the floor price of $GLO and prolong its appreciation, Uniglo will directly correlate the protocol’s performance. The more Ultra-Burns that will happen due to increased sales and earnings inside the treasury eventually will lead to a reduction in supply and an increase in the price of $GLO.
The revenues from the sale of assets held in the Uniglo Vault that have gained in value will be used toward funding the Ultra Burn Mechanism of Uniglo. Additionally, Uniglo uses another approach to burn 2% of the token for each buy and sale of Uniglo. As the quantity of the token decreases over time, this deflationary method is guaranteed to result in a long-term and ongoing increase in price.
Now, let’s examine two of the most well-known ERC-1155 tokens: Fantom (FTM) and Enjin Coin (ENJ).
Fantom is an open-source smart contract platform for digital assets and dApps.
Directed acyclic graphs (DAGs) are used by the Layer 2 blockchain technology Fantom to execute transactions rapidly and effectively. The Fantom network provides near-instant finality, is completely scalable, and can manage large transaction volumes. Additionally, Solidity-written smart contracts are supported by Fantom.
Decentralized applications (dApps) that need high throughput and low latency were the focus of Fantom’s architecture. On the network, fees are paid using the native FTM token.
Enjin Coin (ENJ)?
EnjinX, the world’s first decentralized gaming platform and explorer for monitoring analyzing, and graphing blockchain game objects and data launched Enjin Coin in 2018.
Enjin Coin is an Ethereum-based utility token that allows anybody to create, manage, trade, store, explore, distribute, and receive cryptocurrency payments in games and other virtual environments. Additionally, Enjin Coin offers developers a complete set of tools that make it simple to incorporate ENJ into their games or app. ENJ provides a single platform for all your gaming requirements with support for ERC-20 and ERC-1155 tokens.
From the beginning, Enjin Coin was created with game creators in mind. The Protocol addresses many problems developers have when dealing with current cryptocurrencies, including excessive transaction fees, sluggish transaction rates, lack of scalability, and challenging integration.
ENJ provides quick transactions, affordable fees, simple integration, and scalability to solve these problems.
FTM and ENJ are reaching maintaining their sits among the top 100 cryptos. Though Uniglo is still a new industry member, it has a great potential to take a seat among them due to its strong burning mechanism.
Find More About Uniglo:
Join Presale: https://presale.uniglo.io/register
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