The much-awaited Ethereum merge finally came to reality, leaving investors to think about the next big trend in the market. It may not be the best time to discuss exponential gains, but the market has always rewarded those who have patience.
An upcoming social currency, Uniglo has been beating the odds to outperform some of the top projects in the crypto space. A massive presale demand triggered an increase in prices, which is most likely to cause FOMO from Polygon and Tezos holders.
What is Uniglo and what problem is it solving?
We live in a world governed by banks and financial institutions. The fiat currency has an unlimited supply because the government can print them whenever they want. There’s no way to control its scarcity or protect its underlying value. While crypto solved this problem, volatility became an issue for those who rely on it as a method of payment.
As the market was in need of a stable asset class, Uniglo developers came up with an idea to create one with unique tokenomics. This includes backing up the floor price with a pool of digital assets, NFTs and collectibles acquired from the treasury fund.
How does the treasury work?
Every time someone buys or sells GLO tokens, a 5% tax will be applied to it, and this will go directly to the multi-sig treasury. A collective decision will be taken through DAO voting to ensure each community member has their say in the purchase and sale of assets. $GLO will create a cycle of appreciation through managing these assets, which will be stored in a publicly accessible vault.
The hyper-deflationary token model of Uniglo will be further supported by an ultra-burn mechanism, where 2% of every transaction will be burnt. This will consistently reduce the overall supply of tokens and exponentially increase the demand. As the treasury grows in strength, it will bring in more demand, and the Uniglo protocol will invest its own profits to keep burning tokens.
The cascading effect will push up the prices, and this is the point of interest for investors looking to load up their bags early!
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