New Cryptocurrency Token Uniglo (GLO) Bringing Quality DeFi Back To Uniswap (UNI) as Ethereum (ETH) Takes Place
Crypto prices have been trading in a tight range for the entire year. The global market collapse in 2022 wreaked havoc across all sectors, with no signs of slowing down. Despite the much-anticipated merge upgrade, Ethereum is struggling to break through the resistance, while Uniswap is lagging behind in price action.
Amid turbulent conditions, there’s a new player in the game outperforming top cryptos in the market. Uniglo has been a sensation ever since it entered the crypto arena. Given the need to fight market volatility and fluctuations, developers came across an idea to create a stable asset with a strong floor price.
What’s driving the demand for Uniglo?
Blockchain technology is still in its nascent stage, but innovation in this sector has come a long way. Community tokens became a popular trend after the inception of Dogecoin, and the market was in need of something more than a meme. Uniglo is here to change the way crypto investors combat market volatility.
For the first time, a cryptocurrency will be backed by a basket of tangible and intangible assets, that may include digital currencies, NFTs, and digitized gold. This will be made possible through the accumulation of funds from taxation. A 5% tax will be deducted on every GLO transaction, and these funds will be added to the treasury for the purchase of assets.
Besides, there will be a token burn mechanism in place where 2% of every transaction will be taken permanently out of circulation. This will constantly reduce supply and increase demand, which in turn, will have an impact on the price.
Several media outlets have reported about the huge presale demand that Uniglo has garnered within a few weeks. The smart contract has already been audited by Paladin, and we are just few weeks away from the launch. The future roadmap looks exciting enough for the events to unfold, as investors keep an eye on this social currency.
Photo by Shubham’s Web3 on Unsplash
