A consistent decline in the value of cryptocurrencies has become a nightmare for investors. On-chain data reveals that the bear market may be on a freefall as we drop below the US$1 trillion support for the overall crypto market cap. The downside move is not only limited to digital currencies but also traditional assets that have been struggling to recover.
For those uninformed, on-chain data is openly available information regarding smart contracts, blocks, and transactions on a blockchain network. Anyone can access these details to track some activity or do analysis.
While retail investors stay on the sidelines, institutions are getting into the act to fill up their discounted bags. Experts are of the opinion that FTX and Ethereum foundation may have an early investment in an upcoming social currency, Uniglo.
Why Uniglo has caught the attention of big players?
In a market flooded with unrealistic claims of exponential gains, there was a need for a cryptocurrency immune to market volatility. To fight against bear markets and wild fluctuations, Uniglo came up with the idea to introduce an asset-backed currency. A dedicated GLO vault will hold a basket of digital currencies, rare NFTs, and tangible assets to protect the token’s floor price.
At the onset of development, Uniglo will start with a small treasury, funded by a 5% tax on each GLO trade. As the community grows in strength, more assets will be added to back the inherent value. Every user will have visibility over what Uniglo holds in the treasury.
The protocol also implements an ultra-burn mechanism where 2% of every buy/sell transaction is taken permanently out of circulation.
Furthermore, the profits generated by Uniglo will be reinvested to buy back and burn GLO tokens. This will speed up the burning process to create extreme scarcity in a shorter period of time, and it will lead to an increase in demand and the overall success of the protocol.
The fundamentals of this project look strong, and the innovative tokenomics has driven investors crazy about this concept. Big players who get in early are set to be rewarded handsomely for their investments.
Find Out More Here
Join Presale: https://presale.uniglo.io/register
Website: https://uniglo.io
