In recent months, cryptocurrency prices have plunged, with the market capitalization of all assets falling from $3 trillion in 2021 to less than a trillion in September. Market leaders like Bitcoin and Ethereum remain in uncertain territory with no clear direction as of now. While things look gloomy at the moment, an upcoming social currency, Uniglo, has been performing exceptionally well in the presale phase. Here’s why!
The need to combat market volatility
Bear markets can be unforgiving for investors, as we have all seen it. The bloodbath continues to be at the pinnacle, and these are not encouraging times for entry-level investors. Wild fluctuations in the crypto prices confine its utility as an exchange of value. In a bid to solve this program, Uniglo developers created a stable asset class backed by cryptocurrencies, digitized tangible assets, and rare NFTs. These will be stored in a multi-sig treasury, which will continue growing in value with each transaction.
A 5% tax will be collected on each GLO trade, which will go directly to the treasury vault. These assets will not only back the floor price of the token but will also be sold to generate profits. The proceeds from this event will further go towards purchasing tokens from the secondary market and burning them.
Additionally, 2% on every transaction will keep burning to ensure a constantly reducing supply. This will speed up the process of hyper-deflation, which in turn will have an impact on the token value. The overall success of the protocol will depend on how Uniglo as a community takes decisions regarding the purchase of assets, token burns, airdrops, and other essential functions.
Community engagement and capital appreciation will be driven by accumulating valuable assets that will keep expanding with time. The team will start with a small treasury, and upon smart contract launch, the transactions will keep adding to the treasury.
Owing to a huge presale demand, GLO price has already gone up by 55% and is expected to grow further ahead of the launch. Big players are keeping an eye on this new social currency as other cryptos struggle to make a move.
Find Out More Here
Join Presale: https://presale.uniglo.io/register
Website: https://uniglo.io
