Uniglo (GLO) Price Explosion Due to Price Action of Competing Protocols Like Convex (CVX) and Kusama (KSM)

A new project in decentralized finance (DeFi) is surging and could be making its way to the top 50 list of cryptocurrencies. We are talking about Uniglo (GLO), one of the latest project additions to the Ethereum blockchain.

This surge says a lot considering that the Uniglo project has yet to publicly launch. Much has been said about this innovative project and many comparisons have been made.

One way of looking at Uniglo is it is similar to Convex with respect to its purpose — maximizing yields while keeping things simple for investors. It is also similar to Kusama because of its focus on innovation.

Convex and Kusama have been in the red zone when viewed from the 30-day period. However, both protocols are now rising, moving into the green zone during their one-week and two-week periods. And in an amazing turn of events, the optimism around projects like Convex and Kusama seems to be adding to the excitement around and demand for the Uniglo project. Indeed, at Phase 2 Presale, the price of Uniglo’s native token GLO has been exploding.

Uniglo (GLO)

To better understand why the new project Uniglo is having a price explosion, you need to know about its gain-oriented structure. The Uniglo project will not rely solely on speculative growth but will temper it with asset appreciation from stable, real-world investment products such as gold, fine wine, and art.

To achieve this, Uniglo will create a special Asset Vault to contain different kinds of digital assets that will serve as one-half of the foundation of its GLO token. The other half of GLO’s foundation is embodied by an idiosyncratic Ultra-Burn feature that will ensure the scarcity of GLO tokens in the secondary market. The key reason many investors are attracted to Uniglo is that its structure could mitigate against market volatility. Hence, the demand for GLO tokens at presale is exploding.

Convex (CVX)

Convex is a DeFi yield farming platform that competes with Uniglo in a way. The Convex protocol is built on top of the Curve Finance (CRV) stablecoin exchange, providing rewards and yields for Curve liquidity providers and CRV token holders through staking. However, Convex’s simplicity and singular focus on staking could also make the platform limited. Over the last month, the price of CVX dropped by almost 24%, dipping from $7.50 to as low as $4.87. But over the last seven days and 14 days, the price increased by 8.7% and 9.1% respectively. Currently, it is trading at $5.62.

Kusama (KSM)

Kusama (KSM) is a Proof of Stake network based on Polkadot, serving as a testnet for the latter’s ecosystem. Essentially, Kusama functions as a warning system for issues or threats that could rattle the safety and security of the Polkadot ecosystem. It is specifically built to support radical and unpredictable innovation and early phase deployments on Polkadot, which makes the network unrefined and experimental. In the words of the team behind it, “Expect Chaos. No promises.” KSM is currently trading at $52, which is approximately a 14.4% drop over the last 30 days. But KSM has been seeing a rise in the last seven-day and 14-day periods similar to Convex.

Conclusion

Uniglo is experiencing a price explosion due partly to the revival of competing protocols such as Convex (CVX) and Kusama (KSM). As the price of Uniglo’s GLO continues to skyrocket at presale, now would be an ideal time to buy GLO tokens and see where this new innovative project could take your investment.

For More Information:

Join Presale: https://presale.uniglo.io/register

Website: https://uniglo.io

Telegram: https://t.me/GloFoundation

Discord: https://discord.gg/a38KRnjQvW

Twitter: https://twitter.com/GloFoundation1

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