One basic element of tokenomics that cryptocurrency investors need to understand is how the burning of tokens affects the price – burning is good, as it diminishes the supply. Large-scale burning is even better, as it dramatically slashes the quantity of available tokens, and therefore, scarcity pushes up the price. With this in mind, the news that Uniglo is set to burn a vast amount of tokens has been met with keen interest and a flurry of recent purchases of the native token, GLO. Learn more about why now is the perfect time to get your GLO.
Uniglo.io Burn Event
Uniglo is one of the latest protocols to market, set to launch on the Ethereum Network in November. Uniglo has a democratic governing system, meaning users can vote on big decisions regarding the project’s direction, like burning tokens en-masse (the community voted overwhelmingly in favor of burning). Users will also vote on what assets to hold in the Uniglo Vault. As it is fully multi-asset backed, options will include digital assets like cryptocurrency and NFTs and tangible assets like gold, fine art, and collectibles, to name just a fraction of what may be acquired. Users might also opt collectively to buy back more GLO to burn in the future, with the aim to draw back availability and boost the price. Uniglo also features the Ultra Burn mechanic, which burns 2% of all transactions, diminishing supply continuously as the token is bought and sold. With Uniglo, the foot is certainly on the gas when it comes to burning, making the currency entirely deflationary.
Fantom
Fantom is a popular network that uses EVM to run smart contracts. The beauty of blockchain data is that it is public for all to see: Analysts have spotted large amounts of cryptocurrency flowing from Fantom, indicating that Fantom holders are trading in their FTM for GLO, off the back of Uniglo’s burn event announcement.
Tamadoge
Tamadoge is a meme-coin that has seen immense success following the launch of the Tamaverse, in which users can spend TAMA on breeding and gaming with pets online. Tamadoge is currently sitting at rank #604, and has a long way to go before it sets foot in the top 100.
Conclusion
Uniglo has already seen great success even within its own presale, with many high-rollers placing big orders for GLO (many of which are coming from Fantom Network). High demand saw a price hike of 55% early in ICO. With an innovative use case, community-driven leadership, and blistering burn mechanics, Uniglo is a clear competitor, destined for top 100 stardom. Get involved now to take advantage of presale prices before the big burn event.
Learn more:
Join Presale: https://presale.uniglo.io/register
Website: https://uniglo.io
Disclaimer: This is a press release post. Coinpedia does not endorse or is responsible for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to the company.
Was this writing helpful?
Source: https://coinpedia.org/press-release/fantom-users-leaving-the-chain-for-uniglo-io-burn-event/