Uniglo (GLO) Blends NFT Ownership With ‘Ultra-Burn’ Mechanics To Overshadow Cosmos (ATOM), XRP (XRP) and ApeCoin (APE)
The brutality of the crypto market in 2022 has shaken everyone to their core. This requires innovation in space, where tokenomics is designed in a way that absorbs highly volatile conditions. Uniglo is one such concept that uses different burning mechanics to take advantage of the ecosystem and protocol while preserving the underlying value.
Apart from supporting the floor price of GLO with rare NFTs, digital currencies and tangible assets, Uniglo implements an Auto-burn mechanic for every buy and sell transaction. 2% of each trade is permanently taken out of circulation, creating a deflationary model, unlike today’s financial system.
In addition to this mechanism, Uniglo also uses a buyback and burn model, where the protocol will buy back $GLO tokens from the secondary market and burn them to increase demand and prices. Profits generated from the assets in the community vault are used to purchase additional tokens. Whether it’s digitized NFT, cryptocurrencies, collectibles or digital art, a portion of the sale amount goes towards the purchase of GLO tokens.
This practice not only encourages future growth of the community vault, but also creates a balance between systematic burning and value creation for the token holders. With further development in the protocol, users can expect more burning events, which will have a ripple effect on the token price.
The ultra-burn mechanism is aimed at reducing the time it takes for $GLO to become a small token. The higher the profit, the faster the burns will be. The price increase will bring in more demand and contribute to the general development of the protocol. All decisions will be implemented through a management proposal. The community will have a say on any token burn event and other important project features.
Supporting the floor price of $GLO will go a long way to the success of the protocol. This will constantly come back as an incentive for the community, who can be rewarded just for having tokens. Experts are of the opinion that this unique tokenomics will overshadow the likes of ATOM, XRP and even ApeCoin.
Find out more here:
Join the pre-sale: https://presale.uniglo.io/register
Website: https://uniglo.io
Telegram: https://t.me/GloFoundation
Disagreement: https://discord.gg/a38KRnjQvW
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