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Uniglo is a new project that has set its sights on becoming the top deflationary cryptocurrency. It has a lot of competition, but its main rivals are Shiba Inu (SHIB), Dogecoin (DOGE), and Bitcoin (BTC). All free of these have their own deflationary mechanisms, but Uniglo’s is arguably the most advanced. Today we will look closely at Uniglo and its unique approaches to burning.
How Does Uniglo’s Deflation Mechanic Work?
The newly appeared asset-backed Uniglo Protocol includes a revolutionary deflation mechanism. The hyper-deflationary token model made possible by the burning procedure will raise the GLO token’s value and scarcity even more over time.
The “Ultra-Burn” approach, which will swiftly and cautiously boost value creation for GLO, is a critical component Uniglo has introduced. 2% of each transaction made when entering or exiting Uniglo is continuously burned. Additionally, Uniglo will use a bigger portion of the proceeds from its vaults as a community to repurchase and burn $GLO.
The aforementioned mechanism, according to Uniglo, is the industry standard for managing token burns. This is accomplished by selling assets from Uniglo Vault. Let’s explain it further.
The Uniglo vault will gradually increase in size due to the ongoing addition of the 5 percent Buy and Sell tax to the treasury. As Uniglo expands, it will buy assets and add them to the Uniglo vault to support the Uniglo token’s floor price. To see what Uniglo as a community has, anybody may visit the Vault addresses at any moment. After a sale and profit have been taken out and replenished in the vault, a larger portion of the proceeds will be used to purchase and burn $GLO tokens, creating an immediate and cascading effect.
How Does Glo Compare To Shiba Inu (SHIB), Dogecoin (DOGE), And Bitcoin (BTC)?
To understand the difference between Uniglo and other coins, we first have to understand the methods they are using. For example, Since the opening of the Shiba burn portal, more than 410 trillion SHIB tokens have been burnt, according to a recent release from the Shiba Inu team. However, these coins, whose estimated value is $4 billion, have not produced the anticipated price effects. So the idea behind deflationary models should not always revolve around simple burn mechanisms.
On the other hand, you have Bitcoin, and even though BTC burning is not common, According to analytics company Chainalysis, some 3.7 million Bitcoins have already been lost for various reasons, such as losing access to one’s private key, passing away, and more.
The main difference between Uniglo and the others is that it uses a complex system of smart contracts to burn tokens when they are sent automatically. This makes it impossible for anyone to hoard the currency, as their tokens will constantly reduce in value.
This deflationary mechanic is similar to Shiba Inu’s, but Uniglo goes one step further. It utilizes a 10% tax on each transaction that is sent to a central wallet. This wallet can then be used to pay for things like marketing and development, meaning the project has a constant funding source.
Uniglo also has a very active community, which is always a good sign. The team constantly interacts with users, and they seem to be very open to feedback. This is a project that definitely has a lot of potentials.
For More About Uniglo:
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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