Cryptocurrencies have been known for their volatility and lack of regulation, which has led many to view them with suspicion. However, some projects are trying to change this perception by getting audited by well-respected firms.
One such project is Uniglo (GLO), which has recently announced that it has undergone an audit by Paladin. This is a good move for Uniglo, as it helps to increase investor trust. Furthermore, it may also help attract more institutional investors, as audits can assure that a project is well-managed and not engaged in any nefarious activities.
The audit of Uniglo comes at a time when interest in Synthetix (SNX) and Solana (SOL) is also increasing. Both projects have been gaining traction in recent months, with Synthetix, particularly, seeing a lot of adoption from DeFi users. What precisely makes these projects shine the most?
Uniglo (GLO)
Uniglo is an investment DAO that aims to amass a vast treasury of digital assets of all types, including cryptocurrencies, NFTs, tokenized gold, collectibles, and more.
Being a DAO means all GLO token holders can vote on which assets the community will invest in and when earnings will be taken.
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Two aspects of Uniglo make it the perfect ICO for investors. First, the Treasury, supported by a 5% tax on all transactions, will continue to expand regardless of the market’s direction.
Second, two distinct burn processes guarantee that GLO is forever deflating. This implies that tokens are continually being pulled from circulation, hence increasing the token’s value.
Synthetix (SNX)
Synthetix is a system that mints synthetic tokens using its own token, SNX, as collateral, offering a liquidity option for almost any asset, virtual or otherwise. This enables trading on decentralized exchanges and derivative markets inside the cryptocurrency sector.
The primary novelty of the protocol is that it allows the user to trade one Synth for another in a straightforward manner, similar to the exchange of two conventional assets. Various protocols currently use this capability, employing Synthetix as their trading/swap layer of origin.
The Synthetix coin is detected above the rising trendline and $3.5 level of support. The technical signs indicate that buyers have the upper hand. In addition, weekly price movement indicates a solid advance thus far.
Solana (SOL)
Solana needs no introduction. It is one of the most potent web-scale blockchains that delivers decentralized applications and markets that are quick, safe, and scalable. The system presently supports 50,000 TPS and 400ms Block Times. The primary objective of the Solana program is to illustrate a feasible set of software algorithms for creating a blockchain. Consequently, this would enable transaction throughput to increase appropriately with network capacity, meeting all blockchain features.
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Using the website’s ‘Price Estimate’ function, the CoinMarketCap community has produced an optimistic forecast that the SOL token will trade at a median price of $43.48 on September 30, 2022. Community votes indicate that the ‘Ethereum killer’ price will climb by up to 35 percent, or $11.27, by the end of September compared to its present value at press time.
Bottom Line
Given the current interest in crypto projects, it is likely that more will start to get audited to improve their credibility. This could help to bring more mainstream investors into the space, which would ultimately be a positive development. Paladin has advanced Uniglo to top spots in accordance with Synthetix and Solana, whose holders have significantly increased lately.
