The DeFi industry is rising, with new projects and tokens being created daily. One of the latest tokens to enter the market is Uniglo which is looking to show Shiba Inu and Binance Coin how to create a perfect token burn.
What Is a Token Burn?
Token burns are a popular method for DeFi projects to increase the value of their tokens. By burning tokens, a project can reduce the supply of tokens in circulation, which in turn can lead to an increase in the price per token.
This process has become increasingly popular in the world of cryptocurrency as it provides a way to quickly and efficiently reduce the supply of a token. Uniglo’s protocol makes token burns even more effective by allowing users to mint new tokens in exchange for burning existing ones.
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Uniglo uses token burning during its presale, which is done in a series of monthly burns, with the size of each burn growing monthly. The project is currently developing and has already caught the crypto community’s attention.
What Is Uniglo (GLO)?
Uniglo is a DeFi platform that makes investing simple in a diverse array of digital assets. To gain exposure to a diverse range of digital assets, from crypto and NFTs to tokenized gold and real estate, simply purchase and keep the GLO token.
While you might easily establish a cryptocurrency portfolio, some of the assets in which Uniqlo will invest are out of reach for individual investors (think expensive NFTs like CryptoPunks, antiquities, land, fine art, etc.).
Uniglo operates as a DAO. That is, all token holders get to vote on which assets the community invests in and when to profit from them. They can also choose to invest their income in GLO tokens and burn them to lower the circulating supply. In fact, GLO is always deflationary. In addition to buybacks, 1% of all GLO tokens sold on the secondary market will be burned daily.
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Pre-sale investors benefit substantially from GLO tokenomics. Additionally, the platform’s ease of use may propel widespread adoption in the ensuing months and years.
