It is a rare occasion when a project comes along that totally revolutionises a concept within the blockchain space. With so many projects finding one that genuinely contributes something new has become a rarity, but a social currency set to launch on the Ethereum blockchain is pioneering a new deflationary model and redefining what is meant by a deflationary asset.
Uniglo (GLO) and its novel approach have set it aside from the rest of the market, and the token looks likely to outperform crypto giants like Stellar (XLM) and Cronos (CRO).
Uniglo features a mechanic titled The Ultra Burn Mechanism. It is the first of its type within the digital asset space, and GLO will be the first hyper-deflationary digital asset. GLO’s tokenomics include buy and sell taxes, with 2% of every transaction being automatically sent to a burn wallet with an unknown private key called the Uni Abyss. With a rapidly decreasing total supply, this value creation tool will ensure a constantly appreciating price. But developers at Uniglo have gone even further and introduced a Buy Back and Burn strategy funded by profits from Vault sales.
GLO truly is the first token to see such an aggressive burning strategy and will become scarce quickly when it launches on the open market.
Stellar directs capital globally at a rapid pace with minimal fees. This project allows for global transfers of value and combines the global financial framework into one unified whole. Blockchain technology is vastly superior to TradFi’s payment rails for transfers of value, and Stellar is the blockchain implementing this use case on a global scale.
XLM is the native token of the blockchain and is used as the intermediary currency. Using the project, market participants can send dollars, euros, pesos, and pounds anywhere around the globe. The current international transfer framework is powered by SWIFT and typically takes 3-7 business days to settle. Stellar makes settlements within minutes.
CRO is the native token of the Cronos Blockchain and the utility token of the centralised exchange Crypto.com. This token entitles users to a vast array of perks within the exchange when staked. CRO can currently be staked for 6% APY on the platform and, when staked for periods of six months or longer, enables investors to access the visa card offered by the platform.
CRO has suffered badly during the bear market, and this has been because of the general market downturn, but also Crypto.com slashing many of the perks available to stakers, and as a result, many holders sold off. CRO has lots of work to do but remains ranked at 26th by market cap. Crypto.com’s success or failure will predominantly drive the future of this crypto.
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