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Regarding token burns, there is no doubt Binance and SHIB have been leading the pack. However, a new player in the game, Uniglo.io, is quickly making a name for itself with its innovative in-built Ultra-Burn mechanic. This new way of burning tokens could change the industry’s landscape and increase the tokens’ value.
Uniglo’s Revolutionary Ultra-Burn Mechanic
Uniglo is an upcoming social currency that will implement a digital vault and hold world-class cryptocurrencies, NFTs, digitized assets, and collectibles to protect itself from market volatility. Uniglo DAO will have governance on the vault, meaning they will decide what assets to add, sell, and how to reinvest profits.
However, Uniglo’s main feature that has conquered media is its dual-burning mechanism called Ultra-Burn. For each buy and sale of the token, this system burns 2% of $GLO. The tokens that have been burned are moved to a wallet called Uni Abyss, whose private key is unknown.
Furthermore, a unique asset-backed GLO vault supports the buyback and burn approach. Within this method, the protocol repurchases GLO tokens from the open market and removes them from circulation.
According to the roadmap, the Ultra-Burn strategy will be activated shortly after the project gets listed on the exchange. Before that, investors will be pleased to witness a massive presale token burn.
The protocol will burn unsold tokens from the final presale, which will again power up Uniglo’s listing price and benefit early backers. So far, early investors are up by 55%, and expectations are going high with the massive burn ahead.
BNB and SHIB Burns
Binance Coin was created by the Binance exchange as a utility token to be used on the platform. Every quarter, Binance destroys a portion of its BNB tokens. The reason for this is two-fold: first, it reduces the supply of BNB, and second, it shows that Binance is committed to giving its token a substantial value.
Speaking of SHIB, a popular dog-themed meme coin, the team has recently introduced the SHIB Burn portal. The new feature reduces SHIB’s massive supply and inflationary nature. The burning portal enables users to burn their SHIB tokens in exchange for rewards.
So far, both burns seem to be working as intended. The price of BNB has gone up significantly since its launch, and SHIB has also seen a steady price increase. But there is a new contender on the market, Uniglo, whose burning strategies are even more intense and large-scale. Uniglo’s ultra-burn is unseen on the market, as it is fully dedicated to scarcity and stable growth.
The Bottom Line
Establishing scarcity and a growing ecology for the coin offers it a competitive advantage in the battle against volatility and the bear market.
Uniglo shapes into a go-to solution to worldwide inflation. Therefore, many analysts are upbeat about its future and label it the best.
For More About Uniglo:
Join Presale: https://presale.uniglo.io/register
Website: https://uniglo.io
*This article has been paid. The Cryptonomist didn’t write the article nor has tested the platform.
