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DeFi tokens with special burn mechanics are designed to support prices and prevent them from crashing. Recent months have seen an explosion of new initiatives and protocols in the DeFi arena. As a result of the increase in activity, projects compete with one another for the best features and functionality. One such instance is the new Uniglo (GLO) initiative, which aims to disrupt the DeFi market with its deflationary approach that is achieved with its ultra-burn feature. Besides GLO, Shiba Inu (SHIB) and Pancakeswap (CAKE) seem to adopt unique burning mechanics to help their native token to survive. Let's explore more in-depth.
A community-based social currency with a tremendous capacity for growth, Uniglo (GLO) establishes a fully asset-backed currency that challenges everyone's least favorite aspect of the crypto industry: volatility.
Uniglo uses a special Vault that will buy and keep tangible digital assets and digital gold to establish the first asset-backed currency in the world of cryptocurrencies. The money from this vault will go toward their first ultra-burn instrument, which will be used to buy GLOs from the secondary market and burn them to cut down on the supply. Additionally, there will be a charge on every GLO transaction that will burn 2% of the GLO that is bought or sold.
This relatively new and robust burning mechanism creates a fully asset-backed currency resilient to volatility and immune to the irrational speculation linked to undiversified cryptocurrencies.
Uniglo's price has already experienced a massive 25% increase only in the first week of its presale, signaling the project's great potential and larger adoption in the future. Analysts see the importance of Uniglo and the powerfulness of its unique ultra-burn tool and believe GLO will proudly sit along with the top currencies.
Uniglo is scheduled to go live on Uniswap. Until launch, GLO will be available only on the official uniglo.io website.
Like DOGE, the Shiba Inu currency (SHIB) is a meme coin with a dog motif. The project team's ongoing efforts to provide the token use, ensure a deflationary supply, and provide options for passive income are significant factors in SHIB's popularity.
Due to the constant, substantial weekly and daily burning of SHIB tokens, the quantity of Shiba Inus in circulation continues to decrease.
According to Shibburn, 104 transactions resulted in the destruction of more than 1.21 billion SHIB tokens in the preceding week. Like BONE, another Shiba Inu ecosystem token, many tokens were burnt.
The Shiba Inu ecosystem presently consists of a DAO, ShibaSwap, a decentralized exchange, a metaverse community, and many more components. Like DOGE, SHIB has amassed a cult-like fanbase and is anticipated to be around for a while.
PancakeSwap (CAKE) is the most active decentralized exchange on Binance Smart Chain, with the greatest trading volumes in the market. PancakeSwap's protocol has just been updated to include deflationary tokenomics. PancakeSwap uses different manual $CAKE burning techniques for sections from lottery ticket sales to every NFT sale. PancakeSwap continues to put in great effort to meet the requirements of its community and let CAKE survive bear market trends.
Market volatility has proved the importance of burning mechanisms. It's a fundamental approach to somehow stabilize supply-demand and support the prices. Uniglo seems to be one of the first protocols with the core idea of establishing double-layer burning that already highlights the team's experience and dedication.
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
