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A new cryptocurrency gem called Uniglo (GLO) is making headlines, as a growing number of analysts say this crypto is one of the digital assets that could help investors enliven their portfolios in this bearish market.
With Uniglo, it's all about the burn. With its Ultra-Burn Mechanism, the project aims to offer an annual percentage yield (APY) that rivals that of Pancakeswap (CAKE) and Fantom (FTM).
APY refers to the fixed rate of return of your token deposit over a predetermined period. At Uniglo, the developers aim to drive the APY for holders of its GLO token by implementing two types of burns.
The first style is a standard burn model that other cryptos also apply to keep their coin supply scarce. For Uniglo, this style entails burning a percentage of each token trade.
The second style is the Ultra-Burn Mechanism, which is unique to Uniglo. As the Uniglo project will maintain a community vault for purchased assets, it will also generate profits from the sale of such assets. The profits made will be used to buy back GLO tokens circulating in the secondary market. When these are brought back, the tokens are ultimately burned and removed from circulation.
Uniglo began the first phase of presale last July 15. It will launch publicly in three months' time. As the platform begins its burning protocols, early investors of GLO tokens could earn an impressive APY.
Pancakeswap is a well-known automated market maker with yield farms. Launched on Binance Smart Chain in September 2020, Pancakeswap has been seeing steady growth. Its CAKE token started trading around $0.35 but was up to $40-50 eight months after its initial offering.
Pancakeswap has various liquidity pools that offer a general APY of 45%. Its CAKE pool, however, offers a flexible APY above 3% and a locked APY above 84%. For those who stake their CAKE tokens for a longer time than others, an APY of 100% has been known to happen – Uniglo focuses on long-term token holding and could offer a similar growth scale for early investors.
Fantom is, of course, known for having a time-to-finality faster than Ethereum. It started its approach with directed acyclic graph (DAG)-based, asynchronous Byzantine Fault Tolerance. Later, it implemented compatibilities with the Ethereum Virtual Machine (EVM).
The Fantom project offers a stake-as-you-go option with a general 4% APY. Token holders can either serve as a validator node or just someone who delegates to one. Either way, staking can be done on Fantom. However, those with validator nodes require more tokens, and of course, are in a position to gain more rewards than delegators.
Today, cryptos such as Pancakeswap (CAKE) and Fantom (FTM) offer staking services. But for investors who want to maximize what their money can do, Uniglo could be a strong candidate. Under the Uniglo project, there are additional benefits such as capital preservation through a dual burn model and wealth building through multiple asset backing.
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
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Disclaimer: Analytics Insight does not provide financial advice or guidance on cryptocurrencies and stocks. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. This article is provided for informational purposes and does not constitute investment advice. You are responsible for conducting your own research (DYOR) before making any investments. Read more about the financial risks involved here.
