A A new project in decentralized finance (DeFi) is booming and could end up in the top 50 cryptocurrencies. We are talking about Uniglo (GLO), one of the latest project additions to the Ethereum blockchain.
This push speaks volumes given that the Uniglo project has yet to be launched publicly. Much has been said about this innovative project and many comparisons have been made.
One way of looking at Uniglo is that it’s similar to Convex in terms of its goal – to maximize returns while keeping things simple for investors. He is also similar to Kusama due to his focus on innovation.
Convex and Kusama have been in the red zone when viewed from the 30 day time frame. However, both protocols are now up, moving into the green zone during their one-week and two-week periods. And in a surprising turn of events, the optimism around projects like Convex and Kusama seems to be adding to the excitement and demand for the Uniglo project. Indeed, during the presale phase 2, the price of Uniglo’s native GLO token exploded.
To better understand why the new Uniglo project is experiencing a price explosion, you need to know its earnings-oriented structure. The Uniglo project will not be based solely on speculative growth, but will temper it with an appreciation of assets from stable and real investment products such as gold, fine wine and art.
To achieve this, Uniglo will create a special asset vault to hold different types of digital assets that will serve as the base half of its GLO token. The other half of GLO’s foundation is embodied by an idiosyncratic Ultra-Burn feature that will ensure the scarcity of GLO tokens in the secondary market. The main reason many investors are attracted to Uniglo is that its structure could mitigate market volatility. Consequently, the demand for pre-sale GLO tokens is exploding.
Convex is a DeFi yield farming platform that somewhat rivals Uniglo. The Convex protocol is built on top of the Curve Finance (CRV) stablecoin exchange, providing rewards and returns to Curve liquidity providers and CRV token holders through staking. However, Convex’s simplicity and emphasis on staking might also make the platform limited. Over the past month, the price of CVX has fallen nearly 24% from $7.50 to $4.87. But in the last seven days and the last 14 days, the price has increased by 8.7% and 9.1% respectively. Currently, it is trading at $5.62.
Kusama (KSM) is a Proof of Stake network based on Polkadot, serving as a testnet for the latter’s ecosystem. Kusama basically functions as an alert system for issues or threats that could jeopardize the safety and security of the Polkadot ecosystem. It is specifically designed to support radical and unpredictable innovation and early-stage deployments on Polkadot, which makes the network unrefined and experimental. In the words of the team behind, “Expect chaos. No promises.” KSM is currently trading at $52, down about 14.4% over the past 30 days. But KSM has seen an increase over the past seven-day and 14-day periods similar to convex.
Uniglo is experiencing a price explosion due in part to the relaunch of competing protocols such as Convex (CVX) and Kusama (KSM). As Uniglo’s GLO price continues to skyrocket in presale, now would be the perfect time to buy some GLO tokens and see where this innovative new project could take your investment.
For more information:
Join the presale: https://presale.uniglo.io/register
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