The latest addition to the Ethereum blockchain, Uniglo (GLO), is soaring. The price of its GLO token has recently surged by 35% and continues to exhibit an upward trend. Read on to learn more about this new project that is set to outpace cryptocurrencies and DeFi projects like Aave (AAVE) and Curve (CRV).
Built on Ethereum, Uniglo is a social currency pegged against market demand as well as a community-managed asset vault. At the start of the project, the founders will put together a treasury that will fund the purchase of high-value digitized real-world assets and digital currencies. Once the initial asset composition generates profit, the community will build on top of it by creating the Uniglo Asset Vault. The buy and sell of high-value digital assets will grow the community’s profits exponentially.
With strong profits from the asset vault, the project will have sufficient funds to support its idiosyncratic Ultra-Burn Mechanism, which aims to buy back GLO tokens from the market and remove them from circulation.
During its initial coin offering (ICO), the price of GLO has already surged 35%, which pushes the demand for the new cryptocurrency even further, far beyond the demand for existing tokens such as Aave (AAVE) and Curve (CRV).
Aave is an open-sourcep protocol that helps lending and borrowing services and the creation of liquidity markets. Users on Aave can use up to 20 different assets as collateral. The price of AAVE over the last 30 days has been crawling slowly, beginning with a sharp drop in the middle of August. On August 17, the price of AAVE was around $110. It dropped to as low as $78 on August 29. As of the middle of September, AAVE was trading around $95. Hence, investors are not too excited to keep AAVE in their wallet.
Curve is an Ethereum-based exchange liquidity pool built for passive income and efficient trading of stablecoins like USDC and DAI. The Curve token, CRV is given as rewards to Curve liquidity providers. Investors can also convert their CR into veCRV, or vote-escrowed CRV, which enables governance participation and more robust rewards. The annual return of deposits in one of Curve’s many liquidity pools stands at 4%, locking in ETH-based assets that are worth over $5 billion. Still, investing in Uniglo at this time could offer returns beyond 4%.
The bottom line
Projects with an impressive ICO do not come often. The Uniglo project is a rare crypto gem that could reward early investors during and well after its public launch.
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