The decentralized finance (DeFi) space exploded over the last few years, as it introduced a novel way of storing, moving, and utilizing money and wealth. The DeFi sector is revolutionizing digital banking, introducing ground-breaking concepts such as decentralization and disintermediation, which are changing the game for traditional financial institutions.
Today, the DeFi sector is filled with thousands of projects that offer services for exchange, staking, liquidity pools, yield-farming, storing, and others. But which projects are pushing the existing limits of DeFi and bringing the cryptocurrency market to a whole different level?
A new token called Uniglo (GLO) could be one such project. Uniglo is a new DeFi project built on Ethereum that will create a liquidity pool on Uniswap before the end of the year.
Uniglo (GLO): A new, promising token
What is Uniglo and why does it exist? The founders of Uniglo conceptualized this project after observing the tragic events during the last few years that marked the almost downfall of many cryptocurrencies. A key problem that Uniglo wants to address is the susceptibility of cryptocurrencies to volatile markets and unstable valuations.
The solution for Uniglo is to introduce a social currency underpinned by a wide range of assets that can withstand bearish markets. These assets will include digital currencies, rare non-fungible tokens, digitized gold, and other digitized real-world collectibles. The project will further implement a hyper-deflationary process called the Ultra-Burn Model, which is designed to buy back and burn GLO tokens from the market. The solutions introduced by Uniglo are ultimately for the benefit of investors and long-time GLO holders.
Quality DeFi on Uniswap (UNI)
Sometime within the fourth quarter of 2022, Uniglo will open the liquidity pool on Uniswap, releasing public tokens into that pool after the official launch of the project in mid-October. Uniglo will air-drop the pre-sold tokens to the designated wallets of presale buyers.
Uniswap was the choice of initial release for GLO tokens because it is indeed a leading decentralized exchange on Ethereum and a well-regarded automated liquidity protocol. Uniswap deploys smart contracts on the Ethereum network that are non-upgradeable.
However, because of the ease of releasing projects via Uniswap, this platform has also seen an accumulation of projects that are mid-quality and redundant. Given the high amount of attention that Uniglo is getting, Uniswap might be able to turn things around and revive its reputation for quality DeFi.
Ethereum (ETH) Merge is coming
Uniglo and Uniswap are both built on Ethereum, which is the most renowned open-source blockchain network in the world. Launched in 2015, the network started with a Proof of Work consensus. Co-founder Vitalik Buterin has been advocating to migrate to a Proof of Stake methodology, which ideally would make Ethereum more energy-efficient and competitive for the last seven years. And at last, a migration is scheduled to happen sometime in September this year, as Ethereum recently completed the transition of its third and last testnet – the Goerli testnet – to a Proof of Stake consensus.
Uniglo is bringing quality DeFi back to Uniswap. As Ethereum completes The Merge and reaches a new frontier for open-source blockchain networks, Uniglo is in a timely position to grow exponentially and offer long-term wealth to early investors.