Argentinian Crypto Mining
Although the COVID-19 pandemic had a global reach, Argentina is suffering the financial aftermath acutely under a crushing 78.5% inflation rate. As a result, the government turned to mining cryptocurrency to revolutionize and rejuvenate the country’s flagging economy. Argentina joins several other countries in modernizing via cryptocurrency, and the community watches in interest as another government opts to go digital.
Uniglo is a decentralized finance (DeFi) project that joined the market in July. It is a community-based vault with a multi-asset-backed treasury designed to support the price of GLO. The treasury purchases a range of assets spanning digital currencies to tangible collectibles and holds them while they appreciate in value. Uniglo also features a dual burn model to keep constant pressure on the supply of GLO tokens in the secondary market. This hyper-deflationary approach will naturally drive the value for GLO holders in the long term.
This protocol is pertinent to the Argentinian audience for several reasons. As inflation spirals out of control, Uniglo offers genuine protection of wealth through real world assets in the form of NFTs. Projects in their early days generally lend the greatest profits to early adopters: GLO is already performing well, as the token surged 25% in its first week, making Uniglo a strong candidate for everyone’s portfolio.
Ethereum Classic is a blockchain-based distributed computing platform. Recently Ethereum shifted to a Proof of Stake consensus, rendering Ethereum Classic the hard fork maintaining the previous Proof of Work consensus. Since the Merge, Ethereum no longer runs off mining. Argentinians, along with the rest of the world, are able to take advantage of the mining capabilities of Ethereum Classic instead.
Despite contending with both a bearish market and monstrous inflation, cryptocurrency has much to offer countries that align themselves with digital finance. Protocols like Ethereum Classic keep mining channels open for opportunity. Projects like Uniglo not only present an attractive investment opportunity but also offer a crucial use case in the real-world application of asset protection, where centralized finance offers none.
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