If you’re a Uniglo holder, you’re in for a treat! The team behind the popular DeFi project has just announced a massive burn event that will take place on the launch day. The event will massively reduce the $GLO supply and boost the price, benefiting early $GLO backers.
Newcomer Uniglo has often been compared to Tamadoge and Shiba Inu, as these two also adopt burning strategies. So let’s examine each further and discuss the differences.
How Uniglo Burns Tokens?
Uniglo is a community-based social currency built on the Ethereum Chain. The coin is fully asset-backed by digital assets, rare non-fungible tokens, collectibles, stablecoins, etc. These assets will be stored in a GLO vault which acts as a mutual fund and grants each community member fractional ownership.
Furthermore, Uniglo represents scarcity with its revolutionary dual-burning mechanism, Ultra-Burn.
Uniglo’s Ultra-Burn Mechanic is configured to burn 2% of the token for each purchase and sell transaction to control inflation. In addition, it will utilize the proceeds from the sale of assets appreciated in the Uniglo vault to buy back and burn Uniglo tokens.
In this context, the deflationary approach ensures long-term and continuous price rises by reducing the token’s supply over time. The team created a DAO voting mechanism to accomplish this approach so the entire community could have a voice.
The crypto community has been thrilled with Uniglo’s recent announcement regarding the massive burn event on the launch. The team confirmed destroying unsold presale tokens to give $GLO a solid start and reward early backers with huge returns.
What Is Tamadoge?
Tamadoge is a virtual pet game in which users mint Doge pups as non-fungible tokens (NFTs), each with unique qualities, strengths, and weaknesses. Holders raise, feed, and train these NFTs from puppy age to adulthood.
Users buy food and accessories at the Tamadoge store with the in-game money TAMA. Unfortunately, each purchase is taxed, and 5% gets permanently burned, reducing the total quantity of TAMA tokens from 2 billion coins.
Tamadoge’s burning strategy is similar to Uniglo’s in-built 2% burn rate. Although it might not be as powerful as Uniglo’s other buyback and burn method, it would still assist the project in becoming deflationary over time.
Is Shiba Inu A Good Investment?
Shiba Inu is an altcoin launched in August 2020 by a pseudonymous entity named Ryoshi. Like many other cryptocurrencies, Shiba Inu was named after a dog breed.
SHIB began with a great amount of fanfare. Nonetheless, crypto winter has sent it crashing to the earth. Therefore, the designers of Shiba Inu began to increase SHIB’s utility by releasing games, metaverse projects, etc.
The team has built a proprietary SHIB Burn portal to diminish SHIB’s astronomically enormous supply of 1 quadrillion.
This burning portal is a function that lets token holders transmit their SHIB tokens to a specified burning address. Those who burn SHIB are awarded the burntSHIB token. BurntSHIB holders later also receive RYOSHI tokens as a reward.
The portal somewhat assisted Shiba Inu in getting back on the right path. However, there still is a long way before SHIB reaches the same scarcity as GLO.
The Bottom Line
Many companies are now moving towards a token-burning strategy to increase the price of their tokens. Uniglo, Tamadoge, and Shiba Inu have all chosen their distinctive ways, proving their dedication and commitment to long-term success.
Learn More Here:
Join Presale: https://presale.uniglo.io/register
Website: https://uniglo.io
Disclosure: This is a sponsored press release. Please do your research before buying any cryptocurrency or investing in any projects. Read the full disclosure here.
Follow us on Twitter @thevrsoldier to stay updated with the latest Metaverse, NFT, A.I., Cybersecurity, Supercomputer, and Cryptocurrency news!
