Uniglo (GLO) Could Overtop Cryptos Like Pancakeswap (CAKE) And Pax Gold (PAXG)

By Lindsey Benson
2 years ago
In cryptocurrency

204 Views
0

One of the most attractive elements for investors within the digital asset space is the link between performance and price. Projects that deliver value are rewarded, and projects that fail to do so quickly fade into obscurity. This has led to a highly competitive market with projects constantly battling for their ranking, and this battle grows more intense closer to the top.

A new Ethereum-based social currency Uniglo (GLO), is looking to disrupt the status quo, and several crypto experts have conjectured that it could overtake already established projects like PancakeSwap (CAKE) and Pax Gold (PAXG).

Uniglo (GLO)

Uniglo is returning to basic economic principles and leveraging the programmability of blockchain technology to introduce an improved form of currency. Since abandoning the gold standard in 1971, the US dollar has been backed by nothing except faith in the US government. GLO, the native token, has a value backing, its price supported by the Uniglo Vault.

The protocol leverages buy and sell taxes to fund two of its core mechanics. The first is the treasury fund which buys a collection of real-world and digital assets; assets allow investors to benefit from long-term growth and have been used by the wealthy for generations to preserve their wealth. The second is the Ultra Burn Mechanic, which sees 2% of every transaction burnt, on top of proceeds from Vault sales being used for the Buy Back and Burn of GLO. With a constantly decreasing total supply, the price of GLO will naturally increase long term. Uniglo offers investors an alternative store of value that avoids the steady decline of fiat and the worst of market volatility in digital assets.

PancakeSwap (CAKE)

The most visited DEX (decentralised exchange) within DeFi (decentralised finance), this food-themed DEX was launched anonymously in 2020 and made DeFi investment accessible. PancakeSwap brought low transaction fees on the BSC (Binance Smart Chain) in comparison to the exorbitant gas fees of the Ethereum network. Ranked eighth largest protocol by TVL (Total Value Locked), PancakeSwap currently has more than $3 billion locked in its smart contracts.

CAKE is the native token and powers PancakeSwap. This DEX has gone from strength to strength, and the next bull market cycle will see another massive influx of liquidity to the DeFi space. Pancakeswap is positioned to snatch the majority of this liquidity, and naturally, CAKE will benefit.

Pax Gold (PAXG)

PAXG is a token that ran counter to the prevailing market conditions whilst other coins were suffering retracements; it stood firm. Pax Gold is a protocol that is backed by gold. The project highlights the inherent benefits of tokenising assets, making them more accessible, liquid, and transparent. PAXG is a token that makes trading gold simple and allows market participants to buy fractional amounts of this precious commodity. Owners of PAXG own are legitimate owners of gold held in custody.

PAXG trades at $1,768 and closely tracks the underlying asset’s price, one troy ounce of gold. Gold has been a store of value for centuries, and Pax Gold allows investors to hold this commodity without dealing with the physical complications of gold ownership. PAXG is an excellent way for market participants to diversify their portfolios.

Find Out More Here