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The brutality of the crypto market in 2022 has shaken everyone from the bottom. This calls for innovation in space, where tokenomics are designed in a way to absorb highly volatile conditions. Uniglo is one such concept that utilizes various burn mechanics to benefit the ecosystem and the protocol while preserving the underlying value.
Apart from backing the floor price of GLO with rare NFTs, digital currencies, and tangible assets, Uniglo implements an Auto-burn mechanic for each buy and sell transaction. 2% of every trade is permanently taken out of circulation, which creates a deflationary model, unlike the current financial system.
In addition to this mechanism, Uniglo also employs a buyback and burn model, where the protocol will repurchase $GLO tokens from the secondary market and burn them to increase demand and prices. Profits generated from the assets in the community vault are utilized to buy extra tokens. Whether it is digitized NFT, cryptocurrencies, collectibles, or Digital Art, a portion of the sale amount goes towards purchasing GLO tokens.
This practice not only encourages future growth of the community vault but also creates a balance between systematic burning and creating value for the token holders. With further developments in the protocol, users can expect more burn events, which will have a ripple effect on the token price.
The Ultra-burn mechanism is aimed at reducing the time it takes for $GLO to become a scarce token. The higher the profits, the faster will be the burns. The price appreciation will bring in more demand and contribute to the overall development of the protocol. All the decisions will be implemented through a governance proposal. The community will have a say in every token burn event and other important project functions.
Supporting the floor price of $GLO will go a long way in contributing to the success of the protocol. This will keep coming back as an incentive for the community, who may be rewarded only for holding the tokens. Experts are of the opinion that this unique tokenomics will overshadow the likes of ATOM, XRP, and even ApeCoin.
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