An asset vault with various crypto assets will back half of the GLO tokens while the other half will undergo burning to ensure scarcity. The price has skyrocketed during the presale due to the behavior of competing cryptocurrencies like Convex and Kusama.
The new DeFi project Uniglo (GLO) has been on the rise and might join the top 50 cryptocurrencies. This crypto asset is one of the latest additions to the Ethereum blockchain.
Considering that the GLO project has yet gone public, many people view that increase as significant. Analysts have said much about it and have even compared it to other crypto assets.
Uniglo is similar to Convex (CVX) regarding its purpose to facilitate the maximization of returns. It also focuses on innovation like its other competitor Kusama (KSM).
Although CVX and MSM were in the red for a month, they have risen over the last two weeks. The optimism about these two protocols seems to add to the demand for GLO, whose price skyrocketed in stage 2 of its presale.
Analysis of the Most Prominent Features of GLO
Investors must understand the profit-oriented structure of Uniglo to know why its price is soaring. The project will rely solely on speculative growth but will mitigate it with the appreciation of real-world investment assets and products.
The developers behind Uniglo plan to create a special Asset Vault to store various crypto assets to back half of the GLO tokens. The other half will undergo idiosyncratic burning to ensure the scarcity of coins on the secondary market. The primary reason many investors turn to it is its structure, which aims to mitigate market volatility.
Analysis of the Characteristics of the CVX Token
The DeFi yield farming platform Convex (CVX) competes with Uniglo to a certain extent. The former seeks to provide rewards and returns to liquidity providers and token holders through staking.
The simplicity and unique approach to PoS of Convex might also cause limitations on the platform. For example, the price of CVX dropped by nearly 24%, from USD 7.50 to a low of USD 4.87. However, it has increased by 8.7% and 9.1%, respectively, to around USD 5.62 over the last two weeks.
Analysis of the Qualities of the KSM Project
The Kusama network builds on Polkadot and serves as a testnet for the ecosystem of the latter. In other words, Kusama works as an alert system for emerging problems or threats in the Polkadot ecosystem.
It primarily seeks to support radical and unpredictable innovation and early deployments on Polkadot, making it a crude and experimental network. KSM is trading at around USD 52, representing a 14.4% drop over the last 30 days. However, its price has risen for two weeks, like CVX.
The price of GLO is skyrocketing due in part to the behavior of competing cryptocurrencies like Convex and Kusama. As the price keeps rising during its presale, it is the best time to buy and see where it might head next.
By Alexander Salazar
