Uniglo’s (GLO) Vault Contributes More to DeFi Than ThorChain (RUNE) and Neo Protocols (NEO)

Asian Trade TVAugust 31, 2022

0 90 2 minutes read

In the past two years, the term “decentralised finance” (DeFi) has become more pervasive as an increasing number of financial institutions and service providers seek disintermediated routes to distribute their goods to the public. Indeed, DEFI is an interesting Web 3.0 subfield with a promising future. Uniglo (GLO), an upcoming initiative, is anticipated to contribute to this future by offering distinctive value to the DEFI environment.

What is the Uniglo Vault (GLO)? Uniglo is a new DEFI concept that has attracted the attention of experts and investors and is generating news. A distinctive feature of the Uniglo project is its Community Asset Vault, which is meant to store a broad variety of assets, such as rare non-fungible tokens (NFTs), digital currencies, and other digitised goods.

Related: Tether (USDT) defies Treasury sanctions, claiming that freezing tornado cash addresses is irresponsible.

This community vault is created in accordance with Uniglo’s DAO structure to provide fractionalized asset ownership for all GLO token holders. Members of the community vote on which assets to put in or take out of the vault (by selling them).

Maintaining this vault also necessitates a careful selection by the Uniglo community to ensure a steady increase in the portfolio’s value and the long-term accumulation of wealth for all investors. The strong asset mix will also serve to sustain demand for GLO tokens.

When the time is right, certain assets will be sold on the market. Additionally, the proceeds from this sale will be utilised to acquire GLO tokens on the secondary market. Then, an Ultra-Burn Mechanism will be used to burn these tokens, which will lower the total number of GLO tokens.As the Uniglo Asset Vault continues to produce revenues, an increasing number of GLO tokens are removed from circulation. The demand remains constant while the supply decreases, giving token holders some benefits.

ThorCase (RUNE) With Uniglo’s unique Vault, the new project might provide DeFi with greater value than ThorChain (RUNE). The latter is a decentralised liquidity protocol that allows users to exchange layer 1 native assets without authorization (such as Bitcoin). Consequently, it is comparable to Uniglo in that it maintains a vault. In contrast, the ThorChain vault takes deposits to permit safe cross-chain Bitcoin transactions. In 2019, ThorChain further managed RUNEVault, an interface for staking and earning RUNE.

Related: Toshiba’s quarterly deficit is due to rising material costs.

Neo (NEO) The Uniglo Vault may possibly propel Uniglo ahead of Neo (NEO) in the DEFI universe. Neo is a decentralised, open-source blockchain platform that facilitates the creation of distributed applications. Neo uses smart contracts to turn all of its assets and identities into digital files. It could be seen as a provider of standards for decentralised identity solutions.Neo, which was founded in 2014, has been a major participant for a long time, but Uniglo’s entry might displace it.

The conclusion As an increasing number of financial companies implement blockchain-based innovations, DEFI is becoming a very intriguing domain for developers and investors. In addition, Uniglo might provide a distinct value for the space.