The scandal embroiling Sam Bankman-Fried (SBF) and his beleaguered FTX exchange is inescapable, with the turmoil inevitably spilling over to drag down crypto giants like Bitcoin, Solana, and of course, FTT. Despite this, one project is wading through the mire unscathed: Uniglo. 

Uniglo.io Bucking Market Trends

Uniglo is one of the most highly anticipated projects to launch on the Ethereum Network this year. It has an intriguing use case: it allows the Uniglo community to collectively hold a vast horde of assets and make decisions as a DAO. Pair this with more volatile digital assets like NFTs and cryptocurrency, and you’ve got one profitable bank of holdings in the GLO Vault. Users get to vote on what should be held, along with other major decisions like when to burn bundles of GLO. Early buyers already cast their first vote, resulting in the announcement that Uniglo will burn all remaining GLO leftover from presale. Judging by other protocols that took similar action, this will likely cause an uptick in pricing for GLO. Great news for any investors who purchased during presale! 

Woes for Solana and FTT

Unfortunately for Solana, it transpired that FTX was holding large volumes of SOL which are probably set to be liquidated in the upcoming restructuring of debts to repay users. This is unfortunate for many of the ecosystem tokens and NFT projects that have no association with SBF or FTX in general. With Solana Foundation staring this liquidation in the face, it also brings up questions about the continuation of expensive development the Foundation is doing, such as the Solana phone. FTT faces a worse fate: the coin is defunct, as the native exchange token has completely collapsed and is no longer accessible or functioning. 

Conclusion

Despite FTX drama affecting the entire market, Uniglo remains strong and is showing signs of further promise. The big burn event is sure to affect pricing. No need to be disheartened by the misfortunes of other protocols: Uniglo is set to have a bright future.

Learn more:

Join Presale:  https://presale.uniglo.io/register 

Website:  https://uniglo.io 

None of the information on this website is investment or financial advice and does not necessarily reflect the views of CryptoMode or the author. CryptoMode is not responsible for any financial losses sustained by acting on information provided on this website by its authors or clients. Always conduct your research before making financial commitments, especially with third-party reviews, presales, and other opportunities.