The crypto industry is a fast-moving space filled with innovative products and use cases.
As a result, competitiveness often hinders what fruitful collaborations could have been. In a recent tweet, the top cryptocurrency Polyswarm (NCT) gave newcomer Uniglo.io (GLO) recognition for its move to diversify and back the GLO token with NCT. A rare sight in the competitive and cut-throat industry.
What is Polyswarm?
PolySwarm is one the biggest OpSec firms to offer decentralized threat detection against malware and viruses. In addition, NCT is used to incentivize threat detection by participants, so-called bounties.
Further, the NectarNet, a browser extension available for Chrome, Brave, and Firefox, crowdsources the detection of digital threats and rewards users with NCT based on activity.
PolySwarm mainly flew under the radar for the last couple of years, despite having partnered with Microsoft, Alibaba, Kasperky, and other big names.
In a recent tweet, PolySwarm shared a news article and directly mentioned Uniglo.io and how it diversified its asset-backed token GLO with PolySwarm.
Link: PolySwarm Tweet (Click Here)
Uniglo’s social media team replied with the fitting response, “Let’s make #DeFi a better place,” which was pleasantly received within both communities.
Uniglo.io backed by top assets
The decision of which assets will be acquired by the “GLO Vault” is made under careful consideration and research by the team and advising experts. Hence, it is no surprise that PolySwarm is now backing GLO alongside USDT, Paxos Gold, Decentraland, and The Sandbox.
Uniglo.io’s vault is a sustainable mechanism to counter market volatility, but it also increases the deflationary tendencies of the protocol.
Part of the profits made by the vault fuel the so-called ‘Ultra Burn,’ a tool that constantly buybacks and burns GLO tokens. As a result, Uniglo appreciates and gets scarcer over time, which also counters any disruptive market moves.
It is noteworthy that Uniglo.io is audited and nearing the end of its presale. With the launch planned for November 19, you’d still have till November 15 to grab a bag.
Final thoughts
Collaborations and win-win endorsements of cryptocurrencies should be the norm. However, with innovation comes responsibility, and PolySwarm has shown to be a team player that uplifts newcomers like Uniglo.io, despite its established position in the market.
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