Find Out How Uniglo (GLO), Fantom (FTM) And Polygon (MATIC) Could Dethrone Binance Coin (BNB)
Binance Coin is one of the most popular utility tokens in the crypto market with a growing number of use cases in the BNB smart chain. The popularity can be attributed to the speed and cost of a transaction that tips over Ethereum to a large extent. However, many such competitors have entered the space in a bid to dethrone BNB. This article will tell you why Uniglo, Fantom, and Polygon stand a better chance to succeed in the long term.
Uniglo is an Ethereum-based platform powered by a social currency GLO, which is asset-backed by a basket of cryptocurrencies, rare NFTs, and digitized art. The ecosystem is focused on hedging against volatility by holding a mix of asset classes. Uniglo has a multi-sig protected community vault where all the assets are stored to back the floor price of the token. Furthermore, there’s an ultra-burn mechanism in place where the profits generated by the protocol are used to purchase GLO from the secondary market and burn it. This guarantees scarcity over a period of time, balanced by a strong underlying value to protect investors’ money amid turbulent conditions.
Thanks to its Lachesis consensus mechanism, Fantom has emerged as a faster alternative to other Layer 1 blockchains. It tackles the problem of scalability and allows virtual assets to operate at remarkable speed. A single confirmation is enough for a transaction to happen on the Fantom network, compared to other chains where multiple confirmations are required. With a TVL of roughly 650m, the blockchain hosts a significant percentage of activity in the DeFi space. The governance token of the platform can be used to vote on activities such as future upgrades, block rewards, and so on. One can also stake it to provide network security and earn rewards for the same.
Polygon is a layer-2 blockchain that operates adjacent to the Ethereum chain and benefits from a high level of security. Polygon strives to dethrone Binance by becoming the primary scaling solution for the most successful smart contract platform in the blockchain space. The team is currently on a hiring spree in a bid to grow the next generation of dApps. The ecosystem is powered by the native token, MATIC, which allows contributors and developers to build applications using Polygon’s blockchain and dev tools.
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