On-chain analysts are a special breed of cryptocurrency market watchers who study investment decision factors such as transaction data and crypto wallet amounts. For example, they look at on-chain transactions to ascertain market sentiment and ensure that a certain cryptocurrency is being actively traded or held by wallets with significant holdings.
Uniglo (GLO), a new decentralized finance (DeFi) project built on Ethereum, just recently passed the security audit for its smart contracts. The audit was conducted by Paladin Blockchain Security. And after checking out the quality test contract of Uniglo, some on-chain analysts are seeing strong positive sentiment from members of other cryptocurrency communities such as Polygon. This is an additional indication of the high level of confidence in the new project’s earning and growth potential.
What is Uniglo (GLO)?
Uniglo is a new social currency that is community-based. It is designed to be underpinned by digital currencies, digitalized gold, rare non-fungible tokens, and other digitalized real-world assets. The goal of the community-based selection of assets is to grow and maintain a diversified investment portfolio that can help hedge against market volatility and maximize the opportunities for wealth accumulation. As mentioned earlier, Uniglo is built on Ethereum, which means it is entering the Ethereum network just as the latter is about migrating to a Proof of Stake consensus that will make it more environmentally friendly and efficient.
Ethereum (ETH) Testnet
Before a new project is fully launched on the Ethereum blockchain, it is ideal to test first. The test constitutes a deployment of a version of the project on an Ethereum Test Network, or a “testnet,” to simulate how the project would perform on the actual blockchain. The test does not involve real assets, which means the new project would not lose anything in the process of identifying kinks and bugs. Three testnets that are commonly used are Ropsten, Kovan, and Rinkeby.
Polygon (MATIC) Community
As Uniglo completes its quality test with flying colors, it is now catching the attention of the community over at Polygon. Created in 2017, Polygon is an interoperability scalability solution for Ethereum. The Polygon community has been busy lately, implementing the Miden VM update and building an improved network infrastructure to include additional features. At present, Polygon’s infrastructure is capable of executing any program a user may request.
In a recent blog update, Polygon wrote about what is expected from the upcoming Merge event. It said that any improvement on Ethereum only serves to magnify the capabilities of Polygon. After The Merge, Polygon expects to increase the utility of its platform. In the same vein, Uniglo is set to contribute to, and at the same time benefit from, the major Ethereum upgrade. The Polygon community is only keen to maximize the benefits that can be reaped from it.
Final thought
The quality test contract for Uniglo on Ethereum just gives more reason for investors to be excited about the Uniglo project, which is currently still on Phase 2 Presale.
Find Out More Here:
Join Presale: https://presale.uniglo.io/register
