Why has the price of Ugas Coin been falling? (What is Ugas Coin)
Why has the price of Ugas Coin been falling and what is the reason behind it?1.
Why has the price of Ugas Coin been falling and what is the reason behind it?
1. Sharp increase in price
From January 8th until now, the market value of Ugas has reached nearly 10 billion US dollars. However, its value did not increase during the market downturn.
2. Surge in gas fees
With increasing demand for various cryptocurrencies and more holders entering the field, it is going through a new phase: there is a significant difference between decentralized exchanges (DEX) and token economy. These projects improve the utilization of their liquidity pools by providing users with cheaper trading services, thereby achieving higher price discovery and bringing more value to the ecosystem.
3. Continued rise in gas fees:
1. Attracted a large number of users due to the growing trading demand; 2. Gas usage has risen exponentially and has experienced significant drops; 4. The adoption of the block time locking mechanism makes it impossible for miners to earn profits. In addition, gas fees are gradually decreasing and becoming higher. Therefore, many investors are focusing on this trend.
5. Excessive gas consumption leads to significant price fluctuations
6. Gas costs on Ethereum have been steadily increasing, indicating that developers are starting to look for a viable alternative solution to solve this problem. If this approach fails, the blockchain network could collapse. But as some have pointed out, this is not a good sign. (Chart source: Github)
Above are the basic principles.
Initially, community members liked to use Uniswap for liquidity mining because they could trade on Uniswap (instead of using USDC) and receive rewards as long as they were able to exchange stablecoins with ETH/USDC on Uniswap. However, the situation has changed now, and everyone feels that all these things should be abandoned to allow all projects to grow together. This is called “algorithmic stablecoin,” which is the simplest solution to combat inflation in the blockchain industry.
However, there are also different factors that contribute to the contradictions mentioned above, such as the surge in gas fees and project teams wanting to launch their own incentive measures.
Next, we will analyze three reasons: 1. Algorithmic stablecoin itself is not innovative, but based on a new experimental technology called Proof of Stake consensus protocol on the Ethereum blockchain. It allows the execution of a series of tasks (such as verifying block confirmation process, voting weights) in a trustless manner, ensuring security, maintaining network environment, and promoting the development of decentralized applications (DApps).
What is Ugas Coin?
Ugas Coin is a blockchain token consisting of NFT projects, mainly two types: one is a community-controlled token, and the other is used to purchase in-game items. According to the official website, Ugas Coin is a functional token issued based on Ethereum, and its value is similar to Bitcoin; the other is a utility token. Currently, Ugas is circulating on the Binance Smart Chain (BSC) and Polygon network, with a market value of 300 million US dollars. It is reported that Ugas is a decentralized virtual economic platform. The official statement is: “Our goal is to integrate these technologies at some point in the future and apply them to our ecosystem.”
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