Nitro Bulletin #14

Welcome to the 14th Nitro Network Bulletin. This week in the crypto space, the headlines were dominated with the news of the Ethereum Merge; the transition of the Ethereum network from its current proof of work protocol to proof of stake, an event that will go down as one of the most important events in the history of crypto. This development will see Ethereum network’s energy consumption levels reduced by 99.5%, making it more eco-friendly. This news, of course, triggered volatility in the markets, with speculations surrounding the impact of the merge on the price action of Ethereum. However, in the midst of all this, the Nitro Network team has continued to work hard behind the scenes, with all hands on deck in building our suite of products in alignment with our vision.

In this edition of the Nitro Network Bulletin, we will cover details about our September NCash mint, the August burn event, Pangolin Farm and Beefy Finance Vault update, among other developments. That said, let’s delve into the nitty gritty details!

September NCash Mint

A well established goal of the Nitro Network is the act of rewarding participants for their contributions towards the growth of the network while accelerating the development of its tokenomics and private network.

As it stands, 25% of Team token in the value of over 420 million NCash has been minted by Nitro in line with our mint per usage method. This will be used to facilitate productivity with team members and different community programmers. Total NCash that has been minted is 2.0234 billion for the month of September.

August Burn

The third NCash burn was completed in August. A total of 45,139,401 NCash was removed from circulation.

The following are the details from our latest burn:

1. Total NCash burned in August: 45,139,401 NCash

2. Approximate value in USD: $2,731.48 USD (at the time of writing)

3. Transaction ID (TXID) for NCash burn: https://snowtrace.io/tx/0x32b08dae21c374b36975aef84084b417f7718f39e050488553cbeb4b8bf5d019

4. NCash burn Dashboard: https://burn.nitro.network/

100% Return whitelist campaign participants

In the campaign for the event which took place between 1st June and 15th July, Nitro Network promised 100% returns on NFM purchases. A total of 2.09 million NCash has been distributed to eligible campaign participants for their full 100% NCash return. While this is still ongoing monthly, its completion should take no longer than a year.

Cashback for September for Pre-order batches

Nitro Network’s campaign for OG Genesis Node members is still ongoing! Until September 30th, OG Genesis Nodes are eligible to get 50% off any purchase by using the one-time promo code: GENESIS.

Besides, the September cashback has been distributed with cashback quantities of $45, $36 and $23 for Batches 1, 2 and 3 respectively. Also, the distribution of NCash for each Batch is as follows: Batch 1–394244.8727 NCash, Batch 2 -315395.8982 NCash, Batch 3–201502.9349 NCash. A total of over 251.3 Million NCash has been distributed to the community eligible for cashback in different pre-order batches.

Tech Update

The Nitro Network team would like to report that some important technical issues have been addressed and resolved. This time around, the update is the Reward Claim; Earlier users were able to claim their reward once in 24 hours. The frequency of claim has been reduced now in order to minimise the effect of market risk on the token. This will also help in upcoming product integration. The details is as follows;

1. The frequency of the reward claim has been changed to ONE CLAIM in 30 Days. Now you can claim your rewards once in 30 days. The next claim can be done in 30 days after your last claim. For instance, if you claimed your claimable rewards on 7th September, 2022. Then, you can do your next claim after 7th October, 2022 onwards
2. The date and time of your next will be shown in the claimable rewards section.
3. The rewards will keep on accumulating for NFM and Staking on a daily basis and will be updated every midnight. You can check your updated claimable rewards the next day under “MY REWARDS (For NFM)” or “REWARDS STATUS (for staking)” tab.
4. There is no restriction on stake and unstake function for NFM and NCash Staking. You can stake and unstake anytime.
5. This doesn’t apply to Genesis Node Rewards. Genesis Node reward can be claimed anytime

Updates on Pangolin Farm and Beefy Finance Vault

Nitro Network has been able to leverage on established partnerships to achieve its vision. Our partnerships with decentralized finance (DeFi) operators Beefy Finance, Pangolin and NFTrade massively expanded the value proposition of NCash, thus providing a direct means to potential yield maximization, liquidity provisions and farming opportunities.

The numbers don’t lie; Pangolin’s Super Farm bolstered its NCash liquidity pool tokens to 711.72 million, equating to a total value locked (TVL) of $110,000 and an APR of 95 %. Similarly, Beefy Finance also has the total value of its staking pool at $63,086 given its current APY of 143.21%. Currently, Nitro Network reports that the total NCash tokens in the vault at the moment sits at 747,184,442.03. Therefore, we’ll continue to urge everyone to keep using the vault and Farm to harvest good APY on NCash.

A Big Thank You to Everyone!

With each passing day, Nitro Network is continually growing and evolving, thanks to the support and feedback of our awesome community members. Thank you for sticking with us, we promise to keep you updated every step of the way as we journey into a future of limitless possibilities with Nitro Network’s ecosystem. It can only get better, stay tuned!

About Nitro Network

Nitro Network is building the largest decentralized private communication network (PCN) powered by IoT combined with LoRaWAN and 3G/4G/5G. This hyperconnected world will enable unlimited use cases in our everyday life. Participants of Nitro Network’s decentralized PCN are part of an inclusive ecosystem that they own, operate and earn from. Nitro Network’s PCN will be a game-changer and has its proprietary token, NCash, at its core. On Nitro Network, everybody wins!

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