Welcome to the 15th Nitro Network Bulletin. The Crypto market has seen some memorable events in 2022, some of these events ushered in the bear market. With inflation rate skyrocketing, and the feds looking to bring in regulations, everything seems to be happening all at once. But looking at the positives, bear markets are the best times to build strong projects. Crypto projects with viable utility and use cases will eventually be the stars of the industry. Thus, focusing on business plans and technology has become the priority of crypto projects. At Nitro Network, we understand these times and we are taking advantage of it to build and develop our suite of products that will stand the test of time.
Cashback for October for Pre-order batches
Remember that in our previous bulletin, cashback incentives were promised and scheduled to be executed in three batches:
Batch 1: $45
Batch 2: $36
Batch 3: $23
Participants eligible for 100% cashback incentive will receive their returns within the space of a year, they will also get their second installment with the cashback. Both the installments and the cashback will be dispensed in the first week of October.
Nitro Network at the Things Network Conference 2022 Update
One of the major highlights of the month is the presence of Nitro Network at the just concluded Things Network Conference 2022, held in Amsterdam, Kromhouthal. The conference was one of the world’s largest LoRaWAN conferences. At Nitro Network, we were well represented by our CEO, Anoop Vootkuri. The Lora ecosystem is growing rapidly with lots of strong use cases and partners coming into the ecosystem. However, there is a need to create a combined marketplace to cater for each customer’s requirements and also educate them on how it enhances their life. For instance, Home and office automation are being widely adopted and increasing rapidly, and what people are looking for is a unified channel for acquisition channels for IoT.
Nitro has generated multiple leads for partnering with the hardware companies to provide IoT sensors to expedite the IoT adoption at a granular level which can be connected over the Nitro ION Miner network layer. We aim to partner with every player with simple use-cases that enhance the quality of living. Hence, our plan is to educate the community, and create a unified global marketplace.
Pangolin Farm and Beefy Finance Vault update
Nitro Network has been able to achieve its vision, thanks to some of its established partnerships and collaborations. Our major partnerships with decentralized finance (DeFi) operators Beefy Finance and Pangolin massively expanded the value proposition of NCash, thus providing a direct means to potential yield maximization, liquidity provisions and farming opportunities.
Presently, the second highest APR pool on Pangolin super farm is NCash/AVAX. The super farm strengthened its NCash liquidity pool tokens to 669.72 million, resulting in a total value locked (TVL) of $87,350 and an APR of up to 100 %. In addition, Beefy Finance also has the total value of its staking pool at $53,259 given its current APY of 160.77%. At the moment, Nitro Network reports that the total NCash tokens in the vault at the moment sits at 709,811,944.22. We encourage everyone to keep using the vault and Farm to earn mouth-watering APY on NCash.
It is important to note that the long-term sustainability of Nitro Network necessitates NCash burn. The Burn event involves the permanent destruction of NCash token proportional to its monthly supply. This helps to balance out demand and supply, thereby increasing the value of the remaining NCash tokens.
The September NCash burn is scheduled to take place after the monthly audit in the first week of October. Details of this burn will be uploaded on our dashboard https://burn.nitro.network/
Kindly subscribe to our social media platforms and turn on post notifications in order to be informed of all our events for the month of October. The details for NCash Mint for October will be made available as a separate article.
A big thank you to the community
Behind every successful project, there’s always a strong community. And this has been the case for us, a big shout out to every member of the Nitro Network community out there. Last month, the planned timeline for Nesting and some updates related to revised rewards for NFMs were stretched. We are aware that our community has been waiting for a blast for a long time, and we promise that we have you guys on our minds. Internally, we are working on the following updates; introducing the IoT solution and adoption business plan, making NFMs more affordable, we are also looking out for ways to include NFM holders in the ecosystem of IoT solutions and more ways to incentivize holders, early adopters and our supporters.
In the month of October, we plan to organize an AMA session and will continue to have at least one AMA every month to keep you guys up to date on our progress and recent developments. We will also share updates of the work done behind the scenes by our team via a series of announcements. Furthermore, we will communicate our entire agenda through multiple AMAs, articles and announcements. We are grateful to have such a supportive community who have been with us throughout this journey. We are thankful for your support. In the coming days, we will roll out a lot of new plans for business and product expansion that would benefit you all. All you need to do is to follow us on all our social channels to get the latest updates!
Also, don’t forget to participate in our Ambassador Program contest at Discord. Please join our Discord server for details.
About Nitro Network:
Nitro Network brings affordable and secure IoT solutions for you. The company is building the largest decentralized private communication network (PCN) using the LoRaWAN IoT devices. These devices enable your gadgets to communicate using 3G/4G/5G technologies. This hyperconnected network will enable unlimited use cases in your 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!