Welcome to the 16th Nitro Network Bulletin. It has been another roller coaster ride in crypto this week, while the bear market is still in full swing. There have been more calls for proper regulatory infrastructure in the space. The major highlight is Google’s latest crypto feature enables some Ethereum wallet addresses to have their Ether (ETH) balances tracked straight off of the Google search engine — saving the need to make the trip to Etherscan. This has brought fresh optimism into the space, with many projects encouraged to keep building. At Nitro Network, all hands are on deck for the launch of our new product!
October NCash Burn
At Nitro Network, we are building for the long term, and as such, the need for the NCash burn. The Burn event involves the permanent destruction of NCash token proportional to its monthly supply. It is a deflationary mechanism usually meant to positively affect the price of NCash tokens.
We are pleased to announce that Nitro completed its Fourth NCash burn in August, and a total of 72,527,374 NCash tokens were removed from the ecosystem. Major contributions came from unused rewards. While unused Genesis Node Rewards have not been burned yet. It will be burnt and updated after the audit. The Genesis Pool is solely dedicated to Genesis Node and won’t be utilised for any other incentive mechanism. Here are the details of our latest burn:
- Total NCash burned in October: 72,527,374 NCash
- Approximate value in USD: ~$3,654.84 USD (at the time of writing)
- Transaction IDs (TXID) for NCash burn: Transaction IDs (TXID) for NCash burn:
NCash burn Dashboard: https://burn.nitro.network/
September: NCash Minting and Allocation
The objective of Nitro Network is to reward all participants for their contributions to the network’s growth, while enhancing the rapid development of its tokenomics and private network clients.
Here’s a breakdown of mint details for the month of October; For the Network Infrastructure Mining reward pool, a supply of 1.0865 billion⁺ NCash per month has been dedicated for the first year, with 80% allocated to Miners and 20% to Nesters. Out of 1.0865 billion⁺ NCash pool, 869.2 million⁺ NCash (Miner allocation from Network Infrastructure Mining reward pool) has been minted to reward the NFM holders
Staking and Genesis Node rewards has been minted as per the pool allocation- 664.2 million⁺ NCash and 70 million⁺ NCash respectively. These will be used to reward Stakers, LP pool contributors and Genesis Nodes of Nitro Network.
Following our mint as per usage method, Nitro has minted 80% of ecosystem (Team token) amounting to 1.34 billion⁺ NCash tokens. This will be utilised for incentivizing a variety of community programs and team members for upcoming launches and marketing collaborations with our partners. The total mints amounts to 2.947 billion NCash for the month of October.
Maintaining the same APY on Native staking Platform
The third batch of our Staking program came to an end on 15th of October. However, after considerations, we have decided that we will continue to give our community the same APY value upon participation on our Native Staking Platform. Thus, we will continue with our NCash pool for staking to support the high yield till the end of year 2022. In essence, the 45% APY will still continue till the month of December.
Check out the details of our staking program here: https://staking.nitro.network/
Cashback and 100% return distribution
In this month of October, we successfully distributed 424.434 million NCash for cashback distribution to eligible people from 3 batches of pre-orders. Under the guaranteed return program we have released the 2nd instalment amounting to 6.963 million to eligible members. These rewards have already been distributed from the Team & Investors pool.
Pangolin Farm and Beefy Finance Vault update
At the moment, there is $77,000 liquidity in the NCash-AVAX farm, and the APR on NCash-AVAX super farm is currently at 107%.
In terms of trading Volume:
- NCashAVAX is #22 on the charts for 7d volume on Pangolin.
- The pool gets an average of 50 transactions daily.
Beefy Finance also has the total value of its staking pool at $47,158 given its current APY of 162%. At the moment, Nitro Network reports that the total NCash tokens in the vault at the moment sits at 745,919,353.76. We encourage everyone to keep using the vault and Farm to earn mouth-watering APY on NCash.
Community: Discord Invite Contest
We have kick started the Discord Invite Contest with a pool of 2,000,000 NCash. We encourage our community members to participate and invite their friends and win some sweet NCash. Find more details here.
Upcoming weeks forecast
If you have been active on our social media channels, you will be aware that we have plans to launch our IoT marketplace that will enable the users to purchase sensors and connect them to our Nitro ION Miner. Presently, we have multiple partners who are joining us in this new venture and we will announce them after the marketplace goes live. This new venture will also create more utility for NCash. Thus, our community and early adopters will be able to utilise their NCash holdings to choose a better life for themselves. We have been working on the product, analytics and partners for a long while, and we are at the verge of launching the product.
A Big Thank You to Everyone!
Once again, we want to thank the entire Nitro community for sticking with us this far, 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 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!