Nitro Bulletin #9
As the crypto space continues to weather the storm of a bear market, the Nitro Network team has been making sure it uses this time to fortify and improve its services. Despite adverse conditions, the team remains steadfast about its vision to provide value to the Nitro Network community and ensure it’s protected in these times. Over the last couple of weeks, advancements have been made to ensure that vision becomes a reality.
This issue highlights these recent developments. It includes an update on Nitro Network’s partnerships, an overview of NFM staking and farming metrics, and a deep dive into the Nesting program and community growth.
Updates from Nitro Network’s recent partnerships
Leveraging a string of established partnerships, Nitro Network is now slowly reaping the rewards of its labor. Partnerships with decentralized finance (DeFi) operators Beefy Finance, Pangolin and NFTrade significantly expanded the value proposition of NCash, providing direct means to potential yield maximization, liquidity provisions and farming opportunities.
Specifically, the partnerships have resulted in impressive annual percentage yields (APY) for NCash stakers. Pangolin’s Super Farm, for example, has reaped an annual percentage rate (APR) of over 300%, giving rise to an NCash liquidity pool holding 476 million tokens valued over $100,000. Similarly, NCash stakers using the Beefy Finance protocol have reaped an APY over 1,500%, taking the total value of the staking pool over $60,000! Finally, NCash stakers using the NFTrade platform, another Nitro Network partner, have reportedly staked 81.8 million NCash tokens and farmed at least 40 Non-Fungible Miners (NFMs).
As stated in a previous article, the Nitro Network team intends to continue adding these advantageous partnerships into its operations, embodying the CEO’s ethos of constantly creating value for others — and especially for Nitro Network participants.
NFM staking and farming
The growth seen through Nitro Network’s partnership network has been reflected in its internal operations too. Despite the presence of a crypto winter and the fall of Bitcoin and Ether to lows unseen since 2020, Nitro Network’s staking, nesting and farming protocols are displaying a tenacity and growth uncommon among established crypto firms and up-and-coming ones alike.
Indeed, the bear market has placed a spotlight on the cracks within the crypto space that the 2021 bull market had conveniently coated; the Celsius withdrawal freeze and Luna Classic’s collapse are two examples of this. On the other side of the coin, operators like Nitro Network, true and consistent to its ethos of providing value, have continued to build and fortify their positions, ensuring their participants are protected and rewarded.
Specifically, Nitro Network reports that its participants have taken a keen interest in the network’s NFMs. Even with these current market conditions, participants have gravitated towards staking and farming NFMs. Nitro Network reports at least 1,850 NFMs have been staked by Nitro Network participants and at least 20 more have been farmed.
Currently, Nitro Network reports that its participants are staking over 2.25 billion NCash tokens on the staking platform alone.
Nests and community growth
In addition to NFM staking and farming, Nitro Network opened up a new avenue for its participants to gain rewards via its Nesting protocol. Like circuits propagating an electrical pulse, Nests propel Nitro Network throughout vast geographical locations. By utilizing the Nesting hardware, anyone can become a host with Nitro Network and reap the NCash rewards associated with that activity.
Since the Nesting program’s launch, Nitro Network reports the registration of over 4,190 Nesting devices. These are scattered throughout the following eight cities in the United States and India:
- New York City
- Miami, FL
- Los Angeles
The increase of deployed Nesting devices has not only created value for the 4,000+ hardware owners, but also for the entire Nitro Network community. Providing cross-continental breadth, these Nesting services have played a pivotal role in connecting the Nitro Network community to one another.
So far, Nitro Network counts at least 119,673 participants across all social platforms. To these 100,000+ participants, Nitro Network promises to continue fulfilling its duty in creating a valuable decentralized community.
As a final word, the Nitro Network team would like to report that two important technical issues have been addressed and resolved. Specifically, the team notes that any staking and NFM reward issues have been solved and that the reward claim process will operate flawlessly; the Nitro Network community won’t have to wait to access the reward claim, and it won’t have to deal with any bugs when staking.
Now with Nesting projects underway, more partnerships on the horizon and constant surveillance over product improvements, the team is pushing its hardest to maintain the quality its participants expect.
Don’t miss the next announcement — follow Nitro Network on social media for more.
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!