Dear Members of the Nitro Network Community,
We appreciate your unwavering support and dedication to the Nitro Network. It is with this in mind that we wish to inform you of some significant changes to our Nitro Network Rewards Program.
In light of the constantly shifting landscape of the cryptocurrency market, we find it essential to adapt our strategies to better serve the interests of our valued community and token holders. Recent developments in the crypto market have prompted us to conduct a thorough evaluation of our operations and make a consequential decision.
In recent months, we have been mindful of the market conditions, and as a result, we have deviated from our initial minting schedule. Specifically, we have only minted as per reward requirement for NFT Staking, NCash Staking, and IoT rewards than what was originally planned. Minting more tokens under the current market conditions would lead to an increased supply of NCASH.
As of November 1st, 2023, we will temporarily suspend the minting process. This suspension will also entail a pause in allocating new NFT staking and IoT adoption rewards.
It’s crucial to note that our past minting activities have been exclusively directed towards rewarding our community members as required. No additional minting has been carried out for internal purposes. No additional rewards left from mint were burnt, rather we carry forward it for the next set of rewards.
Our NCASH Staking portal will remain active until December 31, 2023, offering a competitive annual percentage rate (APR) of 9%*. However, after this date, staking will no longer be available. You will still be able to claim any accumulated rewards from the portal, but new rewards will not be issued.
We want to stress that all the rewards you, our dedicated community members, have accumulated thus far will remain accessible for claiming. Your support and contributions have been integral to our journey, and we are committed to ensuring that you can collect the rewards you have rightfully earned.
We understand that this may come as an adjustment. Still, we assure you that this decision has been made with the long-term sustainability and resilience of Nitro Network as our primary concern.
We are deeply grateful for your understanding and continued support. Should any further changes to our plans, we will promptly release announcements to keep you well-informed.
Thank you for being an essential part of the Nitro Network community.