NuNet Monthly recap: January 2022
January has been a busy month for NuNet. Our Catalyst proposal finished the assessment process and was submitted for Cardano users to vote on. The snapshot period for the first airdrop of NTX tokens began and ended this month, followed by the registration and claim periods. The staking and yield farming for NTX tokens on the SingularityDAO platform has entered a new epoch, bringing higher rewards for participants (ranging from 100% to 200%!). We have also shared our development outlook. Here we will examine each of these events in greater detail and provide more information and clarity.
Not only did NuNet’s proposal, NuNet: Decentralized SPO Computing, pass Cardano’s stringent assessment criteria, but it emerged as the top-rated proposal in its category, A.I. & SingularityNET a $5T market! Cardano users who registered for Fund 7 are currently able to vote on it, using the Catalyst Voting app. The voting is set to end on February 3rd, and the results will be known on February 10th.
NuNet’s First NTX Airdrop
This month saw the completion of the first snapshot period for the NTX token airdrop, January 5th through the 19th. Those who met the AGIX holding requirement during this time then had the opportunity to register for the airdrop at the SingularityNET Airdrop Portal January 20–25th. There is now a total of 12.5 million NTX available to be claimed by the 4216 users who registered. They have the option to claim to their wallet or directly into the bonded staking contract; more about that below.
NTX Staking And Farming Rewards
On the SingularityDAO platform, the previous 30-day NTX bonded pool was rolled over to a new, 90-day staking contract, at no additional cost to users who were already staking. The rewards per epoch for this pool is 10 million NTX with a cap of 40 million NTX staked, giving it a minimum APY of 100%. An unbonded staking pool has also been created on the SDAO platform and, at the time of writing, it has over 100% APR, though this may be influenced depending on the number of people staking.
The rewards for the NTX yield farming have increased to 1.5 million NTX for a 60 day period. Based on the current level of liquidity provision, this currently has an APR of over 200%. Please note that this estimate could decrease as more users provide liquidity to the NTX-ETH pool and deposit their LP tokens in the yield farming contract.
Use-case driven Development model
As outlined in this development outlook blogpost, NuNet will adopt a use-case development model, which implies that we will be attracting early use-case integration partnerships in order to prioritize and then drive the design and development of platform features. This model ensures the alignment of go-to-market activities with the deep-tech development of the software and enables early usages even before all features planned in the roadmap are completed. In line with our mission to be transparent, our platform development board on Jira is publicly visible.
January has indeed been an eventful start to 2022 for NuNet, and we look forward to continuing this journey with the community!
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