Staking Updates for Genesis

Published on: 17.04.2022

Nitro Network would like to express heartfelt gratitude to all of their Genesis Node holders for their patience, honesty, and enthusiasm for the Nitro Network vision.

A 150% (APY) opportunity was available to all Genesis Node owners who staked between November 15, 2021 and April 15, 2022. It is now past the April 15 deadline for all Genesis Node holders, and Nitro Network would like to share further updates and the following stages.

As mentioned above, the 150% APY window has closed. Nevertheless, all Genesis Node holders (and non-holders alike) still have the ability to stake! Moving forward from today, all Genesis Node stakers will receive 90% APY. The best part is that all future staking rewards to be distributed will be delivered in the form of AVAX-native $NCash. For all users who still have the original ERC-20 $NCash, simply use the native Nitro Network Swap Portal to get those converted into AVAX-native $NCash. As Nitro Network increasingly integrates with AVAX, the Nitro Network community will be able to utilize all the core benefits of AVAX.

Please note that all staking rewards from April 15, 2022 onwards will become claimable starting May 1, 2022. At that point, users may claim their rewards and unstake their balance as desired. Please read this step-by-step guide to learn how to stake, unstake and claim your rewards.

Genesis Node rewards

In their recently published medium article covering massive updates for all Genesis Node holders, They mentioned the extra perks and benefits offered to everyone who is eligible. In addition, Nitro Network will publish a list of all eligible Genesis Nodes on May 1, along with the native Genesis Node portal!

To utilize the portal, all eligible Genesis Node holders must stake a minimum amount of 100,000 NCash and its multiple only (i.e a user can only stake 100K, 200k, 300K and so on max 1 Milion NCash).There is also a maximum cap for the staking. Maximum amount a Genesis Node can stake is 1,000,000 NCash. The best part is that rewards will be available for users to claim every EPOCH from Genesis Reward pool to be distributed proportionately to their staked value. As previously mentioned, 1 EPOCH = 30 minutes, so stakers in the Genesis Node portal will be able to claim rewards every 30 minutes, just like those who hold NFMs!

Genesis Node stakers may unstake whenever they desire. However, if the staked amount drops below the minimum amount, users will NOT receive the previously mentioned rewards for the duration in which the required amount is not staked.

About Nitro Network

Nitro Network is building a world of private communication networks powered by IoT together with LoRaWAN/3G/4G and 5G. This hyperconnected world is the IoT alternative to cellular networks unlocking a $3 trillion market opportunity. They believe their decentralized private telecom networks is a gamechanger built on a blockchain with proprietary token NCash at the core that drives utility and value from unlimited use cases.