Ultron Foundation Introduces Staking Hub NFT As A New Way Of...| MENAFN.COM

Tuesday, 05 July 2022 12:10 GMT

Ultron Foundation Introduces Staking Hub NFT As A New Way Of Financing Blockchain Development


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DUBAI, UAE, June 15, 2022 (GLOBE NEWSWIRE) -- Ultron Foundation, primarily known for their first-ever single native Layer 1 coin, has released an innovative digital asset growth instrument called Staking Hub NFT. There are many established approaches to raise capital for new crypto projects or to fund existing ones, but only a handful of projects try to capitalize on the endless possibilities of blockchain technology. One such technology are non-fungible tokens (NFTs), a promising instrument that is transforming the way we perceive ownership rights and intellectual property. The problem is, however, that they oftentimes do not offer much of a utility, making them primarily a speculative asset.

Ultron Staking Hub NFT: Funding Future Development With Utility Centric NFTs

Securing funding for a new crypto project is primarily done in one of the following two ways: either by conventionally raising funds, i.e. with the help of venture capital or angel investors, or via an initial coin offering (ICO). The latter was the most favored method of financing new crypto projects in 2017 when an abundance of projects was funded in that fashion. Unfortunately, due to its relatively unregulated nature, the projects attracted many malicious players, bringing about significant losses to the crypto community. The mistrust caused by the fraudulent actions inspired Ultron's team to utilize safety features that NFTs provide in a way that has never been seen before in the crypto space. Being well aware of the crypto community's mistrust in ICOs, while also attempting to deliver real-world utility to NFTs, Ultron's team came up with the first-of-its-kind Staking Hub NFT solution.

Ultron's whitepaper describes Staking Hub NFT as an innovative digital asset growth instrument that enables users to receive daily APR returns in ULX coins. Ownership of the Staking Hub NFT gives them the right to receive passive digital assets rewards, which can be claimed daily. What Ultron Foundation offers is the option to stake users' funds for a predefined lock period, for which they are granted a Staking NFT. In the meantime, users will receive daily ULX rewards of up to 0.2% daily APR, which can be further used in the auto staking, yielding the individuals even greater returns.


Further explanation of the soon-to-be-implemented solution was provided by one of Ultron's representatives: 'The coins generated through these hubs will be locked for a fixed period and gradually unlocked on a yearly basis, enabling users to exchange the coins on a secondary market, while promising enough liquidity for the complete ecosystem.'

Incentive To Stake ULX: First-Ever Single Native Layer 1 Coin

Ultron's Staking Hub NFT truly is an exciting innovation, but it pales in comparison to their native Layer 1 coin (ULX). The team has set for themselves a significant goal, to create an ecosystem that will use the first-ever single native Layer 1 coin to fuel all operations. An ecosystem is expected to include dozens of dApps, starting with a decentralized exchange (DEX), De-Fi applications, such as farming, swapping, and liquidity pools, and a native NFT platform - ULX will support all the above services.

By introducing ULX as a single native Layer 1 coin, users will be able to take part in all of the above-mentioned activities with ease, while having the option to stake ULX coins when they will not be needed. Staking possibility will, once again, result in additional financial gains for users who decide to stake their unutilized ULX coins. By doing that, they will be able to receive an APY of 5% or lock up their coins for a period of two weeks up to 365 days for a proportional reward rate of up to 13% APY.

Having a single native Layer 1 coin further guarantees considerable savings on transaction costs, eliminating the user's need to exchange tokens for different operations altogether. Ultron's team acknowledges that for the most part crypto assets are not actively used, so with ULX coin, the users will have the advantage of staking their ULX holdings. The staking will be done effortlessly through a simple user interface where users will have the option to stake their ULX at will with a validator node. By doing that, they will be able to receive an APY of 5% or lock up their coins for a period of two weeks up to 365 days for a proportional reward rate of up to 13% APY.

About Ultron Foundation

Ultron Foundation is an emerging blockchain project that aims to offer scalability, security, and faster transaction throughputs, without compromising one for another. By adopting cutting-edge technologies and developing its native token, ULX, the team is on the fast track to becoming one of the new leaders in crypto space. Ultron Foundation is building a wholesome ecosystem that will roll out new dApps rapidly, the first of them being released in the next two weeks, and even more to come at the end of the month.

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