Nytro Chain will deploy its Avalanche Layer 2 Solution, a staking protocol to generate token value for the Nytro Blockchain, as scheduled on July 2023.
SINGAPORE – APRIL 14, 2023 – Nytro Chain, the new Avalanche Layer 2 Solution that creates a staking protocol to generate token value and power the Nytro Blockchain, has announced its official deployment date on July 2023.
Nytro Chain’s funds were raised internally through in-house capital raising, with its founding team self-funding the project development costs and using its proceeds to stake and fund key projects across the Avalanche sub-network. All staking rewards are re-staked to increase the value of the NYTRO token. The token is unique for its one-time mint and one-time burn model with a finite supply.
The token supply is dependent on its founding team’s initial capital investment and then burned as the token is resold to the protocol. The token will not be available for public purchase, nor can it be traded on the secondary market. This works on a complete disinflationary model until completely burned.
The finite supply of the NYTRO token, along with its re-staking protocol, could give huge upside potential to this unique captive project. Nytro Chain has many other unique features which will be deployed on its blockchain. The financial technology Nytro Chain is due to deploy will create demand to use the NYTRO token, furthering its use cases and expansion plans.
Nytro Chain chose the Avalanche Network due to its low hardware requirements for staking and no slashing policy. This will enable a clear and concise roadmap for staking rewards and the reinvestment strategy of those rewards.
The Nytro Chain team is aiming to support all Avalanche projects by way of staking and enabling Layer 2 access.
Nytro Chains’ deployment date is scheduled for July 2023.
About Nytro Chain
Nytro Chain is designed specifically for enterprise-level business applications. The platform aims to provide a scalable and flexible solution for businesses looking to simplify their payment processes.
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Source: https://www.thecoinrepublic.com/2023/04/15/nytro-chain-a-unique-liquidity-and-staking-protocol-for-the-nytro-token/