NovaDeFi — The Interoperable DeFi Liquid Yield Generator. Interconnecting industrial mining capabilities with next generation decentralized finance solutions.
Dear Community Members,
As September came to an end, we decided to create a transparency report. We’d like to summarize the most important developments and changes for you.
Medium Publications:
September counted three different Medium posts:
• The Transition to NovaDeFi
• Tutorial — Farming NOVA Token on NovaSwap
• Introducing NovaSwap
These Medium posts introduced the major switch from a sole mining infrastructure focus, to a focus that has a much deeper interaction with decentralized finance.
We believe this covers our beliefs and capabilities much better. And, we’re eager to share with you our recent changes.
Transparency around the NMT Token Economics
The $NMT Token economics have always been communicated to the community and token holders in a transparent way.
It was communicated the NMT allocated for marketing tokens is unlocked. That being said, the team decided it was best for the project’s health to liquidate the 3,000,000 NMT tokens allocated for marketing.
These tokens have been sold on the market, last Tuesday, September 29th. As promised, the locked liquidity wasn’t touched and is still sitting in the liquidity pools to date.
We’ve received a lot of concerns and questions around the sale of these NMT tokens. Therefore, we’d like to address how these funds will be used. We understand the approach was not perfect, far from, however we’ll also address how we’ll put this liquidity back in the NMT ecosystem within the next few months and how we ensure we will not sell tokens like this ever again.
Marketing funds allocation
First, mining equipment was purchased and will be delivered within the next two weeks, after which the team will immediately set it up and get it running.
The expected returns are 1.6 up to 2.2 ETH Daily, which is around 48–66 ETH monthly revenue that 100 % will be bought back, where 50% of that will be burned and the 50% other will be distributed to Staking contract to reward long-term NMT Stakers.
After these months, the team will decide (together with the community) if these buybacks will continue for another couple of months.
The remainder of the budget will be set aside for marketing activities, to further grow the NovaDeFi ecosystem and community. This includes activities such as new exchange listing(s), promotions and more.
Launch of NovaSwap
The team is excited to announce the launch of NovaSwap! The platform can now be accessed at http://swap.novadefi.com/.
Currently, token holders can deposit NOVA/ETH and NMT/ETH LP tokens to start farming NOVA. As stated in our previous Medium post, we will add more pools shortly.
Upcoming pools are: NOVA/USDT, NOVA/WBTC, NMT/NOVA, NMT/USDT & NMT/WBTC.
Increasing trust by locking NMT in a Multi-Sig Wallet
In order to gain more transparency and credibility, we decided to lock project’s tokens into MultiSig Wallet, which will be powered by NovaDeFi Team and two community members — @Bchain10 and @cryptostifflerofficial.
All project tokens (a total of 13,275,000 NMT) have been moved to the Multi-Sig wallet, which can be found at: https://etherscan.io/address/0x952772E1aC0668041df0197c051Da3d54C429F3a.
Unless all parties agree, these tokens cannot be moved. They have all been put in one wallet, to increase the traceability of tokens. Any token movements will be communicated with the community in advance.
It is in our best interest to create a sustainable, fast-growing ecosystem and project. Which ultimately will also benefit our token holders in the best possible way.
What’s next?
As per our roadmap, next up is the release of the NovaDeFi Dashboard and the official staking release. Our full roadmap can be found on the website. This is a working document, meaning it will be continuously updated as we move forward.
Join the community!
We aim to become a more community-driven project. That being said, we appreciate all the feedback and support we’ve gotten so far.
Please join our community for any questions or feedback you may have. You can find us at:
• Website: https://novadefi.com
• Twitter: https://twitter.com/novadefi
• Medium: https://medium.com/@novadefi
• Telegram: https://t.me/nova_defi
• Github: https://github.com/novadefi
