Nabox released its native token today. What is it offering?
Nabox began its ICO today. Its native token with a similar ticker is an NRC20 built on the mainnet of NULS. Token holders can use NABOX across various chains. Besides, it is the governance token, so investors can use it to vote on product features or participate in making decisions.
The company stated that users could transfer NABOX tokens across Nabox wallets with zero gas fees through NerveNetwork. Furthermore, it may use the tokens for various rewards and incentives to encourage engagement with the platform, thus accelerating mainstream adoption of crypto assets.
The maximum supply of the tokens is 1,000,000,000,000 NABOX. According to the company, customers can provide liquidity or stake their tokens for rewards. With the growth of the userbase, the platform will start more pools and farms based on user demand.
Besides, holding NABOX Tokens grants customers various DID tiers. The latter also allows for several different use cases. The company noted that transaction fees would be levied on swaps at a later stage, and it will burn a percentage of NABOX Tokens in proportion.
What about Nabox’s features and advantages?
Nabox strives to become a vital part of the DeFi ecosystem by solving the problem of cross-chain compatibility. It also aims to gradually serve customers in use cases outside of DeFi, in their day-to-day lives. Its clients can manage and sign their digital assets across various chains with a single DID.
Furthermore, there are no centralized registration processes on the platform, and users manage all private keys directly.
Nabox offers various advantages to its customers, including one-click cross-chain for easy swaps across different chains, working with Wallet Connect and various DApps, decentralized Identifier for management across chains and KYC purposes in the future. The platform supports ETH, BSC, OKExChain, and HECO, as well as various DApps on the NULS ecosystem.
The company also facilitates cross-chain transfers with NerveNetwork as a bridge via an API for each chain. It uses virtual banks created on Nerve’s consensus nodes to create and manage cross-chain contracts. They are also responsible for the verification and execution of transfers from other chains.
