Changing leaves? Check. News Recap? Check. Let’s go
Another quarter has ended which means it’s time for Nucleon’s quarterly update. Time to take a moment and reflect on what we have achieved before we turn our eyes back to the future. Let’s see if we lived up to your expectations.
State of Nucleon
This is a new section for our quarterly writeups that surmise how Nucleon views its progress in both positive and negative aspects. It will essentially be the current view of Nucleon by the team.
It’s no secret that the crypto markets have seen a frigid winter. It’s one thing to say we BUIDL, but it’s another to show progress and gain traction while the rest of the market declines. We feel like we are bucking the trend and growing while the market shrinks. The marketing efforts to raise awareness are driving both large and small users to Nucleon.
· We remain resolutely focused on educating new users about the power of liquid staking.
· We remain resolutely focused on broadening the use cases of xCFX.
· We remain resolutely focused on building the best staking platform in the Conflux ecosystem.
CFX Staking and LP Liquidity
The CFX staking pool is our primary purpose of existence. Our job is to continue to inform and educate users to stake CFX with Nucleon. We want Nucleon to be the first project they think of when staking CFX. To that end, we maintained our position as the largest staking pool for nearly the entire quarter. We hit a record high of over 48 million CFX staked!
One of Nucleon’s strengths is the simplicity of staking with a minimum of 1 CFX. We want to make CFX staking available to everyone. We continue to maintain our leadership in this space by having over 1,600 individual stakers. Conflux eSpace has only been in existence for over a year and a half. We remain confident that we will continue to grow the pool as Conflux Network grows in use. We feel more education and marketing with various communities will bring new stakers to Nucleon.
Our LP tokens staking continue to offer some of the highest staking returns in eSpace. Both Nucleon and Swappi DEX offer attractive returns with Nucleon offering ~60% returns on CFX/NUT and xCFX/NUT. Meanwhile, Swappi has a 30%-95% return depending on how much PPI boost the user is using. Liquidity is liquidity. We do not care who users stake with as long as users are able to trade NUT with little slippage.
Community Outreach
Sometimes opportunities take time to develop. Other times the opportunities are presented for you. Following the release of CoinGecko’s 6-month analysis of the most frequently searched tokens by country, the team decided to strike while the iron was hot. Nucleon teamed up with Conflux Africa and Conflux France to help raise general awareness of Nucleon.
Nucleon partnered with Conflux Africa for an Event called “Nucleon Tours Africa” The event was to help raise awareness in the community about getting involved with Conflux and help users learn to stake with Nucleon. The Event should be considered a success as we saw a marked increase in the number of individual stakers. The overall amount staked may not have moved much, but it’s the beginning of something that will grow over time.
The event with France was much more subtle. Matt, Nucleon’s Head of Marketing, took an AMA with Conflux France to answer general questions and drive usage of Conflux eSpace. We already know the French community are avid users that frequent the Nucleon communities. We are sure they will be an asset for Nucleon and Conflux eSpace in the future.
The Great Lending War
Reaching out to communities is certainly part of reaching out to new users. Another way to generate awareness is teaming up to create unique campaign events. The event with Goledo and Swappi is certainly one of them. Nucleon partnered with these two projects to create a special event called the Great Lending War.
Users were tasked to predict the price of xCFX will be on OCT 21st . Then, users would need to borrow tokens on Goledo and trade them on Swappi to back up their predictions. Participants in the event will share in a minimum prize pot of $2,500 in tokens and up to $9,000 if enough tokens are borrowed.
We think this is a great idea for several reasons, and high on that list is the fact that it makes users use multiple eSpace projects to achieve a use case. We believe that multiple projects interacting will make users more comfortable using the ecosystem to accomplish their goals. We look forward to partnering with other projects to do something similar.
New Features
As planned in our Roadmap article, we implemented the ability to withdraw CFX based on CFX instead of determining how much xCFX you want to redeem.
This feature was suggested by the community. We thank you for your suggestions and ask that you continue to offer new ideas for us to follow up with by going to our Reddit site.
A Word From the DAO
The DAO continues to become more active with lots of feedback from the community. First, the DAO had its first-ever airdrop as voted on by the community. The DAO airdropped over 18,000 xCFX to veNUT holders from the DAO’s Treasury wallet. Now the DAO is looking to make adjustments for the future. Due to demand by users, the DAO made a proposal to adjust the manual airdrops into a loyalty reward program for veNUT holders.
As a result of the nearly 5,000 votes, the loyalty rewards were adjusted to be algorithmically distributed. Users will be able to claim their loyalty rewards with a click of a button. We expect the new feature to be available shortly.
We continue to seek users for leadership roles in the DAO. We are looking for users who are passionate about Nucleon, and the future of the project to reach out to the Nucleon Community mods. We also welcome users to provide feedback on the DAO as well. Tell the DAO what else it can do better. We are always listening to you, the community.
Wrap-Up
That wraps up another quarter for Nucleon. Stay tuned to see what is in store for Nucleon as we move into the third quarter of the year. As always, stay up to date by following us on social media. Please join us and help make Nucleon the best project in the Conflux eSpace ecosystem.
Thank you for taking the time to read our report. Until next time everyone!
About Nucleon
Nucleon is a liquid staking solution for Conflux PoS backed by industry-leading staking providers. Nucleon lets users stake their CFX without locking assets or maintaining infrastructure.
Our goal is to solve the problems associated with Conflux PoS staking — illiquidity, immovability, and accessibility — making staked CFX liquid and allowing for participation with any amount of CFX to improve the security of the Conflux network.
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