It has been a few exciting weeks for NEST® and the crypto market, highlighted by the successful beta launch of three of our products at Singapore’s Token2049. We hope you guys have learned a little more about NEST® from previous articles and downloaded the application to try out.
As NEST® mobile application for accessing Web3 was made available to the public, so was AERIE for business-focused NFT services and The Other Fruit, the Web3 marketplace featuring legal contract creation and service listings, among others. What is still missing from a crypto project?
Yes, where is the token? Every legit crypto project should have a token with its well-designed tokenomics, and so do we. After the launch of our products, we would like to introduce you guys to the lifeblood of the NEST® ecosystem, the Volary (VLRY) token.
What is VLRY token?
The Volary(VLRY) token is the essence of the NEST® ecosystem. It functions as an instrument for transactional utility across networks. It promotes user engagement through its staking program, granting reward boosts to users who refer others, mint, or control data-as-an-asset such as NFTs, and more. The token also gives governance rights to community members and enables them to participate in the platform’s development and fiscal policy. Let us break down the above for easier understanding.
What can you do with VLRY?
Pay
One of the issues of working with multi-chains is the need to use several different cryptocurrencies to settle transactions. Four different chains require four kinds of tokens. The NEST® platform supports multiple accepted fiat currencies — you can even use your credit card. For users who wish to settle transactions in crypto, there is a need for a universal token to pay for transactions across chains.
Although payment is not the primary function of the native token, it can still be used to pay for goods and services on the platform. Also, fees like registrations or engagement fees, minting fees, network transaction fees, and those on-chain interaction required fees in cross-network or multi-chain can all be paid with VLRY. One more advantage of using VLRY for payment is all transactions carried out using the token can enjoy up to a 25% fee discount.
Earn
Users can compound their VLRY tokens by staking them and earning passive yield in the form of VLRY token rewards, which depend on the staking or locking period of the token. Users can also earn by providing liquidity to VLRY. Moreover, users can earn by referring new users to our ecosystem, and engaging in our events and campaigns!
Stake
Staking the VLRY token will provide stakers with multiple advantages. Our staking program is designed and structured as more than a passive reward incentive for anyone willing to stake. The most benefits go specifically to users who promote the NEST® network and use its core functionally.
Here are the staking benefits:
- Earning a passive yield in the form of VLRY token rewards, as mentioned above
- Tiered discounts on fees, up to 25% discount!
- Monthly claimable NFT
- Priority access to special events and tokens
The staking benefits are based on levels determined by the fiat equivalence of the tokens staked at the time of staking. So you guys don’t have to worry if the utility token decreases in value; you won’t lose your benefits. On the other hand, as the token increases in value, users can choose to unstake, then stake a lower token amount to earn the difference.
Vote
The token also grants governance rights to community members and enables them to participate in the growth of our products. The governance and voting system of NEST® becomes an extension of regular staking, where users who want to vote would need to stake their VLRY tokens. Voting does not provide any additional NEST® or VLRY rewards to ensure that only people interested in governing the system would participate since this action requires a longer token lockup.
The degree of decentralization of the NEST® ecosystem would increase over time according to the development stages and roadmap. Voters would have the right to vote for the platform’s development and fiscal policy in the distributed system of governance.
Final thoughts
VLRY is designed to reward members with substantial contributions and engagement in the community. In the current market, tokens are usually tools for speculators. Users who use and contribute to the platform services are not rewarded.
We believe our unique mechanism can encourage users to adopt NEST®, actively participate in our events and campaigns, and be rewarded for their contributions. The token design should encourage Web3 users, creators, and builders, not speculators who aim for short-term profit.
Join the revolution, and let us know your thoughts! What features do you want to see in the future?
