NULS’ (NULS) New Staking Model Sees $1.25 Million Staked in First 24 Hours
NULS (NULS), an open-source project with a highly customizable modular blockchain infrastructure, is pushing forward with its new staking service, staked coin output (SCO), alongside Aleph, a cross-blockchain second-layer network.
According to a recent press release, the new model allows investors who are staking NULS to receive tokens from other projects building on the NULS platform. The project reports that more than $1.25 million has already been staked within 24 hours of launching the Aleph-led testing.
“NULS is providing a critical path for success with this innovation,” said NULS Co-founder Reaper Ran. “SCO can fast track top-tier projects and help spur innovation that the NULS community wants. It’s like sending your kid to college before having them jump into the ‘real world.’ The investor community isn’t risking anything because they are only sacrificing their staked rewards, not their principal. Developers that participate have near-zero overhead, and the NULS network effect means that successful SCO projects are able to approach the market with confidence.”
The NULS team notes that the new SCO model allows projects building within their ecosystem to test investor appetite before traditional fundraising, like ICOs or IEOs.
In order to participate in NULS staking, investors must have at least 2,000 NULS. At present, NULS is trading for $0.416, giving the altcoin a $30.3 million market cap.
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.