Non-fungible tokens, also known as NFTs, are one example of such a technology. These tokens are a potential tool that is revolutionizing the way we think about ownership rights and intellectual property. The challenge, however, is that they often do not provide a significant amount of a utility, which transforms them into purely speculative assets.
An nascent blockchain initiative known as the Ultron Foundation is working toward the goal of providing scalability, security, and speedier transaction throughputs, all without sacrificing one feature for another. The team is well on its way to become one of the new leaders in the cryptocurrency sector as a result of its adoption of cutting-edge technology and the development of its own native token, ULX.
Obtaining financing for a brand-new cryptocurrency enterprise often takes place in one of two ways: either via traditional methods of capital-raising, such as with the assistance of venture capitalists or angel investors; or through the use of an initial coin offering (ICO) (ICO). The latter was by far the most popular means of funding new cryptocurrency projects in 2017, when a plethora of projects were financed in this manner. This was due to the fact that it was the most efficient technique. Unfortunately, owing to the nature of the projects being somewhat unregulated, they attracted a large number of bad actors, which resulted in enormous losses for the cryptocurrency community.
Ultron’s team was motivated to exploit the safety features that NFTs give in a manner that has never been seen before in the cryptocurrency field as a result of the distrust that was induced by the fraudulent conduct. Ultron’s team came up with the first-of-its-kind Staking Hub NFT solution, fully cognizant of the skepticism that exists among the cryptocurrency industry around initial coin offerings (ICOs), and with the goal of providing NFTs with real-world usefulness.
The whitepaper for Ultron characterizes Staking Hub NFT as a revolutionary digital asset growth instrument that allows users to get daily APR returns in ULX coins. This is made possible by the instrument’s ability to stake ULX coins. The right to earn passive digital asset awards, which may be claimed on a daily basis, is conferred upon those who are the owners of the Staking Hub NFT. The Ultron Foundation provides its customers with the opportunity to stake their assets for a certain length of time, at the conclusion of which they are awarded a Staking NFT. In the meantime, users will be eligible to earn daily ULX incentives of up to 0.2 percent daily APR. These rewards may then be used in the auto staking process, which will result in even bigger profits for the people.
One of Ultron’s representatives elaborated on the soon-to-be-implemented solution as follows: “The coins generated through these hubs will be locked for a fixed period and gradually unlocked on a yearly basis. This will allow users to exchange the coins on a secondary market, while simultaneously promising enough liquidity for the complete ecosystem.”
In spite of the fact that Ultron’s Staking Hub NFT is a very innovative product, it cannot compare to the company’s native Layer 1 currency (ULX). The group has committed itself to achieving a big objective, which is to develop an ecosystem that will make use of the very first native single-coin Layer 1 currency to power all of its activities. It is anticipated that an ecosystem would include hundreds of decentralized apps (dApps), beginning with a decentralized exchange (DEX), De-Fi applications, such as farming, trading, and liquidity pools, as well as a native NFT platform – ULX will enable all of the aforementioned services.
Users will be able to take part in all of the activities that have been outlined above with ease, and they will have the option to stake their ULX coins when they are no longer required. This will be made possible by the introduction of ULX as a single native Layer 1 currency. Staking will, once again, result in significant financial rewards for customers who opt to stake their unused ULX coins. This will be the case for users who wish to stake their coins. They will be able to choose between receiving an APY of 5 percent or locking up their coins for a period of two weeks up to 365 days in order to obtain a proportionate reward rate of up to 13 percent APY. If they do this, they will be able to do either.
Having a single native Layer 1 currency further assures significant cost reductions for transactions by removing the requirement for users to trade tokens for various processes. This eliminates the inconvenience that comes along with having to do so. The Ultron development team is aware that the majority of crypto assets are not being actively utilized. As a result, users of ULX coin will have the benefit of staking their ULX holdings thanks to this cryptocurrency.
Staking will be carried out in a straightforward manner by means of an easy-to-use user interface, and users will have the ability to stake their ULX coins whenever they want with a validator node. They will be able to choose between receiving an APY of 5 percent or locking up their coins for a period of two weeks up to 365 days in order to obtain a proportionate reward rate of up to 13 percent APY. If they do this, they will be able to do either.