We created the $NURD token, so that we can incentivize people to take action. We wanted to be able to reward community engagement and those who are participating by sharing #AlgoNews, project reviews, etc. There's some other really cool things that we plan to do with it down the line such as launch pads, accelerators, DAOs, and more. But right away, the goal is to generate an ecosystem of reviews for the community.
When the KryptoNurd team was at Decipher in November of 2021 in Miami, they connected with so many people and knew that they wanted to do even more for the community beyond just just providing the news, interviews, discussions, curation, and repository of projects that they were already doing.
At that time, there were about 800 projects building on Algorand. Now there are over 1000! That's too much for anyone to keep track of.
KryptoNurd had a network of people who would feed him reviews, news, and tips. We wanted some way to reward them and encourage them to keep doing that in a more formal way. That's when inspiration hit. We said, "Let's make this other platform with news and community based reviews. We'll start a token, give bounties, and give rewards." That's how the $NURD token and Citrust started.
How to create create something of value instantaneously? The logistics of that are kind of mind boggling. We had to try and get enough people to believe in our vision in the first place, to say, "This token really is worth something." Of course we hope that the value is will grow over time, but essentially we are creating an economy to reward the community for its service.
We are really excited about the fact that we will we able to trade back and forth for services rendered within the community, between individuals and with other companies and projects that we partner with. Think of airline miles as an analogy. Airlines already offer a service: flights. We already offer a service: delivering Algorand news and project reviews. With airline miles the more you choose to fly with them, they more they help you fly. They also help you get discounts on cars, hotels, and other related products and services. With $NURD and Citrust, the more you choose to participate, the more opportunities you will have to participate, and with an ever widening array of projects.
With the $NURD token and Citrust, more people will be reviewing projects. Soon, Monty won't be the only KryptoNurd. We can all be KryptoNurds! Users can come to the site and say, "Hey, this naming service is not the one that I like, this other one is the one that I like." People can review both and give them the equivalent of a thumbs up or a thumbs down. The community has spoken! It will become a logical choice for people to visit the hub at Citrust.io and make their voice known.
First of all, it is important to understand the difference between the use case in the first few weeks to months after the launch and the eventual use case.
If we give you lima beans and you don't like lima beans, what good are they? Right now, the $NURD is kind of like lima beans. BUT, if we give you lima beans and you can exchange the for jelly beans, and you do like jelly beans, then you are suddenly excited about your lima beans again. Ultimately, the $NURD will have its own value and be able to be exchanged for other valuable things.
For about the first three months or so, the token's use case is just getting out there, into circulation, into distribution, and into more wallets. We've partnered with a few companies who do staking rewards, liquidity pools, and that sort of thing so that we can get the token out there. We want active community members to have $NURD in their wallet and to build up and disseminate that circulation supply.
The use case right now is staking, earning, and developing that trade function so that people get used to seeing it on Tinyman and knowing that they can exchange for it.
Up next, we will be generating additional value from others who want to trade with us.
People will receive $NURD as part of our bounties and then be able to exchange those on our site for specific merchandise. We will also offer exclusive NFT's that you can only purchase in $NURD.
We are working with other companies to have them accept $NURD, or have sponsored products and services so that it acts like a discount. You will get more for your $NURD, essentially more Algo for your money, if you pay with $NURD because of the incentives.
Later, people will be able to invest their $NURD in special launchpad tiers, where newer projects can accept $NURD in exchange for their native token, or choose to adopt it like Citrust did. The goal is to expand the ecosystem. Eventually, we want it to be the adopted token not only of Citrust, but for other groups and companies as well.
Finally, we are really excited about DAO's. By the end of 2022, we will have some DAO's that can be invested in. Monty is really keen on a real estate DAO. Having $NURD token in your wallet will offer benefits such as a multiplier or some kind of a discount to enter.
Yieldly's been around for a long time, and we had an established relationship with them. We actually started this project, and our negotiations with Yieldly, way back in 2021. Decipher was in November, and then by December we had hammered out the initial plan with the Yieldly team. This partnership was nothing new or spur of the moment. KryptoNurd has worked closely with the Yieldly team, has interviewed them a few times, and has had a great affinity for them since their launch.
Yieldly users tend to be active users. If Yieldly holders are also $NURD holders, that's a pretty wide ranging audience of active users, which is exactly what we're looking for. It was an alternative to doing an airdrop, as a way to get tokens out there to the community.
If you stake Yieldly on their site, you can earn some $NURD token. It's a pretty nice APR right now, one of the higher ones on the site. At one point, there was just short of 3 million staked there. The staking pools are another way for us to distribute $NURD tokens.
Liquidity pools are also really keen, helping to build up liquidity and encouraging folks to hold onto our token. We put in $30,000 USD TVL, and the rest of it has been from the community. At one point, there was over $140,00 TVL on the Tinyman Yieldly to $NURD pool and that is 100% because of our partnership with Yieldly. This has helped to make sure that there is liquidity in that pool and took some pressure off of us.
We already have a distribution pool on AlgoStake! This is where you can stake $NURD to get more $NURD - a $NURD to $NURD pool. So for people who don't have a bunch of Yieldly or Algo, if you spent all your Algo getting in on that $NURD presale, what do you do with it? Well, we wanted something for those folks too.
Currently you can only buy $NURD on Tinyman. We do have funds for a secondary pool somewhere, we aren't sure where we are going to deploy it yet. We will eventually deploy several other pools, so keep an eye out for those. Tinyman currently has the majority of the traffic as far as buying or exchanging tokens, so that's where we started.
The more you participate, the more you are rewarded. Once you have $NURD, you should check in daily to see what's happening and get some rewards. We want DAILY users on Citrust. We want to be part of people's daily routine: log in, make a post, see something new, write about it, and then be rewarded in $NURD. It will be almost like staking, or at least a very similar distribution method.
Only about 5% of all $NURD is out there right now. We decided not to do big announcements or try to really push our presale, so it was pretty small. About 125 wallets participated in the presale. There were lots of people in our Telegram group who had the opportunity and decided to be just lurkers and not actually participate.
20% has already distributed as 02/28/22. Of course, we weren't sure how many people were going to sell right away, because it was such a small community. There were only 125 wallets involved in the initial distribution. Out of those, about 40 sold relatively quickly, and took their funds out. Those people were enough to bring the price down significantly, because they had bought significant amounts ahead of time.
In hindsight maybe we could have distributed a little less up front. Hard to say. We all make business decisions and we have to deal with them, good, bad, and ugly. We thought 20% was a small enough amount to give some incentive and to reward people right away for participate in the presale. Really, we did it for the people who follow KryptoNurd regularly (and who pay attention). We wanted an exclusive opportunity for dedicated fans to get first access without having to go through the pools. The majority of folks from the presale are indeed just holding what they have, and staking it, which is good.
40% more will be released in 3 months, or around 06/01/22. We are banking on the liquidity pools being up and running smoothly, so that the price shouldn't be so impacted once that 40% is distributed. If we could go back in time, we probably would have added more liquidity. We initially put in somewhere in that neighborhood of $130,000 total.
The average presale price was .006 $ALGO and the $NURD was at that time at 0.023 $ALGO. Not bad considering that the roadmap IDO was .02 $ALGO. Things are still changing pretty rapidly as of the time of this post, and the price has been as high as about .036 and as low as about .014. The bottom line is that we truly believe that everybody who participated in the presale will be in the green, even if there are moments where the price dips below the purchase price. This is especially true with current events such as war and inflation that are seeming to negatively impact just about everything.
There's about 18 people who purchased $NURD right before the presale dropped and who are in definitely the red right now. It's not a huge number, but we do see them and wish that the coin would pick back up in value for those people, too. We want people to have a good taste in their mouth from interacting with us, but it is cryptocurrency though, so you just never know what will happen with values.
45% Community Rewards
Reserved for bounties through Citrust and other locations to encourage community engagement and participation.
Actually only about 5% in reality. We kept it small with no big media releases. We didn't do any videos and barely mentioned it on social media. We did two tweets directing people to our Telegram channel and then they had to run the gauntlet to participate in the presale. We required people to own/buy a $NURD NFT and subscribe to the Citrust newsletter before we sent them a secret link to participate. We thought that if someone was willing to purchase (or already owned) an NFT, and bought into the new project, that they would be more likely to hold for the long term and see the big vision there. In the grand scheme of things, we feel that enough people did believe in $NURD and hold.
For the remaining 25% of what we had allocated for presale, we are considering using some of it to increase our liquidity pool position. We will talk to our advisors, and then the rest of it will get locked up. About 70% of our tokens are going to get locked up, so you'll know that the circulating supply is not going to get dumped on.
This is for liquidity pools, advisors brand ambassadors, and developers.
We already have great advisors, Bilal Brahim and Sinjin David Jung.
Ambassadors wanted! If you're out there and you are thinking, "I dig the Nurd team, and I like what they are doing," reach out! Email media@kryptonurd.
Developers are an important part of the project, so we have allocated some for developers. There are also allocations for our existing team baked into the presale numbers (those are locked up by the way).
We haven't had our first event yet and are still deciding what kind of incentives we want to offer for both in-person and virtual attendance.
What are we going to do for these first three months? First of all, it's going to take three months to get all of the liquidity out of the pools that we've got going on. We are also planning some really cool announcements, incentives, and interactive contest type deals for the community in the meantime. We want to keep everyone engaged.
$NURD holders will receive exclusive access to projects, SWAG, and more. It is sort of like a ticket or a VIP pass. We are negotiating with other groups to accept $NURD, where the exchange rate is more favorable if somebody pays in $NURD. Eventually, there will be specific SWAG on the site that holders can trade in their $NURD for. In the future, we envision virtual concerts, NFTs, DAOs and other cool ways to spend $NURD. Those with $NURD may also have access to newly launched projects accepting $NURD, possibly with a discount or multiplier.
Projects want the $NURD community involved should accept $NURD. This is a very active and savvy community. The KryptoNurd team will, of course, be sharing info about all projects that accept $NURD or that do something special for $NURD holders. You'll see your projects mentioned in videos, tweets, newsletters, blogs, and our other channels. This is a great way to reach a new audience or by adopting $NURD as your token, you can skip the hassles of creating your own.
There's an incredible need for a professional launch pad service. We are working behind the scenes to enable new projects to come onboard more smoothly. When we launched $NURD, so many people reached out and asked, "How did you go about creating an ASA? Was it overseas? Was it in the US? What's going on?" They want instructions on how to start up a company. There's a great responsibility there. We've made some mistakes along the way and can help others avoid them.