The initiative was started by community developer — Pedro Ferreira
The NULS Foundation believes that this plan can better help the development of the NULS Ecosystem, and we support the implementation of this plan.
NULS Ecosystem Ignition Initiative
NULS is a blockchain infrastructure that provides customizable services and is also a global open-source community blockchain project. Since its launch in 2017. Over the years it has developed multiple innovations and brought immense value to the crypto ecosystem, but it needs more infrastructure and fundamental projects that allow other projects to build on top. This is critical because projects are fundamental for marketing and creating economies of scale around NULS. On the other hand, planning, designing, developing, and executing projects is expensive and requires a lot of work, so we decided to launch this initiative in order to develop essential projects that are lacking in the NULS/ENULS blockchain and connect the community with the fundamental goals of NULS.
Unlike other projects running on NULS, this initiative does not rely on NULS Conmunity Fund or NULS Conmunity Fund staking rewards. That strategy only cannibalizes NULS as it withdraws liquidity from the market. This happens because projects need to convert rewards into dollars to pay for the services. Instead, the funding for the ecosystem initiative projects comes from the community itself.
Why let the community get involved?
- It protects the treasury for essential activities such as CEX Listing, MM, and marketing activities.
- To fund the development of each project users are required to buy NULS from the market or have bought NULS in the past, meaning that for each sell pressure generated by the projects to pay for the services, there was an equivalent or similar amount of buy pressure.
- It generates network activity and infers skin in the game for all the funders of the projects.
- It rewards those who support the network evolution. This initiative is community based meaning that every project has a share of the revenue delivered to the token buyers. This is important because token holders no longer depend only on the price evolution of the token but also on the revenue generated by users using the projects.
- This initiative grows the liquidity locked in the liquidity pools.
The Program Focus:
NULS has the potential to be the next phenomenon blockchain infrastructure that brings mass adoption to the industry, and to achieve that goal, it is critical to fill up the missing part in the NULS ecosystem from certain dimensions. So it is necessary to understand what NULS needs. A couple of projects came first to mind and others that are not so evident but if thought in depth are essential to the development process.
NULS Oracle (The first project of NULS Ecosystem Ignition Initiative and also serves as a reference case.)
All information remains transparent and updated on D-Planet and GitHub.
https://d-planet.io/nuls/contribution/project/179
A blockchain requires an oracle mechanism to fetch accurate match outcomes off chain and deliver it to the blockchain in a secure and reliable manner. Currently, there is no Oracle service provider in NULS Ecosystem, therefore, the NULS Ecosystem Ignition Program will first address this problem, and we’ve seen some good development results, the first NULS oracle is being built up by NULS community developers.
dd is the first project planned under the initiative and also serves as a reference case.
What projects are worth developing?
For example, Stablecoin is an essential component to establishing a robust DeFi ecosystem. The NULS native blockchain NULS, and its side chain -ENULS, have both onboarded a stablecoin(USDTN) backed by NerveNetwork, which set an example for stablecoin development in the NULS ecosystem.
The NULS Ecosystem Ignition Initiative will also focus on building a solid DeFi playground where the community can access a decentralized on-chain free financial global market. Currently, we have Nulswap working as a DeFi infrastructure in NULS blockchain, and PheasantSwap in ENULS network.
Here is some information about our projects on the initiative.
NULS Ecosystem Ignition Initiative [Projects Infomation]
https://d-planet.io/my/project/180
NULS Ecosystem Ignition Initiative [Donation Website] https://www.neii.xyz/
NULS Ecosystem Ignition Initiative [Projects List]
https://docs.google.com/spreadsheets/d/12Zqpbe7J-br68lT4qvl8VGjTxRMiY4eRlnIWs7r1cKE/edit?usp=sharing
Auditing of Projects
This initiative is not just about funding but also about creating reliable, long-term, and durable projects in the network. Therefore, each project will be open source and available to be audited by anyone. In addition, before the deployment in production of each project, there will be a submission phase where everyone can submit mistakes, inefficiencies, and problems found in the smart contracts of the project. In return, each project has allocated an x amount of NULS that will be distributed according to the relevance of the findings.
As most of the infrastructure was developed by NULS developers this initiative also compels the NULS developers to help in this auditing process.
The Procedures of Implementation
In order to grow the credibility of this initiative the first project (NULS Oracles) will be developed before any funding is given by the community. After the development is completed it will be submitted to the community that will be able to invest. The first project will be the only one that will not be funded before the development starts. All the others will be funded before the development to incentivize developers to contribute and have some kind of reward in place.
The project execution process will follow:
1 — First Project Development
2 — First Project Presentation
3 — First Project Funding Round
4 — First Project Deployment
5 — Second Project Funding
6 — Second Project Development
7 — Second Project Presentation
8 — Second Project Deployment
Conclusion
The NULS Ecosystem Ignition Program is a strategic initiative aimed at addressing key issues within the NULS ecosystem. By involving the community in project funding, this program not only protects the NULS treasury but also enhances network resilience and community engagement. The program focuses on key areas such as oracles, stablecoins, and DeFi infrastructure, to create a scalable and sustainable blockchain ecosystem that drives mass adoption.
Starting with the NULS Oracle Project, the program follows a structured process to advance other projects, building trust and credibility while encouraging widespread participation from developers and investors. Ultimately, this program will accelerate the growth and adoption of the NULS blockchain, making it a cornerstone of the future decentralized on-chain economy.
— Pedro Ferreira
