I didn't pay attention to the crypto universe for about two years, although I've followed it closely before. As a result of the price increases, blockchain projects and cryptocurrencies were back on my radar in recent weeks. I revived my Hive and Steemit accounts and tried to understand what had changed in the environment. From an investor perspective, the biggest change was the concept called decentralized finance(DeFi) becoming popular. Meanwhile, I became aware of Nutbox, an important DeFi+Staking project for the Steem/Tron ecosystem. As I know that many people have both Steem and Hive coins, I thought it would be beneficial to explain the project in the Hive environment. In this article, I will try to introduce the project through the eyes of a humble investor.
What Is Nutbox?
It will be better for me to move forward with the platform's own description: Nutbox builds the Nutbox blockchain that connects to Polkadot and becomes a parachain. Nutbox's contract set includes token creation factory, staking coin offering, liquidity farming, Dutch auction repurchase, governance, decentralized application launcher.
As I understand it, the platform also has a mission to create a bridge between the Steem and Tron ecosystems.
Nutbox As An Investment Platform
I want to express that I do not understand technical issues related to blockchain. Despite this, Nutbox was financially attractive to me, and I started using this platform last month. I was interested in Nutbox because of the 100% return it promised to provide annually for Steem Power. According to about one month of experience, I can say that the rate of return fluctuates around 100%. The platform provides its users with this return by giving them a token called Pnut in exchange for the Steem Power delegation. The Pnut winning options on the platform are not just Steem Power delegation, but I will perform my narration through this option, which is the most widely used and I actually experienced.
Risks
High returns mostly mean high risk. The process I conducted on the Nutbox was a Steem Power delegation. It seemed like a logical investment to me, as I had the opportunity to cancel the delegation at any time. The risks, such as the decline of the promised return rate over time, the decline in the value of the PNUTS I received, also crossed my mind, but these did not seem too scary to me. A rapid fall in Steem's price could be considered a significant risk. Because I don't understand technical issues, I may have missed some other risks. Nothing bad has happened to me so far. 😊
Use of Nutbox.io
It took me a few hours to get to those happy moments when I won the first PNUTS. If you're familiar with the TRON ecosystem, your job will be easier. You can handle the whole operation in 5-10 minutes.
Here is a detailed description of how to perform transactions.
In summary, it is necessary to install and activate Steem Keychain and Tron Link programs, which are Internet Browser extensions. One of the important traps you can fall into is getting stuck in the Tron energy limit while transacting at https://nutbox.io/. In the Tron world, you need to have bandwidth and energy to process. Especially energy is very critical. It is necessary to stake TRX or buy some energy via Tron Link. If you've handled the browser extension and TRON energy part of the job, delegating Steem Power through https://nutbox.io/ is a fairly simple process.
Utilizing The PNUTS
You can convert PNUTS obtained through Steem Delegation to BTC or TRX using the Justswap app, accessed through the Nutbox menu. Besides, you can get 10% votes for your posts from @nutbox.mine on Steemit if you have accumulated a minimum of 1000 PNUTs.
Conclusion
In this article, I tried to give you information about my favorite investment platform related to the Steem ecosystem. I didn't go into too much detail to keep the post to a readable length. If you are interested in the topic, following the announcements on the @nutbox account will allow you to learn more about the project.
What I described in this article is not an investment recommendation, and I am not an investment expert. My goal was to share my experience of an investment I made.
Thanks for reading.
Cover Image Source: https://pixabay.com/photos/stock-trading-monitor-business-1863880/
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