Nabox AMA Recap
Nabox is a cross-chain DeFi wallet with a decentralized identifier for Web 3.0.
On September 8th, Nabox Community Manager, Clinton, joined us to answer our questions.
Clinton, Nabox Community Manager
Nabox allows users to traverse across multi-chain assets between different blockchain addresses with one just one click under one digital blockchain identity. Nabox has many features such as multi-chain wallets, cross-chain exchange, POS staking, community management, and more.
Question from the CryptoRank team
#1. Can you briefly introduce the main features of Nabox?
Clinton: – Nabox is a cross-chain wallet featuring digital identity features built for Web 3. Nabox aims to help projects to achieve rapid circulation on multiple chains in a decentralized manner. Nabox is currently connected to 9 blockchains, including Ethereum, BSC, Heco, OKExChain, NULS, Harmony, Polygon, KCC, and many more. Nabox has many features such as multi-chain wallets, cross-chain exchange, and other scenarios, POS staking, community management, and more. Nabox, as a fundamental tool, will help these high-performance public chains such as BSC, Heco, OEC, NULS to become a more important infrastructure for the expansion of the Ethereum Layer2 network. The main function of NaboxSwap is a cross-chain exchange. It contains two components: Nabox Aggregator and Nabox Pool. Nabox users can participate in single coin staking and yield farming when NaboxSwap will be launched. The Nabox aggregator connects dApps from different public chains through the Nabox multi-chain system, which helps Nabox users to find the most efficient transaction combination in different networks. The Nabox pool is composed of stable coins and other mainstream coins from various blockchains on NerveNetwork. It provides Nabox users with cross-chain transactions with almost 0% slippage, forming a liquidity pool for Nabox cross-chain transactions.
#2. What are the advantages of Nabox in this field？
Clinton: – Nabox, as the gateway to Web 3.0 applications, has integrated the underlying cross-chain of NerveNetwork, enabling the cross-chain assets registered in NerveNetwork to be transferred to other blockchains such as Ethereum, BSC, Heco, and OEC. At present, Nabox supports hundreds of assets such as BUSD, HUSD, BNB, HT for cross-chain exchange. Nabox supports asset management on multi-chain and DApp ecological access to multiple blockchains through a single private key, instead of creating multiple chain wallet addresses manually, and also supports multi-chain DApp to switch between accounts and networks.
#3. What is the economic model of NABOX Token? Can you share us with the most recent market plan of Nabox?
Clinton: – The following chart explains how Nabox tokens were distributed. For more details, you can check Litepaper.
NABOX is a functional governance token that will be applied to DID to obtain different identities in the future, the registering fee will be destroyed. In order to provide better products and improve users’ experience, no exchange fee will be charged from the users in the beginning. When the cross-chain exchange reaches a certain scale, a little exchange fee will be charged, but a percentage of the exchange fee will be used for repurchasing and burning NABOX. What’s more important is that these fees will be coming from the corresponding slippage and gas fees-this part will be a huge marker.
With the benefits we are getting out of cross-chain, NABOX now can switch in between multiple blockchain networks. You can hook it onto Nerve network without Gas fees, or on Ethereum which exists the most DeFi applications.
After the cross-chain Swap is launched in the future, a portion of the fees on all platforms will be used to repurchase NABOX Token and destroy them and with the increase of users, Nabox’s Token value will be ultimately maintained. Nabox team is currently in discussion with many DeFi and GameFi applications, in order to continuously improve user experience and meet multi-demand scenarios. Nabox plans to continue to develop more Dapps for BSC, Heco, OEC, Ethereum ecosystem and continue to connect Nabox with more public chains such as TRON, Polkadot.
Questions from Twitter
Clinton: – NABOX is a functional governance token that will be applied to DID to obtain different identity levels in the future, and the handling fee for registering DID will be burnt. What is more important, when the cross-chain exchange reaches a certain scale, a part of the exchange fee will be charged, and 40% of the fee will be used for the repurchase and burning of NABOX tokens. You can see that the total amount of NABOX is relatively large, and the economic model design is very suitable for new users to give tips so that new users can quickly experience the difference between decentralized products and Internet applications, and understand encrypted assets and blockchain Application logic. NABOX can switch and transfer at will on multiple blockchain networks through its own cross-chain function. For example: put it on the Nerve network without Gas fees, or put it on Ethereum, which has the most DeFi applications.
#2. Can you tell us about the areas and updates that the Nabox team focuses on to achieve in the near future, as the nearest goals that should be realized before the distant goals will be achieved? What is the most important stage in your roadmap?
Clinton: – The closest thing would be the much-anticipated launch of the mobile apps in the next month or so. Open beta has been ongoing for a while now and we are ironing out minor bugs and improving on the user experience at the moment and I can’t wait to hear what everyone thinks once we officially launch. Next up would be NaboxSwap which would form the core of Nabox’s capabilities. As swapping volume increases, that’s probably when we would firm up burning plans, which many users are asking about. As mentioned, after Defi, Gamefi sounds like the next big trend and we are well in place to position ourselves as the cross-chain solution for crypto users.
#3. Will the number of supported chains increase in the future?
Clinton: – Definitely, if there is a need to, we are constantly talking to new projects about partnerships. Stay tuned to our telegram channel for the latest announcements.
Questions from Telegram
#1. Your project has great features. It should be an experienced team behind. Could you tell us something about your team and their experiences in the market?
Clinton: – We are just getting started and our team is currently made up primarily of members from Singapore and China. As we were incubated by NULS, we also have the benefit of timely advice from advisors that have a ton of experience and passed through a lot of what we will be going through and can help us avoid mistakes.
#2. Can you briefly describe your partnerships so far and upcoming partnerships?
Clinton: – Our most recent partners are ApeSwap, Biswap, HoneyFarm. We have also started onboarding many Gamefi projects onto the dApps section of our wallet as you can see from our Twitter.
#3. Are you planning to promote your project in countries/regions where English is not good? Do you have a local community for them to better understand your project?
Clinton: – Yes we definitely do, we currently have 6 regional/local communities for users who do not understand English and we plan to add more local communities so that the “gospel” of Nabox can reach every part of the world.