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Nitro Cartel

Nitro Cartel is an Arbitrum native project, which aims to improve the incentive dislocation of public chains, ecological projects and participants, and to achieve more efficient and transparent capital allocation by guiding the growth of TVL in the entire Arbitrum ecosystem. In addition, Nitro Cartel also hopes to promote the construction of public goods in the Arbitrum ecosystem through a new governance mechanism.

Passport is the initial governance tool of Nitro Cartel and the identity proof of early Nitro Cartel members. Passport uses ERC-1155 instead of ERC-20 as a governance tool in order to obtain a wider group of holders. Passport will have an initial supply of 800 copies, all Mint through a fixed price. For every 5 Passports minted, 1 will be permanently locked as a team allocation. The team plans to introduce NITRO Token as a hybrid governance mechanism after more sub-DAOs and product releases in the future.

Currently, the Arbitrum ecosystem does not have a mature on-chain DAO governance tool, so Nitro Cartel still uses Snapshot as the community's voting platform. Team members will serve as multi-signature holders of the treasury wallet and are only responsible for implementing community resolutions, while high-risk functions such as asset transfers and transactions will be turned off to minimize trust.

Arbitrove

Arbitrove is the first ecological project created by Nitro Cartel, which aims to provide an investment index for the Arbitrum community and solve the liquidity problems faced by projects and communities.

Arbitrove uses multiple indicators such as market capitalization, performance record, and depth of liquidity on the chain to rank the weight of Arbitrum ecological assets, and the index token will track the performance of the selected underlying assets. By establishing Arbitrum's index token standard, Arbitrove can expand its use cases to collateral for lending agreements, as the underlying asset for Arbitrum leveraged transactions, etc. In addition, Arbitrove can also effectively solve the liquidity and slippage problems encountered by investors. It can not only include a wide range of ecological Tokens in Arbitrove for investors to gain exposure, but also enhance their long-term liquidity for different Tokens.

Arbitrove's initial index product is ALP Token, which is composed of multiple blue-chip project tokens from the Arbitrum ecosystem such as GMX, Treasure DAO, and Camelot DEX. Users can use ALP as collateral for loans and leverage, and provide it as a base pair in DEX fluidity. In the future, the team will also increase the number and types of indexes and launch vertical indexes focusing on DeFi, GameFi, SocialFi and NFT.

Users mint ALP by depositing various assets, and the amount of ALP minted by depositing assets will be determined based on the latest combination price of deposited assets relative to ALP, as well as the asset price and outstanding ALP amount in ALP. The cost of minting and redeeming ALP depends on the asset and is dynamically adjusted according to the difference between the index and the target composition. When the asset is lower than the target composition, the protocol will enable lower deposit fees to encourage deposits. When the asset is higher than the target composition , a higher deposit fee is configured to discourage deposits.

Once minted, ALP can be staked on Arbitrove to earn esTROVE yield. TROVE is Arbitrove's governance token. Its token economics is inspired by GMX's "es model". 70% of the total supply of TROVE will be emitted in the form of esTROVE. esTROVE is non-transferable and unlocks linearly for 1 year starting September 2023.

The total supply of TROVE Token is 1 billion, of which 220 million are used to motivate ALP index users, pledgers and liquidity providers, 10 million are airdropped to xGRAIL holders, 90 million are reserved by the Arbitrove treasury, and 6000 are used for To build "protocol-owned liquidity", 200 million coins are reserved for Public Sale on the Camelot platform.

How to participate in TROVE Public Sale?

Arbitrove's Public Sale on the Camelot platform will start at 9 am EST on the 17th and end at 9 am EST on the 20th. ETH is required to participate in the Public Sale. A total of 200 million TROVEs participated in the Public Sale, and each Token is $0.0025. But in the latest document released by Arbitrove, the team decided to remove the hard cap of the Public Sale. This is also because the Arbitrum ecology is hot recently, and the team hopes to raise more funds through this.

official websiteofficial website, click on Launchpad to see the label of TROVE Public Sale and previous Launchpad projects on the Camelot platform. Click TROVE to enter the Public Sale page.

The team fixed a reserve price of $0.0025 for TROVE with an FDV of approximately $2.5 million. After the Public Sale funds reach $500,000 or about 313 ETH, the TROVE price will continue to rise with each purchase. There is a referral link at the bottom of the Public Sale page, through which you can get a 3% reward for leading participants to join.

BlockBeats reminds that due to Arbitrove canceling the Public Sale hard cap, coupled with the high popularity of the Arbitrum ecology, the funds in this Public Sale are likely to exceed 313 ETH, and participants may eventually buy TROVE at a price much higher than $0.0025. Be aware of the associated risks.