03.15.23 — Nemesis Network Weekly Report #16
Welcome to our weekly update on Nemesis Network, where we’ll be discussing the latest happenings from the last week.
This Week’s Recap & Reminders
- The current price of NMSP is at $6.54 while the mCap is around $2.4M and the liquidity was at $1.8M at the time of writing this article.
- wsNMSP price is at $439.17
- NMS LP Reward Pool is live!
- The current price of Helena is at $0.04 while the mCap is around $406K and the liquidity was at $383K at the time of writing this article.
- WINGS price is at $1.42
- Buy Tax Reimbursement is back!
As of March 12, 2023, the initial batch of loyalty rewards totaling 123,233 NMS LP has been disbursed to qualifying wallets, and the reward pool is now active. Based on the prevailing metrics at the time, a minimum of 34,338 BUSD was required to cover the rewards. To that end, the PRO Treasury augmented the pool by 16%, injecting an additional 40,000 BUSD immediately following the airdrop. In addition, the Nemesis PRO Treasury burned all excess NMSP tokens (27,886) minted during the migration, as well as 9,000 tokens obtained via the Auto-Buyback System.
TX 1: https://bscscan.com/tx/0x2fdf07103ca2e6a0a996acbeabc142cc81d0abe554a64f45912d4a995bce8927
TX 2: https://bscscan.com/tx/0x4748ba5bca2c0313cb1325e36f158ed1607c5c08ccfd5d72c0ca0ad0d9009fbc
You can see the tx for the burn here
Starting on March 11th and concluding on April 1st, purchasers of $HELENA tokens will be eligible to receive a full refund of the Buy Tax to welcome our new minters.
As another week comes to a close, we’d like to give some information about the latest events and remind you that Nemesis Network is using BUSD as its RFV and is not affected by this deviation.
The USDC Panic
After the Federal Deposit Insurance Corporation’s (FDIC) statement last Friday (March 10), saying that federal regulators shut down Silicon Valley Bank (SVB). This, of course, led to an all-out panic and fud on social media, and Circle’s USD Coin lost its dollar peg on Saturday morning after the disclosure that almost 8% of the coin’s $40 billion in reserves were linked to the bankrupt Silicon Valley Bank. Due to the occurrence happening over the weekend, Circle couldn’t restore the dollar peg as banks were closed. This consequently caused a swift drop in the value of USDC, and despite being created to trade at parity with the US dollar, the USD Coin’s value dropped to below 87 cents on that same day. On Sunday, the U.S. Treasury, Federal Reserve, and Federal Deposit Insurance Corporation said that depositors of SVB will have access to all of their money starting Monday. Circle said that the $3.3 billion USDC reserve deposit held at Silicon Valley Bank will be fully available to people on Monday, when U.S. banks open. After Circle’s assurance, USDC was on the brink of restoring its peg and was trading slightly below the $1 threshold, at around 99 cents on Monday.
Our team stays dedicated to improvement, and we really welcome your constructive comments and suggestions. We urge you to contact us through our dedicated communication channels on Discord and Telegram. We look forward to providing you with further updates.
Discord (Helena): https://discord.com/invite/ht2N3vrdv9
Discord (Nemesis PRO): https://discord.gg/b8CUaukZn6
Telegram (Helena): https://t.me/helenafinancial
Telegram (Nemesis PRO): https://t.me/nemesisdao