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Coin Healthcheck: NULS

About

NULS is the token of Nuls.io, an enterprise-grade blockchain infrastructure that offers a modular microservice-based framework aimed at helping to make dApp development faster, cheaper, and easier.

Launched back in 2017 by Singapore-registered NULS community foundation, NULS runs using a unique Proof of Credit (PoC) consensus mechanism which is said to be one of the greenest available technologies, requiring comparably little energy to operate.

 

State of the Project

✅The specifics of the microservice architecture allows developers to create modules for any purpose, while simultaneously developing other critical blockchain app components.

✅ The project features microservices, smart contracts, cross-chain interoperability and instant chain-building.

✅ It’s core product is the NULS Chain Factory, which allows non-developers to build a new chain by automatically deploying pre-created modules.

✅ NULS SCO platform allows NULS based projects to issue and distribute tokens. Investors can also stake NULS in the POCM (Proof of Credit Mining) platform to earn tokens from NULS SCO projects.

✅ Most of the code is written in Java.

✅ NULS are inflationary tokens used to set up nodes, create tokens, vote, and stake. They can also be used as a store of value.

✅ 5 million NULS are created each year to reward miners and secure the network.

The Website & Whitepaper:

✅ The project’s website includes key project information elements: the project description, documentation, team, whitepaper, roadmap, an active blog, and links to social media.

✅ Its whitepaper comes in English and Chinese and provides key data on the project’s mission, architecture, and token distribution.

 

The Development Stage:

✅ The NULS Mainnet v2.0, ChainFactory and SCO platform launched in 2019.

✅ The Nerve Network, a cross-chain interaction protocol based on NULS and developed with NULS ChainBox, launched in 2020.

✅ Compatibility with NRC-721 NFT token standards was enabled in 2020.

✅ NULS began the research and development phase of NULS v3.0 in 2021.

✅ Phase 1 integration with Chainlink. 

✅ Launched multichain plug-in wallet (Nabox), also supports signature of Ledger wallet.

 

Roadmap:

❌ The roadmap plan, on the official website, ends with 2021.

 

Fundraising:

✅  40% of NULS were airdropped to angel investors (In-chain project).

Team

✅ NULS has as many as 50 employees, according to LinkedIn

❌ NULS has 4 councilors who are partially anonymous to the community, providing only their first names, according to the website.

❌ NULS’ global team consists of 5 members, only 2 of whom have revealed their real names. 

✅ Co-founder Reaper Ran graduated Chongqing University of Arts and Sciences in 2014. He worked as an account manager at China Post Group Corporation until 2017, when he co-founded NULS.

❌ Co-founder and lead developer Jason Zhang left the NULS project back in 2019. He was the one person, of the project founder’s, who had years of programming experience. 

✅ Investors include crypto mining company Bitmain technologies, and venture capital organization Hash Capital. 

 

Community

✅ Social media accounts: Twitter (79.4K),  Telegram (13.2K), Reddit (5.6K), Youtube (1.7K).

✅ Consistently growing social media communities. 

✅ Regular blog posts and communication with users.

❌ Last LinkedIn post was 6 months ago. 

❌ Activity on GitHub has steadily decreased since April 2020.

Key metrics

Max supply: 210 million

Circulating supply: 99.6 million

Market cap: $110 million

Average volume: under $100 million

Total value locked (TVL):  $17.6 million at the time of publishing. 

 

Exchange listings:

✅ Listed on Binance, Huobi Global, KuCoin, OKEx, and PancakeSwap (full list is here).

✅ Most common trading pairs: USDT, BTC, ETH, and BUSD.

 

Token allocation:

✅ 60% of the total supply is dedicated to project development, community building, partnerships and third-party projects.

✅  2,082 holders on the Binance Smart Chain, across 40 wallets, hold NULS on the Ethereum Smart Chain.

❌ The top 20 wallets hold more than 99% of the total NULS token supply.

 

Wallets:

Metamask, Trust Wallet, NULS wallet, and NABOX mobile wallet.

 

Price action:

All-time high (ATH): $8.55 (January 2018)

All-time low (ATL): $0.097 (March 2020) 

NULS is down by almost 90% from its ATH, at the time of publishing.

  • The customizable infrastructure of NULS allows developers to be flexible and free from complex solutions while creating a decentralized environment. However, there are multiple projects that are aiming to achieve the same goal as NULS, that being to make blockchain development simpler and more cost-effective.  
  • The project has achieved its previously set goals, however it has not revealed any further ambitions or plans as to what to expect in the future. The roadmap ends with 2021. 
  • The team is partially anonymous, with only employees related to marketing having revealed their identities. 
  • NULS is a project with a relatively small market cap, and therefore has room to grow in the future. Its price is still 90% down from the ATH recorded 4 years ago, and 520% up from the ATL recorded 2 years ago. Meanwhile, NULS adds 5 million new tokens each year, increasing the supply.
  • Despite the brief massive volume spike at the end of November 2021, the average trading volume of NULS has not been notably high since 2018, indicating a relatively low demand for the project.

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