The first usage case of Smart Contracts on NEXA was released today by software provider Otoplo, when they announced a new HODL feature in their wallet which allows users to lock their Nexa coins into vested smart contracts for a specific amount of time. This feature can be utilized by anyone looking to lock their coins up to prevent themselves from prematurely selling, or by anyone looking to provide Nexa as rewards/payment and have the reward locked up for a set amount of time before the recipitent can spend. Similar to the wallet balance, the vault balance can be restored in the wallet via the normal 12 word seedphrase.
For details on the feature, please read the press release below:
'HODL Vaults': Empowering Long-Term Commitment and Confidence in NEXA
We are thrilled to announce the launch of 'HODL Vaults,' an innovative feature within their non-custodial cryptocurrency wallet. 'HODL Vaults' revolutionizes the way investors engage with the NEXA cryptocurrency by enabling users to lock their tokens for a specific period using on-chain smart contracts.
HODL Vaults have been designed to address a key challenge in the cryptocurrency investment space – emotional decision-making. With the rapidly evolving crypto market, investors often find themselves swayed by short-term fluctuations, resulting in impulsive buying or selling decisions. By leveraging the power of on-chain smart contracts, Otoplo's 'HODL Vaults' empowers investors to commit themselves to long-term investments without being influenced by market volatility.
We have implemented this new feature in a way that requires no extra back up information beyond your normal 12 word seed phrase. It was important to us that this feature kept the UX of our wallet incredibly simple for our users.
Our goal at Otoplo has always been to empower individuals to make informed and confident investment decisions. By providing the ability to lock NEXA coins in a secure and transparent manner, we enable investors to overcome emotional decision-making and firmly commit to their long-term investment strategies.
Nexa Team Strategies
The 'HODL Vaults' feature is not limited to individual investors alone. The Nexa Team, in collaboration with Otoplo, will utilize this groundbreaking functionality to host giveaways and competitions specifically designed to attract and retain long-term investors. With 'HODL Vaults,' receivers of giveaways will have their rewards locked for a predetermined period, ensuring their long-term commitment to the project and potentially reaping significant rewards.
Otoplo has built a strong reputation for developing cutting-edge software solutions in the cryptocurrency space, and the introduction of 'HODL Vaults' further solidifies their position as an industry leader. By combining state-of-the-art technology with a user-centric approach, we continue to drive innovation, promoting the growth and adoption of Nexa.
Our new release has more up it’s sleeve. We have also added a new ‘consolidate’ function which will allow anyone to consolidate the UTXOs in their wallet with the click of a button. This is great for miners who maybe have a large number of UTXOs in their wallet. This feature will grab up to 256 inputs and combine them into one UTXO still managed by your wallet.
There has also been a number of smaller improvements. Here’s the full list:
- Add HODL Vault
- Add UTXO consolidation
- Add sidebar menu and make UI more simple
- Support BIP21 on QR scan
- Increase address scanning bulk to 20
- Update application icons
- Update ticker to NEXA
- Performance optimization and bug fixes
Grab a wallet right now from https://otoplo.com/wallets
These new features will be coming exclusively to our desktop wallets on Windows, Mac and Linux. When our mobile wallets are released they will also come with these additional features. We will have many more great features like this for you in the future. We will keep building!
We’re happy to answer any questions you have on our Telegram at https://t.me/otoplo.