Sunday, November 27, 2022

Muna Blog

Muna is a simple & safe DeFi app built for Africans. Crypto savings with daily interest, instant coin swap, and lend + borrow.

HomeProject UpdatesWhat is NGNT?

What is NGNT?

NGNT is a stablecoin pegged 1:1 to the Nigerian Naira issued on Waves Protocol. NGNT is not a legal tender.

What is the NGNT asset ID?

H6CwbwXMRKRw6jb1dRUMVs2N6Sdg2wQcXPRaRkjZSjYU

You can find out more about NGNT here

Why use NGNT?

  • Stable: NGNT is pegged to the value of the Naira and is not volatile.
  • Custom pools: NGNT can be used to set up custom pools on swop.fi and puzzle.org for African-based projects building on Waves. NGNT will best fit for truly African pools 🤗
  • Fast: All NGNT transactions are confirmed in 3–10 seconds on the Waves blockchain without any third-party settlement institution or middleman.
  • Public: NGNT is open and transparent. Every NGNT transaction is recorded publicly on the Waves blockchain and can be viewed by everyone. You can check this out here.
  • Secure: NGNT is issued on Waves Blockchain. NGNT issuance is rooted into the core of Waves blockchain and secured via several nodes around the globe.

How is 1 NGNT =NGN 1 Peg Achieved?

NGNT is backed by the Muna system and can be redeemed at 1:1 Nigerian naira. NGNT holders can redeem their funds directly to their bank account via the Muna app. The value of NGNT reserves will always match or exceeds the value of all the NGNT in circulation. Also, we will set up a trading pool that lets NGNT holders to convert their NGNT to other valuable stable coins pegged to the US dollar.

Supported Wallets and Exchanges

NGNT can be sent, received and store on any wallet that supports WAVES and Waves based assets.

Is NGNT a Legal Tender? (No)

NGNT is not legal tender. NGNT is not the Nigerian Naira. It is a stable coin on Waves blockchain pegged to the value of the Naira.

Please help us vote to a NGNT <> USDN pool on swop.fi 🙏

Still have questions?

Feel free to send us an email and also join our Telegram community to get assistance always.

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