Introducing Nym Squad Wealth Fund

Over 30M tokens delegated to Nym nodes, launching community treasury

Author: Nym

April 16, 20244 mins read

The treasury supports Nym ecosystem growth, rewarding outstanding community contributions.

Here are the mechanics

The Nym core team is running an official Delegations Program in order to bootstrap Nym network coverage. Stake is delegated to new, high performing Nym nodes in key regions.
When staking rewards are redeemed, these go directly to the Squad Wealth Fund.
Each quarter, Nym Squad League missions are announced.
At the end of the quarter, community members submit proofs of missions completed which are rewarded from the Squad Wealth Fund.
Nym nodes in the delegation program are regularly assessed for performance, stake saturation, and uptime. Completed (fully saturated) and underperforming nodes are removed on a rolling basis, and the program is refilled with queued high quality Nym nodes.

The first round of official delegations of more than 30 mil tokens were made in January. Rewards have just been redeemed to reward the Nymja and Shinobi missions which were completed in the first quarter.

Read on to learn about the Nym Squad Wealth Fund and how it has supported ecosystem growth so far!

Why a Squad Wealth Fund?

“SQUADS HAVE EXISTED FOR THOUSANDS OF YEARS as vital forms of social and economic organization. Thanks to group chats and a wave of private online social platforms, squads are reemerging today as a potent cultural force that rejects a strictly individualist market philosophy.”— Sam Hart, Toby Shorin, Laura Lotti

“Squad wealth” is a term introduced by the Other Internet to describe informal groups of friends collaborating and sharing resources. Through group chats and multi-sigs, friendship can be formed across borders and strengthened through token economic tooling. “Squads” are what we call the bonds of friendships that ensure resilience in the face of global problems, conflicts, and crises. And in the case of Nym, community squads contribute to fixing a problem at the heart of the internet: enabling private, secure communication for everyone.

The Nym Squad League and Wealth Fund have been launched as vehicles to ensure close collaboration and mutual support between the Nym core team and community. It provides a framework for the core team to communicate the most urgent and important missions needed for progressing the project further along the roadmap towards global privacy. And it gives the community clear guidelines and rewards for their time and contribution.

The Nym Squad Wealth fund soft-launched in January 2024 with a “Season 0” of Nym Squad League. The league focused on improving the coverage of the Nym network and getting the rails up and running for the fund.

Community members set up gateways, nodes, and even built a CRM to run the delegations program more efficiently. Squads also held meet-ups across the world and did talks about Nym and the upcoming NymVPN app.

Fund overview

The Nym core team delegated 30,250,000 NYM tokens to 121 community-run independent mix nodes, staking 250,000 NYM on each node as part of the Nym Delegations Program. During season 0 of the Squad league, the Nym Squad Wealth Fund accumulated 475,256 NYM in staking rewards. These funds are now part of the community treasury and are being distributed to Nym Squad League participants across various seasons.

The Squad Wealth Fund wallet can be found here.

Nodes were selected based on their operators’ contribution and involvement within the ecosystem and, importantly, their node parameters, location, and performance. By delegating NYM tokens with independent operators, the reputation of the nodes are enhanced, advancing the network toward a more robust and decentralized ecosystem. A transparency dashboard of the delegation program will be released to the community shortly.

Season 0 distribution of Squad Wealth Fund tokens.

What next?

Nym Squad League Season 1 is about to start, and with it, a new round of official delegations for new Nym nodes. Over the course of the next three months, the new round of delegations program will replenish the Squad Wealth Fund with rewards. These will be used to reward community members for running Nym meet-ups, creating content, building tooling, testing the NymVPN, and more.

If you run a Nym gateway, you might be eligible for official delegations to give you a leg up in getting into the active set and beginning to earn rewards. The requirements for the new delegations program, along with the missions for Season 1, will be announced shortly. Make sure to join Nym community channels and tomorrow’s community call on YouTube and Twitch to find out more!