Nest Protocol, a price prediction platform based on the Ethereum blockchain, has released a new version of NESTFi, its decentralized perpetual exchange with reduced trading fees.
As decentralized finance (DeFI) activity continue to gather steam, the use cases of the decentralized protocols are also on the rise helping users to access and interact with this burgeoning industry. Over a short span of time, Nest Protocol has carved out a niche for its users delivering secure and innovative solutions.
Its primary focus is solving the problem of on-chain price accuracy through a decentralized incentive solution known as the price predictor. Recently, Nest revealed an increase of nearly $10 billion in its total value locked (TVL) on a year-to-date (YTD).
A Brand New Upgrade
GM🖤
🎁@NEST_Protocol welcomes you to join the $NESTFi Testnet Trading Campaign
❤️&RT
1️⃣/4️⃣🧵 pic.twitter.com/g0BcK5tBbd
— Wale 💜 (💙,🧡)🎒💧 (@TweetByWale) March 22, 2023
On March 22, Nest took to Twitter to announce the new version of its NESTFi’s user interface and user experience coupled with other important upgrades. NESTFi is a financial platform that provides lending and borrowing services, as well as a governance mechanism for users to participate in decision-making. It is a part of the NEST ecosystem which comprises of other solutions such as NESTCraft, and NESTOracle, among others.
As per the official document, the protocol has adjusted its trading fees rate from 0.1% to 0.5% along with fixing the base interest rate as 0.03% per day from a dynamic base interest rate. This will ensure the fairness of all transactions and further reduce trading fees. Nest has also modified its price slippage parameter. In addition, Nest also partnered with OiNetwork_xyz, a mobile-first Web3 portal, to bolster its Web3 offerings.
We're thrilled to announce that @NEST_Protocol has partnered with @OiNetwork_xyz on #Tweet2Earn!
Now you can get rewarded for amplifying our content on Oi!
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– Register with this CODE👉【HQWTOG】 pic.twitter.com/gE4kTsxAah— NEST Protocol (@NEST_Protocol) March 22, 2023
Nest Ecosystem Gathers Steam
Over the recent few months, Nest has been joining forces with several Web3 based companies to seamlessly build an economic framework for the booming Metaverse, Web3 and GameFi ecosystem. NEST is also simplifying the entire process to help developer build the decentralized exchange (DEX) saving the cost on various issues including technical support, asset custody, risk management and liquidity support.
In February, the DeFi protocol teamed up with CryptoSkyland to launch its own non-fungible tokens (NFT) titled, “Cyber Ink”, with a collection of 10,000 NFTs on the blockchain. Moreover, in January McKinsey reported the number of uses case for NEST will gain enormous traction in the coming days as crypto subecosystems including NFTs and metaverse could potentially generate more than $5 trillion in value by 2030.
