Topic: NEST Protocol (NEST) - a decentralized price oracle based on Ethereum. - page 5. (Read 1783 times)

For the NEST Future chance and roadmap :
1.  Anyone who can open a price oracle for an encrypted asset on the NEST Protocol, so that the encrypted asset has an on-chain price; as a precondition, if an encrypted asset wants to enter the DeFi world, it must have an on-chain price. Only when it is referenced by more DeFi protocols can the asset possess the attributes that crypto assets should have, especially financial attributes. (HBTC/ETH, YFI/ETH, DAI/ETH and other quotation scales have begun to develop).
Whether you are a project side, a developer, a miner, or a investor, as long as you have the intention, you can take the oracle track that you think will be more valuable in the future in the NEST Protocol, with a 5% mining revenue right.
2:  DeFi + NEST = CoFi computable finance will bring NEST to a new height, which will launch the new directions and fields in the blockchain industry. (CoFiX DEX has entered the mainnet testing phase)

Nest Protocol Web terminal 1.0 Release & Quote Mining Contest

On Sep 23, 8 PM HKT Nest Protocol Web terminal 1.0 will be available for users for quote mining, along with quote mining contest for YFI/ETH pair.
With the web terminal launch, there will be a quote mining contest.
Join nYFI quote mining, win from a pool of 50000 Nest tokens (6 day campaign)
The campaign will last Sep 23, 8 PM HKT to Sep 28 8 PM HKT
Quote mine nYFI by staking YFI/ETH with a quote price though the Nest Dapp, or the Web terminal(link will be announced on Nest Fans Twitter)
Requirement for rewards:
Perform quote mining at least 1 times
prizes:
We will find the qualified miners through on-chain data, and the first 100 miners will get 500 Nest tokens each
The reward will be distributed within 36 hours after the event ends

What is impermanent loss?
Impermanent loss is a temporary loss of funds occurring when providing liquidity. The liquidity provider (LP) has to provide both assets in a correct ratio and one of the assets is volatile in relation to the other, for example, in a Uniswap DAI/ETH 50/50 liquidity pool. If ETH price goes up, the pool has to rely on arbitrageurs continually ensuring that the pool price reflects the real-world price to maintain the same value of both tokens in the pool. This basically leads to a situation where profit from the token that is appreciated in value is taken away from the liquidity provider. At this point, if the LP decides to withdraw their liquidity, the impermanent loss becomes permanent.
Impermanent loss has become one of the main enemies of DeFi yield farmers, as arbitrageurs take profit while the assets staked are in volatile positions. Can we really have a %1000+ APR returns through liquidity mining?
Source: https://finematics.com/impermanent-loss-explained/

Introducing Quote Mining: Liquidity Farming With More Profit
What is Quote Mining?
Quote mining is a revolutionary new form of staking that is similar to liquidity mining — where users stake assets and receive ecosystem tokens as reward. Rather than provide liquidity, quote mining provides real-time crowdsourced price quotes to feed into a decentralized oracle to strenghten the entire ecosystem!
Here is an example of how to get into Quote Mining:
Users add a small amount of liquidity into an AMM pool with an ERC20 token and matching ETH with the proper market price quotation in a smart contract. After the staking has been executed, the user will receive a “Quote Ecosystem Token” as a reward for their contribution.
The “Quote Ecosystem Token” is likely a combination of LP token and a reward token.
The “Quote Miners” pay 1% of the ETH staked as a fee to quote mine, which is distributed evenly to the “Quote Ecosystem Token” holders.
The small pool is permissionless to all users on the Ethereum network for arbitrage opportunities.
After aproximately 25 blocks have been confirmed (roughly five minutes), the small pool will be closed. The staked assets will be returned to the miners via smart contract execution.
Since the liquidity pool staking period only requires ~5 minutes, the chances of impermanent loss are greatly reduced — as long as the miners are not maliciously staking the price ratio that deviates from the actual asset price.

2020.9.11-9.18 NEST Weekly Revenue:

Total income of NEST system this week: 849.984 #ETH

System income savings contract: 84.9984ETH

NEST holder income #distribution: 764.9857.3145 ETH

One million NEST holds income: 0.44977 ETH

Increase the scale of NEST oracle quotation assets

Modify content
Adjustment to ETH/USDT quote track:
The minimum quotation ETH asset scale was changed from 10ETH to 30ETH

The scale of the quoted asset scale was changed from 10ETH to 30ETH

The minimum asset size for order taking is changed from 10ETH to 30ETH

Quotation deviation penalty changed from 100ETH to 300ETH

Cancel the one-thousandth fee for taking orders, from one-thousandth to zero

Adjustment of nToken quotation track:
The size of the quotation is still 10 ETH to start, prepare for a period of buffer period for community miners, and then it will be adjusted to 30 ETH

Cancel the one-thousandth fee for taking orders, from one-thousandth to zero

Quotation miners prepare in advance

NestCore team

2020.09.17

NEST Oracle are currently support:

$HBTC $DAI $HT $WBTC $YFI $renBTC $HUSD $YFII $MRK $LINK $imBTC $ant $KNC $USDC $LEND $OKB $TUSD $REN $COMP $MANA $HPT $PAX $LRC $BAT $ZRX $BAL $MX $SNX $BIX $KEY $AMPL

What is an Oracle
Most Decentralized Finance (DeFi) protocols depend on data input outside ethereum, such as ETH/USDT price for lending. A protocol which provides the data on ethereum is called Oracle.
The Challenge of Oracles
The finance dapps build on ethereum are growing fast, the lending asset on ethereum dapps are 1.5 billion USD right now, and liquidation of those assets as highly depends on the price provided by the oracles, so the price from the oracle is becoming more and more important.
Currently, most of the oracles solutions are built on multi-node input, where the nodes are permissioned to join the oracle network and the dapps built on those oracles should trust the node’s ouput.
But due to low transaction volume, the pricing data can be easily manipulated and be susceptible to attack. This problem has been exploited in the bZx and Synthetix oracle attacks, and it won’t be the last.
So the market needs a new permissioinless decentralized oracle solution, which is hard to be manipulated — NEST protocol.

NEST Lists Oracle pair for YFI
Starting today, all users will be able to begin quote mining for nYFI, to create a global price variable for the YFI/ETH trading pair.

There is now an official YFI/ETH pair on NEST where the users can participate in quote mining to earn nYFI tokens. Quote mining is a form of liquidity mining, where participants stake the assets with a quoted price (in this case, YFI and ETH) in Nest’s smart contract for 25 blocks on the Ethereum network (about five minutes) to earn corresponding nTokens(nYFI).

NEST is a Protocol designed to create an permissionless system of Price Oracles

This campaign is to promote the new YFI/ETH global price oracle. Read to learn about NEST Protocol here: (link to NEST introduction blog)

How are price oracles created?

Any ERC20 tokens can create a global price oracle with NEST. Anyone can create a price oracle with a bidding contract and staking NEST. Once a price oracle is initialized, miners and verifiers are rewarded with nTokens and ETH for participating in the network.

Taking YFI for example, a user would:

Create an auction contract for YFI price oracle through NEST DAPP.
Once approved, a quote mining becomes available for YFI price oracle.
Now anyone can participate in quote mining by staking a pool of YFI/ETH. Participants are rewarded with nYFI tokens.

What do participants of the network receive?

Miners are rewarded with newly minted nYFI
nYFI holders are rewarded with ETH the network accrues on a weekly basis
Token holders can participate in network governance
Read more about nYFI token in detail here: https://medium.com/nest-consensus-labs/nyfi-price-oracle-for-yfi-tokens-on-the-nest-protocol-f40473d536de

2020.9.04–2020.9.11 NEST Weekly Revenue:

Total income of NEST system this week: 1048.6491 ETH

System income savings contract: 109.7298ETH

NEST holder income #distribution: 936.91936ETH

One million NEST holds income: 0.62169 ETH

1. Flash Swap Agreement
2. Stable Coin Agreement
3. Loan Agreement
Inject the external value into the NEST Oracle.
When external benefits> quotation system loss, the entire system is making money, and the value will naturally rise

NEST Developer:

Announcement on Modify NEST #Oracle Price Parameters:

Increased the Transfer fee for #ETH/USDT and #HBTC/ETH price

https://github.com/NEST-Protocol/NEST-announcement/blob/master/24_ChangeParameters.md

CoFi: Computable Finance
The public blockchain chain eliminates credit risk, the NEST oracle brings a quantifiable information source on the chain and computable financial products can be designed

NEST Protocol: Permissionless System of Price Oracles:

https://medium.com/@fan_nest/nest-protocol-permissionless-system-of-price-oracles-ee86e827220

NestCore: NEST v3.5 Developer Program
NEST Protocol v3.5 version development plan:

Intensive optimization of the overall gas consumption of the NEST system, to reduce the operating cost of each link of the NEST system;

Refactor the code of NEST Protocol to improve the security and stability of the NEST system;

Cancel the distribution of 5% mining income to NestCore. This part of NEST Token is used to motivate the callers of the NEST price oracle, and the distribution of the motivation will be in the form of random release (tentative);

To solve the problem that the excessive gasprice causes the increase of mining costs and the decrease of NEST yield rate, consider charging the quotation fee based on gasprice (tentative);

Modify the income collection mechanism of the NEST system and adopt the net value model (tentative);

After the stable operation of NEST V3.5 for a period of time, the NestCore permission wll be removed. Then NEST Protocol wll enter the NEST DAO era, and the system will be upgraded through NEST voting.

NEST V3.5 version development cycle: 2020.09 ~ 2020.11

For more NEST development trends, please follow the NEST Protocol GitHub announcement.

NestCore team

2020.09.04

Receive NEST system Income method (Choose any of those)
1. Exchanges such as Huobi, Hobbit, and Bibox that can support agent collection. The currency is placed in the currency asset, and ETH proceeds will be automatically airdropped every week. The release time of each exchange is different, and the follow the exchange announcement
2. It can be received manually through NEST DAPP, operation tutorial:
 https://www.nestfans.com/topics/335
3. It can be collected manually through Huobi Wallet.

AMA announcement:

Dsdaq & Nest Partnership will hold AMA

Time : Wednesday, Sept 2nd, 10 PM HKT(UTC+8)
Place: https://[Suspicious link removed]/3gR7FvU

Don't miss out and come join with us

$NEST Korean Community was Created


https://t.me/nestkorea

Welcome to Join Korean Community

한인 커뮤니티에 오신 것을 환영합니다

NEST #protocol is a distributed price #oracle network that solves the problem of price on-chain through a #decentralized incentive scheme. #DeFI



https://t.me/nestkorea

The latest version of @HuobiWallet adds support for one-stop services such as $NEST Token transfer, storage  and ETH income collectionRaising hands

Huobi Wallet is a professional Multi-chain light wallet.

NEST is a decentralized price oracle based on Ethereum.

💡Notice about Upgrade NToken Oracle Quote contract
Upgrade Time: 12:00 August 31, 2020
Upgrade content: Solve MX Token
(0x11eef04c884e24d9b7b4760e7476d06ddf797f36) .
Token quotation compatibility issues that did not implement the standard ERC20
Notice:
1. Do not quote MX Token before the upgrade.
2. NToken oracle quotation miners need to change the new quotation contract address after upgrading.
3. It is necessary to verify whether it is a standard ERC20 before auctioning or quoting the oracle Token.
4. The new NToken oracle quotation contract address will be announced before the upgrade.
NestCore
2020.08.27