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Incorporation of Nest Protocol
US cryptocurrency behemoth Coinbase has announced support for a decentralized oracle built on Ethereum (ETH). After the necessary liquidity requirements are reached, Coinbase said in a recent statement that it would incorporate Nest Protocol (NEST).
If the liquidity criteria are met on or after 9 AM PT on July 26, 2022, trading will begin. Trading on NEST-USD & NEST-USDT trading pairs will begin gradually once there is a sufficient supply of this asset. In certain jurisdictions that are supported, NEST assistance may be limited. NEST will be added to the Coinbase platform under the category of experimental digital assets, which the company reserves for cryptocurrencies that are either new to the Coinbase platform or have very limited trading volume compared to their wider crypto marketplace.
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Whitepaper Analysis
Competitor Chainlink (LINK) Nest Protocol is a decentralized oracle network built on the Ethereum network’s ERC-20 coin. The NEST token powers the platform, which enables users to get pricing data for decentralized finance (DeFi) assets including stablecoins and futures. The Nest Protocol is distinctive in that data is collected directly on-chain rather than being uploaded to external data centers, and NEST tokens are not released in advance and can only be earned through quotation mining.
The project’s whitepaper states that since pricing is validated on-chain, NEST has given everyone access to a free and open environment. One of the most crucial aspects is transparency: anybody may start a flow of pricing information and encourage price suppliers to issue any sort of token. For instance, a project may put up a price pair between its own token and USDT and use this token to incentivize others to share price data. Any project that aimed to increase the number of miners in its ecosystem would benefit from this.
Despite the statement, NEST is currently selling for $0.033, down 5.5 percent over the past 24 hours.
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