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Alternate cryptocurrencies / Tokens (Altcoins) / Re: NEST Protocol (NEST) - a decentralized price oracle based on Ethereum.
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on: September 21, 2020, 08:30:29 PM
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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/
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82
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Alternate cryptocurrencies / Tokens (Altcoins) / Re: NEST Protocol (NEST) - a decentralized price oracle based on Ethereum.
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on: September 21, 2020, 08:16:24 PM
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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.
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84
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Alternate cryptocurrencies / Tokens (Altcoins) / Re: NEST Protocol (NEST) - a decentralized price oracle based on Ethereum.
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on: September 17, 2020, 07:49:21 PM
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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
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86
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Alternate cryptocurrencies / Tokens (Altcoins) / Re: NEST Protocol (NEST) - a decentralized price oracle based on Ethereum.
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on: September 15, 2020, 09:52:57 PM
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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.
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87
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Alternate cryptocurrencies / Tokens (Altcoins) / Re: NEST Protocol (NEST) - a decentralized price oracle based on Ethereum.
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on: September 14, 2020, 09:27:37 PM
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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
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93
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Alternate cryptocurrencies / Tokens (Altcoins) / Re: NEST Protocol (NEST) - a decentralized price oracle based on Ethereum.
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on: September 04, 2020, 08:37:55 PM
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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
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98
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Alternate cryptocurrencies / Tokens (Altcoins) / Re: NEST Protocol (NEST) - a decentralized price oracle based on Ethereum.
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on: August 27, 2020, 08:23:41 PM
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💡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
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100
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Alternate cryptocurrencies / Tokens (Altcoins) / Re: NEST Protocol (NEST) - a decentralized price oracle based on Ethereum.
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on: August 25, 2020, 09:31:03 PM
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dForceNetwork and NEST Oracle reached a strategic cooperation
We are pleased to announce that we will reach a long-term strategic partnership with dForce. dForce will integrate NEST oracle as one of the price data sources of the core agreement in the dForce ecosystem. Access to NEST will further enhance the diversification of dForce oracles, and at the same time enable the price data of various protocols in the dForce ecosystem to be more decentralized. Empower an open financial system Smart contracts are largely limited by data on the chain, and the disconnection with external data interactions prevents developers from building truly decentralized applications. Through the integration with NEST, we can connect real-world data with the dForce ecosystem in a non-trusted way, providing necessary infrastructure services for developers to build related open financial protocols, greatly expanding open finance Application scenarios of the solution. About the NEST NEST is a distributed price oracle machine that solves the problem of price chaining through decentralized incentive solutions. NEST adopts the market game theory to simultaneously generate the price facts of the off-chain market on the chain through miners’ quotation, and combined with the NEST mining mechanism to incentivize quotation miners, making it a logical closed-loop distributed quotation system. Synchronously generate off-chain price facts on the chain to form NEST oracle price data. About dForce Open Finance Protocol Matrix dForce is committed to building an integrated and interoperable open financial protocol and currency protocol matrix, including asset protocol (USDx, GOLDx, dToken), liquidity protocol (flash swap, aggregator), lending protocol (open, hybrid ) To form intercommunication and synergy at the level of liquidity and assets. As an application token, dForce token (DF) will be widely used in dForce’s network governance, risk buffer and incentive mechanism. Our team includes elites from Wall Street’s top investment banks and private equity funds (Goldman Sachs, Standard Chartered, Hony Capital) and early participants in the digital currency industry. Investors include CMB International, Multicoin Capital and Huobi Capital.
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