NEST Protocol (NEST) - a decentralized price oracle based on Ethereum.

[NEST_Fan]

Module 1: NEST oracle
1. NEST oracle quote mechanism
The NEST oracle solves the problem of price on-chain through a decentralized incentive solution, that is, the price predictor.
The core of Nest Oracle: Quote mining (incentive), verification cycle, price chain, beta coefficient.
Take the price of ETH to USDT as an example:
1) Any participant can pass the price that who recognized to the quotation contract, such as 1 ETH = 200 USDT, and then enter these two assets into the quotation contract according to the price ratio, The general scale will be 10-100 ETH and it will charge 1% of the ETH as a handling fee for mining and get NEST incentives.
2) After entering the asset, wait for T0 time (currently 25 blocks, around 5 minutes). During this period, anyone can buy ETH or USDT at the price of the quoter. If there is no transaction in T0, the quote It is hired by the system; if the transaction is completed completely, the price is invalid, and part of the transaction is partially invalid. After this time, the assets can be recovered.
3) If someone is willing to make a deal with the bidder, then at the same time when he deals, he must also report a new price according to the above standard, so that p1, p2 ... price chain is formed after the initial quote P0.
4) The quote size of the trader is beta times the scale of his transaction, where beta> 1 (currently beta=2), which means that the price chain will eventually terminate (downtime) with the expansion of the scale, and the perpetrator’s The cost increases geometrically, thus countering the aggressive behavior.
5) NEST value: mining fees and the use of oracles need to pay a certain ETH fee, unified into the system revenue contract, and distributed to all circulating NEST.
Price deviation defense mechanism: If this quote deviates more than 10% from the last valid quote, the scale of this quote is 10 ETH * 10 (the scale is expanded by 10 times)
2. NEST quote verification mechanism
Anyone can become a verifier, verify the price of the quoted miner's quotation, if there is a deviation between a single quotation and the market price, and there is a certain arbitrage space, then the verifier can take a single arbitrage. The specific verification rules are as follows:
1) The minimum number of validator orders is X * 10 ETH, where X must be an integer;
2) The validator needs to submit a new quotation at the same time as the order is submitted. The new quotation size requirement is the beta multiple of the size of the order, the current beta=2;(Note: If the verifier’s new offer deviates from the previous effective offer by more than 10%, then the new offer size will be x 10 times)
3) The new quotation initiated by the verifier has no quotation fee and does not participate in NEST mining;
4) The validator needs to pay a transaction fee of 0.1% of the amount of ETH paid while paying the bill;
3. How does NEST miners offer mining?
Assume that the price of ETH / USDT is 1 ETH = 200 USDT;
Step 1: The quote miner needs to deploy a NEST oracle quote contract and transfer 10 ETH and 2000 USDT assets to the quote contract at the same time;
(Notes: 10 ETH is the minimum quote size)
Step 2: When the quotation contract is successfully deployed, it will take effect on the chain immediately. Any third-party verifier can transfer 10 ETH for 2000 USDT, or 2000 USDT for 10 ETH; if it is deal, it means that there is arbitrage between this single quote and the market price; Due to it can represent the market. The fair price quotation will not be traded under normal circumstances, the transaction needs to pay 0.1% transaction fee, and the trader needs to initiate a new quotation out, and the quotation size x beta times, the current beta = 2;
Step 3: If the quotation is not completed within 25 Ethereum block time (about 5 minutes), then the quotation data of this order will be used by the NEST system to participate in the formation of the oracle price; On the contrary, if the quotation is completely executed by the verifier, it means that the quotation data cannot represent the fair market price, and will be discarded by the system, and will not participate in the formation of the oracle price. Regardless of whether the transaction is completed or not, after 5 minutes of life cycle, the quoted miner can retrieve the quoted asset from the contract, and also get the NEST mining reward for the next quote. The above is the quotation process of NEST predictor.

NEST mining cost: 1% of the Quoted ETH scale + Gas fee
NEST Token mining release rules:
1) The total amount of NEST is 10 billion.
2) The starting block of the mining pool output is the 6236588 block of Ethereum, and the NEST output of each block is 400;
3) Decrease every 2,400,000 blocks (about 1 year), and the output of each block decreases to 80% of the original;
4) When the block reward is 40 NEST, it will not decrease.
Calculation of mining output per quote:
First, we need calculate the NEST mining reward quantity M contained in the block of the packaged quote transaction. If the height difference between the block and the previous block containing the quote transaction is K, then:
M = K * 320
This means that if there is no quotation mining order for a period of time, the first new mining will get all the NEST rewards that have not been mined before. In this way, miners can be incentivized to conduct continuous quotation mining and maintain the stability and security of the NEST oracle network.
Assuming that the sum of the quotation fees in the block is E, and the fee paid for a certain quotation is e, then the NEST mining quantity of the quotation is N:
N = (e / E) * M

Each quote NEST mining allocation:
A. Quoted miner: 80%
B. Guardian node: 15%
C. Developer team: 5% (Note: when the total amount of NEST Token mining reaches 2 billion, this part of the reward will be cancelled, and the proportion of miners will be 85%)
Let me introduce you to the NEST oracle quote tool:
Mobile: NEST DAPP (NEST quotation must-have APP) NEST DAPP Android version download address:
https://nestdapp.io/download/nest.html (browser open it )
NEST DAPP iOS version download address:
Open the App Store, log in to an AppleID account overseas or Hong Kong, China, Search: NEST DAPP
NEST DAPP website: https://nestdapp.io/
NEST prediction machine quote operation video B station:
https://www.bilibili.com/video/BV1MK411W7jk/
PC: NEST quote script (GitHub open source tool)
Mining method: automatic mining
Download address: https://github.com/NestFans/NestMiner
 Nest Token Release allocation Ratio
5% 15%
80%
     Quoted miner Guardian node Developer team
     
Tutorial: https://github.com/NestFans/NestMiner/blob/master/README.md
The funds required to participate in the NEST oracle quote mining: 10 ETH + UDST assets worth
10 ETH.
4. How do NEST validators taker arbitrage?
If a quoted miner reports a quote that deviates from the market price, then the verifier can take arbitrage.
Suppose that the fund size of the quotation is: 10 ETH + 1200 USDT and the ETH price is 120 USDT;
At this moment, the ETH market price is: 1 ETH = 150 USDT;
Then, the arbitrage opportunity appears, the verifier operates:
Step 1: The verifier can transfer 1200 USDT to the quotation contract and exchange for 10 ETH;
Step 2: The verifier will report a new price, assuming 10 ETH + 1500 USDT;
Step 3: While taking the order, sell 10 ETH in the market to get 1500 USDT, so the final profit is: 300 USDT.
5. How can DEFI developers transfer NEST oracle price data?
NEST orcale price transfer developer documentation: https://www.nestfans.com/wiki/nest_dev 6. NEST oracle price data transfer charging rules
ETH/USDT price prediction machine charging rules:
The NEST oracle provides block price sequences for downstream DEFI developers to call freely. The specific charging rules are as follows:
1) Single transfer price of each block 0.0001 ETH
2) The minimum payment fee for a single transfer is 0.001 ETH 3) The maximum payment fee for a single transfer is 0.01 ETH
 
ETH/USDT price oracle calls ETH income distribution:
1) NEST system revenue pool: 80%
2) Quoted miner: 20% (if there are multiple quotes in the same block price, it will be assigned to the last quoted address)

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[NEST_Fan]

Module 2: nToken oracle
1. How to open an ERC20 Token/ETH price oracle?
The nToken oracle is an open system. Any wallet address or smart contract address can create a new ERC20 Token/ETH price oracle through the nToken auction contract. Each ERC20 Token/ETH price oracle can only be created once, and the oracle that has been created cannot be created again.
nToken oracle creation process:
Deploy nToken oracle through NEST DAPP to create a contract. After successful deployment, enter the oracle auction process. The auction period is 5 days and the starting amount is 100,000 NEST.
1) During the auction period, anyone who can participate in the auction with a minimum bid span of 10,000 NEST;
2) After the auction period ends, the oracle enters the activation process; after activation, the initial deployment of the oracle is completed;
3) At the same time when the oracle machine is activated, the final NEST bidding funds will be smashed into the address 0x0000...0001 for permanent destruction;
4.) If there is a prophecy machine that ends the auction within the income distribution period of the NEST system, the activation is unexecutable and it can only be activated after the end of the collection period.
Bidding incentives: 50% of the bid difference nToken oracle initialization:
1) Deploy nToken token contract
2) Add a new oracle quote trading pair
Rights of successful bidders: 5% will be allocated when each nToken mining is released
2. nToken prediction machine quote mechanism
The core of nToken is: Quote mining (incentive), verification cycle period, price chain, beta coefficient. Take the price of HBTC/ETH as an example:
1) Any participant can pass the price that he recognized to the quotation contract, such as 1 HBTC = 40ETH, and then enter these two assets into the quotation contract according to the price ratio, generally the scale of 10-100 ETH, the quotation The handling fee is 1% of the quotation scale of ETH. Mining for quotation will get nHBTC incentives.
2) After entering the asset, wait for T0 time (currently 25 blocks, about 5 minutes). During this time period, anyone can use the price of the bidder to buy ETH or HBTC. If there is no transaction in T0, then The quotation is accepted by the system; if the transaction is completed then the price is invalid, and part of the transaction is partially invalid. After this time, the assets can be recovered.
3) If someone is willing to make a deal with the bidder, then at the same time when he deals, he must also report a new price according to the above standard, so that p1, p2 ... price chain is formed after the initial quote P0.
4) The quote size of the trader is an integer multiple of his transaction scale, where beta> 1 (currently beta=2), which means that the price chain will eventually terminate (downtime) with the expansion of the scale, and the evildoer The cost has increased geometrically, thus countering the attack.
5) The value of nToken: The downstream users of nToken oracles need to pay the ETH fee every time they call the price data of the oracles, and holding nHBTC can get the distribution of ETH income from these systems.
Price deviation defense mechanism: If this quote deviates more than 10% from the last valid quote, the scale of this quote is 10 ETH * 10 (the scale is expanded by 10 times)
3. nToken quote verification mechanism
Anyone can become a verifier, verify the price of the quoted miner's quotation, if there is a deviation between a single quotation and the market price, and there is a certain arbitrage space, then the verifier can taker arbitrage.
The specific verification rules are as follows:

1) The minimum number of validator orders is X * 10 ETH, where X must be an integer;
2) The validator needs to submit a new quotation at the same time as the order is received. The size of the new quotation is required to be beta times the size of the order. The current beta=2; (Note: If the new quotation of the verifier is The previous effective quotation has more than 10% of the price deviation, so the new quotation will be x 10 times)
3) New quotes initiated by nToken validators do not participate in nToken mining;
4) The validator needs to pay a transaction fee of 0.1% of the ETH amount for the order while paying the order;
4. How does nToken miners quote mining?
Suppose the price of HBTC/ETH at this time is: 1 HBTC = 40 ETH;
Step 1: nToken quote miners need to deploy a quote contract of HBTC oracle, and transfer 10 ETH and 0.25 HBTC assets to the quote contract at the same time; (Remarks: 10 ETH is the minimum quote size)
Step 2: When the quotation contract is successfully deployed, it will take effect on the chain immediately. Any third-party verifier can transfer 10 ETH for 0.25 HBTC, or 0.25 HBTC for 10 ETH; if it is traded, it means there is arbitrage space between this single quote and the market price; because it can represent the market The fair price quotation will not be executed under normal circumstances, the transaction needs to pay 0.1% of the transaction fee, and the trader needs to initiate a new quotation and the quotation size x 2 times;
Step 3: If the quotation is not completed within 25 Ethereum block time (about 5 minutes), then the quotation data of this order will be hired by the oracle system to participate in the oracle price formation; Otherwise, if the quotation The single-verified person's complete transaction means that the quotation data cannot represent the fair market price, and will be discarded by the system without participating in the formation of the oracle price. Regardless of whether the transaction is completed or not, after 5 minutes of life cycle, the quoted miner can retrieve the quoted asset from the contract, and also get the nToken mining reward for the next quote.
The above is the quotation process of NEST predictor.
nToken mining cost: 1% of ETH quoted scale + gas fee nToken mining release rules:

1) There is no upper limit on the total amount of nToken;
2) The Ethereum block number of the nToken oracle when it is activated is the initial output block, and the initial output of nToken for each block is 4;
3) Decrease every 2.4 million blocks (about 1 year), the nToken output of each block successively decay to 80% of the original, and stop declining when the number of nTokens produced in a single block is 0.4;
4) The nToken mining allocation for each quote is: nToken miner: 95%
Auction winner: 5%
Calculation of mining output per quote:
Firstly, calculate the number of nToken mining rewards M contained in the block of the packaged quote transaction. If the height difference between the block and the previous block containing the quote transaction is K, then:
M=K*4
This means that if there is no quotation mining order for a period of time, the first new mining will get all nToken rewards that have not been mined before. In this way, miners can be incentivized to conduct continuous quotation mining and maintain the stability and security of the nToken oracle network.
Assuming that the sum of quotation fees in this block is E, and the fee paid for a certain quotation is e, then the number of nToken mining for this quotation is n:
n = (e / E) * M
Let me introduce you to the NEST predictor quote tool:
Mobile: NEST DAPP (NEST quotation must-have APP)
NEST DAPP Android version download address: https://nestdapp.io/download/nest.html (browser opens)
NEST DAPP iOS version download address: Open the App Store, log in to AppleID account, search: NEST DAPP
 
NEST DAPP website: https://nestdapp.io/
The funds required to participate in NEST oracle quote mining: 10 ETH + Token assets worth 10
ETH.
5. How do nToken validators taker arbitrage?
If a quoted miner reports a quote that deviates from the market price, then the verifier can take arbitrage.
Suppose that the fund size of the quotation is: 10 ETH + 0.5 HBTC, the ETH price is 0.05 HBTC At this moment, the ETH market price is: 1 ETH = 0.025 HBTC;
Then, the arbitrage opportunity appears, the verifier operates:
Step 1: The verifier can transfer 10 ETH to the quotation contract and exchange it for 0.5 HBTC; Step 2: The verifier wants to report a new price, assuming 10 ETH + 0.25 HBTC;
Step 3: The validator sells 0.5 HBTC in the market to obtain 20 ETH, and the final profit is 10 ETH.
6. How do DEFI developers transfer nToken predictor price data?
NEST predictor price transfer developer documentation:
https://www.nestfans.com/wiki/nest_dev
7. Charging rules for transfering nToken predictor price data nToken prediction machine charging rules:
1) Single call price of each block 0.0001 ETH
2) The minimum payment fee for a single transfer is 0.001 ETH 3) The maximum payment fee for a single transfer is 0.01 ETH nToken oracle transfer ETH income distribution rules:
1) Quote miner: 20% (multiple quotes in the same block price, assigned to the last quote address)
  
2) nToken revenue pool: 80% (distributed by nToken holders)

[NEST_Fan]

Module 3: System revenue distribution
1. Introduction of NEST Token
NEST (NEST Token) is a decentralized protocol NEST Protocol based on the ERC20 Token issued by the Ethereum network.
Maximum amount of NEST Token: 10 billion
Issuance mechanism: all release through NEST predictor [quote mining]
NEST Token contract address: 0x04abeda201850ac0124161f037efd70c74ddc74c Each quote NEST mining allocation:
Quoted miners: Refers to the miners who participate in the NEST prediction machine quotes; Developer: Refers to the NEST Protocol Developer Group;
Guardian Node: Refers to NestNode holders, who are early investors and supporters of NEST Protocol.
Assuming that the quoted NEST mining quantity is 100, then the quoted miner will get 80, the developer will get 5 and the guardian node will get 15.
Note: When NEST releases 2 billion, the developer’s 5% NEST revenue distribution will be
 Nest Token Release allocation Ratio
5% 15%
80%
     Quoted miner Guardian node Developer team
 
cancelled. On that time, miners will account for 85%, and guardian nodes will account for 15%.
2. Introduction to NestNode Token
The NestNode is an important part of the NEST Protocol ecosystem. It provides various resources and funds for the early research and development of the NEST Protocol and is the core source of power for the development of NEST. At the same time, in the development of NEST, NestNode also enjoys some benefits and influence brought by NEST ecology, which is mainly reflected in the following two points:
1) NEST Token Income Right: In the NEST Token release allocation mechanism, miners account for 80%, developers account for 5% and guardian nodes account for 15%; it can be simply understood as: Quoted miners in the mining process, NEST For every 100 NEST Tokens released by the mining pool contract, 15 are allocated to the guardian node NestNode.
2) NEST Protocol governance rights: NestNode holders have the governance rights of the NEST system (initiating voting rights and voting rights).
In order to better reflect the decentralized characteristics of NEST Protocol, the NestNode is also a Token issued based on the Ethereum ERC20 protocol, with a total amount of 1500 (integer). The tokenized guardian node NestNode can freely conduct transactions and circulation, and the holder group is also distributed.
NestNode Token contract address: 0xc028e81e11f374f7c1a3be6b8d2a815fa3e96e6e
3. Introduction of nToken
nToken is the equity token of the ERC20 Token/ETH price oracle in the NEST system, and is also based on the ERC20 Token issued by the Ethereum network. Every time an ERC20 Token/ETH price oracle is opened, an nToken will be created, which may be nDAI or nHBTC.
nToken Total: No limit
nToken release mechanism:
1) There is no upper limit on the total amount of nToken;
2) The Ethereum block number of the nToken oracle when it is activated is the initial output block, and the initial output of nToken for each block is 4;
3) Decrease every 2.4 million blocks (about 1 year), the nToken output of each block

successively decay to 80% of the original, and stop declining when the number of nTokens produced in a single block is 0.4;
4) The nToken mining allocation for each quote is: nToken miner: 95%
Auction winner: 5%
4. NEST Token holder income distribution mechanism System revenue source
1) The handling fee paid by the quoted miner during the mining process: 1% of the quoted ETH scale
2) Validator's order handling fee: When the validator takes the order, he needs to pay the system 0.1% fee for the order's ETH amount
3) The revenue generated by the downstream DEFI call of the ETH/USDT price predictor: when a DeFi product calls NEST predictor price data, a certain amount of ETH fee needs to be paid to the NEST system, and 80% of this part of the revenue enters the system revenue pool.
(Note: another 20% will be awarded to the quoted miner)
4) The nToken quotation system will contribute a part of the quotation fee to the NEST Token system revenue pool: The initial contribution ratio P = 40%
(The ratio increases by 1.2 million blocks, P-5%; For example, the first decay is 35%, The second time is 30%, the third time is 25%... stop decay when P = 20%)
User Income distribution plan:
The NEST system revenue contract calculates the corresponding amount of ETH revenue according to the proportion of NEST Token held by each user and is distributed once a week.
System income savings mechanism:
The system will extract a certain percentage of ETH assets from the system's ETH income in each cycle and deposit them in the system's savings contract, and the remaining ETH will be distributed for income. The ETH in the savings contract will be saved in case the ETH returns are insufficient in a certain period.

The detailed description of the NEST system savings mechanism is as follows:
We assume that the current ETH system income is E, the amount of savings fund ETH is M, the savings trigger threshold is Q, and the extraction coefficient is a
The calculation formula of the trigger threshold for savings Q is (n represents the amount that NEST has dug out, rounded up to 100 million):
 The calculation formula of a is:
When 1000 ≥ E> 0: a= 10%
5000 ≥ E> 1000: a= 20%
When E> 5000: a= 30%
When the current ETH system income E ≥ Q
Extract E* a% of the income into the savings fund;
If E * (1-a) <Q, then withdraw ETH from the savings fund to supplement the current distribution system income as Q;
If E * (1-a) <Q, then the current distribution system income is E * (1-a)%
When the current ETH system income E <Q: no system income is drawn into the savings fund. Withdrawing ETH from the savings fund to supplement the current distribution system income

is Q. (If the savings fund is insufficient, all will be taken out) Ways to obtain system revenue: Individual take initiative
NEST access: NEST access contract is mainly used to count NEST positions during the system revenue collection period, and the amount deposited in NEST is used to calculate the proportion of positions held when receiving system revenue and the amount of system revenue ETH that can be received.
Among them, the income that can be received in this period is:
Personal available income = (number of individuals who have deposited NEST / total NEST liquidity) * system distributable income in this period
NEST deposit time: Monday 00:00 to Friday 12:00 (UTC+8)
NEST Removable time: any time
ETH income collection time: Friday 12:00 to Sunday 24:00 (UTC+8)
5.How do NEST Token holders obtain system income distribution
Step 1: On the wallet page, click the [View Earnings] button to enter the [Earnings Details] page; Step 2: Deposit to NEST (authorize first, then deposit)
Step 3: Receive income in the income distribution cycle;
Note: The whole process of receiving income needs to initiate three transactions, respectively are: authorization transaction, NEST deposit transaction, and income receiving transaction. All three transactions need to consume gas.
6. Income distribution mechanism for nToken holders
nToken system revenue source
1) The commission paid by the miners during the mining process: 1% of the ETH scale. At the same time, the nToken quotation system will contribute a portion of the quotation commission to the NEST Token system revenue pool: the initial contribution ratio P = 40% (The ratio increases by 1,200,000 Block, P-5%; for example, the first decay is 35%, the second is 30%, and the third is 25%... When P = 20%, the decay stops)

2) The validator takes the order fee: when the validator takes the order, it needs to pay the system a handling fee of 0.1% of the order ETH quantity
3) The revenue generated by the nToken price prediction machine being called by the downstream DEFI: When DeFi calls the nToken prediction machine price data, a certain amount of ETH fee needs to be paid to the nToken system, and 80% of this part of the income enters the nToken system revenue pool.
(Note: The other 20% will be rewarded to nToken quotation miners) User income distribution plan:
The nToken system revenue contract calculates the corresponding amount of ETH revenue based on the proportion of nToken held by each user, and it is distributed once a week.
nToken system income saving mechanism:
The nToken system will draw a certain percentage of ETH assets from the system ETH income in each cycle and deposit them into the nToken system savings contract, and the remaining ETH will be distributed. The ETH in the savings contract will be saved to make up when the ETH income is insufficient in a certain period.
The detailed description of the nToken system savings mechanism is as follows:
We assume that the current ETH system income is E, the amount of savings fund ETH is M, the savings trigger threshold is Q, and the extraction coefficient is a
The calculation formula for the savings trigger threshold Q is (n represents the number of nTokens that have been mined, rounded in units of millions):
 
The calculation formula of a is:
When 1000 ≥ E> 0: a= 10%
5000 ≥ E> 1000: a= 20%
When E> 5000: a= 30%
When the current ETH system income E ≥ Q
Withdraw E* a% of the proceeds into the savings fund;
If E * (1-a) <Q, then withdraw ETH from the savings fund to supplement the current distribution system income as Q;
If E (1-a) <Q, then the current distribution system income is E (1-a)%
When the current ETH system income E <Q: no system income is drawn into the savings fund.
Withdrawing ETH from the savings fund to supplement the current distribution system income is Q. (If the savings fund is insufficient, all will be taken out)
nToken system income acquisition method: individual take initiative
nToken access: The nToken access contract is mainly used to count the amount of nToken holdings during the nToken system income collection period. The amount of nToken deposited is used to calculate the proportion of holdings when the system income is received and the amount of system income ETH that can be received.
Among them, the income that can be received in this period is:
Individuals can receive ETH income = (The number of nToken deposited by the individual / total nToken circulation) * the current nToken system can distribute income
nToken deposit time: Monday 00:00 to Friday 12:00 (UTC+8) nToken can be withdrawn time: any time
ETH income collection time: Friday 12:00 to Sunday 24:00 (UTC+8)

7. How do nToken holders obtain system revenue distribution
Step 1: On the wallet page, click the [View Revenue] button to enter the [Revenue Details] page; Step 2: Deposit nToken (authorize first then deposit)
Step 3: Receive income in the income distribution cycle;
Note: The entire process of receiving revenue requires the initiation of three transactions: Authorization transaction, Depositing nToken transaction and receiving revenue transaction. All three transactions require gas charges.

[Kang TB]

hi mr. @NEST_Fan
does this altcoin have an announcement thread in this forum ?
i think thats will be good for your project buddy if you have it

[NEST_Fan]

Module 4: NEST governance mechanism
1. Conventional governance
Step 1: NestNode holder initiates voting contract
1) Deploy an execution contract and set it to open source state to generate a contract address to execute the contract;
2) Deploy a voting contract through the voting factory contract, pledge at least 10 NestNodes, and set the execution contract address.
Step 2: Enter the NestNode voting session
1) After the voting contract is created, NestNode holders can participate in node voting and the voting period of NestNode holders is 1 day;
2) During the voting period, if the number of NestNodes pledged reaches more than 100, the NestNode vote is passed;
3) If the NestNode vote is not passed, the pledged NestNode can be retrieved after the one-day voting period; if the NestNode vote is passed, the pledged NestNode can be retrieved after the NEST Token voting ends (NEST Token holder voting period 7 days).
4) NestNode's NEST income during the pledge period will be destroyed.
Step 3: Enter the NEST Token voting session
1) The voting period is 7 days, during which NEST holders can use the NEST currently deposited in the NEST access contract to vote.
1 NEST = 1 vote
2) Only one voting contract can be voted at a time, and it can be cancelled before the vote is passed.
3) During the voting state, if you need to retrieve NEST, you need to cancel the voting first.
4) Voting rate = Total votes cast / NEST total circulation when the voting contract is initiated.
5) At the end of the voting period, the vote rate is >= 51%, then the vote is passed, anyone can execute and make the contract effective (executable after the 7-day voting period ends).

2. Emergency management
State of emergency:
1) There must be 1000 or more NestNodes in the voting factory, switch the emergency state and set the emergency time;
2) In an emergency, use 10 NestNodes to create an emergency vote; within 1 day after the emergency voting contract is created, the number of NestNodes in the emergency voting contract is greater than or equal to 100, and you can enter the NEST Token voting process;
3) The total circulation in the emergency voting contract is calculated based on the snapshot data of the first two periods of the system's revenue distribution; the number of individual NEST Token votes in the emergency voting is calculated based on the snapshot data of the individual locked NEST Token in the previous two periods of the system's revenue distribution;
4) In the emergency voting, NEST voted are more than 51%, and the revised content can be executed immediately;
5) After the emergency state duration (3 days), anyone can trigger a switch back to the normal state.
Specific operations after an emergency:
Step 1: NestNode holder initiates voting contract
1) Deploying an execution contract and setting it to open source status will generate a contract address to execute the contract;
2) Deploy a voting contract through the voting factory contract, pledge at least 10 NestNodes, and set the execution contract address.
Step 2: Enter the NestNode voting session
1) After the voting contract is created, NestNode holders can participate in node voting;
2) During the voting period, if the number of NestNodes pledged reaches more than 100, the NestNode vote will pass and take effect immediately and enter the NEST Token voting process;
3) If the NestNode vote does not pass, the pledged NestNode can be retrieved after the one-day voting period; if the NestNode vote is passed, the pledged NestNode can be retrieved after the NEST Token voting ends (voting period 7 days).
4) NestNode's NEST income during the pledge period will be destroyed.
Step 3: Enter the NEST Token voting session
1) The voting period is 7 days, and the source of voting NEST holding data is: snapshot of the contract holding position when the system revenue is received in the n-1 period (n = the starting point of the current latest system revenue receipt);
1 NEST = 1 vote
2) Only one voting contract can be voted at a time, and it can be cancelled before the voting ends.
3) In the voting state, if you need to deposit/withdraw NEST from the NEST access contract, you need to cancel the voting first.
4) Voting rate = total number of votes cast in emergency state / total NEST circulation in emergency state;
5)If the vote rate is >= 51%, the vote is in a pass state, anyone can execute it and make the contract effective without waiting for the 7 days voting period to end.
Attachment: NEST Protocol commonly used URL
NEST Protocol：https://nestprotocol.org/
NEST whitepaper：https://nestprotocol.org/doc/ennestwhitepaper.pdf
NEST GitHub：https://github.com/NEST-Protocol
NEST DAPP：https://nestdapp.io/
NEST Diccord: https://discord.gg/7XCCB58
NEST Telegram：https://t.me/nest_chat
NEST Medium：https://medium.com/nest-consensus-labs
Bruce Twitter：https://twitter.com/BruceYang_NEST
William Twitter：https://twitter.com/fan_nest
NEST FANS：https://nestfans.com
NEST YouTube：https://youtu.be/JLrDhsQNYSw

[NEST_Fan]

What kind of Oracle does DeFi need?
A few weeks ago, the hottest topic in the industry was the DeFi asset “attack” event that occurred on the bZx protocol. According to PeckShield data analysis, the two attacks resulted in a cumulative loss of 3649 ETH for bZx protocol. Since the Uniswap protocol uses algorithmic prices, the price is prone to drastic changes when its trading depth is limited. The arbitrageurs took advantage of Uniswap’s algorithmic price flaws and manipulated the transaction prices of certain assets in a direct or indirect manner, resulting in huge asset losses for users of the associated DeFi protocol that introduced Uniswap price data.
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The analysis from Arcane Research
From the above point of view, this is an arbitrage behavior that occurred on multiple DeFi protocols such as dydx, bZx, Uniwap, etc ; the essence of these two attacks is to control the price of the oracle introduced by the DeFi protocol. The attacker manipulates the the price data of the oracle successfully carried out arbitrage between DeFi agreements.
The bZx incident exposed the oracle problem again, triggering collective talk in the DeFi industry. Long before the bZx event, the famous Synthetic asset platform Synthetix had a major oracle attack:
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At 3 am on June 25, 2019, Synthetix was attacked by oracle price and lost more than 37 million sETH. According to official disclosure, Synthetix’s oracle obtain the prices from exchange‘s API, and integrates it as the final result. At the time of the incident, the price of KRW was only provided by two APIs, and one of the APIs intermittently reported the wrong KRW price (1000 times the normal price), which caused the oracle to take the average value after obtaining the price data from the two APIs. The wrong price obtained is reported to the exchange rate contract of the platform. A trading robot on the Synthetix platform used this error to conduct a large number of transactions sKRW, and made a profit of 1 billion US dollars in less than an hour.
Fortunately, after the incident, the Synthetix platform negotiated and communicated with the users urgently, rolled back all transactions, and gave its users bug bonuses, thus fixing the $ 1 billion error!
Regarding Oracle-related attacks, Synthetix and bZx all occurred. We are very clear that this is not the last time, maybe it is just the beginning.
The oracle problem is a public problem in the entire blockchain industry. In the article “Vitalik: Review of the economic progress of blockchain in the past 5 years, and the emerging problems”, the oracle problem is ranked in Article 16. On a core element. As one of the most important infrastructures in the Web 3.0 era, a safe and stable decentralized oracle system will play a decisive role in promoting the development of DeFi!
So, what kind of Oracle does DeFi need? What are the requirements for a qualified oracle?
At present, the existing Oracle network in the industry usually uploads offline data (price) to the chain by “feeding data” to the contract on the chain, forming a so-called Oracle for other contract calls.
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Chainlink data transmission graph
There is a fundamental problem with this method, that is, the verification of data is not direct, but it indirectly guarantees the authenticity of the data by verifying the uploader. We call this scheme an indirect oracle. Another problem with the indirect oracle is that the credit risk of the node that uploaded the data determines the attack cost of the oracle’s data. If 1 trillion dollars of assets are derived based on the price provided by the oracle, the credit of the oracle node should also match it. This is obviously impossible in reality, and no matter what kind of node randomness is used, it cannot be guaranteed. This is an essential issue, not a technical issue, so indirect oracles can only be used in small-scale, non-financial scenarios.
Now, we can refine the oracle characteristics required by DeFi:
1) The data is accurate: it can truly reflect the market data
2) The data is sensitive: the response to market data is fast enough
3) Data is resistant to attack: the cost of distorting or affecting real data is extremely high
4) Direct verification of data: the verifier is any third party, and does not require review or threshold
5) The network system is distributed: no review or threshold is required, anyone can enter or exit freely
The above 5 points are our strict requirements for a true oracle system. There are not many facts available on the chain, and the fact that the data is off-chain is particularly important.
Common oracle networks currently on the market include Oraclize, ChainLink, DOS.Network, NEST Protocol, MakerDAO, Band Protocol, Tellor, etc. They each have their own characteristics, and the degree of decentralization and verification schemes are also different. According to our previous definition, most of them belong to indirect oracles, and do not directly generate data facts on the chain. The special one is that Tellor uses the pow mechanism for verification, but it is also an indirect oracle in nature; in addition, it is worth noting that the NEST distributed price oracle, which defines and implements a new generation oracle on blockchain. NEST oracle quote facts on the chain uses market game theory to generate the price facts of the off-chain market on the chain through the bilateral asset quotes of miners. Combined with the NEST quote mining mechanism, the miners are encouraged. And become a set of logic The closed-loop distributed quotation system perfectly generates the off-chain price facts on the chain simultaneously, forming a distributed price prediction machine.
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NEST oracle mechanism
Thinking about the price data of the oracle:
1) The essence of price chain is not to “upload” price information to the chain, but to form (generate) price facts on the chain;
2) Whether it is to upload price information in a centralized manner or to upload in a decentralized manner, it means that the fact that the price is off-chain is generated before the chain. And the true oracle system should have the fact that the off-chain price facts are generated on the chain simultaneously;
3) The uniqueness of the NEST distributed price oracle is that a price fact is formed directly on the chain, while other oracle systems only upload a price fact to the chain, which is an essential difference;
4) The cost and credit scale formed by the price of the oracle machine must be able to support DeFi far beyond this scale, and it is the correct oracle machine.
As the most important infrastructure for the application of blockchain technology, the oracle machine plays a decisive role in the development of the DeFi industry! We need more innovative and excellent oracle programs, not just ChainLink, NEST, Tellor…

[NEST_Fan]

NEST 3.0 will be released on the Ethereum mainnet
Core Content:

The NEST Oracle is officially open to the public;

New nToken system, it will support any ERC20 Token/ETH price of oracle;

New voting system, it will support NEST Protocol decentralized governance;

Optimization and adjustment of other systems;

NEST3.0 contract Code Open Source address: https://github.com/NEST-Protocol/NEST-oracle-V3

Notes:

Miner group: It is recommended to stop the quotation before 2020.07.13 14:50PM and get back the quotation assets in the contract. After the upgrade done, you can replace the new version of the quotation contract and continue to participate in the quotation;

General Users: After the upgrade of NEST DAPP (Android version is normally upgraded, iOS version needs to wait for App Store review), it is necessary to actively retrieve NEST assets from the old system revenue verification contract and then deposit it into the new version of the contract;

For NEST related developing news, you can follow NEST Protocol GitHub to know.

NestCore

[NEST_Fan]

BaseLabs is an encryption laboratory focusing on DEFI infrastructure construction and investment.

 BaseLabs has:
1. NestPool mining pool, NEST oracles offer mining;

2. DeFiHub platform, DeFi data analysis aggregation platform;

3. BaseLabs fund, DeFi liquidity mining and investment.

BaseLabs was born in the NEST ecosystem. In the future, it will fully support the NEST quotation and escort the safety and stability of the NEST oracle; the DeFiHub platform will actively access the DEFI protocol developed based on the NEST oracle; the BaseLabs investment fund will deeply participate in these DEFI protocols. Liquidity mining and investment.

[NEST_Fan]

What difference between Chainlink and NEST Oracle machine, this is the most questioned question and let’s introduce it.
First of all, Chainlink, has 20 to 30 reputation nodes to feed data, a simple understanding is that Chainlink, the organization has found a partner, these partners to help them feed the data. These nodes, like the porter of the data, take the price data from platforms such as currency security or CMC, and upload it to the chain oracle contract to form a comprehensive price data for use by the downstream DEFI.
However, for these movings of the data, its authenticity and timeliness is not guaranteed, you can only trust these nodes. Sure, Chainlink claims to have a reputation system and a punishment mechanism, but how to verify the authenticity of the data?
Is it validating data in time, or is it re-validating after the fact? Punishment then?
We don’t know yet, because its LINK pledge mechanism and punishment mechanism is not online yet.
Next talk about NEST, the NEST oracle scheme.
The NEST oracle uses a distributed free-miner two-sided quotation method, in which the quoted assets are transferred into the quotation contract in a certain proportion. such as the current ETH = 240 USDT, Then we need to transfer 10 ETH + 2400 USDT to the price contract at the same time, to tell the market that my offer is 1. ETH = 240 USDT
The offer is then put into effect on the chain, with an effective time of 25 Ethereum blocks (approximately 5 minutes). During this 5-minute period, anyone can transfer 10 ETH to exchange for 2400 USDT, or to 2400 USDT to exchange for 10 ETH.
This is the so-called verifier to take arbitrage, as long as your quotation and the market price does not match, there is deviation, then anyone can take the arbitrage.
In this way, the quote miner will not dare to report the price arbitrarily. If the price is arbitrarily reported, it will be taken away by the verifier, anyone can become the verifier.
The verifier will need to leave a new quote and correct the wrong one while taking the order.
And the verifier’s new offer, offered size times 2.
Suppose I am a verifier, I take 10 ETH, then my new offer will be 20 ETH xxxUSDT, the price is my own offer now.
The quotation taken by the verifier does not participate in the price generation of the oracle. Only the quotation which has successfully passed the five-minute verification period, will participate in the price generation of the oracle.
In simple terms, each effective price on the NEST oracle is a market-proven price, consistent with the blockchain consensus mechanism.
In addition, it is important to note that as long as you quote, you can participate in NEST mining. It has nothing to do with whether or not you are being taken. Although you are being taken, you considered mined NEST.
Through the NEST mining, to stimulate the quotation miners to actively participate in the quotation.
The longer it takes from the last offer, the more NEST it mines. So there’s a game of miners, e.g: A. quoted every 10 blocks, if B. quoted every 9 blocks, so A. will never get mined. A. Is to adjust to every 8 blocks and then B. will never get mined again, this B. will adjust to every 7 blocks…
Each block contains 320 NEST, which is the number of blocks * 320 * 0.8 from the previous quote is the number of NEST mined by miners.
NEST should be the first decentralized project in the industry for the Ethereum blockchain to carry its own mining rewards.
In addition, NEST uses the income right model, ETH-based, oracle charges are also in ETH payments.
The Ethereum community should support more decentralized projects like the NEST Oracle, which added a lot of value to the Ethereum system.
Therefore, the NEST community will not need to quarrel with a business organization like Chainlink in the future. It is different kind of thing.

[NEST_Fan]

Launch of NEST (NEST Protocol) at 15:00 on August 7 (GMT+8)

Dear users,

NEST (NEST Protocol) will be launched on Huobi Global. NEST/USDT, NEST/BTC and NEST/HT trading will be available from 15:00, August 7, 2020 (GMT+8). Deposits and withdrawals are available now.

Click here to deposit NEST: https://www.huobi.fm/en-us/finance-beta/deposit/nest/

[NEST_Fan]

2020.7.25-7.31 NEST Weekly Revenue:

Nest system Total Revenue:1022.27293 #ETH

Enter the system revenue storage contract: 104.45458 ETH

NEST Holder's Income #Distribution: 917.81835 ETH;

100,0000 $NEST Income: 0.58809 ETH

[NEST_Fan]

The development of #blockchain:

BTC-ETH-NEST

#BTC: Transaction information is generated on the chain (a decentralized ledger)

#ETH: Various smart contract information is generated on the chain (enriched data on the #chain)

#NEST: The price information of the off-chain market is generated on the chain (the market price is brought to the chain and can be verified)

Every breakthrough is due to the latter creating more information on the chain, bringing more possibilities to the blockchain

[NEST_Fan]

Understand for decentralized oracle machine NEST 3.0: How to form prices in the game and continue to output value?

NEST, the decentralized oracle machine system developed by the anonymous team, officially released version 3.0 on July 13;
At the same time, NEST was also officially published providing an external calling interface. This is the first time the NEST oracle system is officially published providing an external call interface for other DeFi developers.
This means that the NEST oracle quote system, which has been in internal testing, will be openly verified by the market for the first time to verify whether the quote oracle provided by it can be used by other blockchain systems. If it passes the test, NEST’s continuously running quote mining system will eventually reach the real world and provide real value to the real world, to solve the problem of the oracle quotes that has never been solved, thus providing the core token NEST in the system. Provide value support.
Providing accurate on-chain asset pair quotes is the core value provided by the decentralized oracle NEST, and it is also a core problem that has not been solved in the blockchain system and open financial system.
At the same time, NEST3.0 also added the nToken quotation system, that is, in addition to the original unique quotation pair ETH/USDT, newly added support for opening any ERC20 token and ETH trading pair.
What new features does NEST3.0 have? How does the newly added nToken system achieve cold start? How does nToken capture value? And do ordinary people still have investment opportunities? The following news will explain the update one by one. In addition, News also interviewed the head of the NEST community — Bruce and asked him to tell us the guiding strategy of NEST’s overall promotion and the intention behind its incentive design.
New Quote Deviation Defense Mechanism to improve resistance to Attack
Firstly, let’s see what new features are available in the 3.0 version of the Nest oracle machine-of course, if readers still don’t know about the decentralized oracle machine system NEST, it is recommended to read the articles published before Lianwen if Uniswap is not a good one Prediction machine, how can we improve it? , To understand its basic design concepts and operating principles.
According to Bruce, NEST 3.0 has added a price deviation defense mechanism.
Previously, in order to prevent quotations from being malicious, the NEST system would impose a limit on the size of the bidder’s quotation (that is, the “verifier” of the system). Quotation of integer multiples of the former beta, where beta> 1 (currently beta=2), which means that the price chain will eventually terminate (downtime) with the expansion of the scale, and the cost of the perpetrator will increase geometrically, thus resisting the attack behavior .
This time, NEST 3.0’s new “price deviation defense mechanism” further effectively protects against malicious behavior: If the price of the bidder deviates from the last effective price by more than 10%, the current price scale is 10 ETH * 10 (scale 10 times larger), which makes the system more secure.
New nToken system
The newly added nToken system is essentially an extension of NEST 2.0. In addition to the original unique asset pair ETH/USDT, any ERC20/ETH asset pair quotation is added-this means that the new version supports the opening of any ERC20/ETH trading pair. In NEST 3.0, this is called “nToken” system”.
Each individual nToken system has its own independent nToken token, which is an ERC20 Token issued based on the Ethereum network. Every time an ERC20 Token/ETH price oracle is opened, an nToken will be created, which may be nDAI or nHBTC.
Taking HBTC Token/ETH as an example, once the trading pair is opened in NEST 3.0, a token “nHBTC” that maps HBTC will be generated in the NEST system.
How does the nToken system work?
In the new nToken system, miners use the quote to mine, and the mining method is basically similar to the 2.0 system, but how to open a new quote pair is a matter of learning.
The nToken oracle is an open system. Any wallet address or smart contract address can create a new ERC20 Token/ETH price oracle through the nToken auction contract. Each ERC20 Token/ETH price oracle can only be created once, and the oracles that have already been created cannot be created again.
And to innovate any new ERC20 Token/ETH price oracle machine, you need to use NEST tokens to open-opening nToken system has become one of the new use cases of NEST tokens.
To open any new ERC20 Token/ETH quote pair, the creator needs to hold a minimum of 100,000 NEST, which is achieved through bidding auction. Anyone can participate in the auction and the auction will last for 5 days. Of course, the successful bidder will eventually need to pay NEST tokens as auction funds, and these tokens will be permanently destroyed in the system. The advantage for successful bidders is that once the bidding is successful, the “5%” share of nToken, the reward for block mining release, can be obtained permanently.How does the nToken system work?
In the new nToken system, miners use the quote to mine, and the mining method is basically similar to the 2.0 system, but how to open a new quote pair is a matter of learning.
The nToken oracle is an open system. Any wallet address or smart contract address can create a new ERC20 Token/ETH price oracle through the nToken auction contract. Each ERC20 Token/ETH price oracle can only be created once, and the oracles that have already been created cannot be created again.
And to innovate any new ERC20 Token/ETH price oracle machine, you need to use NEST tokens to open-opening nToken system has become one of the new use cases of NEST tokens.
To open any new ERC20 Token/ETH quote pair, the creator needs to hold a minimum of 100,000 NEST, which is achieved through bidding auction. Anyone can participate in the auction and the auction will last for 5 days. Of course, the successful bidder will eventually need to pay NEST tokens as auction funds, and these tokens will be permanently destroyed in the system. The advantage for successful bidders is that once the bidding is successful, the “5%” share of nToken, the reward for block mining release, can be obtained permanently.
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Participants who have not succeeded in bidding can not only get back the bidding funds, they can even earn NEST token income through nToken’s bidding incentives. Specifically, the auction incentive mechanism will use a portion (50%) of the difference between the bid price of the current bidder and the previous bidder to reward the previous bidder. This mechanism can effectively reduce the loss of bidders who failed to bid successfully. You can even use this speculation to earn NEST tokens to stimulate market participation. For example, speculators will buy NEST directly in the market to participate in the auction, and start to join the auction to earn NEST when the price is low. Since they know that they can not shoot the final bid price, it is safe to earn NEST in this way.
This is an ingenious game design: on the surface, it is equivalent to subsidizing the amount of NEST destruction to auction participants, but at the same time it stimulates more auction competition, and the participation of more bidders will stimulate a higher bid Amount.
Bruce told News that the design of this auction incentive mechanism is mainly to stimulate market participation. Although the total amount of NEST destroyed after each auction is reduced, the calculation formula of NEST token destruction is (starting price P0 + final bidder bid Pm) /2, which is equivalent to subsidizing part of NEST’s destruction to unsuccessful bidders, but overall increased interaction and increased market participation. The whole process went down, increasing the demand of NEST. He foresees that in the early stage of the project, the effect of destruction is not necessarily more direct than increasing the activity.
According to the new version of the white paper, there is no upper limit on the total amount of nToken, and the release mechanism is deflation year by year. In addition to the successful bidders who opened the quotation pair, they can permanently receive the “5%” block release reward, and the remaining 95% is obtained by the miners. Miners mining will successfully quote the asset pair (successful quotation means that the quotation has not been accepted, but adopted by the system), you can get nToken block reward. According to the new version of the white paper, the Ethereum block number of the nToken oracle when it is activated is the initial output block, and each block starts to produce 4 nTokens, which decays every 2.4 million blocks (about 1 year) The number of nTokens produced by each block in turn decayed to 80% of the original, and the decay stops when the number of nTokens produced in a single block is 0.4.
What is the value of nToken?
What is the use of the obtained nToken? In other words, what is the motivation for miners and developers to obtain nToken?
In the NEST ecosystem, nToken tokens have two main uses. One is freely tradable on exchanges, OTC platforms or DEXs, and the other is holding nTokens to receive ETH weekly reward pool rewards.
According to the new version of the white paper, based on the proportion of positions held by nTokens, miners can obtain the distribution of the ETH revenue pool of the nToken system. The system will pool the ETH revenue pool for distribution once a week. The distribution mechanism is similar to NEST and is also based on specific nToken tokens. The proportion of positions is calculated.
In other words, the more nTokens held, the more ETH income will be received from the weekly income pool, and the decisive influence on the nToken income pool is the nToken predictor call fee (When DeFi developers call nToken predictor price data, A certain amount of ETH fee needs to be paid to the nToken system, 80% of the fee goes to the nToken revenue pool, and the other 20% is rewarded to the quoted miners who dug the block at that time. Is 1% of the size of the quoted ETH) and the nToken quoted processing fee for the validator (the processing fee is 0.1% of the ETH size).
In other words, the value capture of nToken depends on the number of times the downstream DeFi product calls the nToken oracle. This is a process in which the oracle system outputs the quotation to obtain the “value” input by the external system. The more often the downstream DeFi application uses the NEST quotation system, the greater the value captured by the oracle system. However, only when the newly created nToken quote pair has more miners participating in the quote, and a stable and accurate quote is achieved, will more downstream DeFi products choose to call their quotes. In the early stage, how to promote the cold start of the nToken quote trading pair?
Bruce told Lianwen that although DeFi downstream calls determine the stability of the system, the downstream calls cannot achieve a cold start, and only the incentive determines whether the system can start. He said that nToken uses a deflation mechanism to motivate early participants to mine mining quotes, allow advanced people to mine more nTokens, and provide early mining advantages. When the advantage is maintained until the quotes appear continuously, the caller will appear .
Taking the popular quote asset HBTC as an example, because people have high expectations for it, once nHBTC is launched on NEST, it will promote the demand for people to hold nHBTC, which will effectively promote the cold start of the quote pair.
NEST 3.0 has been officially launched for 1 day. At present, there are multiple oracle machine quote assets under auction opening, of which the HBTC oracle machine auction bidding assets amounted to 1.33 million NEST, and other quotation assets under auction opening are HT (115 Million NEST), OKB (1 million NEST), HUSD (930,000 NEST), DAI (780,000 NEST), imBTC (730,000 NEST), WBTC (720,000 NEST), BIX (710,000 NEST), LINK (500,000 NEST) and MKR (410,000 NEST).
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“Only when there is continuous input of value in the future, the NEST system may be further amplified or balanced, and the early stage is unbalanced, and all advanced people have advantages.”
It should be noted that in the nToken revenue pool, part of the ETH payment fee paid by nToken miners will be “transfused” to the NEST revenue pool. Initially, 40% of the revenue will be lost to the NEST revenue pool, and then decay once every six months, and then decay to The 20% is kept constant, that is, 20% of the nToken miner’s quotation fee is always sent to the NEST revenue pool.
How has the original quoted asset changed from ETH/USDT?
After the new version 3.0 is launched, in addition to the ETH/USDT quote asset pair, there will be multiple independent nToken quote pairs in parallel. The original ETH/USDT quote asset pair will continue to operate. As a mainstream crypto asset, ETH’s quote volume and continuous operation will play a vital role. However, after the 3.0 is launched, there will be some changes to the ETH/USDT quoted assets that have been running, mainly reflected in the source of income.
Previously, the main sources of the ETH revenue pool for weekly income distribution were the quoted miner’s fee (1% of the quoted ETH size) and the verifier’s fee for taking the order (the proportion is 0.2% of the amount of the ETH).
3.0 After going online, the income pool of the ETH/USDT asset pair will add two new sources of income: One is the call fee ETH paid by downstream developers, of which 80% of the call fee will be input into the ETH/USDT asset to the income pool. Dividends are distributed every week, and the remaining 20% ​​is allocated to the quoted miners in the corresponding block at the time of the call; the second is the part of the handling fee ETH paid by nToken miners when quoted.
Among them, the ETH call fee obtained through external DeFi call not only becomes the core income of the ETH/USDT revenue pool, but also the key to support the entire NEST ecosystem. As a decentralized oracle machine, only when its core quotation asset is validated by the market for ETH/USDT and can be called by developers can it truly capture the value outside the system and become a product that matches the market (Product-market fit).
Every time the ETH/USDT price oracle is called, the developer needs to pay a certain amount of ETH fee to the NEST system. Regarding the charging rules, DeFi developers need to pay 0.0001 ETH for a single call to each block price, the minimum payment fee for a single call is 0.001 ETH, and the maximum payment fee for a single call is 0.01 ETH. Of this part of ETH revenue, 20% will be directly rewarded to the quoted miners, and the other 80% will flow into the system revenue pool.
At the same time, as the most important core asset in the NEST system, NEST tokens will gain new use value (the governance voting function mentioned below), as well as a series of new destruction mechanisms, will bring NEST tokens Invisible value support. These destruction mechanisms include the above mentioned. Participation and opening of nToken oracle bidding need to hold a minimum of 100,000 NEST tokens, and once the bidding is successful, the bidding fee will be permanently destroyed. In addition, in terms of decentralized governance, participating nodes The NEST income of the voting NestNode holders during the governance vote will be destroyed by the system; and the downstream DeFi application needs to destroy a certain amount of NEST tokens when it is docked with the NEST oracle for the first time.
Added voting system to support NEST governance
In the upgrade of NEST 3.0, another important function update is the addition of a voting system. The governance mechanism is divided into regular governance and emergency governance. The participants are mainly NestNode holders and NEST token holders.
Here we need to briefly introduce the NestNode token, which is the governance token in the NEST system, which can initiate and vote. As an ERC20 token, NestNode tokens can be traded and circulated, but the total amount is constant at 1500. In addition to the governance authority, holding NestNode tokens can also obtain 15% of the NEST Token mining revenue, that is, for the miners during the mining process, for every 100 NEST Tokens released by the NEST mining pool contract, 15 will be allocated to the guardian Node NestNode.
A typical conventional governance process is: after the NestNode holder pledges at least 10 NestNode tokens, they can initiate a voting contract, and then enter the 1-day “node voting (NestNode voting)” link, pledge the number of NestNode to reach more than 100, Then the node votes to pass (NestNode’s NEST proceeds during the pledge period will be destroyed), and then enters the 7-day “community voting (NEST Token voting)” link, during which NEST holders can use the currently deposited NEST access contract NEST tokens vote, 1 NEST = 1 vote, and only one voting contract can be voted at the same time. At the end of the voting period, the vote rate is >= 51%, then the vote is in the pass state, anyone can execute and make the The contract takes effect.
The main goal of the emergency governance module is to prevent the risk of NEST being stolen in the contract.
When NEST is stolen, you can initiate a fork of the contract through governance. This is the highest level of governance in the NEST system-emergency governance. This means that when NEST is stolen, the contract can be forked and a NEST token rewritten.
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A typical emergency governance process is as follows: Like the ordinary governance process, a pledge contract is initiated after pledged at least 10 NestNodes, and then enters the “NestNode voting session”, where at least 1000 NestNodes are pledged during the voting period (compared to the conventional In governance, the process only needs 100 NESTNodes to pass) The quantity is considered to pass (NestNode’s NEST proceeds during the pledge period will be destroyed), and will enter into the next “NEST Token voting link” immediately after passing. In this session, since NEST was attacked at this time, it is necessary to vote through the number of NEST locks in the “n-1” period, which is also 1 NEST = 1 vote. Once the vote rate is >= 51%, the vote is passed, anyone can execute and make the contract effective without waiting for the 7-day voting period to end.
Briefly summarize the new governance system:
NEST 3.0 incorporates both NEST tokens and NestNode tokens into the governance system, which adds new use value to NEST tokens and NestNode tokens, namely the right to vote and the right to vote. Among them, the pledge of NestNode tokens can initiate voting, while NEST tokens can be used to vote;
Holding a NestNode token can initiate a contract fork vote. This situation applies to emergency governance when the NEST token is stolen. For the highest governance level in the system, the contract can be forked and then a NEST token rewritten;
During the governance period, the block release reward of NestNode tokens will be destroyed, and this destruction mechanism will increase the value of NEST tokens.
Main use cases of various tokens in a multi-token system
It can be said that the NEST ecosystem has evolved from the original NEST token to a multi-token system, in which each token has its own use case and performs different functions.
It is necessary to summarize the main use cases of each token after the 3.0 version upgrade:
NEST token use case: As the earliest native asset in the NEST ecosystem, the NEST token has become the most decentralized token with the most users and the most decentralized tokens. In the 2.0 stage, holding NEST can perform the following operations: 1) Proportion of holding positions to obtain the ETH income distribution of the NEST system; 2) As a native asset on the chain, it can be freely traded;
After the launch of 3.0 this time, NEST tokens have added more utility, such as voting rights in governance, 1 NEST = 1 vote; at the same time, NEST tokens have added a series of destruction mechanisms, which will become a basic value of NEST Support, including 1) NEST Node holders’ NEST revenue during the governance vote will be destroyed by the system; 2) NEST holders can participate in nToken bidding and open nToken oracles, once the bidding is successful, the bidding fee will be permanently destroyed; 3) downstream DeFi When docking the oracle for the first time, a certain amount of NEST needs to be destroyed.
Use cases of NestNode: 1. Possess the right to initiate the voting contract of the NEST system; 2. Possess the right to initiate the fork of the NEST system; 3. Possess the right to earn 15% of the NEST system’s mining release; 4. Native assets on the chain, free transaction.
Use cases of nToken: 1. Obtain the ETH income distribution of the nToken system according to the proportion of positions held each week; 2. The native assets on the chain can be freely traded;
Undoubtedly, NEST is a team with a strong incentive mechanism. They hope that when the demand for early calls is insufficient, the design of the incentive mechanism will stimulate early participants to join and guide liquidity to encourage continuous quotation and promote consensus. In the end, when the demand for downstream calls arises, and when the NEST system can continue to provide value input for itself, the system will further amplify and present a balanced state. Theoretically, NEST’s mechanism design is very clever, and the results need to wait for the market to verify.
Nest Operation Team

[NEST_Fan]

5.   How is NEST different from Chainlink?
What difference between Chainlink and NEST Oracle machine, this is the most questioned question and let’s introduce it.
1）   The NEST price oracle program can effectively verify the price data, which is completely accord with the blockchain consensus logic; while the LINK indirect oracle program cannot effectively verify the price data, that can only trust those nodes that upload the data.
2）   NEST is a highly decentralized oracle protocol that can never shut down and has long-term development advantages
3）   The NEST community has a group of high-quality DEFI users who are very appreciative of the decentralization spirit and NEST consensus.
4）   The NEST community has a group of core developers who are at the forefront of the industry in the field of blockchain technology and financial innovation, who will have a great impact on the downstream ecological development of NEST.

[NEST_Fan]

Building the Infrastructure for the Future Decentralized Financial Market, Coinbase Included HBTC.Com Debut DeFi Project - Nest Protocol


As the world’s leading regulatory compliant digital asset exchange, Coinbase sets one of the most stringent requirements for digital asset listing which includes technical evaluation of projects, legal and risk analysis, market supply and demand analysis, and crypto-economics. Coinbase holds a strong reputation in the digital asset industry, and thus the “Coinbase Standard” is considered as the industry benchmark for other digital asset projects, and the market has even seen the “Coinbase effect”.

On July 25 2020, Coinbase quietly launched the pricing chart of a decentralized oracle project, NEST Protocol (NEST), into its portal. Although Coinbase has yet to announce the inclusion of the project in its evaluation list, it represents a keen interest in the DeFi sector, and particularly in the DeFi price oracle projects.

NEST Protocol is the rising star in the decentralized price oracle sector

Decentralized financial services offered by the current mainstream DeFi platforms such as MakerDAO, Compound, dYdX, etc. rely heavily on the market data provided by the oracle projects. Oracle projects act as reliable information sources to feed these price data to other DeFi Projects, connecting the price data from the centralized world to the DeFi space. As such, the price oracle is an integral part of the decentralized financial services infrastructure.

Traditionally, the price oracle collects data from different platforms and feeds these data points to the DeFi space to create data reference points to enable them to function properly. However, many problems currently exist in the DeFi space, for example, blockchain network congestion, malicious attacks, wild market fluctuations, and other factors that may cause the data given by the price oracle to deviate from the true market data. These ultimately cause users to trade on wrong information in the DeFi space and increases such transaction costs.

Decentralized finance requires a fast, secure, and reliable price oracle. The birth of the decentralized price oracle is the embodiment of the blockchain industry’s thinking, and the current market projects offering decentralized price oracle services which includes NEST Protocol, Chainlink, Band Protocol, Tellor, Witness, Oraclize, and many others.

The innovation of NEST-Price is that every data point has been agreed upon by market validators, in line with the blockchain consensus mechanism. NEST-Price synchronizes the off-chain price in a highly decentralized manner, creating real and valid price data on-chain. This is the unique differentiator between NEST-Price and other price oracles.

Compared with other price oracle projects, NEST also has other features and advantages, such as the proposed peer-to-peer quotation matching as well as its unique verifier verification structure, making NEST more resilient to malicious attacks, resulting in a more decentralized network, and it’s on-chain prices closer to the fair market price. All of this has resulted in the NEST Protocol becoming a rising star in the DeFi price oracle sector.
HBTC.com selects high-quality projects to list and partnering with NEST to promote the development of DeFi ecosystem

During the selection of quality assets, exchanges like HBTC.com and Coinbase adhere to the principle of a rigorous selection of assets from different projects to enable a proper range of digital assets. At the same time, in order to solve existing pain points in the digital asset industry, which currently lacks a market-making management solution, HBTC.com also has launched its own “coin listing crowdsourcing liquidity initiative “, redefining the exchange market making model.

HBTC.com, through its coin listing strategy, effectively reduces the problem of low liquidity in the early stages of high-quality projects, ensuring the smoothness of the user experience, and achieves a win-win situation for traders, the community, and the respective trading platform. These initiatives, coupled with reliable user protection and a responsible attitude, have earned a positive reputation among users.

Since its inception, the HBTC.com exchange has been committed to the discovery of both quality and promising digital asset projects. At a time when DeFi is growing rapidly, HBTC.com has a unique perspective for the decentralized price oracle sector and has prioritized NEST as a premium partner to debut the project alongside with its global branding upgrade. In addition, HBTC.com has 100% proof of reserves for traders to validate the existence of assets via the Merkle tree, which brings transparency to the extreme.

In May 2020, NEST token delivered a 883.29% of return, at its peak, after its global debut on HBTC.com. At present, HBTC Exchange addresses holding NEST token accounts in a total of 141 million, ranked first in the overall network. At the same time, the HBTC Exchange network exclusively releases NEST staking mining and data show that NEST 24-hour turnover has reached $20.4 million.

Post-listing of the NEST token, HBTC.com has also listed DeFi projects such as DF, OKS, NEST, SWTH, JST, NVT, and other DeFi projects with market potential; some projects have achieved astonishing performance in the secondary market.

HBTC.com’s path to DeFi: developing public chains to prepare for the future ecosystem breakout.

In terms of the DeFi product and ecosystem infrastructure, HBTC has deployed HBTC Chain since launched in 2018, an infrastructure designed for decentralized finance and DeFi business with patented Bluehelix decentralized cross-chain clearing and custody technology.

The HBTC Chain is the DeFi ecosystem infrastructure that the team has spent a significant amount of effort to build. It is based on decentralization and community consensus and integrates cryptography and blockchain technologies to support decentralized association-based governance capabilities at the technical level. Based on decentralized key management, combining various cryptography tools including ECDSA, commitment, zero-knowledge proof, and multi-party computation, It implements the distributed private key generation and signature for cross-chain assets among all validators. On top of that, this technology can realize light-weight and non-intrusive cross-chain asset custody. On the clearing layer, HBTC Chain employs BHPOS consensus and horizontal sharding mechanisms to achieve high-performing transaction clearing, and implementation of OpenDex protocol to help the development of the DeFi ecosystem.

In addition, with the success experience of Bluehelix Cloud SaaS and white label solutions and the HBTC Brokerage system, HBTC’s public chain also innovatively supports CEX+DEX mixed matchmaking model and OpenDex protocol and proposes the three-tier node system which consists of standard node + consensus node + core node. This structure provides HBTC public chain certain advantages in terms of performance and cross-chain transactions. Users can easily establish a DEX with OpenDex protocol at nearly zero cost, and all DEX will share the liquidity and support customized user interface and trading parameters. The trading experience can be completely comparable to centralized spot exchanges.

With the launch of its test network, it is now possible to develop various DeFi applications on the HBTC public chain, such as decentralized swap, so that private keys are not controlled by any party; no KYC, which can prevent personal information leakage; and asset security through the setting of invalidation, cancellation of transactions and other functions, cross-chain asset mappings, such as the ability to issue cross-chain cBTC or other chain tokens, fully decentralized asset mapping contracts, and 100% reserves.

Conclusion

In the past few months, the DeFi market has been extremely active, the price of DeFi tokens has been rising, and a new round of competition with the centralized exchanges has started. HBTC Chain relies on the powerful technology of Bluehelix and HBTC.com, giving all public chains the ability to interconnect, and put into both DeFi and SaaS levels. Undoubtedly, as one of the first exchanges to build the DeFi ecosystem, HBTC is leading the breakout in the current DeFi craze and has now become the first choice of users to engage with quality DeFi projects.

[NEST_Fan]

Nest Weekly Revenue
Total income of NEST system this week: 1022.27293 ETH
System income savings contract: 310.8349 ETH
NEST holder income distribution: 1743.3396 ETH
One million NEST holds income: 1.06956 ETH

[NEST_Fan]

Huobi Launches Global DeFi Alliance To Merge East and West -NEST Join Huobi DeFi Alliance
Huobi DeFi Labs has launched a global DeFi alliance, which is set to establish universal protocol standards for the DeFi space and improve communications within the DeFi ecosystem. The alliance will also conduct research on emerging DeFi protocols to help avoid future crises in the community. The alliance’s inaugural members are MakerDAO (MKR), Compound (COM), Nest (NEST), and dYdX (dYdX).
In an interview with Cointelegraph, Huobi’s chief investment officer Sharlyn Wu said, “We have to partner with the entire ecosystem. But we want to work with the best of projects out there and make sure our users have access to them.”
Wu says the alliance also hopes to bring together the fragmented crypto space and close the cultural divide between the East and the West:
“We deeply feel there is an isolation between the centralised exchanges, financial institutions from the global community, and that we want to close that gap. And also, the huge cultural difference between the East and the West, and we feel that’s part of our responsibility as well to bring the East and the West, the community together.”
Wu, who previously oversaw blockchain strategy and investment at China Merchant Bank International, or CMBI, believes that the future of finance is decentralized. She expects that traditional financial institutions will transition to DeFi over the next 10 to 20 years:
“There’s no reason they shouldn’t go to DeFi because when you go to that system, you don’t need to take any credit risk. And you run in an automated manner without human intervention.”
Wu believes that in the short-term, Blockchain technology is unlikely to have an impact on U.S. and China relations, as it is currently too small to be noticed by the mainstream. However, she believes that the future is borderless and unified:
“With Crypto and DeFi, we’re building a new economy and society that’s on the cloud. This society, this economy, we can’t really think about things in terms of countries. And I know the physical world is broken. Things get more and more isolated. But from my work in crypto space, I can feel that the crypto world is more integrated than ever. And I think that it will become stronger and stronger.”
Written by Michael Kapilkov from https://cointelegraph.com/news/huobi-launches-global-defi-alliance-to-merge-east-and-west

[NEST_Fan]

NEST Token Application scenario

1. Obtain the ETH income distribution of the NEST system according to the proportion of positions held NEST every week;
2. Hold NEST to participate in nToken bidding and open nToken oracle machine (once the bidding is successful, the bidding fee will be burned off and become a basic
  value support for NEST);
3. Participate in NEST system governance to have voting rights, 1 NEST = 1 vote;
4.The NEST proceeds during the governance voting period of NestNode holders will be destroyed by the system (becoming another basic value support for NEST)
5. Th downstream DEFI needs to destroy a certain amount of NEST when docking the oracle for the first time;
6. Native assets on the chain, freely traded;

[NEST_Fan]

ETH/USDT price oracle charging rules:
The NEST oracle machine provides block price sequences for downstream DEFI developers to freely combine and call. The specific charging rules are as follows:
1) The price of each block is 0.0001 ETH for a single call
2) The minimum payment for a single call is 0.001 ETH
3) The highest payment fee for a single call 0.01 ETH

[NEST_Fan]

OIN Finance Announces Partnership with NEST Protocol
OIN Finance, the first decentralized finance (DeFi) project built on Ontology, is delighted to announce it is partnering with distributed price oracle NEST Protocol. The two companies will work to support each other bringing even greater utility, reliability and security to the DeFi community.
The NEST Protocol is a distributed price oracle launched on the main Ethereum network. It utilizes a unique “quote mining” mechanism to ensure that off-chain pricing is driven by on-chain data, providing unparalleled fairness and accuracy for asset pricing and market making. The company also offers the NEST dApp, an intuitive smart contract interaction tool, offering granular asset control while on the move. Thanks to this partnership, OIN Finance can accelerate the process of bringing the many great benefits of NEST to the OIN Finance community.
This agreement sets down a marker and statement of intent for OIN Finance, who are already making waves in the wider DeFi space, even prior to product launch. We’re excited to bring you such exciting news, and have much more planned for the near future. Stay tuned!

[NEST_Fan]

2020.8.14–2020.8.21 Nest Weekly Revenue:
Total income of NEST system this week: 2267.6961ETH

System income savings contract: 353.5392ETH

NEST holder income #distribution: 1914.1569 ETH

One million NEST holds income: 1.16416 ETH

[NEST_Fan]

Is it possible to “misappropriate” NEST oracle prices?

“Several questions about the price of the NEST oracle machine”
Some people recently mentioned that the price of the NEST oracle machine may be replicated, which makes it impossible to charge. We think that this kind of doubt is not true, because there are various problems with these replication methods, and NEST can govern the behavior of these replications through a number of ways.
There are two main methods of these replications. One is technical replication, which reads data off-chain and then verifies on-chain to ensure that it comes from the NEST oracle machine. The other is shared use, through a shared contract, anyone calls NEST after the oracle machine, copies the price data to the contract for others to use for free. There is another category that requires centralized institutions to trigger or upload prices (guarantee that prices are real and effective), because there is a centralization risk and not in our discussion, we only consider two decentralized options:
Option 1: off-chain reading , On-chain verification.
This method uses the verification relationship of the data on the Ethereum chain. In principle, the NEST price that has been in effect can be obtained, and then it is verified on the Ethereum chain that the price is indeed generated by the NEST oracle, so that it can be used by DeFi. This method has the following fatal problems:
1) The cost of verifying data in this way is extremely high. Taking the current network as an example, only one data needs to be verified to be close to 0.01 ETH, while the NEST oracle call only requires 0.001 ETH (tentative). If the NEST contract slightly modifies the data structure, such as storing price data in two units, the cost of this method will double to 0.02 ETH (more extreme modifications will make the verification cost exceed the block gas upper limit and become Impossible) For DeFi users, “misappropriate” in this way is meaningless NEST prices.
2) In order to match the “misappropriated” price, the downstream DeFi will be designed into a new structure. Split the interaction that was originally completed in one step into two steps: get the data on the chain first, then upload it to ETH for verification, and trigger the contract interaction at the same time, which prevents DeFi from obtaining dynamic real-time prices, so rules must be formulated in which price can be used and which price can’t be used for this DeFi interaction. There are two problems with this type of rule making: Either it is easy to fail the transaction due to accidents such as process delays or a price range is set, such as the price in the last 5 blocks can trigger the contract, resulting in stable arbitrage, Both cases completely destroy the continuity of DeFi.
3) The price is not an isolated point, but a time series. In this way, barely obtained a verifiable single-point price data, but It can not get statistics such as average price and volatility in a transaction, and these are indispensable for many DeFi, so this “misappropriation” does not meet the needs of financial product design.
Option 2: Copy the shared contract.
Do not consider centralized sharing: A specific institution calls the NEST price and then copies it into the contract and then reduces the fee or free for everyone to use. This method is very risky. Once the uploader has an accident or subjective maliciousness, It is a fatal attack to downstream DeFi, which is why the oracle must be distributed, because there is no longer a single point of risk and trust risk.
Distributed shared contract replication, mainly on-chain call replication, and off-chain misappropriation replication in, are described separately:
1) On-chain call replication: design such a contract in which the caller copies the price of his own call to the shared contract It is free for others to use. If each participant does so, the participant who invokes the price can use the following logic to reduce the NEST fee: first check whether the shared contract has a price that meets their needs (such as the price corresponding to the latest block), if so, it is free use; if not, call the NEST price and copy to the shared contract (you can also call directly through the shared contract).
This method makes the cost of each call less than or equal to the NEST charge. If all DeFi is realized through a shared contract, it will result in only one charge for each price of NEST. On the basis of this scheme, there is a more dynamic replication scheme, which through a provided price mapping entry and then users can dynamically generate a price replication shared contract at any time to call the NEST price if necessary, so that no matter what the following contract appears, the problem is that the mapping contract cannot be blocked. As long as there is a contract below (the user can generate it when the price is needed), the price can be continuously copied.
NEST’s response to this solution: First increase the verification mechanism. downstream DeFi to call the price, they must destroy or mortgage several NEST, and after this operation is completed activate the oracle machine within X days. Secondly, set up a blacklist mechanism, as long as there is any copy, piracy uses NEST price contracts or shared contracts, which can be banned through the NEST voting system.
Since the downstream of these contracts are DeFi applications, once the shared contract or the downstream DeFi contract is disabled, it will have a huge impact on the assets and contract services in the contract, so that the entire DeFi needs to re-introduce a new oracle machine (and NEST has time to take effect, so It is impossible to quickly access the new NEST price), which is almost fatal for unmanaged DeFi (without considering any centralized price source). For users who copy the NEST price through mapping, in order to maintain the continuity of the price, they must continuously generate a copy contract, which will cause the copy cost to be much higher than the direct call cost (need to destroy NEST and time cost), and the user cannot complete it spontaneously in this operation.

[NEST_Fan]

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.

[NEST_Fan]

NEST 3.0 was launched onJuly. So far, the #NEST oracle is officially open to public.

The #DEFI that used NEST oracles include: The Force Protocol, #CofiX Protocol, #DForce Protocol, and the stable currency protocol and mortgage loan protocol in the NEST developer community

[NEST_Fan]

💡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

[NEST_Fan]

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.

[NEST_Fan]

$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

[NEST_Fan]

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_Fan]

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.

[NEST_Fan]

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

[NEST_Fan]

NEST Protocol: Permissionless System of Price Oracles:

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

[NEST_Fan]

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_Fan]

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

[NEST_Fan]

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_Fan]

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

[NEST_Fan]

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

[NEST_Fan]

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_Fan]

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

[NEST_Fan]

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_Fan]

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

[NEST_Fan]

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.

[NEST_Fan]

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/

[NEST_Fan]

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

[NEST_Fan]

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_Fan]

NEST Web is Live Now ⛏️

Start quote mining your $nYFI here👉 http://nestdapp.io
#quotemining $YFI $NEST $ETH

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. 🧑‍🌾

[NEST_Fan]

Quote miners from #NEST

Providing liquidity for nYFI/USDT pair in #uniswapUnicorn

For those who are too lazy to #quotemining

Check out this link:
https://uniswap.info/token/0x075190c6130ea0a3a7e40802f1d77f4ea8f38fe2

(Notice:  For Uniswap NToken0031 is nYFI)
Contract Address: 0x075190c6130EA0a3A7E40802F1D77F4Ea8f38fE2

[NEST_Fan]

BigONE will open NEST (NEST Protocol) trading and launch NEST / USDT trading pair
https://support.bigonechina.com/hc/en-us/articles/900002849923-BigONE-will-open-NEST-NEST-Protocol-trading-and-launch-NEST-USDT-trading-pair

[NEST_Fan]

2020.9.18-9.25 $NEST Weekly Revenue:

Total income of NEST system this week: 1014.6905 #ETH

System income savings contract: 102.9381ETH

NEST holder income #distribution: 911.7524 ETH

One million NEST holds income: 0.5315 ETH

[NEST_Fan]

Nest Protocol Quote Mining Guide

https://medium.com/nest-consensus-labs/nest-protocol-quote-mining-guide-5f67348a9b3f

[NEST_Fan]

cofix webite: https://cofix.io/

CoFi: Computable Finance

The public blockchain chain can eliminates the risk of credit, #NEST #Oracle brings a quantifiable information source on the chain and computable financial products can be designed

[NEST_Fan]

The second Decay countdown for $NEST Mining block rewards:
https://nestfans.com/nest/stat

[NEST_Fan]

William WANG, [01.10.20 14:09]
705% APY  currently on $nYFI #quotemining.

207 ETH pool for weekly dividend for $nYFI holders.

Join in on the hottest DeFi protocol now at: https://nestdapp.io/

$nYFI Uniswap link: https://uniswap.info/token/0x075190c6130ea0a3a7e40802f1d77f4ea8f38fe2

[NEST_Fan]

25/09/2020~02/10/2020

Total #revenue of NEST system this week: 1582.3496 ETH

System revenue savings contract: 216.4699 ETH

NEST holder revenue distribution: 1365.8797 ETH

One million NEST holds revenue: 0.7898 #ETH

10K NEST holds revenue: 0.007898 #ETH

[NEST_Fan]

Nest Protocol ( $NEST ) is now on DeFi Swap!
https://blog.crypto.com/nest-on-defi-swap/

NEST Protocol (NEST) is now available on DeFi Swap. Users can swap NEST, be NEST Liquidity Providers to earn fees and boost their yield by up to 20x when staking CRO.

NEST Protocol is a distributed price oracle network that is on the Ethereum mainnet. It uses a unique "quotation mining" mechanism to ensure that off-chain price facts are generated on the chain synchronously. NEST Protocol provides price data that is directly generated on the chain, which solves the industry problem of a lack of price facts on the blockchain.

NEST joins a growing list of tokens on DeFi Swap, such as REN (REN), UMA (UMA), Swerve (SWRV), Harvest Finance (FARM), Uniswap (UNI), Wrapped Bitcoin (WBTC), Yearn Finance (YFI), (Wrapped) Ether (WETH), Tether (USDT), USD Coin (USDC), Dai (DAI), Chainlink (LINK), Compound (COMP) and Crypto.com Coin (CRO).

Start swapping, farming and staking now.

[NEST_Fan]

2020.10.02-10.09 $nYFI Weekly Revenue:

Total revenue of nYFI Oracle system this week: 238.1033 #ETH

System revenue savings contract: 23.8103ETH

nYFI holder revenue #distribution:  214.2929ETH

10,000 nYFI holds revenue: 2.9470 ETH

1,000 nYFI holds revenue: 0.2947 #Ethereum

[NEST_Fan]

We are launching CoFiX!
https://medium.com/cofix/we-are-launching-cofix-95d7c056ec63

[NEST_Fan]

NEST is very proud to join Asia DeFi Alliance (ADA) , and we will collaborate closely with the alliance and other members to promote the healthy growth of Decentralized Finance and the mass adoption of DeFi.

About Asia DeFi Alliance (ADA)

Asia DeFi Alliance (ADA) was launched by MoonSwap in collaboration with leading blockchain and DeFi institutions including OKLink, BlockGlobe, Loopring, NEST, dForce, Fortube, DeFiner, Golff, etc. Together with leading Asian DeFi projects and DeFi-related blockchain enterprises, ADA aims to bridge Asian DeFi community with the world, become the major DeFi evangelist, promote the study and discussion of the industry as well as the mass adoption of DeFi. ADA strives to push the creation of a complete DeFi ecosystem, leading DeFi to grow in a more healthy way

[NEST_Fan]

Start liquidity mining on CoFiXProtocol the most efficient AMM DEX, built for #DeFi.

Powered by NEST Oracle, it is backed by industry leaders dragonfly_cap and coinbaseVentures.

[NEST_Fan]

nYFI Staking Income in NEST Protocol: Sustainable DeFi with High APR

It has been three weeks since YFI-ETH price oracle launched on NEST Protocol. The following chat is a summary of weekly APR calculation of nYFI’ staking income.
From the first day YFI price oracle was created on NEST Protocol, nYFI has seen tremendous growth in the APR returns for the token stakers. Compared to other flagship DeFi protocols, which only get ~10%-20% APR maximum, nYFI’s staking income has consistent high APR percentage which is sustainable.
For those of you that are new here, each price oracle feed on NEST is produced by a mechanism called “quote mining”, where the miners are rewarded an “nToken” corresponding to the price oracle asset. Once you mine the “nToken”, the best way to earn more rewards is staking them for a weekly ETH income every Friday.
For example, after quote mining YFI-ETH pair, you will be rewarded with nYFI tokens. Or you can also buy it from Uniswap: https://info.uniswap.org/token/0x075190c6130ea0a3a7e40802f1d77f4ea8f38fe2
Then the most important step: after earning nYFI tokens through quote mining YFI-ETH, you can stake it through nestdapp.io, and receive weekly ETH income every Friday.

[NEST_Fan]

Liquidity Mining on nYFI, from NEST Protocol

NestFAN(US) (the Community supporting NEST Protocol ecosystem growth),has launched the $nYFI Liquidity Mining.
This is a tightly scoped experiment
NestFAN(US) will offer liquidity rewards on one specific pool for a flexible period of time. The goal of doing so is to understand how effective liquidity mining is in achieving these two goals:
Bootstrapping liquidity. In order to do this effectively, the NestFAN(US) needs to understand how the market will respond to incentives.
Distributing $NEST tokens to people who will contribute to NEST protocol’s new YFI/ETH quote mining pool by provide liquidity for nYFI on UniSwap (P.S YFI/ETH quote miners are rewarded with $nYFI). Some token movement is healthy but ideally the majority of tokens go into the right hands the first time.
The Details of the Event
NestFAN(US) will grant $NEST rewards to users who contribute to the nYFI/USDT pool on UniSwap.
The event is ~6 weeks, with a distribution of 777,777 $Nest token in total.
One specific nYFI-USDT pool is whitelisted for rewards: https://info.uniswap.org/pair/0xc19dedaba0aba080b73f4ba54b727259bbf26973
Rewards (equal to 3% of the total liquidity of the specific pool) will be distributed weekly via airdrop without lockups or restrictions, proportional to the amount of liquidity provided.
The biggest $nYFI liquidity provider will receive an extra 1% of the total liquidity of the specific pool
The $nYFI liquidity provider who provides the closest number to the average LP contribution amount will win 1% of the Total Liquidity of the specific pool.(P.S. average LP contribution amount=total liquidity amount divided by number of liquidity providers)
Rewards tallying began at 12:00 UTC+8 on Oct 16. The first week of rewards are summed after 23:00 UTC+8 on Oct 18, and continue at that weekly cadence on Mondays.
The address holding the UniSwap V2 LP Token for this pool will receive the rewards. The UniSwap V2 LP Token Address:(https://etherscan.io/token/0xc19dedaba0aba080b73f4ba54b727259bbf26973#balances)
How to Participate
To participate, you need to provide USDT and nYFI to this UniSwap pool: https://info.uniswap.org/pair/0xc19dedaba0aba080b73f4ba54b727259bbf26973
NestFan(US) hopes everyone enjoys this liquidity mining event while keep quote mining your favourite pair

[NEST_Fan]

2020.10.09~2020.10.16 $NEST Weekly Revenue:

Total revenue of NEST system this week: 1677.5468 ETH

System revenue savings contract: 235.5093 ETH

NEST holder revenue distribution: 1442.0375 ETH

One million NEST holds revenue: 0.82351 #ETH

10K NEST holds revenue: 0.0082351 #ETH

[NEST_Fan]

Liquidity Mining on nYFI, from NEST Protocol
This is a tightly scoped experiment
NestFAN(US) will offer liquidity rewards on one specific pool for a flexible period of time. The goal of doing so is to understand how effective liquidity mining is in achieving these two goals:
Bootstrapping liquidity. In order to do this effectively, the NestFAN(US) needs to understand how the market will respond to incentives.
Distributing $NEST tokens to people who will contribute to NEST protocol’s new YFI/ETH quote mining pool by provide liquidity for nYFI on UniSwap (P.S YFI/ETH quote miners are rewarded with $nYFI). Some token movement is healthy but ideally the majority of tokens go into the right hands the first time.
The Details of the Event
NestFAN(US) will grant $NEST rewards to users who contribute to the nYFI/USDT pool on UniSwap.
The event is ~6 weeks, with a distribution of 777,777 $Nest token in total.
One specific nYFI-USDT pool is whitelisted for rewards: https://info.uniswap.org/pair/0xc19dedaba0aba080b73f4ba54b727259bbf26973
Rewards (equal to 3% of the total liquidity of the specific pool) will be distributed weekly via airdrop without lockups or restrictions, proportional to the amount of liquidity provided.
The biggest $nYFI liquidity provider will receive an extra 1% of the total liquidity of the specific pool
The $nYFI liquidity provider who provides the closest number to the average LP contribution amount will win 1% of the Total Liquidity of the specific pool.(P.S. average LP contribution amount=total liquidity amount divided by number of liquidity providers)
Rewards tallying began at 12:00 UTC+8 on Oct 16. The first week of rewards are summed after 23:00 UTC+8 on Oct 18, and continue at that weekly cadence on Mondays.
The address holding the UniSwap V2 LP Token for this pool will receive the rewards. The UniSwap V2 LP Token Address:(https://etherscan.io/token/0xc19dedaba0aba080b73f4ba54b727259bbf26973#balances)
How to Participate
To participate, you need to provide USDT and nYFI to this UniSwap pool: https://info.uniswap.org/pair/0xc19dedaba0aba080b73f4ba54b727259bbf26973
NestFan(US) hopes everyone enjoys this liquidity mining event while keep quote mining your favourite pair

[NEST_Fan]

nYFI Staking Income in NEST Protocol: Sustainable DeFi with High APR
It has been three weeks since YFI-ETH price oracle launched on NEST Protocol. The following chat is a summary of weekly APR calculation of nYFI’ staking income.
Image for post
Summary of nYFI staking weekly APR Calculation
From the first day YFI price oracle was created on NEST Protocol, nYFI has seen tremendous growth in the APR returns for the token stakers. Compared to other flagship DeFi protocols, which only get ~10%-20% APR maximum, nYFI’s staking income has consistent high APR percentage which is sustainable.
For those of you that are new here, each price oracle feed on NEST is produced by a mechanism called “quote mining”, where the miners are rewarded an “nToken” corresponding to the price oracle asset. Once you mine the “nToken”, the best way to earn more rewards is staking them for a weekly ETH income every Friday.
For example, after quote mining YFI-ETH pair, you will be rewarded with nYFI tokens. Or you can also buy it from Uniswap: https://info.uniswap.org/token/0x075190c6130ea0a3a7e40802f1d77f4ea8f38fe2
Then the most important step: after earning nYFI tokens through quote mining YFI-ETH, you can stake it through nestdapp.io, and receive weekly ETH income every Friday.

[NEST_Fan]

2020.10.16~2020.10.23 $NEST Weekly Revenue:

Total revenue of NEST system this week: 1364.1483 ETH

System revenue savings contract: 172.8296 ETH

NEST holder revenue distribution: 1191.3187 ETH

One million NEST holds revenue: 0.677 #ETH

10K NEST holds revenue: 0.00677 #Ethereum

[NEST_Fan]

https://pbs.twimg.com/media/ElAcji2VcAAgM2F?format=jpg&name=4096x4096

[NEST_Fan]

Trade and be Rewarded with a Share from a Prize Pool of $7500 in NEST, MIS, BEL, ARPA & HBC Tokens:
https://support.hbtc.co/hc/en-us/articles/360056361114--Trade-and-be-Rewarded-with-a-Share-from-a-Prize-Pool-of-7500-in-NEST-MIS-BEL-ARPA-HBC-Tokens

[NEST_Fan]

2020.10.28 NEST DAPP Android 3.0.9 version upgrade
Update content:
1. Add DAPP announcement entry in the setting interface.
2. Optimized the oracle list on the homepage.
3. Optimized language switching.
4. Optimized the  logic for quotation and take orders.
5. Fix the search ordering problem when adding oracles.

[NEST_Fan]

NEST Protocol:

The first permissionless network build for onchain #oracle service

[NEST_Fan]

2020.10.23~10.30 $NEST Weekly Staking Income:

Total Income of NEST system ETH/USDT QP: 1206.71 ETH

Entry System Income savings contract: 141.341 ETH

NEST holder Income distribution: 1065.3669 ETH

One million NEST holds Income: 0.6015 #ETH

10K NEST holds Income: 0.006015 #ETH

[NEST_Fan]

2020.10.23-10.30 $nYFI Weekly Staking Income:

Total Income of nYFI Oracle system (YFI/ETH QP): 92.8173 #ETH

Entry System Income savings contract: 10.1226 ETH

nYFI holder income #distribution: 103 ETH

10,000 nYFI holds Income: 0.8091 ETH

1,000 nYFI holds Income: 0.0809 #Eth

[NEST_Fan]

Proposal for the development of NEST system savings fund into NEST DAO agreement #8:https://github.com/NEST-Protocol/nips/issues/8

At present, the NEST system savings fund pool has 3675.17 ETH. If it has been idle, it is also a waste, so it can be developed into the NEST DAO protocol.

When the NEST Token price is 0.0001 ETH (reference value), the ETH Savings Fund is triggered to repurchase NEST Token according to the 1 NEST = 0.0001 ETH; the repurchased NEST will not be destroyed, and will be deposited into the NEST income contract to participate in the ETH income distribution. In addition, when the NEST Token price is a relatively suitable value (combined with the development of the NEST ecosystem), the price will be exchanged for ETH assets. Make NEST DAO evolve into a self-operating decentralized asset management protocol, which is calculated on the basis of ETH. Its goal is to accumulate more and more ETH funds in the NEST Protocol, provide the enthusiasm of the miners for quotation, and make the NEST oracle machine More secure and stable.

The assets in NEST DAO belong to all NEST Token holders.

Regarding this proposal, I hope everyone in the NEST community will actively participate in the discussion, put forward more suggestions and make their own voices.

If anyone who has ideas about this Proposal that you can communicate at Github to let NEST team to know about it

[NEST_Fan]

$NEST protocol QP (Quote Pool) token of $YFI/ETH pair is listing on
@coingecko
 
@CoinMarketCap
 now🔥- $nYFI

For nYFI information:
🦄Uniswap:https://info.uniswap.org/token/0x075190c6130ea0a3a7e40802f1d77f4ea8f38fe2

📊Coingecko:https://coingecko.com/en/coins/nyfi

📊CoinMarketCap: https://coinmarketcap.com/currencies/nyfi/

📡Telegram:https://t.me/nest_chat

[NEST_Fan]

 Globe with meridiansWebsite:https://nestdapp.io/datashow/English.html

It can check $NEST Oracle Daily Statistic

[NEST_Fan]

NEST Protocol Monthly Newsletter Announcement
As of Monday the 02nd of November 2020 NEST Protocol will formally be launching our Monthly Newsletter. NEST Protocol Fan intend to distribute the publication from time to time predominately by Reddit and Telegram Channel.
The Monthly Newsletter will serve primarily as a means for NEST Protocol Community Members to summarize key updates to the NEST Protocol
The Monthly Newsletter will continue to evolve quite rapidly in the early stages as we seek to include all of our and your amazing ideas! Let us know if you would like to see anything in particular!
Find out more about NEST Procotol's Newsletter
Reddit： https://www.reddit.com/r/nestprotocol/
Telegram Channel: https://t.me/NESTOracle

[NEST_Fan]

Calling attention to all NEST FANS! #nestProtocol is launching a #MemeContest to promote #nestProtocol and #QuoteMining Check out the link for details https://nestfan.medium.com/misquote-mining-meme-wars-a179cf7ff8dc
Join the TG community at http://t.me/nest_chat and follow
@fan_nest to participate!

[NEST_Fan]

2020.10.31~11.6 NEST Weekly Staking Income:

Top 3 Quote Pool：

$ETH/USDT Quote Pool Total Income: 976.3054 ETH;
NEST Staking APY=30.12%

$YFI/ETH Quote Pool Total Income: 82.5255 ETH;
nYFI Staking APY= 527.65%

 $HBTC/ETH Quote Pool Total Income: 138.82783 ETH

[NEST_Fan]

https://coinmarketcap.com/alexandria/article/oracles-the-all-seeing-eye-that-guides-crypto-networks
Oracles: The All-Seeing Eyes That Guide Crypto Networks

[NEST_Fan]

Dear NEST_FAN,
@CryptoDifferwill hold an AMA with @Nest_Protocolon the 12th of November at 1:00 PM UTC in the CryptoDiffer Telegram Chat!

The rewards pool for the best questions is $100 in USDT!

CHAT 🗣 https://t.me/joinchat/Brbs51k5cWoRBKtsgmb6Ew

[NEST_Fan]

Dear NEST_FAN,
@CryptoDifferwill hold an AMA with @Nest_Protocolon the 12th of November at 1:00 PM UTC in the CryptoDiffer Telegram Chat!

The rewards pool for the best questions is $100 in USDT!

CHAT 🗣 https://t.me/joinchat/Brbs51k5cWoRBKtsgmb6Ew

If you want know more details that you can review the AMA

[NEST_Fan]

2020.11.06~11.13 $NEST Weekly Staking Income:

Quote Pool：

$ETH/USDT Quote Pool Total Income: 807.7658 ETH;
NEST Staking APY=26.26%

$YFI/ETH Quote Pool Total Income: 80.8186 ETH;
nYFI Staking APY= 440.64%

[NEST_Fan]

NEST Android App is available on Google Play Right NowFire

Right pointing backhand indexhttps://play.google.com/store/apps/details?id=com.lianer.nest

Drop in your feedback here about the new updates

[NEST_Fan]

Nest Protocol AMA Recap:
https://cryptodiffer.com/news/nest-protocol-ama-recap/

[NEST_Fan]

Today NEST Protocol and bloXroute Labs announced a strategic partnership to further improve NEST’s network efficiency by leveraging bloXroute’s Blockchain Distribution Network (BDN) technology.
https://nestfan.medium.com/bloxroute-nest-protocol-announce-strategic-partnership-4f89ce6dfc57

[NEST_Fan]

Regarding adjusting the quotation fee in the NEST system #10
In order to increase the frequency of the price quotations of the NEST Oracle, it is recommended to adjust the NEST quotation fee from 1% to 3‰.

Right now the quotation fee hinders more frequent price quotations. If we reduce the fee, it will encourage more price quotations, as the result the density of price quotations.

The increasing of density of price quotations (more frequent updates of price information from the different markets) would increase the quality of NEST Oracles therefore increasing the value and competitiveness of NEST ecosystem. It might reduce the system income in the short term but in long run it would be beneficial.
https://github.com/NEST-Protocol/nips/issues/10

[NEST_Fan]

This pull request contains several development proposals on the direction of NEST future development. We plan to release these features as NEST 3.5 (pending on the outcome of the discussion of course)

We hereby call for suggestions and ideas on these proposals from all NEST community members. And happy to hear any feedback on the scope of features, the varies of parameters, possible security implications and the design of the mechanisms

Looking forward to hearing the community!


https://github.com/NEST-Protocol/nips/pull/11

[NEST_Fan]

2020.11.13~11.20 $NEST Weekly Staking Income:

Top 3 Quote Pool：

$ETH/USDT Quote Pool Total Income: 641.2744 ETH;
NEST Staking APY=21.80%

$YFI/ETH Quote Pool Total Income: 86.8186 ETH;
$nYFI Staking APY=323.66 %

 $HBTC/ETH Quote Pool Total Income: 139.1274 ETH

[NEST_Fan]

BoringDAO_Defi has reached $28 million in TVL and announced the second round of the Satellite City

The second batch of satellite city assets introduced $YFI, $YFII, $LINK, $BAND, $NEST as pledges in oBTC’s tunnel along with $BOR.

https://twitter.com/BoringDAO_Defi/status/1330394436489027586

[NEST_Fan]

With ETH on the rise, be sure to capture your gains by staking the YFI/ETH pair for weekly proceeds !

[NEST_Fan]

A glimpse into the unknown future
Thank you for @andregirouard
https://www.youtube.com/watch?v=-vG9vAY4T8I&feature=youtu.be

[NEST_Fan]

nYFI Staking Income in NEST Protocol: Sustainable DeFi with High APR
https://nestfan.medium.com/nyfi-staking-income-in-nest-protocol-sustainable-defi-with-high-apr-41d4208517cf

[NEST_Fan]

2020.11.20~11.27 $NEST Weekly Staking Income:

Top 3 Quote Pool：

$ETH/USDT Quote Pool Total Income: 540.45998 ETH;
NEST Staking APY=19.59%

$YFI/ETH Quote Pool Total Income: 68.1537 ETH;
nYFI Staking APY= 250.04%

 $HBTC/ETH Quote Pool Total Income: 108.0054 ETH

[NEST_Fan]

Regarding the development progress of NEST Protocol v3.5, group friends can check and read through NEST Protocol's GitHub.

https://github.com/NEST-Protocol/NEST-oracle-V3.5/tree/develop-miningv1

[NEST_Fan]

As long as you install http://mask.io,
you can decrypt and claim this $nYFI red packets directly.
 The event will last 5 days; Follow @fan_nest @nest_protocol if you don’t want to miss it!

[NEST_Fan]

DeFi Survivor Projects for 2021 and Beyond
If 2019 was the year of centralized crypto exchanges, 2020 is the year of decentralized finance (DeFi). Over $12B of various crypto assets are held in the growing DeFi ecosystem today and it’s clear that investors are looking for projects that will survive another potential crypto winter. We’ve identified some of the hardiest DeFi projects based on either their ability to provide irreplaceable ecosystem services or a sustainable tokenomic design geared for the long haul.
Services
The landscape of the decentralized finance (DeFi) market has changed dramatically over the past few month.
Before September 2020, The most common and familiar experience for many first-time DeFi users are the high APY liquidity pool (LP) token farms ERC-20 tokens, or depositing to one of dozens of high APY single asset vaults which reward regular dividends generated by aggressive arbitrage and competitive swapping strategies on the Ethereum network.
What’s DeFi without exaggerated APY and competitive lending and borrowing rates?
Without a doubt it is the reliable services which fit different Defi users’ needs. Taking example of the LP farms and interest-generating strategies, they are heavily reliant on the reliable price quotes from oracles. The most crucial component of many DeFi protocols are their ability to call for and receive accurate and timely price information in order to execute on-chain trades or swaps between different cryptocurrencies. Oracles underpin the vast majority of Defi functionality for platforms and services which provide flash loans for arbitrage services, or even accelerated interest-yielding deposit contracts. Thus, oracles are truly the irreplaceable ecosystem services demanded by Defi users and the Ethereum network. Without further ado, let’s take a look at the following projects which have solid distributed frameworks that’s built for programmable money:
AAVE
This is the pre-eminent on-chain lending platform, allowing borrowers to trade native derivatives and leverage on Ethereum. Flash loans in particular make AAVE a notable service because of the outsized impact it has on ERC-20 assets and the total market capitalization of cryptocurrency. Price oracles are crucial for flash loans, for instance, because the loan must be secured at a peg price and repaid within the same block. Off-chain sources for price quotation are also needed since the protocol allows the lending of non-ERC assets.
AST
AirSwap is a peer-to-peer, non-custodial exchange protocol for trading ERC tokens. This means traders can identify potential counterparties, negotiate directly (and privately), to execute on-chain transfers of any type of Ethereum token. Currently this protocol is being used for atomic swaps in the Metamask dApp.
NEST
Nest Protocol believes there is immense value in creating a digital economy around the need for reliable price queries in what is called “quote mining”, a competitive way to generate accurate pricing strings for price callers — generally DeFi protocols and institutions. Quote pool (QP) tokens are rewarded for each verified LP staking cycle of 25 blocks on the Ethereum network. This is a new and unique approach to mining which insulates stakers from impermanent loss while still providing strong economic incentives for miner and verifiers while punishing bad actors. Quote mining and price verification also provides incentives for would-be arbitrageurs while guaranteeing an accurate return value for any cryptocurrency query.
Tokenomics
In addition to providing an effective product or service there should be an equal emphasis on a well thought token model which accounts for emissions, vesting periods, and even basics like supply and utility. While many projects in the ICO-era of 2016–2017 used cookie cutter approaches to team token unlocks, total token caps in the tens or hundreds millions, and a dubious inflation rate, the DeFi class of 2020 has learned the lessons of their predecessors and have found ways to bake value into these very considerations. For instance, a low supply token that is available to all users through a fair launch has an immediate value proposition that an inflationary token cannot match. Here are some projects with strong tokenomic designs that will help carry them through the next crypto winter.
COMP
Compound.finance is much like AAVE in that their service is focused on crypto lending and lower risk strategies for producing interest. COMP tokens are distributed to participants who commit their ERC-20 tokens to a lending pool as well as those who help maintain and upgrade the Compound platform. At this point the project has been “”set free” and given to the community with no further team token unlocks to dilute the supply or add market sell pressure. Expect this protocol to grow as more sophisticated oracles and swap tools are deployed on Ethereum.
YFI
Yearn.finance was perhaps the most notable fair launch token, known also for eclipsing the price of Bitcoin with the help of it’s modest supply cap of 30,000 tokens. If there is a profitable strategy for arbitrage trading stablecoins, ‘juicing’ new farming protocols, and finding nuanced market inefficiencies and opportunities, Yearn.finance vaults and earning modules will capture and share these profits among YFI holders. As strategies improve the YFI will become a positive feedback loop which rewards the most profitable strategy authors. Simply put, the token is successful from a store of value and utility standpoint.
NEST
By allowing any account to become a maker, miner or verifier, NEST welcomes all parties who wish to contribute to the strength of the DeFi ecosystem and earn passive income for providing quotation services. Unlike regular LP mining — which exposes users to impermanent loss — QP token farming through quote mining carries very little risk of impermanent loss because a staking cycle is just a few minutes. And unlike many other farms which lead to runaway token inflation, QP tokens do not dilute the market and disadvantage future investors. QP tokens can be re-staked on the NEST platform to earn a portion of ETH fees generated from QP mining The competitive reward structure that powers this framework will help form a solid user base regardless of market conditions.
In Conclusion
It is expected that DeFi will continue to grow in volume and scope to create new needs for price oracles and incentives for calling reliable quotes. Meanwhile, investors and traders will continue to hunt for the absolute best tokenomic models that have a history of optimized returns. As users look for more attractive earning opportunities and individual platforms try to out-do each other, the need for on-chain and off-chain price queries grows exponentially with more farming, lending, and swapping services. If there is an oracle that can both use its token’s endogenous value and the same time fulfill the need for on-chain/off-chain price queries, it will no doubt be a success in the long run.
In NEST protocol, we do see that potential.

[NEST_Fan]

There are many places where NEST ecology can make money. I think it will have more and more in the future. When more and more  people make money in this ecology

 The more prosperous in NEST exology, it will more stable and sustainable. such as BTC and ETH ecology.

[NEST_Fan]

2020.11.27~12.04 $NEST Weekly Staking Income:

Top 3 Quote Pool：

$ETH/USDT Quote Pool Total Income: 525.6433 ETH;
NEST Staking APY=20.83%

$YFI/ETH Quote Pool Total Income: 58.3642 ETH;
nYFI Staking APY= 196%

$HBTC/ETH Quote Pool Total Income: 105.663 ETH

[NEST_Fan]

$NEST are excited to announce that we’ve partnered with @Plasma_Pay truly decentralized protocol optimized for cross border #payments 🙌

NEST in collaboration with PlasmaPay, which will expand the application #NEST Protocol to the global digital economy.

https://nestfan.medium.com/nest-in-collaboration-with-plasmapay-a-truly-decentralized-protocol-optimized-for-cross-border-626d630850a7

[NEST_Fan]

Description of the upgrade content of NEST Protocol V3.5: https://github.com/NEST-Protocol/NEST-announcement/blob/master/30_NEST3.5DevelopmentAnnouncement.md

Current progress
The development of the core code has been completed, and has been deployed on the test network. Everyone is welcome to participate in the test.

Github: https://github.com/NEST-Protocol/NEST-Oracle-V3.5

The audit will be carried out at the end of December, and the audit is expected to be completed in 2 weeks.

[NEST_Fan]

Dear Community

@HBTC_Official will hold AMA with @fan_nest on the 8th of December (UTC-5) in HBTC telegram Chat

A GEM IN THE Rough: $NYFI -$YFI's Quote Mining

#nYFi #tothemoon 🚀 #DEFI #YFI #HBTC

[NEST_Fan]

HBTC Launches World Premiere nYFI with Up To 600% #APY in $nYFI Staking

Trading Pair: nYFI/USDT
Trade Starts: 20:18, 8 Dec (UTC+8)
Deposit & Withdrawal Opens: 18:00, 8 Dec (UTC+8）

http://HBTC.com #HBTC $HBC @fan_nest @nest_protocol #NEST #nYFI

[NEST_Fan]

$NEST is No.5 on the Top Oracle by Market Capitalization on @coingecko

Oracles Total Market Cap: $5.8 billion 🚀

👉https://coingecko.com/en?category_id=60&view=market…

[NEST_Fan]

Description of the upgrade Content of NEST Protocol V3.5:

https://github.com/NEST-Protocol/NEST-announcement/blob/master/30_NEST3.5DevelopmentAnnouncement.md

We hereby call for suggestions and ideas on these proposals from all NEST community members.🔥

[NEST_Fan]

2020.12.05~12.11
#NESTProtocol Top 3 Quote Pools' Weekly Staking Income:

$ETH/USDT Quote Pool :
Total Income= 552.91015 ETH; Staking APY=21.45%

$YFI/ETH Quote Pool:
Total Income= 96.3819 ETH; Staking APY= 194.03%

$HBTC/ETH Quote Pool:
Total Income= 117.7312 ETH

[NEST_Fan]

Nest x Bella: Integration Between Two Protocols to Bring Reliable Data for Lending Products


https://medium.com/nest-consensus-labs/nest-x-bella-integration-between-two-protocols-to-bring-reliable-data-for-lending-products-7e41298e0391

[NEST_Fan]

Is the Index Price still the most secure approach for DeFi price feeds ?
https://authecryptoartisan.medium.com/is-the-index-price-still-the-most-secure-approach-for-defi-price-feeds-b6850f5bbf7b

[NEST_Fan]

On Dec 16th, 3pm UTC+8, @nest_protocol will join us at #Bella English community to talk about "Unlocking an undervalued asset: QP Token's Application in Crypto Banking" Come hear their vision of the future #crypto banking➡
https://t.me/bellaprotocol

[dratypres]

NEST Protocol simply create many quote pools for users to upload their own assets’ quotes with a certain amount of collateral in place. I think this idea pretty good

[NEST_Fan]

We are super excited to have panel of experts from
@HuobiDeFiLabs
 and
@dydxprotocol
 to join us tmr at http://NestFans.us community (https://t.me/nest_chat) to discuss the application of Verified quotes in DEX. Stay tuned and don't miss out on this great info session

[NEST_Fan]

Recap of yesterday's AMA with Bella Protocol, for those that wants to know more about the QP tokens and its true value, dont forget to check this out!
https://nestfan.medium.com/nest-x-bella-ama-qp-tokens-application-in-crypto-banking-recap-f8fb4956e5a9

[NEST_Fan]

#EncryptClub Global KOL Recommendations Aggregator on 17th Dec.
1. $NEST
@nest_protocol
2. $ETH
@ethereum
3. $XRP
@Ripple
4. $BCH
@BITCOlNCASH
5. $ETC
@eth_classic
:https://twitter.com/EncryptClub/status/1339437440356896769

[NEST_Fan]

Huobi Inno Hub Will Launch NHBTC (nHBTC) on December 17th
https://support.hbfile.net/hc/en-us/articles/900003921686

[NEST_Fan]

2020.12.11~12.18 $NEST Weekly Staking Income:

Top 3 Quote Pool：

ETH/USDT Quote Pool Total Income: 555.3725 ETH;
NEST https://coinmarketcap.com/currencies/nest-protocol/
NEST Staking APY=25.59%

YFI/ETH Quote Pool Total Income: 121.86771 ETH;
nYFI https://coinmarketcap.com/currencies/nyfi/
nYFI Staking APY= 179.71%

 $HBTC/ETH Quote Pool Total Income: 159.84023 ETH
nHBTC Staking APY= 45.42%

[NEST_Fan]

NEST Protocol will carry out technical cooperation with Suterusu to establish a high-standard data usage policy for the DeFi ecosystem. SUTER Shield, the first DEX in DeFi world that supports privacy protection transactions, protects privacy, and provides more accurate prices.
Suter's original zero-knowledge proof technology without credible presets and privacy enabled SUTER VM will work with NEST Protocol to establish an example for using on-chain data, enhance the transparency of data as well as privacy protection, and empower the DeFi ecosystem.
https://twitter.com/suterusu_io/status/1339793838798381056

[NEST_Fan]

NEST community initiated NEST Labs to better promote the eco-development and infrastructure, and the global branding and marketing of NEST Protocol. NestNode, early founders and investors of NEST Protocol donated 25 million NEST to NEST Labs in the name of the community.
The first NEST Labs team was led by senior blockchain practitioner Tina Zhang. Currently, NEST Labs include NEST Protocol website and NEST DAPP web, NEST DAPP mobile, and NEST related communities.

[NEST_Fan]

Recap of last week's AMA ft @HuobiLabs and @dydxprotocol
. A very informative discussion from industry experts on verified quotes and it's applcation in DEXThumbs up:
https://nestfan.medium.com/nest-x-huobi-defilabs-x-dydx-panel-discussion-recap-3266b30a8cf2

[NEST_Fan]

NEST Protocol Future Plans
https://nestprotocol.medium.com/nest-protocol-future-plans-91a4960a362c

[NEST_Fan]

All Things Are Computable
https://nestambassador.medium.com/all-things-are-computable-c043b115cad7

[NEST_Fan]

NEST DApp Andriod version Update📲

Google Play :👇

https://play.google.com/store/apps/details?id=com.lianer.nest


🔊Optimising Ethereum API configuration logic. Allow users to configure an API node to cater local network requirements

[NEST_Fan]

The Ingenious Mechanism in DeFi
https://nestambassador.medium.com/the-ingenious-mechanism-in-defi-2d69ec600ae0

[NEST_Fan]

Crypto as non-cooperative game: understand DeFi’s unique value proposition

https://twitter.com/SharlynWu/status/1343904387488391171

[NEST_Fan]

The Android version of NEST Dapp has been updated to fix the transfer problem that reported by the community. Consider spreading it in the community. https://play.google.com/store/apps/details?id=com.lianer.nest

[NEST_Fan]

https://pbs.twimg.com/media/EqjAA3_VEAA8ymq?format=png&name=4096x4096

understanding of NYFI

[NEST_Fan]

Understanding of NYFI
https://pbs.twimg.com/media/EqjAA3_VEAA8ymq?format=png&name=4096x4096

[forward_habit_9365]

Simplecryptoguide.com has created an introductory guide to Nest Protocol (NEST) here: https://simplecryptoguide.com/how-to-buy-nest-protocol/
The guide will take you through the process of buying, selling, moving, and storing your crypto. In addition to providing an overview of the project itself.