Nest Protocol (NEST) is a blockchain-based oracle network that provides reliable and timely pricing information to DeFi projects and decentralized exchanges. It uses a unique "quote mining" mechanism, where miners submit price quotes and verifiers confirm their accuracy, ensuring a trustless and decentralized system. The NEST token is the native token of the protocol, used for economic incentives and to facilitate the network's operations.
The Nest Protocol (NEST) is a blockchain-based oracle network that provides third parties with access to valuable pricing information. It operates on the Ethereum blockchain and uses a unique "quote mining" mechanism to ensure that off-chain data is synchronized with on-chain prices. Here's how it works:
Miners: Users submit price quotes to the network, securing a specific asset value and paying a commission. They receive NEST tokens as a reward.
Verifiers: They accept the quotes, lock a larger volume of the assets, and trade the price if it differs from the market price. They then submit a new quote to the chain.
Price Callers: DeFi protocols or institutions pay a fee to use this information.
The NEST token plays a vital role in the actions of the network. Users need to hold NEST to join the network systems. NEST is an ERC-20 compliant token that can be found on most top-performing DEXs. Users can also leverage NEST to send value globally in a permissionless manner. The token is generated directly from miners through quote mining, and fees charged by the Ethereum network are returned to token holders, encouraging users to keep their NEST tokens.
To store Nest Protocol (NEST) tokens, you have several options:
- Exchanges' Wallets: You can store your NEST tokens on the wallets provided by crypto exchanges like Binance Wallet.
- Crypto Wallets: You can use third-party crypto wallets like Trust Wallet.
- Cold Wallets: For long-term storage, consider using cold wallets, which are more secure than hot wallets.
To buy Nest Protocol (NEST) tokens, you can follow these steps:
Buying NEST on Centralized Exchanges (CEX)- Choose a CEX: Select a reliable centralized exchange that supports NEST trading, such as MEXC or Pionex.
- Create an Account: Register and verify your account on the chosen CEX.
- Add Funds: Deposit funds using methods like bank transfer, credit card, or debit card.
- Buy NEST: Navigate to the NEST trading page and execute a buy order.
- Choose a DEX: Select a DEX that supports the blockchain on which NEST operates, such as Uniswap or Pancakeswap.
- Get the Mainnet Cryptocurrency: Purchase the mainnet cryptocurrency (e.g., ETH for Ethereum-based DEX) using fiat.
- Set Up a Wallet: Download and set up a compatible crypto wallet like Metamask or Trust Wallet.
- Transfer Funds: Transfer the mainnet cryptocurrency to your wallet.
- Connect to DEX: Connect your wallet to the DEX.
- Swap for NEST: Use the "Swap" option to exchange your mainnet cryptocurrency for NEST.
- Ensure the CEX or DEX you choose supports NEST trading.
- Be cautious of scams and fake tokens on DEX.
- Verify the smart contract address of NEST if it does not appear in the DEX list.
- Understand the risks associated with cryptocurrency investments and consult financial advisors if needed.
By following these steps, you can successfully purchase Nest Protocol (NEST) tokens.
