< Back

NEST Protocol

Swap Tracker

What Is NEST Protocol?

NEST is an ERC-20 token native to Nest Protocol, a blockchain oracle providing a uniquely secure way to get real-world price data into the DeFi ecosystem. Nest Protocol appeared on the market in 2020.

Nest Protocol differs from other oracles by employing a verification system. First, the quote is submitted for verification by a miner, along with a handling fee in ETH and the quoted assets in an appropriate proportion: e.g., if a miner says that 1 ETH = 100 USDT, he or she must lock 1 ETH and 100 USDT in a smart contract with the price. Then a verificator either trades the assets if there’s an arbitrage opportunity or leaves it as is. In the latter case, the quote makes it into a price block on the chain. After the verification period, the miner can withdraw his or her assets from the contract. Miners and verificators are rewarded with the portion of the fee paid by the oracle customers for their data requests. Since the submissions that went through arbitrage are rejected, the miners are incentivized to quote prices as close to the real market as possible, otherwise, they lose both the commission and the fee paid on submission. Except for this handling fee, the payments within the network are made in NEST, which also serves as a governance token.

Exchange NEST Protocol

This pair is not available for exchange

Other currencies

All coins
Bitcoin
Ethereum
XRP
Tether OMNI
Cardano
Chainlink