Question 1

What is Nest Protocol (NESTV1)?

Accepted Answer

Nest Protocol is a decentralised finance (DeFi) platform built on the Ethereum blockchain. It is designed to address issues in the existing price oracle mechanisms by creating a unique incentive system and a network of quotes with high-frequency, real-time data. The protocol utilises a "quote mining" mechanism where participants, known as "nest nodes," provide asset pricing data by staking collateral, thereby generating NEST tokens as a reward.

Question 2

What is Nest Protocol (NESTV1) used for?

Accepted Answer

The primary use of Nest Protocol is to provide a decentralised and transparent price oracle service for the DeFi ecosystem. By leveraging the Ethereum network, Nest Protocol ensures that on-chain data regarding asset prices remains resistant to manipulation. This is crucial for various applications within the DeFi space, such as automated market makers (AMMs), lending platforms, and derivative markets. The NEST token itself is used within the ecosystem to incentivise accurate data provision and to participate in governance decisions impacting the development and operational parameters of the protocol.


NEST	ERC20	ETH	0x04abeda201850ac0124161f037efd70c74ddc74c	2019-12-19
NEST	BEP20	BNB	0x98f8669F6481EbB341B522fCD3663f79A3d1A6A7	2021-06-28