Nest Protocol AMA Recap

Nest Protocol AMA Recap

CryptoDiffer team

Hello, everyone!😁

 

We are glad to meet here 

Head of NestFans (US), AU

and

Director of Research at Huobi Defi Labs, Johnson Xu

Head of NestFans (US), AU

Hi everyone 🙂

Director of Research at Huobi Defi Labs, Johnson Xu

Hi everyone 😀

CryptoDiffer team

Q1: Can you introduce yourself to our community ?

Head of NestFans (US), AU

My name is AU and i’m glad to meet u guys here.

I Joined the NEST’s community for 8 months as a core contributor for BD and marketing.. as we all know, the NEST’s Core developers are anonymous and shy, so that’s why I’m the guest tonight 🙂

Just joking, but what I do know is that a truly decentralized project is not about the developers or the “company” behind, it’s all about the community. Personally, I’m proud to join this wonderful community and pleasure to be here.

Director of Research at Huobi Defi Labs, Johnson Xu

Thanks AU :D, Hi everyone, my name is Johnson Xu, currently the director of research at Huobi DeFi Labs.

I joined Huobi DeFi Labs a few months ago, currently leading a research team to conduct data-driven industry research, providing deep insight to the DeFi sector.

Huobi DeFi Labs is a platform for decentralize finance (DeFi) research, investment, and incubation/ecosystem building in DeFi space, aims to build a “better” financial system in collaboration with the global crypto and DeFi community. Thanks again for the invitation.

CryptoDiffer team

Q2: Can you share with us an elevator pitch of NEST?

Head of NestFans (US), AU

Utilizing the application of blockchain technology to its fullest protentional, NEST provides a creative solution that offsets the challenges of traditional Price Oracles

by offering a truly decentralized platform that is permissionless while offering maximum security.

Through its unique verification period and incentivized quote mining mechanism, it is the ultimate community and playground for QP token holders, data providers as well as validators.

So far, NEST’s quote miners are providing real time quotes for over 50 active trading pairs like ETH/USDT, YFI/ETH and etc. Those quotes are accepted by many Open Price Feed format, and then be used by DEX/ reporters like Cofix and Coinbase Pro.

Btw QP token a.k.a “Quote pool token”, includes NEST(QP token for ETH/usdt pair)

nYFI (QP token for ETH/YFI pair)https://www.coingecko.com/en/coins/nyfi etc

CryptoDiffer team

Q3. What is your main advantage compared to other price oracle protocols?

Head of NestFans (US), AU

First of all, NEST Protocol is the first and only permissionless, transparent and decentralized network built for on-chain oracle services through the Ethereum platform.

I know its a very long intro 😂

the reason for that many describition is that i want to let u all know : NEST don’t trust any node/ date resouce, but let the users verify every quote.

By eliminating the risks of off-chain data, every data point on the blockchain is both real and agreed upon by the market.  That makes it almost impossible to be multiplied.

For example, the Harvest won’t lose that 36m USD if they choose the price feed service from NEST. Secondly, NEST’s QP tokens allow both the quotes providers and token holders benefit from the system: quote miners are getting QP tokens as reward, and holders get eth proceeds every week.

These are the unique differentiators between NEST Protocol and other price oracles.

CryptoDiffer team

Q4. You mentioned a unique quote mining mechanism. What is that?

Head of NestFans (US), AU

Miners can obtain QP tokens through paying ETH commissions and taking certain price fluctuation risk.

Than means Quote mining is similar to “liquidity mining” — where users stake assets and receive QP tokens as reward.(just like you will get LP tokens when u add liquidity to one of the uniswap pool) Rather than provide liquidity, quote mining provides real-time crowdsourced price quotes to feed into a decentralized oracle to strengthen the entire ecosystem.

and here is an example of how to get into quote mining: for eth/YFI pair

First, users add a small amount of liquidity into an AMM pool with an YFI tokens and matching ETH with the proper market price quotation in a smart contract. after the contesting period(25 blocks, around 5mins), if the price is accurate, and after the staking has been executed, the user will receive a “nYFI( QP token for YFI/eth pair )” as a reward for their contribution.

If not, the one side of assets you put in will be arb by one of the other miners. once you get the QP token- nYFI you are subjected to earn weekly ETH proceeds. E.g from Sep 24th to now, the average APY of nYFI’s weekly proceeds is over 500%, and this last more than 7 weeks

CryptoDiffer team

Q5. Do you think who’s gonna be the miners and will you be interested in joining as a quote miner?

Director of Research at Huobi Defi Labs, Johnson Xu

I think the unique thing about NEST protocol is that everyone can become a miner by holding NEST tokens and join as a quote miner.

Many price oracles exist in the current DeFi space are either centralized or lack proper design to penalize attackers.

For many existing oracle solutions, the maximum penalty to maliciously attack an oracle node by reporting incorrect price data is the amount of assets that the attacker staked. The monetary value could be significantly less than the potential profit earned if a successful attack can be executed, generating an incentive for malicious attackers to exploit the protocol.

NEST protocol presents a novel way to eliminate these potential attack vendors. The costs of an attack can become exponentially large within an hour of the attack and raise to almost the total number of ETH in the entire market. This design makes NEST protocol attack resistance in the sense that it can completely eliminate dishonest players in the system.

The attack resistance nature of the NEST protocol enables accurate data to be reflected on-chain, thus can directly drive a positive feedback loop in the DeFi space and the honest miners who are quoting prices on NEST protocol help to achieve this.

So based on this positive feedback loop, I’d be interesting to join as a quote miner 😀

CryptoDiffer team

Q6. How do Huobi Defi Lab work with NEST Protocol, and the other Defi project?

Director of Research at Huobi Defi Labs, Johnson Xu

On a high level, we usually engage with the leaders in the DeFi space to help them realize value in this fast moving decentralized finance ecosystem.

For example, by providing fundings to DeFi projects to not only bootstrap the initial launch but also participate in the ecosystem building leveraging the industry influence and connections to accelerate the growth of the DeFi space.

Huobi DeFi Labs also conduct industry research leveraging deep data analytics to shed some light on some of the unknown in the space, in fact, last month we actually published a research report on price oracle- a must have infrastructure (https://www.huobidefilabs.io/en/Insight/1313163603254243330)to recognize the importance of the price oracle in the DeFi space.

CryptoDiffer team

Q7. Let`s now talk about the milestones Huobi Defi Alliance have achieved so far and about your upcoming plans?

Director of Research at Huobi Defi Labs, Johnson Xu

Huobi DeFi alliance has partnered with many leading DeFi players such as Maker Foundation, Compound, NEST communities, Curve, Aave, Synthetix and many others to explore cross border collaboration opportunities.

We have since partnered with a lot of DeFi projects to bridge the gap between the east and the west, to fill the gap between the decentralized world with the centralized ones.

I think our future plans are to deepen the relationships with these members and extend our relationships to new members who have the potential to democratize the future decentralized financial infrastructure in a way that enables innovation, risk management and liquidity strategies.

CryptoDiffer team

Awesome, a lot of updates to come out!

Thank you for great answers!

I think it is time to start community questions round!

Cryptodiffer Community

What’s your plans for global expansion,on building and developing or getting customers and users, or partnerships?

Head of NestFans (US), AU

So developing side we are working with gitcoin and github now to creat a more open oracle platform and for global expansion

We are focus on our new campaigns by using twitter reddit and telegram group

plz checking Telegram: https://t.me/nest_chat

Twitter:https://twitter.com/fan_nest

and for my personal side, you can reach me through https://twitter.com/AU_Chenanyu

I will be glad to meet ur guys. So, if you have any good ides about global expansion, plz let me know

all the contributors will be well treated by our community 🙂

Cryptodiffer Community

When will the world stop being afraid to use DeFi?

What is Huobi DeFi Labs doing for the mass adoption of DeFi technology?

Director of Research at Huobi Defi Labs, Johnson Xu

I think crypto in general in still in its early stage, not to mention for DeFi. For all the DeFi participants here, you are super early and congrats to all of you. DeFi is amazing in the sense that we are building a brave new on-chain financial ecosystem.

What Huobi DeFi Labs doing is trying to connect the dots together, linking the missing pieces in the DeFi space to bridge the gap between e.g. the east and the west, the traditional/centralized and the decentralized world.

We are acting as a hub to explore the fast moving DeFi space together with the DeFi community and projects, to innovate, we are actively engaging with the community, researching and analysing the DeFi space leveraging deep data insights, and partner with many projects in the DeFi ecosystem to bring the DeFi space to the next level.

Cryptodiffer Community

Do you consider Chainlink as your competitor or are you more of a partner? Do you allow projects to use NEST and Chainlink oracles at the same time?

Head of NestFans (US), AU

So I think chainlink is both a competitor and a partner to us.

We wanna all the defi projects find the oracle that fit them best, but as i said before, NEST don’t trust any node/date source, but let the users verify every quote. so that means our users can use chainlink’s prices to quote on NEST network and they will be rewarded with QP tokens as  same as the other users.

That’s why NEST is called a open network for secure oracle services

Cryptodiffer Community

Why an user use huobi wallet??? have any  benefit of huobi wallet??

Director of Research at Huobi Defi Labs, Johnson Xu

Huobi wallet supports multichain asset which provides users easy to use one stop shop solution for an unified wallet. You don’t need to create different wallets for different chain interactions. Plus, we have also H assets to support cross chain capability and creating inter-chain liquidity on the Ethereum blockchain.

The wallet also enable users to interact with other DeFi applications as well and supporting mobile version :d

Cryptodiffer Community

What is your strategy to attract new users and investors?

Head of NestFans (US), AU

For the past few weeks we see average 10-20% APY for the most of defi farming projects. But one of the QP token ——nYFI proves the high APY can last for 7 weeks in the current market.

I think we don’t use strategy to attract users we use benefits and real numbers to make them inerested.

Cryptodiffer Community

As Being permissionless, doesn’t this imply that any one can do anything on YOU ECOSYSTEM AND thus expose you to security threats, sybil attacks and 51 % attacks as recently ETC experienced 51 Attacks and they are permissionless??

Head of NestFans (US), AU

Depends on how you define permissionless, there’s def pros and cons to the term alone, but we hope that you can view it as a whole picture.  along with the 25 block verfication period, where attackers will be exposed to arb by other users. Besides we did design a systerm fee for quoting to prevent sybil attacks.

plz check our https://twitter.com/fan_nest for the detail

Head of NestFans (US), AU

Thx for the host

I think we shall leave the rest of questions for future

Director of Research at Huobi Defi Labs, Johnson Xu

Thanks for the invite: d

Cryptodiffer TEAM

Thank you for your time! Thank you everyone who took part. Let’s finish the AMA!

Spread the love
  •  
  •  
  •  
  •  
  •  
  •  
  •  
  •  
  •  
  •  
CryptoDiffer Admin
query2212@gmail.com

Leave a Reply

Your email address will not be published.