Coinbase announces support for Ethereum-based Chainlink (LINK) competitor as stable in crypto markets
US crypto giant Coinbase announces support for a decentralized Ethereum (ETH)-based oracle.
In a recent announcement, Coinbase says it will add the Nest Protocol (NEST) when the liquidity conditions are met.
“Trading will begin on or after 09:00 AM PT on July 26, 2022 if liquidity conditions are met. Once sufficient supply of this asset is established, trading on our NEST-USD and NEST-USDT trading pairs will begin in phases. Support for NEST may be restricted in some supported jurisdictions.”
Coinbase will add support for the Nest Protocol (NEST) on the Ethereum network (ERC-20 token). Do not send this resource over other networks or your money may be lost. Inbound transfers for this asset are available at @Coinbase & @CoinbaseExch in the regions where trade is supported. pic.twitter.com/RAa9xSxRiY
— Coinbase Assets (@CoinbaseAssets) 25 July 2022
Coinbase will add NEST to the platform under its experimental digital asset label, which is for cryptocurrencies “that are either new to [the Coinbase] platform or has relatively low trading volume compared to our broader crypto marketplace.”
Nest Protocol, a chain link (LINK) competitor, is a decentralized oracle network based on the ERC-20 token issued by the Ethereum network. The platform allows users to get price information for decentralized finance (DeFi) assets such as stablecoins and futures and is powered by the NEST token.
The Nest protocol is unique in that NEST tokens are not issued in advance and can only be earned through “quotation mining”, and the protocol collects information directly on-chain instead of uploading external data.
According to the project’s whitepaper,
“Since the price is confirmed on the chain, NEST has provided an open and transparent ecosystem for everyone. One of the most important points is transparency: anyone can start a price information flow and motivate price providers to mint any kind of token. For example, a project set up the price pair of its own token to USDT, and incentivize others to provide price information by rewarding them with this token. This will help any project to expand the number of coins in the ecosystem.”
NEST is trading at $0.033 at the time of writing, down 5.5% in the last 24 hours despite the announcement.
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