NEX Exchange — Finally a Good Multichain Decentralized Perp Trading
Hello fams! It’s been a while since I wrote an article, well today is the day I will introduce and discuss about NEX Exchange! Let’s start it shall we?
NEX — Next Generation Exchange
NEX is a decentralized perpetual and spot trading exchange, it runs on Aurora, at first…. but this week NEX launched their multi-chain trading on both Aurora and Optimism. While “multi-chain” thing seems great but it makes operation between chain different, however NEX still give us many benefit among other DEXes, including :
- Trade with up to 50x leverage,
- Zero price impact,
- and Minimum slippage.
NEX combines centralized and decentralized exchange advantages to optimize the trading environment. In one of their Medium articles, they say the reason they choose Aurora and Optimism is because those chains have low fees. Now, I’ve tried messing around with Aurora and Optimism before and sure it has low fees, send token, swap token, and many more activities you can do with just a few cents.
NIT — A unique LP pool
NIT is a NEX LP token and index token. NIT token has functionality providing liquidity for leverage traders, so if they lose you will get profits reward but if they win/profit you will get loss. With NIT, less fluctuation and more price stability can be accomplished through hedging strategy. NIT holders get 70% protocol fees, so it means fees from trading and swap activity will be distributed to them, and 30% rest will be used for developers to continue building NEX Exchange.
Buying and selling NIT is simple, you just have to go to the NIT page and buy/sell as many as you want using any available asset on NEX. Wait, I forgot to mention the price… So NIT price is calculated by all assets in the index including profits and loss on open positions divided by NIT total supply, for example….
Total assets : $194,772
Total open positions : $8,649
— — — — — — — — — +
Total : $203,421
Supply : 207,112 NIT
— — — — — — — — — /
NIT price : $0,98
PS. : NIT total supply can decrease and increase to follow the price of assets inside liquidity.
What’s NEX? (pun intended)
NEX’s next goal is to combines both centralized and decentralized exchanges advantages, also building an infrastructure for a Hybrid Perpetual model. According to DeFi Pulse, hybrid architecture is a combination of perpetual contracts with an off-chain order book. It will make liquidity more efficient as it tends to be a bit more “centralized” like. Hybrid Perpetual model is a customized version of Hybrid model because NEX will integrate it with their unique liquidity pool — NIT.
Another feature they will implement is FX Trading. When I read NEX roadmap I was shocked because as far as I know NEX will be the first to implement decentralized FX Trading. Cool right? But we still don’t know how it will work, what pair will they use, are they gonna approve fiat currency, but I approve of their dedication to make it an all-in-one trading platform.
Bridge will also be a thing on NEX in the future, I think it’s a great idea to add a Bridge feature as it will make life more simple to just have an all-in-one package in one app/website because they will implement NEX’s own app chain on Octopus Layer2 Network. This will make trading experience far more enjoyable than before I believe.
Not many things left to say, I would say NEX Exchange is the perfect platform for you whether you are a professional or beginner trader. Yes it is still in development and developers have a lot of work to do, but things are running and working perfectly when I use NEX to trade and swap tokens. I love to see NEX in the future when all features on the roadmap have been implemented, and gather more traders throughout the day.
This marks the end of the article, good bye and see you next time!
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Check out NEX website and social media below :
Website : https://nex.market/
Telegram :https://t.me/NEX_officialTG
Discord : https://discord.gg/nex-market
Twitter : https://twitter.com/nex_market
Medium : https://medium.com/@nex_market
Gitbook Docs : https://docs.nex.market/
