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NEST Lists Oracle pair for YFI

NEST Lists Oracle pair for YFI

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NEST Lists Oracle pair for YFI

Published on September 14, 2020 09:27 GMT+0

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Starting today, all users will be able to begin quote mining for nYFI, to create a global price variable for the YFI/ETH trading pair.

There is now an official YFI/ETH pair on NEST where the users can participate in quote mining to earn nYFI tokens. Quote mining is a form of liquidity mining, where participants stake the assets with a quoted price (in this case, YFI and ETH) in Nest’s smart contract for 25 blocks on the Ethereum network (about five minutes) to earn corresponding nTokens(nYFI).

NEST is a Protocol designed to create an permissionless system of Price Oracles

This campaign is to promote the new YFI/ETH global price oracle. Read to learn about NEST Protocol here: (link to NEST introduction blog)

How are price oracles created?

Any ERC20 tokens can create a global price oracle with NEST. Anyone can create a price oracle with a bidding contract and staking NEST. Once a price oracle is initialized, miners and verifiers are rewarded with nTokens and ETH for participating in the network.

Taking YFI for example, a user would:

  1. Create an auction contract for YFI price oracle through NEST DAPP.
  2. Once approved, a quote mining becomes available for YFI price oracle.

Now anyone can participate in quote mining by staking a pool of YFI/ETH. Participants are rewarded with nYFI tokens.

What do participants of the network receive?

  • Miners are rewarded with newly minted nYFI
  • nYFI holders are rewarded with ETH the network accrues on a weekly basis
  • Token holders can participate in network governance

Read more about nYFI token in detail here: https://medium.com/nest-consensus-labs/nyfi-price-oracle-for-yfi-tokens-on-the-nest-protocol-f40473d536de