Coinbase Announces Support for Ethereum-Based Chainlink (LINK) Competitor as Crypto Market Stalls

US crypto giant Coinbase is announcing support for a decentralized Ethereum (ETH)-based Oracle.

In a new announcement, Coinbase They say This will add the nested protocol (nest) once the liquidity conditions are met.

“Trading will commence on or after 9 AM on July 26, 2022, if the liquidity conditions are met. Our NEST-USD and NEST-USDT trading pairs will launch in phases once a sufficient supply of this asset is established. Support for NEST may be restricted in some supported jurisdictions.”

Coinbase will be adding NEST to the platform under its experimental label for digital assets that are “new to cryptocurrencies either [the Coinbase] The platform has relatively low trading volume compared to our wider crypto marketplace.”

Nest Protocol, a Chainlink (Contact) Competitor is a decentralized oracle network based on ERC-20 tokens issued by the Ethereum network. The platform allows users to access 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 pre-issued and can only be earned through “quote mining” and that the protocol collects information directly on-chain, rather than uploading external data.

According to the project’s whitepaper,

“Since the price is verified on-chain, Nest provides an open and transparent ecosystem for all. One of the most important points is openness: anyone can initiate a price information flow and allow price providers to choose any For example, a project may set the price pair of its own token in USDT, and encourage others to provide price information by rewarding them with this token. This will help any project to expand the number of mints in its ecosystem.”

At the time of writing, NEST is trading at $0.033, down 5.5% over the past 24 hours despite the announcement.

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