It goes without saying that decentralized finance (DeFi) has become the poster child for the entire cryptocurrency industry in 2020. It’s safe to say that this was the hottest trend during the year and one that every crypto enthusiast knew of.
Looking at the numbers, that’s only natural. From some $700 million at the beginning of 2020, the total value locked in DeFi protocols surged to as much as $13.69 billion at the time of this writing. This is an increase just shy of 1,900%, which is nothing short of impressive.
While Uniswap led the DeFi explosion, it doesn’t in any way mean that the platform can’t be improved or that it’s perfect. In fact, there are plenty of teams working to provide solutions better than Uniswap. One such project is Nimera Swap.
What is Nimera Swap?
Nimera Swap is a decentralized exchange that covers the functionalities that Uniswap offers but also attempts to expand on them and provide additional features.
In essence, it offers some of the core capabilities of Uniswap — users can swap tokens, they can become liquidity providers, gain a commission on the fees that are collected in the pool they participate in, and so forth.
However, as we said, there are some important differences that need to be outlined. One of the major ones is the lower fees. Nimera Swap has 2% fees on pairs that don’t include its native token and 0% fees on pairs that do. This is paramount for the overall adoption of DeFi. At the peak of the boom, fees were so high that it led many to believe the notion that the industry can only be profitable for the whales.
In addition, another important difference compared to Uniswap is that its platform can easily work with cryptocurrencies that are based on blockchains different than Ethereum. In other words, users can add and swap coins that are not just based on the ERC20 standard.
What’s more, unlike Uniswap, projects can’t get a listing on Nimera Swap without first passing the evaluation by the team. This adds another layer of protection for traders and liquidity providers, making the chance of encountering a scam token lower than some of the other platforms.
What Other Differences are There?
The overall purpose of Nimera Swap is to become a hub where teams can easily jumpstart their projects. With this said, projects will be provided with community management tools and detailed public profiles that will help them with the overall marketing. This way, those interested in the project can find the information they need without having to seek additional external resources or go to other third-party websites.
They can also stake just one of the currencies, or they can stake the currencies in unequal portions. This provides additional flexibility, and it also can be used as a shield against impermanent loss.
In addition, projects will also be provided with profile pages with analytics that describe their performance.
Going forward, the team behind Nimera Swap will also help those projects with the integration, making the overall process very simple for anyone who wants to list. This will save a substantial amount of hassle because adding an asset on other exchanges is definitely not as easy as it may sound.
To celebrate the new platform, Nimera will distribute $10,000 USDT among the top 50 liquidity providers. To learn more about the promotion, you can visit the official website of Nimera Exchange.