If you are on Aurora and have been looking for an on-chain DEX for quick and minimum-cost perpetual trading, look no further. NEX is the first decentralized spot and perpetual exchange on Aurora, and it has finally launched on the Mainnet. After polishing the platform during two weeks of closed beta testing, NEX is now ready to provide its finest features.
Optimal Environment for Swap and Perpetual Trading
Traders on NEX can enjoy the benefits that the Aurora network provides as NEAR’s EVM: Ethereum compatibility, ultra-low transaction fees, greater capital efficiency, fast transactions, and precise liquidations. NEX further supports minimal slippage and zero price impact trades, which is possible thanks to the platform’s pricing mechanism and unique liquidity pool called the NIT(NEX Index Token) pool.
- Reliable pricing: NEX provides accurate and reliable pricing through oracle price feeds sourced by FLUX Oracle as well as a self oracle that aggregates prices from leading exchanges (Binance, FTX, Kucoin).
- Leverage trading: Traders can also access larger capital and leverage trade up to 30x by providing collateral and borrowing funds from the NIT pool. The pool currently supports long/short trading in ETH, NEAR, and USDC.
NIT Pool: Yield Opportunities for Liquidity Providers
Upon providing liquidity to the NIT pool, liquidity providers(LPs) receive the NIT token, which represents an index of all the tokens in the NIT pool. The price of the NIT token is determined by the price of the individual assets in the pool, plus profits and losses of open positions. As NEX uses a dynamic oracle pricing mechanism, LPs are protected against impermanent loss, which is a known limitation of the standard AMM model.
As NIT holders are providing the liquidity that traders use to trade, they are automatically the counterparty to traders, profiting when traders lose and vice versa. In return, NIT holders receive 70% of protocol fees in USDC. Hence, not only do NIT holders gain price exposure to a diversified index of crypto assets, they also earn stable passive income.
The benefits of holding NIT can be summarized as the following:
- Gain exposure to a basket of major cryptocurrencies (> 50% stablecoins)
- Earn a handsome APR as weekly income
- No impermanent loss or token inflation
The largest innovation and value of NEX can be seen in its roadmap. The team has a clear direction for the project, revolved around building the optimal trading environment focused on user experience. More specifically, the final version of the product will be an exchange that combines the advantages of both centralized and decentralized exchanges, joining the speed, fees, and composability of DEXs to the deep liquidity and usability of CEXs.
Features coming in the near future include:
- Implementation of off-chain transactions
- NEX Bridge and multichain
- FX trading
- NEX Mainnet
- Hybrid Perpetual model
To start trading or investing on NEX, visit the app and connect your MetaMask, Coinbase, or WalletConnect wallet!