US crypto giant Coinbase is announcing support for a decentralized Ethereum (ETH)-based oracle.
“Trading will begin on or after 9 AM PT on 26 July 2022 if liquidity conditions are met. Once sufficient supply of this asset is established trading on our NEST-USD & NEST-USDT trading pairs will launch in phases. Support for NEST may be restricted in some supported jurisdictions.”
Coinbase will add NEST to the platform under its experimental label for digital assets, which are for cryptocurrencies “that are either new to [the Coinbase] platform or have relatively low trading volume compared to our broader crypto marketplace.”
Nest Protocol, a Chainlink (LINK) competitor, is a decentralized oracle network based on the ERC-20 token issued by the Ethereum network. The platform allows users to get price information for decentralized finance (DeFi) assets such as stablecoins and futures and is powered by the NEST token.
Nest Protocol is unique in that NEST tokens are not issued in advance and can only be earned through “quotation mining,” and the protocol collects information directly on-chain instead of uploading external data.
According to the project’s whitepaper,
“Since price is verified on-chain, NEST has provided an open and transparent ecosystem for everyone. One of the most important points is openness: anyone can start a price information flow and motivate price providers to mint any kind of token. For example, a project can set up the price pair of its own token to USDT, and motivate others to provide price information by rewarding them with this token. This would help any project to expand the number of minters in its ecosystem.”
NEST is trading for $0.033 at time of writing, down 5.5% over the last 24 hours despite the announcement.