- February 16, 2022
- Posted by: Bogdan
- Category: Company News
The demand for decentralized finances (DeFi) keeps rising with the ecosystem reaching $100 billion in total value locked (TVL) during 2021. However, users seek safe and secure options capable of providing different products to earn rewards without having to pay a fortune on fees.
Running on top of the Binance Smart Chain (BSC), decentralized exchange (DEX) Nomiswap attempts to address this demand. The platform offers some of the lowest fees in the space with barely a 0.1% slippage for users to swap their token with the BSC BEP-20 format.
Unlike its competitors, Nomiswap is deeply integrated within the Nominex ecosystem. This platform is one of the official brokers for leading crypto exchange Binance, which provides it with an additional legitimacy layer, and operates with a hybrid model that enables it to leverage the benefits of centralized exchanges (CeFi) and decentralized exchanges (DeFi).
In that sense, due to its robust platform, trajectory, and partnership with Binance, Nominex and its DEX Nomiswap have built an outstanding reputation in the crypto space. According to the platform’s official Gitbook, Nomiswap was created with the following objective:
Nomiswap aims to become a benchmark for DEX platforms. We want to take up the mantle of becoming the leading DEX platform on the market for token swaps.
Data provided by monitor CoinGecko records an 8 out of 10 in their trust score with a position in the top 50 crypto exchange platforms right alongside FTX, Gemini, Bitfinex, and others renowned for their deep liquidity, security, and variety of trading products.
Nomiswap, Key Features And Benefits
Nomiswap possesses a unique suite of products that will let traders maximize their rewards, while they securely operate under a low-cost platform. In that sense, the platform offers traders the ability to operate under a 0% fee model thanks to its CeDeFi ecosystem.
The DEX lets users receive cashback on their trading fees depending on the funds they provide to liquidity pools or launchpools. When a user participates in these mechanisms, they receive a farming level which increases cashbacks the higher it gets.
This is how users receive rewards and cashback fees from Nominex and Nomiswap just by operating on the platforms. In addition, the Nominex ecosystem has been the first to introduce utilitarian farming and staking, meaning users get extra rewards by using its referral program. The referral fees received are directly correlated with the user’s farming level. One with higher farming levels stands to receive higher cashback and referral fees.
The referral rewards are originated from 3 specific activities: swap fees, farming, and tokens earned on launchpools. In other words, you can earn and benefit from your referrals when they use some of the most popular products on the DEX and the DeFi sector.
Furthermore, Nomiswap offers a binary referral program with separate rewards. In other words, a user will earn rewards from those activities linked to their direct referral, and separate rewards from the group of people they have brought to the exchange. The team behind the platform added:
We are highly committed to providing true value, fairness, and innovation to decentralized finance through our high-quality products and services. Nomiswap is fast, secure and anyone can swap and earn tokens.
How To Trade And Become A Liquidity Provider On Nomiswap
Traders will be familiar with Nomiswap’s interface, the platform lets you swap any token on the BSC and will add other networks in the future. As mentioned, its cashback feature lets you receive rewards for taking your BNB or any other BEP-20 token and trade it for MATIC, Nominex Token (NMX), SOL, USDT.
Traders can also swap their tokens to synthetic versions of popular cryptocurrencies, such as DOGE, Bitcoin (BTC), Ethereum (ETH), Shiba Inu (SHIB), and others. To start an operations users will need to connect their MetaMask, WalletConnect, or Trust Wallet.
As seen below, once the user’s wallet is connected, they must select the coin from which the swap operation will begin and select the coin they desire. The platform also lets users modify its setting and customize its slippage percentage, transaction speed, and the deadline to complete the transaction.
To provide liquidity, Nomiswap users will need to follow a similar process and connect their favorite crypto wallet. Later, they will need to select the trading pair (BNB/BUSD, for example) to which they want to provide liquidity. It is important to note that liquidity providers need to have a sufficient balance in their wallets to complete the transaction.
By providing liquidity, users will receive rewards in the form of a liquidity provider (LP) token called NMX, Nomiswap’s native token. These operate as an incentive, as users can take their rewards and stake them on the platform farms or special liquidity pools that provide them with extra rewards.
Thus, users have an extra protection layer against common issues for liquidity providers, such as Impermanent Loss, and are able to benefit from a passive income revenue stream. As a bonus, the DEX offers some of the highest APY on the BSC ecosystem, much higher than its competitors PancakeSwap, and Biswap.
On top of the above, Nomiswap was selected as one of the most valuable builders on Binance’s Accelerator Program. This initiative was launched to support valuable projects in the crypto space, boost their development and adoptions.
The DEX has received positive reviews from many specialized websites and crypto experts, such as T9schools, a YouTube channel with over 2.2 million subscribers, and Revain. Nomiswap was classified as one of the “best” crypto exchange platforms of the future with reviewers particularly praising its different products, trading features, and rewards.
Due to its frictionless and user-friendly interface, its many opportunities to make rewards and maximizing via staking, cashback, referral programs which give a portion of all fees to every user, its security and innovative CeDiFi model, Nomiswap and the Nominex ecosystem are poised to continue making a positive impact on the space. Every crypto trader should try it!
For more details and information about Nomiswap or to start participating as a member of its community, you can always check the following links: