DeFi reaches NEM as well
As announced today by the NEM team, the liquidity mining campaign for the XEM token will begin soon, so all those who participate in the various pools will receive rewards as is often the case with several DeFi projects.
We are thrilled to announce a partnership with @NEMofficial and launch a new #liquiditymining campaign for XEM tokens starting November 3, 2020! https://t.co/f450wWY8K3 pic.twitter.com/O1nzD6YY1J
— hummingbot (@hummingbot_io) October 12, 2020
NEM is about to launch its new token, which will be named Symbol, and to prepare for its mainnet launch event has decided to open up to liquidity mining, using the Hummingbot platform.
XEM is not listed on decentralized exchanges such as Uniswap since it has its own blockchain and is therefore not based on Ethereum.
For this reason, it will use a different system, which is to provide liquidity by exploiting the Hummingbot platform, that allows through a series of algorithms to operate on exchanges and other platforms and therefore provide liquidity in this way, opening the possibility to tokens of other blockchains to operate with DeFi.
Nem and DeFi: first step in November
For this event, which will start on November 3rd, Nem will put as much as 15 thousand dollars in XEM, or about 1250 dollars per week for 12 weeks. These rewards will be divided among all those who will provide liquidity to the various pools, namely the XEM/BTC and XEM/ETH pools, while Binance will be used as an exchange.
In the coming days, the tutorial to operate with the Hummingbot platform will be released, as it is not straightforward and it is necessary to set different parameters to obtain the best results.
Decentralized finance (DeFi) is certainly becoming increasingly popular throughout 2020 and several blockchains have taken action to participate in this sector. In fact, new protocols have emerged on the Ethereum blockchain and the various projects have also been launched on the EOS, TRON and Zilliqa blockchains as well as others, demonstrating that this sector still has so much to offer.
Finally, NEM has also recently entered into a partnership with Stakehound, which makes it possible to act as a bridge between the XEM blockchain and the Ethereum one, thus allowing the various ERC20s to be transferred across the two blockchains by using wrapped tokens.