The Nereus Protocol Live on Avalanche

Published on: 23.02.2022

The Nereus Protocol has Launched, from today you can lend and borrow a huge variety of tokens such as AVAX and DAI, as well as stake and lock WXT. In doing so, you can receive huge WXT rewards, with the amount depending on the action you take and how long you leave it there for.

Who are Nereus?

Nereus is the latest DeFi protocol to launch that’s determined to stand out from the crowd. To give you a bit of background, They’ve launched on the popular Avalanche network, and offer users the ability to lend, borrow, stake and lock crypto in return for rewards. They chose Avalanche because it’s priorities closely align with their in making blockchain more accessible, where the Avalanche blockchain is designed to be faster, cheaper and more eco-friendly.

With the growth of the metaverse and Web 3.0, they aiming to develop a platform that allows everyone to have easy and equal access to the benefits of DeFi.

How they Differ from Other Protocols?

It might sound like a standard protocol, but they aiming to build Nereus to addresses the inherent issues with many other protocols.

WXT, otherwise known as Wirex token, will be used as the token for rewarding within the protocol, a 5 billion WXT investment from Wirex. Wirex are a leading payments platform with a long-standing reputation for innovation and security within the crypto space, and are playing an important role in bridging the gap between the traditional finance and digital finance spaces, so it’s good to know they’ve got their support. More importantly, by using a token that’s been in existence since 2019 and has multiple use-cases across the Wirex ecosystem, and is already owned by million of people, you know it’s already got great credibility and is widely accessible.

Thanks to the partnership, their 4.5 million+ customers will have access to easy access to this protocol, making it the world’s first DeFi protocol aimed at the mass market

How can I get Involved?

To get started, all you need to do is connect your non-custodial wallet such as the Wirex Wallet (available on the Google Play or App store) or Metamask, to the protocol.

You’ll first need some WXT (Wirex’s native token), which you can purchase on the Wirex wallet, Wirex app and many other centralised exchanges. WXT supports the open canoncial bridge standard, so you can bridge different tokens across blockchains.

The full step-by-step guide is laid out in the Nereus whitepaper, and you can find out more info on how to borrow, lend, as well as stake and lock.

What’s Next for Nereus?

In the coming months, they planning to expand to other blockchains, develop fixed rate APRs, leverage other synthetic tokens and much more.

Not only this but stayed tuned to find out more about the launch of their highly-anticipated Nereus Shapeshifter NFT collection; with the creation of 10,000 unique NFTs, owners will have access to a huge range of DeFi perks within the Nereus protocol, including weekly rewards and increased voting rights.