Get Metaverse ready: Nereus has landed!

Region: Europe
Feb 24, 2022, 12:00:00 PM Published By Wirex Team

We hope you’re feeling Metaverse ready. Brand-new DeFi lending protocol Nereus is now live!

Nereus is the people’s DeFi platform - a decentralised, non-custodial liquidity market protocol for depositing, borrowing, staking and lending. Built to make DeFi more accessible for everybody, Nereus focuses on democratic governance and cross-chain compatibility to usher in a new era of convenience, flexibility and oversight.

Nereus was conceived and created by a team of (unspeakably brilliant) former Wirex employees. The protocol operates independently of the Wirex ecosystem, but that doesn’t mean we don’t want a piece of the action - which is why we’ve decided to invest an enormous 5 billion WXT in it!

It’s a good match. Using WXT as liquidity for the protocol benefits both Wirex Token holders and Nereus users, who get access to a currency already held by millions of people around the world.

How does Nereus work?

Nereus offers the opportunity to earn WXT rewards in return for providing liquidity to the protocol.

There are two ways to earn a passive income through Nereus: by either staking or locking WXT. By staking WXT, users can earn platform fees - 50% of all revenue generated through lending on the protocol. By locking WXT, users can earn both platform fees and penalty fees - fees paid by users who claim their rewards within three months, instead of opting for a three-month lock-up.

Nereus will evolve over several phases. Its first phase aims to attract users and maximise liquidity in order to develop future features, including a participatory governance model which, unlike many existing models, will give all participants equal rights and opportunities.

Stay tuned for future updates and check out the full Nereus whitepaper for further information.

You can check out our previous Nereus announcement here.