New Nessie Protocol Token Emerges as DeFi and stablecoins held up while cryptocurrency markets imploded
Decentralized finance displayed great strength during last week's sell-off as decentralized exchange activity and stablecoin stability showed that the DeFi ecosystem might be ready for widespread adoption. This stability coincides with the emergence of a new player in the cryptosphere - the Nessie Protocol (LSM), the first community-driven DeFi Adventure token.
The DeFi sector had to deal with its first serious obstacle during last week's marketplace sell-off that saw over $1 trillion erased from the worldwide crypto marketplace capitalization as traders were in a frenzy due to tumbling prices.
Even with fast-declining token prices, the decentralized finance ecosystem held its own as decentralized exchanges saw a record-breaking $11.7 billion in trading volume on May 19.
Even with the falling prices, new users kept on entering the decentralized finance sector. The overall number of unique thirty-day traders on the top decentralized exchanges went over the one million mark for the first time during last week's sell-off!
The decentralization of currencies is becoming perceived as an inevitable development. For over a year, we have been dealing with a pandemic that showed the importance of community over corporate. In 2021, we also saw the strength of Redditors and retail traders over hedge funds. We have also recently seen the power one man can have over the cryptosphere.
That's why traders were quick to welcome the Nessie Protocol since it's not only decentralized but driven by the community, too. There is an automated distribution on each transaction that will go to the community and the LNM tokens. To be more precise, holders gain a Nessie token for each transaction made.
The crypto laid out the roadmap for the token's development, along with the token's supply - 420,420,420,420. The first Q1 phase has been completed, and Nessie is now moving to the second phase - auditing, promo campaigns, DEX/CEX listings, and more. The Whitepaper for the token already arrived, revealing that the Nessie smart contract extracts 1% of each transaction and adds it to the liquidity pool. That pool grows with time, meaning that the token will have a higher price floor. This pool is going to be utilized for future projects chosen by a community vote.
The remaining 1% of every transaction disintegrates automatically, unlike other protocols where the disintegration is manual. This automation will make Nessie even more decentralized.
The crypto space may be getting more crowded, but with players like Nessie swimming in to take over, we're not complaining.
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