NEXEN CRYPTO, a DeFi protocol, has officially announced its move from the Ethereum blockchain to Polygon. In the official statement released through its official social media platforms, the team cited several factors that necessitated the migration (as discussed below) and why this was the best choice for the Nexen community.
Nexen Crypto is a P2P crypto-lending platform that connects lenders and borrowers. The platform enables users to only deal with stable coins, mainly DAI and USDT, to protect their investments from price fluctuations. The native token is NXN, and it is the currency running the Nexen ecosystem.
The team has created a DeFi protocol that will enable users to lend and borrow money without third-party involvement. Unlike traditional banks, borrowers will pay less interest on the loan, and the lender will earn higher interest on the loaned money.
The platform charges only 1% of the interest earned. Therefore, Nexen is a DeFi platform that provides a win-win situation for all parties. To protect lenders’ funds, Nexen Crypto uses over-collateralization, which ensures full repayment of the loans and on time. This is definitely a unique DeFi protocol, and it will be a game-changer.
According to the Nexen team, one of the reasons for migrating to Polygon is the high gas fee on the Ethereum blockchain, which makes transactions very expensive. Polygon has a lower gas fee, which makes it one of the top options for developers looking for more affordable blockchains, and this is what Nexen Protocol has done.
The Nexen team has also cited the scalability issue on the Ethereum blockchain as a major reason for migrating to Polygon. Polygon is a multichain system, framework, and layer-2 solution working on top of Ethereum’s primary blockchain. The platform uses side chains to promote parallel transactions, which enables it to increase the number of transactions per second. It has higher scalability than Ethereum, and this will make transactions on Nexen Crypto faster.
With this explanation, it is clear that moving from Ethereum to Polygon is the best decision the team could have made. In addition to that, the team assured users that the migration has in no way affected the development plan or the original roadmap. The team has already announced that the platform is going to add more utilities to make the platform more profitable for investors.
The Nexen team is already in the process of developing an NFT Market, a place where people can buy, sell, rent, and auction in the NFTs. The name of the NFT marketplace is SPACTIO.COM and is already in the final development stages. Nexen Crypto is also going to collaborate with an NFT-gaming platform to give users a better experience and increase the token utility.
For all the crypto investors looking forward to investing in Nexen Crypto, token minting is coming up soon. The presale will be announced soon, and it will take place on the DXSale, the world’s largest DAO Platform.
On 26th January 2022, NXN token will list on the Quickswap exchange to allow crypto investors to buy, sell, and trade from 1st Feb 2022 onward. Don’t miss out on the whitelisting to be among the first buyers of the NXN tokens.
To stay up to date on all things at Nexen Crypto by joining Discord and following the token’s social media platforms.