Nested a one-stop decentralized application for Defi & web3 mainstream adoption

2022-11-04, 01:56

[TL; DR]

🔹 Nested is a trading application that runs on multiple blockchains and aims to offer a seamless user experience, decentralized finance services, and social trading strategies.

🔹 Nested promotes access to Web3 investments while keeping up with decentralization and security.

🔹 Nested supports social trading where users can navigate, scan, and duplicate portfolios and trading strategies of other best-performing traders.

🔹 Users can either create portfolios themselves or copy a portfolio from the best-performing traders displayed on Nested DApp.

🔹 Nested aims to build a mobile application that will compete with those of CeFi while also offering the advantages of DeFi DApps.

Nested; the one-stop decentralized application for DeFi.

DeFi (Decentralized finance) is a peer-to-peer financial model that depends on blockchain-based smart contracts to ensure its integrity and security. As the DeFi ecosystem grows, with protocols intertwining and the rising complexity of financial products, it becomes susceptible to the very sort of financial meltdown due to the fact it is not 100% on decentralized protocols. Also, decentralized finance (DeFi) wards off many potential users due to its poor user experience and lack of accessibility.

Nested is a workable technology that aims at socializing DeFi and, through its unique features, facilitating financial connectivity for the crypto community.

As DeFi gains mainstream adoption, Nested shows up as the solution based on truly decentralized protocols and offers a seamless experience for non-native Crypto users on DeFi.

What is Nested about?

Nested is a non-custodial wallet and trading application that runs on multiple blockchains and aims to offer a user-friendly interface, decentralized finance services, and social trading strategies. Nested was created to remove key barriers to DeFi user participation. It is marketed as a one-stop decentralized application for portfolio building, management, replication, and monetization.

Nested supports all cryptocurrencies on integrated networks such as Ethereum, Optimism, BNB Chain, Avalanche, Polygon, and Arbitrum.

Nested unique features
Nested is the first DApp to provide a seamless experience similar to and much better than what investors use on other CeFi applications. Its unique features include:

1. Friendly User Interface
Designing amazing user interfaces is a significant part of how Nested makes Web 3 usable for all. This DApp is paving the way for social trading DApps with a sleek user experience encouraging easy participation for non-crypto natives.

Users can easily register using their phone numbers, Google, Twitter, and email addresses and connect with Metamask.

For companies, Nested simplifies the Crypto payroll process for the team with thoughtful functions like the ability to pay multiple crypto invoices at once, or schedule invoices, making it easy for accountants to manage crypto payments.

2. Accepts social-trading
With hundreds of exchange markets and thousands of coins to choose from, most traders, if not all, are always skeptical about where to invest their money.

Nested hopes social trading will make DeFi easy to navigate for new and old users. On Nested, users can browse the explorer, scan and duplicate portfolios, and the trading strategy of other best-performing traders.

The idea is that users no longer need to become expert traders as they can copy other traders, learn from them, and grow as part of the Nested community.

3. Earning Strategy
Web 3.0 does not yet provide data commoditization or referral links, and one cannot monetize the community as quickly as with centralized platforms. However, Nested now makes it possible that web3 users can earn through their Nested profile.

Users build baskets of assets represented by an NFT, known as an NFT portfolio, and each time someone copies the portfolio, the original creator gets paid. This feature will allow Nested users to build their lending strategies, which other users can copy.

How Nested works

Social Login
Users create an account/log in to Nested with their Twitter, Google account, mail, or phone number, just as on any centralized application. Nested adopts the social login method because web3 wallets can be difficult for beginners in the space to create and manage.

source: cryptoslate

Nested often advises users to use a hardware wallet to protect their private key, although there will definitely need to be a transition period until individuals embrace the best practices.

On-ramp and off-ramp solutions
After logging in to Nested, users have the option to buy cryptocurrencies with fiat like ETH, MATIC, USDC, and many more. Users can purchase cryptocurrencies for up to $1000 per day and $100,000 per year without completing a KYC form. This feature makes onboarding more efficient.

Source: cryptoslate

Portfolio Creation
Once logging in and onboarding are completed, the next is for users to create their crypto portfolio. This can be done in a short time.

Source: cryptoslate

Users can create a portfolio on Nested in two ways:
Creating it themselves with the comprehensive and powerful Nested portfolio management interface

Cloning a portfolio from the best-performing traders, all of which are displayed in the Nested dApp. They will be alerted whenever a change is made by push, email, or Telegram notifications.

Source: cryptoslate

Every time a portfolio is copied, the original owner earns a part of the platform's fees – royalties. Hence, traders can then make money when they trade or do not!

NFT financial portfolios

Whenever a user creates or clones a portfolio on Nested, an NFT portfolio is formed as NestedNFT, representing the collection of tokens.
While one user may look for already-built portfolios to copy, another may decide to create and monetize their knowledge by earning royalties every time users copy their portfolios.

Users can also transfer the ownership of an NFT portfolio to someone else by sending the NestedNFT instead of sending all the assets individually.

Nested fees
Nested charges 0.3% for basic portfolio operations and 0.8% for withdrawals on the DApp. These fees are factored into any transactions carried out on the platform to secure the profit margin.

Nested is the future of DeFi.

Nested has launched on Polygon, BNB Smart Chain, and Avalanche and will keep expanding to bring the social trading experience to all relevant networks. With proceeds from the round, Nested aims to raise a team of passionate Web3 technologists and introduce future product advancements, like portfolio leaderboards, staking, lending of the underlying assets, decentralized limit orders, and various social-oriented features such as user profile creations and integrated messaging.

Nested is also building a mobile application that will compete with those of Centralized Finance (CeFi) while offering the advantages of DeFi – thus combining for the best.

CeFi users are accustomed to solutions with smooth on-ramps and off-ramps that make investing simple through quick bank card deposits or even SEPA transfers. Nested wants to align with that Strategy to streamline DeFi investment.

Finally, Nested plans to switch to a cross-chain architecture by the end of 2023 once the technology develops enough and is more widely adopted. DeFi native often requires that one must manually alternate between chains to trade. This won't provide an easy user experience for people on the platform, hence the need for a switch.

Conclusion

Nested has plenty of advantages that make it the one-stop decentralized application for DeFi. Its innovative social focus and usage of NFT technology, coupled with the fact that it is decentralized and aggregates several protocols, make it all a top runner.
The fact that more experienced traders can earn by sharing their trading strategies is unique and should encourage a strong community of givers and takers. Moreover, the platform deals with several core challenges in crypto and blockchain today.

Author: M. Olatunji, Gate.io Researcher
* This article represents only the views of the observers and does not constitute any investment suggestions.
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