As the cryptocurrency craze spreads across the world, users have been constantly searching for various products that can give them a competitive edge. Decentralized exchanges or DEXs have sprung up in the cryptocurrency market, providing a convenient way to exchange and trade cryptocurrencies. One of the best examples of a DEX that has brought a lot of fortune to traders is Nomiswap, which we will discuss below.
What is Nomiswap and how does it work?
name swap is the first decentralized exchange platform that claims to offer team farming options via a binary referral system and one of the lowest platform transaction fees of 0.1%. As of January 2022, the exchange currently only supports BEP-20 tokens. It is powered by the widely recognized Nominex exchange, which is also integrated with Nomiswap. Some of the awards it has received in its short existence include the award of the top 5 BSC DEX by TVL and the top 40 DEX by trading volume.
As an automated market maker (AMM), Nomiswap allows a user to exchange two tokens on the Binance Smart Chain network. The platform sources its liquidity from multiple liquidity providers who place their funds in liquidity pools. For providing this service, liquidity providers receive LP tokens that can be used to farm NMX tokens, the platform’s native cryptocurrency.
Nomiswap – Key Features
Nomiswap has a number of features that set them apart from any other DEX on the market.
Nomiswap charges a 0.1% trading fee for a token swap or trade on the platform. Of this trading fee, 0.03% is returned to liquidity providers in the form of fee premium, while 0.07% is used for referral program rewards, NMX burn, trading fee cashback and platform profit.
Nomiswap has a referral program that uses the binary partner tree model. This organizational structure places new members in a system using a tree-like pattern. Each new member has access to the left and right branches, known as teams. Each participant in the referral program has a sponsor who is the affiliate participant. Rewards are given based on the concept of unlimited referral levels depending on the user’s farming level.
- Own referral farming rewards – 5-10% from the amount of NMX farmed from own recommendations depending on farming level.
- Team Farming Rewards – 5-10% the total amount of NMX farmed by the weak team, depending on the farming level.
Luckily, tokens earned in starting pools are also counted when calculating farming rewards.
- Trade rewards for own referrals – 10-20% the trading costs of your own referrals depending on the farming level.
- Team Trading Reward – 5-10% of the weak team’s total trade spend depending on the farming level.
At the moment Nomiswap offers 36 different pools to farm, each with a different APR. According to the team behind the platform, the APR of each Nomiswap pool is higher than the APR for the same pool on industry-leading platforms like Pancakeswap or Uniswap. The 3 highest paying pools at Nomiswap are NMX-BNB, NMX-USDC and NMX-BUSD with an average APR of 90%. Other pools included BNB, BTC, ETH, stablecoins, etc.
The Nomiswap owner bonus is the reward for the duration of farming, which is automatically credited to each participating person in the form of additional NMX tokens. They are awarded in proportion to their share of the pool. When calculating the keeper bonus, an increasing coefficient is used depending on the management period. This is stated below:
| duration | Less than 7 days | Less than 15 days | Under 30 days | Under 60 days | Under 90 days | Less than 180 days | Less than 360 days |
| coefficient | +20% | +50% | +100% | +200% | +300% | +500% | +900% |
The platform will change the accumulated number of days if any manipulation is done with the initial staking deposit. When credit is added, the number of accumulated days is recalculated with a specific formula. This is done to encourage users to hold more NMX tokens to avoid market volatility.
NMX is the native cryptocurrency of Nomiswap and Nominex. NMX is a BEP-20 token with a total supply of 200,000,000. It can be used to pay trading fees at a 50% discount while trading on the centralized Nominex exchange. NMX can also be used to stake on Nomiswap DEX at 91% APR.
Ease of use and user experience of Nomiswap
Nomiswap has designed its platform to be as user-friendly as possible, with a few simple steps required to start using it.
Users have to go first Nomiswap.io and connect their wallets. To do this, the user needs to click the connect wallet option on the top right corner of the home page. Once they accept the terms and conditions and connect the wallet, the platform will display the user’s BSC address in the top right corner of the page.
After that the user has to go https://nomiswap.io/swap and select the pair he or she wants to trade. After entering the desired amount and accepting wallet notifications, the user has to wait to get the result. This part of the platform allows users to make general trades and exchange the tokens for later staking.
- Obtaining a farming level
To do this, the user must visit https://nomiswap.io/liquidity and click Add. They then need to select a pair like NMX-USDT and enter the amount they wish to wager. After accepting wallet notifications, the user will receive LP tokens. But to get to the farming level, you need to add liquidity to any pool of your choice with NMX.
After that the user has to go https://nomiswap.io/farms and select the NMX USDT pool. To activate the contract, you must click on “Activate” on the right-hand side. After accepting wallet notifications, users can stake their NMX-USDT-LP tokens to earn an APR of 90%.
When funds are placed in liquidity pools, an appropriate farming level is applied:
| agricultural level | STARTER | PARTNER | PROFESSIONAL | V.I.P | ELITE | Max |
| USD value | <100 | 100 | 300 | 1000 | 5000 | 10000 |
These levels not only affect the amount of cashback, but also the referral rewards.
Conclusion
Nomiswap is a very useful platform for users who prefer DEXs. It offers one of the highest APR rates on the market and has a referral program with unlimited tiers. The platform is the go-to place for trading some of the most popular BSC cryptocurrencies, as well as farming and staking to generate a steady stream of passive income.
Disclaimer
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or the publication assumes no responsibility for your personal financial loss.
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