Nimbus Platform Launched With Multiple Ways To Make Money Amid DeFi Boom

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If there is one part of the blockchain ecosystem that has become popular in recent years, it is the decentralized finance (DeFi) sector. The reason is that DeFi successfully offers many products and services offered by the traditional financial system, but does so with greater privacy, greater flexibility and lower costs for users.

The result has been that billions of dollars have been stranded on DeFi platforms over the past two years and more innovative DeFi platforms have emerged, especially those that allow users to earn income on their initial investment. One of the latest is Nimbus, which is a DAO-governed dApp ecosystem that provides a number of revenue-generating streams and aims to create a decentralized bank for users.

How Nimbus Works

In order for users to access Nimbus features, they must first open a wallet address with Metamask, WalletConnect, Coinbase Wallet, Fortmatic, or Portis. Once done, the wallet will need to be connected to the Nimbus platform and then be used to store one of the two native NImbus tokens: NBU or GNBU that they will need to transact.

The process of acquiring one of the native tokens will see users use Nimbus’ trading machine, which is one of its main features. Through the exchange machine, users can exchange major tokens such as BNB or ETH for NBU or GNBU, which will require authentication on both platforms and payment of transaction fees. Once the exchange is complete, users can then use their NBU or GNBU to complete a number of transactions on the Nimbus ecosystem.

First, there is the ability to lock their tokens into cash pools and earn interest. To do this, users must commit to locking their tokens into one of the available cash pools and the interest they will receive is based on a number of factors including the number of tokens to be locked and the share of the pool. The liquidity pairs currently available to Nimbus users are BNB / NBU with a yield of 100% / year; GNBU / NBU with an efficiency of 100% / year.

When payments are made in the form of LP tokens, they can be re-locked to provide liquidity to the network and generate interest for the holders.

Providing cash is not the only way to earn interest with Nimbus, as there is also the option of wagering tokens. The difference between the two is that staking requires the tokens to be stowed for a predetermined amount of time and depending on the type of staking chosen, the user may or may not be able to withdraw it before the time period. In the case of soft staking, they can withdraw the tokens whenever they wish, but in the case of hard staking, the money cannot be withdrawn before the maturation period, which can be 60, 90 or 180 days.

The many dApps on Nimbus

Besides the ability to wager and hold tokens in liquidity pools, NImbus also has a number of decentralized applications that provide a world of functionality for users. One of them is a P2P platform through which users can exchange tokens without any middleman, KYC requirement, or fees charged. Users only need to create a list with the details of the tokens they want to buy or sell and the amount. When another user replies to their ad, the smart contract executes the transaction instantly.

Users can also lend their tokens to others through the Nimbus Lending Protocol. It works when users put their tokens into a cash pool and once other users start borrowing from that pool, interest is collected and paid to those who have contributed to the pool, based on their contribution minus one. 0.3% interest collected by the Nimbus protocol.

The difference between this type of loan and that of the traditional bank is that those who lock their tokens in a cash pool only receive interest once someone borrows from their pool, while the traditional bank starts paying. interest immediately. In addition, all transactions are done using a smart contract.

Borrowing can also be done through the Nimbus protocol, with users having to lock in 150% of the amount they intend to borrow with a smart contract to ensure the loan is paid off. Because Nimbus is a DAO (Decentralized Autonomous Organization), all decisions regarding its ecosystem are made by vote and can only be made by those who own at least 1% of the outstanding GNBU.

Finally, Nimbs offers an unboxing machine that allows users to transfer Nimbus tokens (NBU and GNBU) from one network to another, like the Binance Smart Chain to take advantage of lower gas fees.

Conclusion

The DeFi space is constantly evolving and offering new products and Nimbus is at the forefront of that. By leveraging DeFi and smart contracts to deliver such innovative dApps, Nimbus is leading the way in providing income-generating options to users and appears to be just getting started.


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