Summary

As the cryptocurrency craze is spreading throughout the world, users have been constantly searching for different products that can provide them with a competitive edge. The cryptocurrency market has seen the emergence of decentralized exchanges, or DEXs, which provide a convenient way to swap and trade cryptocurrencies. One of the best examples of a DEX that has provided traders with a lot of fortune is Nomiswap, which we will be reviewing below.

What is Nomiswap and how does it work?

Nomiswap is the first decentralized exchange platform that claims to provide team farming options through a binary referral system and one of the lowest platform transaction fees at 0.1%.  Starting in January 2022, the exchange currently only supports BEP-20 tokens. It is backed by the widely recognized Nominex exchange, which is also integrated with Nomiswap. Some of the accolades it has achieved over the short period of its existence include being awarded the Top-5 BSC DEX by TVL and the Top-40 DEX by trade volume.

As an automated market maker (AMM), Nomiswap allows a user to exchange two tokens on the Binance Smart Chain network. The platform gets its liquidity from multiple liquidity providers who place their funds in liquidity pools. For providing this service, the liquidity providers get LP tokens that can be used to farm NMX tokens, the native cryptocurrency of the platform.

Nomiswap – Key features

Nomiswap has a set of features which make them unlike any other DEX on the market.

  • Trading fee

Nomiswap charges a trading fee of 0.1% for making a token swap or trade on the platform. From this trading fee, 0.03% is returned to liquidity providers in the form of a fee reward, while 0.07% is allocated towards referral program rewards, NMX burning, trading fee cash back, and the profit of the platform.

  • Referral program

Nomiswap has a referral program that employs the binary affiliate tree model. This organizational structure places new members into a system using a tree-like pattern. Each new member has access to the left and right branches, known as teams. Every participant in the referral program has a sponsor, who is the affiliate participant. Rewards are awarded based on the concept of unlimited referral levels depending on the user’s farming level.

  • Own referrals farming rewards – 5-10% from the amount of NMX farmed by the own referrals depending on the farming level.
  • Team farming rewards – 5-10% of the total amount of NMX farmed by the weak team depending on the farming level.

Thankfully, tokens earned in launch pools are also counted when calculating farming rewards.

  • Own referrals trading rewards – 10-20% of the trading expenses of the own referrals depending on the farming level.
  • Team trading reward – 5-10% of the total trading expenses conducted by the weak team depending on the farming level.
  • Farming

At the moment, Nomiswap provides 36 different pools for farming, each with a different APR. According to the team behind the platform, the APR of every Nomiswap pool is higher than the APR for the same pool on industry-leading platforms like Pancakeswap or Uniswap. The top 3 highest paying pools at Nomiswap are NMX-BNB, NMX-USDC, and NMX-BUSD with an average APR of 90%. Other pools contain BNB, BTC, ETH, stable coins, etc.

  • Holder bonus

Nomiswap’s holder bonus is the reward awarded for the duration of farming, which is automatically credited in the form of additional NMX tokens to each person who participates. They are awarded in proportion to their share of the pool. When calculating the holder bonus, an increasing coefficient is used depending on the duration of farming. This is provided below:

Duration Under 7 days Under 15 days Under 30 days Under 60 days Under 90 days Under 180 days Under 360 days
Coefficient +20% +50% +100% +200% +300% +500% +900%

The platform alters the accumulated number of days if any manipulation is done with the initial staking deposit. If funds are added, the number of accumulated days is recalculated using a specific formula. This is done to incentivize users to hold more NMX tokens to prevent market fluctuations.

  • NMX token

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 utilized to pay trading fees with a 50% discount while trading on the Nominex centralized exchange. NMX can also be used for staking on Nomiswap DEX at 91% APR.

Nomiswap usability and user-experience

Nomiswap has made its platform as user-friendly as it can be, with some simple steps required to start using it.

  • Connecting the Wallet

Users have to first go to Nomiswap.io and connect their wallets. To do this, the user has to click the option to connect the wallet in the top right corner of the homepage. Once they have accepted the terms and conditions and connected the wallet, the platform will display the BSC address of the user at the top right corner of the page.

  • Trading tokens

After this, the user has to go to https://nomiswap.io/swap and select the pair he or she wishes to trade. After entering the desired amount and accepting wallet notifications, the user has to wait to receive the outcome. This part of the platform allows users to make general trades and also exchange the tokens for staking later on.

  •  Obtaining a farming level

To do this, the user has to visit https://nomiswap.io/liquidity and click on “add.” They then have to choose a pair, such as NMX-USDT and enter the amount he or she wishes to stake. After accepting wallet notifications, the user receives LP tokens. But to get to farming level, you need to add liquidity to any pool of your choice with NMX.

After this, the user has to go to https://nomiswap.io/farms and choose the NMX-USDT pool. To enable the contract, they have to click on “enable” on the right-hand side. After accepting wallet notifications, users can stake their NMX-USDT LP tokens to receive a 90% APR.

When funds are placed in liquidity pools, a corresponding farming level is applied:

Farming level STARTER PARTNER PRO VIP ELITE MAX
USD value <100 100 300 1000 5000 10000

These levels not only affect the amount of the cashback but also referral rewards.

Conclusion

Nomiswap is a very useful platform for users who prefer DEXs. It provides one of the highest APR rates in the market and has a referral program with unlimited levels. The platform is the go-to destination for trading with some of the most popular BSC cryptocurrencies, as well as for farming and staking to produce a continuous stream of passive income

A USA-based blockchain enthusiast deeply involved in diverse crypto projects. With a knack for insightful reviews, I navigate the dynamic crypto landscape, offering a unique perspective on ICOs, DeFi, and NFTs. Let's connect and explore the limitless possibilities of digital transformation! Reach me out @ : [email protected]
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.