LONDON, Dec. 8, 2021 /PRNewswire/ -- We're Nereus – a new protocol that will be launched on the Avalanche network.
What is Nereus?
The world is changing fast, and DeFi is changing even faster. DeFi 2.0 brings the next generation of decentralised apps to the metaverse, addressing legacy issues of the early innovators in the DeFi space. We're not here to start from zero; we're here to build on the best protocols that already exist, and to add improved characteristics and better governance. Inspired by the work of AAVE, Compound Finance and MakerDAO, Nereus will use Wirex's WXT token as a form of lending, borrowing and staking within our new protocol.
Nereus is a revenue-sharing protocol featuring a governance system, fully independent, where everyone will have a vote. Many protocols claim participatory governance, but in reality, a few big players control most of the votes and make decisions for the majority. We plan to avoid this by directly involving the community in governance by offering a greater voice to all participants - building a structure that will work for Web 3.0.
Every day, millions of people globally access a smart phone with an internet connection. These people may not have access to financial products, but DeFi will give them this opportunity. Nereus offers everyone a means to fully participate and gain from decentralised finance, wherever they are in the world.
Who are Nereus?
The Nereus team includes former Wirexers who wholeheartedly believe that the future of finance is DeFi. While we all live in a world dominated by fiat currencies, the coming years will lead to great change. Truly independent decision-making, empowering individuals and giving everyone decentralised financial access is what we stand for. Our protocol will offer lending and borrowing; users that stake or lock WXT will be rewarded for providing liquidity. You can read about our full vision in our whitepaper (docs.nereus.finance).
We were inspired by the name Nereus because, as a god of the Old World, he was known to be truthful and honest. Living in the depths of the sea, Nereus had the gift of prophecy, and ability to change his shape. This was a great metaphor for our view of the DeFi and Web 3.0 future before us.
In 2020 there were just 500k DeFi wallets; as of 2021, there's more than 10m1 a growth of around 2,000%. Change is not just coming, it's here. In amongst the chaos and confusion, where regulators cannot keep up with such global forces in finance, Nereus stands for honesty, openness and rapid development to serve the millions already seeking safe and secure DeFi products. Words like 'metaverse', 'DeFi' and 'Web 3.0' were not widely used a year ago, but now they are quoted in mainstream media every day. With that change, the time of Nereus seemed to be right now.
We're already funded – Nereus is not an idea, it's happening. We pitched the Nereus protocol to the senior team at Wirex, where some of us had worked since 2015. We didn't want their acceptance of our resignations; we wanted their investment. We're delighted that we achieved that – a significant investment in our launch of the protocol.
Pitching the potential value to WXT holders and the opportunity to broaden Wirex products, they bought into our big idea with a 5bn WXT investment. For us, the benefits are obvious. We can immediately launch a protocol with the credibility of an existing token that's available on exchanges and already used by an established global crypto leader. As Wirex has millions of users holding WXT, we start with an immediate market of potential participants. Wirex has also committed to building Nereus-compatible products within their future roadmap.
Will we be Independent?
The answer is, 'yes'. A condition of accepting the investment was that Nereus must be able to build an independent governance model which suits its users, not its investors. While we will accept input, support and advice at launch, independence from any investor will be non-negotiable and integral to the protocol. We don't want to waste time building a new currency with no reputation or credibility that requires diversions such as ICO's, exchange listings and brand building. Using WXT will fast track this process and allow us to focus on what we want to do – building the protocol itself.
How can you get Involved?
We're in stealth mode now, but we won't be for long. We're encouraging DeFi enthusiasts to join our Discord channel immediately (discord.gg/4tw3VsuTf9) and follow us on Twitter (twitter.com/nereusfinance) for more updates soon. Community will be 'the' most important input to our roadmap and governance model – we encourage and appeal to as many users as possible to join us in shaping this project. Join Nereus!
Notes to editors:
Nereus - nereus.finance
Nereus whitepaper - docs.nereus.finance
Nereus is a new protocol launched on the Avalanche network, aiming to revolutionise the DeFi space as the metaverse gains traction. Consisting of a team including former employees of leading crypto platform, Wirex, Nereus will stand for honesty, openness and rapid development to enable everyone to have straightforward and secure access to DeFi products.
Wirex has invested 5 billion WXT to use as liquidity for the protocol, offering high quality staking, locking and borrowing options. Compared to competitors in the space, Nereus is committed to offer governance plans that will give a greater voice to all participants, not just those with the largest stake.