NEST Protocol, one of the Ethereum-based decentralized price oracles, has recently seen a new proposal offered for its community to vote on. If the community votes yes, the proposal will see a merger of the NEST Protocol and FORT Protocol.
NEST Protocol – NEST voting proposal: a merger of the NEST protocol and FORT protocol https://t.co/thBfLLwD79 pic.twitter.com/5xITh8w3XX
— NEST Protocol (@nest_protocol) July 8, 2022
FORT Protocol is a project that introduced the concept of discount computers and on-chain decentralized currency units that can systematically solve the liquidity problem and integrate financial contracts and derivatives into a single protocol. It emerged after the development trend of on-chain apps, where liquidity was the biggest problem in the DeFi sector. Previous DeFi projects attempted to solve it by using traditional order books and AMMs, but while these methods helped — they are not an ideal solution.
The problem is that they cannot integrate all financial services into a single protocol and share the same liquidity, which leads to wasting resources while still having low performance.
FORT protocol’s solution aims to address this, and now, FORT might become a part of NEST, depending on how the vote goes.
The details of the proposal
According to the snapshot of the proposal, the vote is supposed to decide whether NEST and FORT protocol should merge moving forward. The proposal noted that the NEST DAO meeting that was held on July 6th ended with the conclusion that NEST should “jump out of its single scenario of the oracle machine and continue to explore and practice the spirit of decentralization on-chain based on non-cooperative games.”
Meanwhile, FORT, which was incubated by the NEST community, introduces the infinite liquidity model and complete probability space to the blockchain. This is in line with NEST’s strategic transformation, and FORT itself already has a large community. Unfortunately, the FORT Protocol’s brand effect is limited, and the distribution of its system is not mature. On top of that, none of the leading exchanges have added the FORT token (DCU) to their list of supported cryptocurrencies.
On the other hand, NEST has been running for over 4 years with great success, and it was listed on over 20 exchanges, including Coinbase, Gate.io, Huobi, and more. As a result, a merger of the two would benefit both, as FORT will be able to share global popularity that NEST has, while NEST can start with a new economic form thanks to FORT.
At the time of writing, 38 community members have voted on the proposal. Their options are to vote For or Against the proposal, and so far, there have only been 4 votes against the proposal, while 34 have voted in favor of it. In other words, 99.98% has supported the proposal with 1 million NEST tokens backing up the votes, while 211 NEST (0.02%) has been used to vote against.
As things are now, the vote will likely be concluded in favor of the merger, meaning that NEST and FORT will soon become one.
To learn more visit our Investing in NEST Protocol guide.
The post NEST Protocol Calls its Community to Vote on a New Proposal appeared first on Securities.io.
