Highlights:
- Nomiswap is the first DEX to feature a binary referral system and boasts the industry’s lowest transaction fee of 0.1%.
- It operates as an AMM, allowing users to exchange tokens on the Binance Smart Chain. The liquidity providers earn LP tokens, which can be staked to farm NMX tokens.
- The platform charges a 0.1% trading fee, divided between liquidity provider rewards (0.03%) and referral rewards, cashback, NMX burning, and platform profit (0.07%).
As cryptocurrencies become more popular, competition is also on the rise. As a result, more products are needed to stay competitive. Recently, many decentralised exchanges (DEXes) have emerged. For many users, these DEXes are a more convenient way to trade and swap cryptocurrencies. One of the best examples of a successful DEX is Nomiswap. It has brought a lot of fortune to traders. In such a competitive scenario, Nomiswap aims to provide the best user experience. It offers all the features of its competitors but with a focus on excellence.
Understanding Nomiswap
Nomiswap is the first DEX with a binary referral system and the lowest transaction fee of 0.1%. However, it currently supports only BEP-20 tokens on the Binance Smart Chain network. However, it plans to add more chains in the future. The truth is that it is a new exchange, operating since January 2022. At the same time, it is backed by the well-known Nominex centralised exchange. These two platforms are deeply integrated with each other.
The Company Behind It
The Nomiswap cryptocurrency exchange was launched in early 2022. It offers the lowest transaction fees in the industry. Pavel Shkitin, the CEO, has experience in developing cloud solutions and e-commerce businesses, and has several years in the blockchain industry and marketing. Alexander Petrovich, the CTO, has over a decade of experience in backend development and several years in blockchain. Denis Korablev, the CXO, has nearly a decade of experience in front-end development and UI/UX. The team is active on social media and LinkedIn.
Since its launch, it has avoided controversies and bad press. However, users are frustrated by the limited farming pairs and tokens. The whitepaper states that NomiSwap is not responsible for losses or damages from cyberattacks, trading volume surges, crypto price changes, service disruptions, and other technical issues.
The Working Principle
Nomiswap is an automated market maker (AMM) that allows users to exchange two tokens on the Binance Smart Chain network. Liquidity providers supply funds to Liquidity Pools, and in return, they receive LP tokens. These LP tokens can be staked to farm NMX tokens. When users make a trade, they are charged a 0.1% fee. This fee is divided as follows:
0.03% goes to liquidity providers as a reward, adding to the daily distributed NMX and boosting farming APRs.
0.07% is used for referral rewards, trading fee cashback, NMX burning, and Nomiswap’s profit.
Stunning Features
Trading Fee
Nomiswap charges a 0.1% fee for trades. Of this, 0.03% goes to liquidity providers, and 0.07% is used for referral rewards, NMX burning, cashback, and platform profit.
Referral Program
At the same time, it uses a binary affiliate tree model for its referral program. New members join in a tree-like pattern with left and right branches. Each participant has a sponsor. Rewards are based on unlimited referral levels and farming levels.
Own referrals farming rewards: 5-10% of NMX farmed by referrals.
Team farming rewards: 5-10% of NMX farmed by the weaker team.
Team trading rewards: 5-10% of the weaker team’s trading expenses.
Own referrals trading rewards: 10-20% of referrals’ trading expenses.
Farming
Nomiswap also offers 36 pools for farming, each with different APRs. The top pools (NMX-BNB, NMX-USDC, NMX-BUSD) have an average APR of 90%. Other pools include BNB, BTC, ETH, and stablecoins.
Holder Bonus
Participants earn a holder bonus based on the duration of farming. The longer the duration, the higher the bonus:
- Under 7 days: +20%
- Under 15 days: +50%
- Under 30 days: +100%
- Under 60 days: +200%
- Under 90 days: +300%
- Under 180 days: +500%
- Under 360 days: +900%
NMX Token
NMX is the native token of Nomiswap and Nominex. It’s a BEP-20 token with a total supply of 200,000,000. NMX can be used to pay trading fees on Nominex with a 50% discount and for staking on Nomiswap at 91% APR.
Reviewing The Usability
This platform is super easy to use and therefore, has attracted more users to itself. To use it, you need to do the following:
- Connecting the Wallet: Go to Nomiswap.io and connect your wallet by clicking “connect wallet” at the top right corner and accepting the terms and conditions.
- Trading Tokens: Visit https://nomiswap.io/swap, select the token pair, enter the amount, and confirm the trade.
- Obtaining a Farming Level: Go to https://nomiswap.io/liquidity, click “add,” choose a pair like NMX-USDT, and enter the amount to stake. Then go to https://nomiswap.io/farms, choose the pool, and click “enable.” Confirm the transaction to start earning a 90% APR.
Farming with Nomiswap
Currently, Nomiswap offers 38 different farming pools. The APRs vary by pool, but each pool’s APR is higher than that of leading platforms like Pancakeswap or Uniswap. APRs can decrease as more participants join a pool. As of now, the top three highest-paying pools are GST-USDC, NMX-USDC, and NMX-BUSD, with an average APR of 120%. For stablecoin pools, Nomiswap also provides better APRs than Pancakeswap, averaging around 7%.
Final Words
Therefore, Nomiswap is a very useful platform for decentralised exchange users. The review above shows that its bonuses surpass those of industry leaders like Uniswap and Pancakeswap. Although Nomiswap is still young and gaining popularity, its APR percentages remain high, and trading fees are very low.
The unlimited referral program is a unique feature, especially appealing to opinion leaders and those who can quickly grow their affiliate network. Nomiswap is an excellent choice for trading popular BSC cryptocurrencies and for earning passive income through farming and staking.
