What is NEXT Exchange? NEXT Chain and Token Review
NEXT Exchange is a hybrid exchange, merging the ease of use found on centralized exchanges with the security of a decentralized platform. This is done by building on its proof of stake blockchain: NEXT Chain and fueled by its native NEXT token. Here we will look at what is NEXT Chain, go over the team’s DeFi plans, and its upcoming liquidity providing event for NEXT token.
Why trade on NEXT Exchange?
One major downfall of using a centralized platform such as Binance or FTX Exchange means that you’re giving up control of your assets once you make a deposit. Essentially, you have to trust a third party to manage your cryptocurrency. Crypto history is littered with exchanges being hacked for millions due to poor security protocols, going bankrupt, or even CEOs disappearing with the private keys. It’s getting to the point where you might say a CEX having a breach is just a question of time. Another point of concern is market manipulation or wash trading because a centralized platform doesn’t need to submit a transaction to confirm a trade.
NEXT Exchange solves these problems by bringing the security and transparency of a DEX, along with easy onboarding for crypto novices.
- Individual wallets under the control of the user.
- Auto staking for all PoS based assets.
- Holdings go through public audits by a reputable accounting firm.
- No market manipulation or wash trading.
- Fee discounts and profit sharing for NEXT holders.
- Upcoming mobile App to trade on the go.
Plus no need to worry about Ethereum’s high network fees eating up your profits, Next Chain can confirm and verify up to 10,000 transactions per second.
NEXT Chain Overview
The NEXT blockchain has been live since 2017, features a hybrid consensus mechanism of Proof of Stake (PoS) and Proof of Work (PoW) across different layers. This ensures that smart contract transactions can remain lightning fast, and the base layer remains 100% secure.
Here are the key features:
- Staking allows anyone to participate in consensus and earn rewards.
- Merged mining with Bitcoin means the chain is interesting for miners also.
- Deploy tokens, NFTs, DAOs in a couple of clicks.
- Developers can integrate third-party APIs natively(no need for oracles).
- Can use aliases to receive funds instead of long wallet addresses.
- Public or private transactions confirm instantly, up to 10k TPS.
To summarize, Next Chain is built on the battle-hardened technology of bitcoin-core protocol along with supporting smart contracts for DeFi. It uses zk-snarks technology, similar to Loopring, for guaranteed high transaction speeds at low costs.
Looking to the future
To ensure NEXT can integrate into the wider DeFi ecosystem the team plans to deploy an ERC20 bridge. Which will enable users to easily swap assets between Ethereum and NEXT Chain. What’s cool is this bridge can be adapted for any ERC20 token, which opens up a whole range of potential partnerships. Additionally, the team is planning BEP-20 bridges to Binance Smart Chain in the future.
Presale details: The sale is planned for March 6th through the Unicrypt platform. The team has gone through a KYC vetting process by Chainsulting and Pinpoint Capital. Additionally, 40% of the raised ETH will go into a liquidity lock on Uniswap for 11 months.
- The total supply is 8M with 6M up for sale for the liquidity providing event. It’s a public sale open to anyone, so expect things to move fast!
What to expect next? Given the exchange and solo staking for NEXT are already live (~10% APY) we’re expecting the team to keep pushing new releases quickly. Next up is a yield farming dApp that will enable users to earn rewards (in NEXT) for providing liquidity on Uniswap. The team is also building an IEO Launchpad which will be called NEXT Genesis – lot’s to be excited about!