Why Nominex exchange token NMX is up 3,200% in 1 months: liquidity mining,  infinite referrals and more

Nominex exchange token NMX

Nominex is a rapidly growing exchange that combines the best of both worlds: a native token that recently appreciated by over 2,600%, a yield farming program on Binance Smart Chain that pays 3,800% APY, and first in history team staking based on a binary referral program with infinite levels. Here is what you need to know about this rising star of crypto trading and DeFi.

Up to 3 BTC daily without KYC: the perks of trading on Nominex

Young exchanges like Nominex have to work hard to compete with giants like Binance or Poloniex. You have to understand what it is that users look for but can’t find on larger platforms – and offer all those things. 

The Nominex team has done a great job identifying traders’ hidden needs and designing products around them. This led to a host of pioneering features that users won’t find on most exchanges:

  • A winning combination of regular trading and DeFi: bottomless liquidity and near-zero fees on the centralized platform, plus decentralized staking pools and a yield farming program that pays 3,800% APY;
  • Extra-high limits: users can withdraw up to 3 BTC every day without any KYC (on Binance the limit is 2 BTC);
  • Buying BTC with Visa or MasterCard;
  • Staking and farming NMX tokens without leaving the Nominex platform (no major centralized exchange has this feature);
  • 50% off when using NMX to pay the trading fees;
  • 7 types of trading orders (Binance has only 5)
  • 60+ trading pairs;
  • A smooth, easy-to-use trading interface;
  • Smart contracts audited by under the supervision of Alexey Makeev himself – one of one of industry’s leading experts, who also audited Aave; (view report)
  • 8 different referral bonuses plus two types of referral farming bonuses;
  • Completely free trading and withdrawals for those when staking a certain number of NMX.

Binance trading will soon be available on Nominex

Very soon, Nominex will make another huge step forward by joining the Binance broker program. All Binance trading pairs and liquidity will become available on Nominex, together with semi-automatic trading bots, copy trading, and much more. 

At the same time, Nominex users will continue to enjoy all of Nominex’s advantages: high NMX farming payouts, tournaments with cash prizes, referral rewards, etc. Plus, those who reach  the highest level in the referral program will be able to unlock 100% free trading on Binance. Simply put, trading on Binance will be more profitable when done through Nominex. 

This is a clear win-win for both the exchange and its users, and the increased demand for NMX from Nominex and Binance traders will likely spur another NMX rally.

A unique binary referral program with infinite levels

The engaging and lucrative referral program has been one of Nominex’s main trump cards since launch. Whereas other exchanges allow only one or two referral levels, Nominex has an unlimited number, all organized in the shape of a binary tree:  2 people on level 1, 4 on level 2, 8 on level 3, and so on (see this YouTube video for details). 

The key advantage of unlimited levels is that a user’s downline keeps expanding even if they don’t take any active steps to increase it. There are a whopping eight types of referral bonuses – plus two different yield farming bonuses based on referrals, which we will tackle later in this overview. The most successful team leaders can potentially earn up to 50,000 USDT a week. 

This year, the referral program was upgraded to reflect a major technical update: the launch of a native DeFi asset and staking on Binance Smart Chain. 

The transition to DeFi and Binance Smart Chain

In February 2021, Nominex made a leap from traditional centralized trading to DeFi. It launched a BEP20 version of its native token, NMX, a NMX-USDT liquidity pool on PancakeSwap, and an advanced yield farming program. 

Unlike the majority of native exchange tokens, which run on Ethereum, NMX runs on Binance Smart Chain (BSC). This gives it important advantages:

  • Each transaction costs less than $0.05 in fees (compare this to $15+ on Ethereum);
  • It takes only 3 seconds to confirm an operation;
  • NMX can be directly integrated into BSC-based DeFi projects, which are all the rage right now.

Binance Smart Chain has become a true DeFi phenomenon in 2021, with the total volume of locked liquidity skyrocketing by 58% between the end of February and late March. Over the same period, the Ethereum DeFi ecosystem grew by only 12.5%, and the number of active ETH wallets tumbled by 40%.  

From $0.10 to $2.70 in two months: the meteoric rise of NMX

For an ambitious project like Nominex, a launch on Binance Smart Chain was thus very logical.  The plan paid off: the price of BEP20 NMX on PancakeSwap shot up from $0.1 to $0.7 in just two hours after listing, and Nominex and NMX were quickly listed on CoinGecko, CoinMarketCap, DappRadar, and BSCscan.

Just a few weeks after launch, the amount of liquidity deposited in NMX staking pools already exceeded $3.5 million. Most impressively, NMX is now trading at $2.70, or 2,600% higher than the original listing price. 

There are over a thousand users farming NMX, and several hundred engaged in referral farming and team farming. But what is so special about liquidity mining on Nominex?

72 years of staking rewards and up to 3,000% APY

Nominex has allocated an enormous sum of 193 million NMX tokens for its liquidity farming program. However, users shouldn’t be worried about hyperinflation, because these rewards will be spread across a period of 72 years. This potentially means a lifetime of staking for those who join early. 

Right now, Nominex distributes 6,640 NMX a day from the main reward pool, plus 1/5 of that number (1,330 NMX) as bonuses. The versatile system of farming bonuses is actually the most interesting and innovative part of the liquidity mining program. 

Everyone who stakes NMX receives some bonus tokens everyday. However, those who stake for longer enjoy an increased bonus coefficient: according to the website, extending the duration of farming can increase one’s bonus rewards by up to 900%. 

Here are a few examples from the official Telegram channel:

+7 days = +20% to the daily bonus rate

+15 days = +50% to the bonus rate

+30 days = +100% (the bonus rate is doubled)

+60 days = +200%

+90 days = +300% (the bonus rate quadruples)

+180 days = +500%

+360 days =+900%

Even this is not the limit, however: NMX holders can use a couple more creative farming tricks to boost the income.

Referral mining: a novel way to boost farming rewards by 20%

Apart from the increased rate when you stake longer, there are two more types of farming bonuses: team and referrals. True to its philosophy of team-based trading, Nominex is the first to allow users to benefit from other people’s staking rewards – and not in one, but in two ways.

1) Referral farming reward. If any of your direct referrals on Nominex farm NMX, you’ll receive a rebate on their rewards. They will still earn the full reward, of course: the bonus is paid from a different pool.

The bonus rate depends on the size of your own stake. There are six levels in all, but if your level is Starter (i.e. you’ve staked less than 100 USD), you won’t earn a bonus. On the subsequent levels the bonus ranges from 5% (for those who stake 100-300 USDT) to 20%  (10,000 USDT or more). 

It should be noted that bonus NMX tokens are credited to the Nominex wallet. In order to use them to increase your stake (and earn even more), you will first need to transfer them to MetaMask. 

The number of bonus tokens you’ll get is calculated based on the sum total of your direct referrals’ rewards for the day. So for instance, if your direct referrals receive 500 NMX and your bonus rate is 10%, you’ll get an extra 50 NMX on that day. 

2) Team farming reward. This bonus lets you profit from the rewards earned by users on any level of your referral structure (reminder: Nominex has an unlimited number of downline levels). Even if they were invited by your referral’s referral’s referral, you will still get bonus tokens – once again, based on how much you have personally staked on Nominex. 

Farming NMX in 3 steps

While many major crypto exchanges have native assets, Nominex was among the very first to introduce a true DeFi staking program for its NMX token. To start earning staking rewards, one first needs to register on Nominex and buy NMX tokens for USDT (a MetaMask wallet is required).

Second, without leaving the Nominex dashboard, the user can send USDT and NMX to the liquidity pool on PancakeSwap. The third and last step is to stake the LP tokens received from the pool in exchange for liquidity. The rewards will begin to accrue immediately. 

It’s also possible to buy NMX and deposit funds in the pool directly in the PancakeSwap app, but after a recent DNS hack, this is not recommended. The Nominex dApp directly interacts with the PancakeSwap smart contract, making the staking and farming process much smoother. 

Last but not least: tournaments with large prize funds

There’s one more attractive feature of Nominex worth describing in more detail: trading tournaments. They take place every couple of days in the Nominex Arena with a prize fund of around $400. Every once in a while, there is a larger tournament with much higher prizes. 

All one has to do to qualify for a tournament is to generate a trading volume of 500 USDT or more on Nominex. For users who are working on their trading skills, there are also a demo arena – a great opportunity to test a strategy with zero risk. The prize fund for these demo events is around $1000, but in demo USDT. 

The verdict

With its high-yield liquidity mining on Binance Smart Chain and a robust trading platform with near-zero fees and vast liquidity, Nominex offers a winning combination of DeFi and a centralized crypto exchange. This means that, even after appreciating from $0.1 to $2.70, NMX remains seriously undervalued – and one of the best buying opportunities of this crypto season. 

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