Degen Protocol (DGN) Gets Listed on Nomics

The text below is an advertorial article that was not written by Our journalists.

The crypto industry advancements have significantly speeded up, particularly over the last year. Adoption levels are massive, prices are skyrocketing, and the DeFi sector is currently back at its highest levels.

Speaking of DeFi, the sector has also seen a lot of innovation, and it recently finally got something that it has been lacking forever — margin trading. This comes thanks to the development of two projects — UniMex and Degen Protocol, which made trading with leverage possible in decentralized conditions.

Degen itself saw a lot of positive attention thanks to its role in decentralizing trading with leverage, and it opened the doors to new opportunities for the token, such as the listing on Nomics — one of the most popular cryptocurrency data APIs for developers.

Degen Protocol (DGN) Now on Nomics

As some may know, most people go to CoinMarketCap when they need to gather up some useful crypto price data. However, Nomics is a very popular option, as well, offering price, market cap, supply, and other factors that traders need to be aware of to enter successful trades.

The listing of Degen Protocol on the platform was published by NomcsUpdates on Twitter on March 11th. At the time, the project had a price of USD 5.28, and a volume of USD 766,648. At the time of writing (March 15th), the coin has seen a price drop, currently trading at USD 4.7376, which is 2.83% below its value from 24 hours ago.

The listing is likely to bring greater attention to Degen protocol, make it easier to quickly find information about it, and increase transparency regarding its price, allowing users to quickly compare it to other tokens and so on, instead of having to do it manually on exchanges.

What is Degen Protocol?

Degen Protocol is a decentralized protocol for margin trading with liquidity providers. It is highly customizable, allowing users to change and customize things like various liquidity pool fees, and max leverage, and many other details and factors. In essence, the protocol offers 4 different roles for its users/participants. They can choose to be traders, stakers, lenders, or pool creators.

Traders, naturally, trade cryptocurrencies, but they are also allowed to use the tokens in Degen Protocol’s pools to turn a profit. After that, they have to return them with a certain fee, so traders are really borrowers in this situation.

Stakers get to stake their coins and play a role in governance, and earn profit from staking. Lenders earn profit by lending coins, and they get money from fees that borrowers (traders) pay after borrowing their funds. Lastly, Pool creators can create trading pools for various trading pairs to Degen protocol, and then promote it to traders and lenders alike.

It is also worth mentioning that the protocol is launched on two blockchains — Ethereum’s network, as well as Binance’s Binance Smart Chain (BSC). The two versions are not identical, as they have different fixed parameters. And, as mentioned, pool creators can present any pair, select fees in any way they see fit, and more.

Lastly, there is margin trading, which allows users to borrow money to enter a larger trade, and in exchange, they must provide commitment and a liquidation fee. The size of the commitment depends on the leverage, with the user being able to add more commitment at any time in order to prevent liquidation.

Degen also allows users to activate stop-loss or take profit functionalities in order to manage risks and have a better chance to profit during volatile periods.

Leave a Reply

Your email address will not be published. Required fields are marked *