Nereus is a decentralised, non-custodial liquidity market protocol in which users can participate as depositors or borrowers. Depositors provide liquidity to the market to earn a passive income, while borrowers can borrow in an over-collateralised (perpetually) or undercollateralised (one-block liquidity) fashion. Nereus is optimised to provide dynamic and fixed interest rates with lower collateral requirements, with a focus on use cases beyond trading and price speculation.
Nereus is a recipient of investment from Wirex, a crypto-friendly ecosystem, paid in the form of their native token, WXT. The investment by Wirex is deliberately configured to minimise the platform’s direct involvement in the project. In effect, the WXT invested by Nereus will be in the form of a grant, funding the protocol’s development and supporting its initial launch.
Nereus will be independent of Wirex, and mechanisms will be in place to ensure governance of the protocol is not influenced by the investment.
Conceived by former Wirexers, Nereus opted to utilise WXT within the protocol for several reasons:
- To accelerate the protocol development and bring a functioning product to market quicker.
- The opportunity to attract the 5m+ Wirex customers already familiar with the currency.
- To ensure an immediate mechanism in which Nereus protocol users can add or remove collateral between traditional fiat networks and decentralised ones. WXT can be traded independently of Wirex on both decentralised and centralised networks, as well as being integral to the Wirex ecosystem which includes the payment app, Mastercard / Visa card and non-custodial wallet.
- To co-opt decentralised use cases that already exist for WXT within the Nereus protocol.