Nerve is a StableSwap automated market-maker (AMM) and cross-chain bridge designed for users to easily trade stablecoins and pegged synthetic assets on Binance Smart Chain (BSC) with minimal slippage (docs).
When did Nerve launch? March 1, 2021
What is the NRV token contract? 0x42F6f551ae042cBe50C739158b4f0CAC0Edb9096
What was the initial price of the NRV token? Initial liquidity was provided at $0.2 and seeded with $500k (250k BUSD:1.25m NRV) before being timelocked.
What is the supply of NRV? Total supply: 100,000,000 tokens. Reserved: 30,000,000 tokens allotted for the Nerve core devs and investors on a 6 month linear lockup, unlocking on a per-block basis. To check Circulating Supply, take the total supply from https://www.bscscan.com/token/0x42F6f551ae042cBe50C739158b4f0CAC0Edb9096 and subtract the team tokens that remain locked.
How can I check the team and early investor's tokens? Go to https://www.bscscan.com/token/0x42F6f551ae042cBe50C739158b4f0CAC0Edb9096#balances; Team and investor tokens will be within the top 10 holders, all in smart contracts addresses with the aforementioned vesting period. Note that address 0x15b9462d4eb94222a7506bc7a25fb27a2359291e is the xNRV staking contract and 0x2EBe8CDbCB5fB8564bC45999DAb8DA264E31f24E is the Mastermind contract responsible for liquidity pools and liquidity mining - these are not team or early investor tokens.
Where does NRV get its value? NRV is the governance token for the Nerve protocol, and will be used for voting via snapshot when the upcoming NerveDAO becomes fully operational. This governance capability unlocks the potential to direct protocol cash flows to NRV holders, boost their LM rewards, or reduce their swapping and bridging fees when using the platform - it is up to the community to eventually decide.
Fundamentally, Nerve has plans to become more than just a StableSwap AMM on BSC, even one with cross-chain bridges to the Ethereum and Bitcoin networks. Follow Nerve on Twitter, and join our Discord and Telegram to keep up-to-date on all new developments.
How will protocol fees and revenue be distributed to NRV holders? They will be distributed to xNRV stakers in whatever manner the community decides through open discussion in the Nerve Forum once the NerveDAO has been established. Until then, protocol fees are accumulating in the DAO treasury for future use by the community. There were a series of coin burns previously whereby $450k in fees were used to buy and burn 568k NRV; future coin burns are not planned.
What are fees are there for swaps and deposits at Nerve? StableSwaps 3Pool swaps: 0.02% trading fee (increased from 0.01% on 13/05/2021) 3Pool deposits: no fee (temporarily dropped from 0.1% to 0% on 01/05/2021) rUSD Metapool swaps: 0.04% trading fee rUSD Metapool deposits: no fee UST Metapool swaps: 0.04% trading fee UST Metapool deposits: no fee Bridge swaps BTCB-anyBTC swaps: 0.08% trading fee (increased from 0.04% on 13/05/2021) BTCB-anyBTC deposits: no fee ETHB-anyETH swaps: 0.08% trading fee (increased from 0.04% on 13/05/2021) ETHB-anyETH deposits: no fee fUSDT Metapool swaps: 0.08% trading fee fUSD Metapool deposits: no fee xNRV minting, redemption, deposits, withdrawals: no fee
There is a fee for depositing over-provided assets to any pool, and a bonus for depositing under-provided assets (the % bonus will be displayed on the UI)
When you deposit a stablecoin or a pegged asset and receive your LP tokens, each token is worth more than the value of the base asset. Check the Virtual Price for each pool at https://app.nerve.fi/pools/ and multiply your LP tokens by this value to calculate how much it will be worth in the base asset upon withdrawal.
As of 13/05/2021, the trading fees on swaps within pools hosted at Nerve Finance go towards the DAO treasury; this revenue will be used as determined via community governance.
What fees are there for using the Nerve Bridge? Ethereum ETH -> BSC anyETH Deposit fee: None Minimum deposit: 0.01 ETH Maximum deposit: 5000 ETH BSC anyETH -> Ethereum ETH Redemption fee: 0.1% (max fee 0.1 anyETH, min 0.008) Minimum redemption: 0.05 anyETH Maximum redemption: 5000 anyETH
ERC-20 USDT -> BSC fUSDT Deposit fee: None Minimum deposit: 30 USDT Maximum deposit: 5000000 USDT BSC fUSDT-> ERC-20 USDT Redemption fee: 0.1% (max fee $150, min $15) Minimum redemption: 30 fUSDT Maximum redemption: 5000000 fUSDT Bitcoin BTC -> BSC anyBTC Deposit fee: None Minimum deposit: 0.0005 BTC Maximum deposit: 500 BTC BSC anyBTC -> Bitcoin BTC: Redemption fee: 0.1% (max fee 0.01 anyBTC, min 0.0005) Minimum redemption: 0.002 anyBTC Maximum redemption: 500 anyBTC
How do I stake? To stake your stablecoins, BTCB, or ETHB, provide liquidity at https://app.nerve.fi/pools to receive the requisite 3Pool, metapool (nrvFUSDT, nrvUST), nrvBTC, or nrvETH LP tokens. Stake these tokens at https://app.nerve.fi/stake. For NRV-BUSD, provide NRV and BUSD liquidity on Pancakeswap and stake the Cake-LP tokens you receive at https://app.nerve.fi/stake. To stake your NRV tokens as single-sided liquidity, mint and stake xNRV from them at https://app.nerve.fi/nrv In addition, you can now stake NRV-BNB by providing NRV and BNB liquidity at Pancakeswap and staking the resulting Cake-LP tokens in their farms to earn CAKE. You can also stake CAKE to earn NRV in their SYRUP pools.
Do I need to deposit BUSD, USDT and USDC to enter the 3Pool LP? No, you can deposit only BUSD if you want, or any combination of two stablecoins, as well. This also holds true for depositing stablecoints to the 3Pool metapools. Note: you will receive a bonus for depositing under-provided assets and pay a fee if you deposit over-provided assets. You can insure that you are not paying any penalty fee by depositing an equivalent amount of the stables in the pool at the same time.
What is xNRV? Due to technical constraints of the NRV token smart contract, xNRV was created to facilitate single-sided staking of NRV. This also provides future potential utility for directing protocol revenue or other benefits to xNRV stakers. You can mint xNRV from NRV and then deposit it as single-sided liquidity to earn more NRV at (https://app.nerve.fi/nrv). You can mint xNRV or redeem it to NRV at a 1:1 ratio, and there is no fee for staking or unstaking.
What are rewards and how are they distributed? Rewards come in the form of the the NRV governance token, which is distributed every block (3 seconds), until it reaches its total 100,000,000 supply. The initial emissions schedule began with 50 tokens minted per block, and was reduced by 33% each week for three weeks. Since that point (22/03/2021), emissions have been decreasing by 10% each week and will continue to decrease until the total supply is reached. Currently, emissions are distributed as such: 48% 3Pool LP 27% NRV/BUSD Cake-LP 7% fUSDT-3Pool LP 5% xNRV 5% BTCB-anyBTC LP 5% ETHB-anyETH LP 3% UST-3Pool LP
How is the APR of each pool calculated? APR = (NRV emissions x NRV price x Reward weight of the pool) / Total Value Locked in the pool
What does "2/3 of rewards vest for 6 months" mean? It means you can claim 1/3 of your rewards immediately (shown on the "Claim" buttons) and 2/3 will be available after 6 months. Vesting began on 09/03/2021. These rewards are distributed every block (3 seconds). You are free to unstake anytime - your rewards will always be there after 6 months, linked to the wallet you were staking from. The community is discussing the best method to release these tokens so as to benefit the protocol, NRV holders, and liquidity providers in the Nerve Forum and Discord.
Why are my rewards lower than the APY shown on the website? In addition to the fact that 2/3 of the rewards are vested, the APY shown assumes manual daily compounding of the 1/3 unlocked rewards, and compounding of the 2/3 vested rewards once they have been unlocked after six months. The APR shown assumes no compounding.
How can I check my vested rewards? Courtesy of community member gentrio (discord), you can now view your vested rewards using this tool currently in development: https://nrv-calc.bubbleapps.io/ (don't forget to tip!) It will be announced in the Discord and Telegram and on Twitter when this tool moves out of beta.
I provided liquidity to the NRV-BUSD pool and now I have less NRV. Why? Over time, those in the NRV (V2)/BUSD Cake-LP may suffer impermanent loss. In addition, 1 NRV (V2)/BUSD Cake-LP token is not the same as 1 NRV. You can check the exact amount of NRV and BUSD you have contained within your wrapped NRV-BUSD LP at https://vfat.tools/bsc/nerve/ (requires Metamask).
Where can I check Nerve swap volume and other statistics? https://dappradar.com/binance-smart-chain/exchanges/nerve
Is the code audited? Yes, our contracts were audited by CertiK. Read the full audit here.