What Is Nemesis DAO (NMS)?
Nemesis DAO (NMS) is a decentralized reserve currency protocol built on the Binance Smart Chain. The platform aspires to build a policy-controlled currency system, in which the behavior of the NMS token is controlled at a high level by the DAO in a way that serves the majority.
The native token of the Nemesis DAO is NMS token, and each token is backed by real assets (BUSD, LPs which are Liquidity Provider tokens, etc.). Currently, Nemesis DAO is offering two different types of assets, namely BUSD (USD-denominated stablecoin) and NMS-BUSD, which can be used to mint NMS tokens.
As mentioned on the website, stablecoins have recently become an integral part of crypto due to their lack of volatility compared to Bitcoin and Ether. Hence, this is where Nemesis DAO stands out. The platform aims to address the shortcomings of stablecoins by creating a standard reserve currency, NMS by focusing on supply growth rather than price appreciation. NMS, according to NemesisDAO, may be used as a currency that can hold its trading power regardless of market volatility.
As mentioned in the whitepaper, Nemesis DAO aims to offer its community members various rewards for staking and minting. Staking is the primary value accrual strategy of Nemesis DAO. It allows users to gain NMS passively via auto-compounding. By staking NMS, stakers receive NMS (staked NMS) in a 1:1 ratio.
Whereas, Minting is the secondary value accrual strategy of Nemesis DAO, bonds allow users to mint NMS from the protocol at a discount by trading it with liquidity (LP tokens) or other assets. When users mint NMS tokens, they are actually trading their assets to mint from the protocol.
