💱What is BitNest Savings (-i)?
BitNest Savings is a cryptocurrency savings protocol based on the Binance Ecosystem Network, which aims to provide users with a safe and efficient savings solution. The protocol is called a "crypto-bank smart contract on the blockchain" because it runs on blockchain technology and provides services similar to traditional banks, but with greater decentralization, security and transparency.
Users can deposit crypto assets into smart contracts through the BitNest Savings protocol to obtain savings income. These smart contracts are supported by blockchain technology and have the characteristics of automated execution, ensuring the security and reliability of funds. Users can choose the assets to be deposited and the savings cycle according to their needs to realize personalized savings plans.
Unlike traditional banks, BitNest Savings uses blockchain technology to achieve decentralized storage and management of funds, eliminating the intermediary links of traditional banks, reducing savings costs and improving savings efficiency. In addition, the protocol also provides transparent data records and public savings income calculations, allowing users to check their savings income at any time, ensuring the transparency and traceability of transactions.
BitNest Savings Core Logic
The core logic of BitNest Savings is to use smart contracts to interact with depositors' funds and the cross-chain bridge interface, and use their funds as underlying assets for cross-chain transactions in the market. When cross-chain users need to transfer funds, BitNest Savings provides fund exchange services through the bridge interface and uses the price difference in transactions to realize profits. This process is automatically executed through smart contracts, ensuring the security and reliability of transactions, while providing depositors with more investment income opportunities.
Fund storage: BitNest Savings first requires depositors to deposit funds into its smart contract for use on the cross-chain bridge.
Anchored assets: The cross-chain bridge first needs to "anchor" the assets from the source chain, that is, lock them in a specific contract, so that the corresponding asset tokens can be generated on the target chain.
Cross-chain communication: Once the assets are anchored, the cross-chain bridge will trigger the cross-chain communication process to transmit the anchored asset information to the target chain.
Generate asset tokens: On the target chain, the cross-chain bridge will generate the corresponding asset tokens in the corresponding contract based on the received cross-chain communication information, so that they can be traded and used on the target chain.
Cross-chain verification: In order to ensure the security and consistency of assets, in the process of transferring assets from the source chain to the target chain, the cross-chain bridge usually involves a cross-chain verification mechanism to verify the legitimacy and validity of the anchoring and unlocking process.
Asset unlocking: Finally, after the use or transaction of the asset is completed on the target chain, the cross-chain bridge will trigger the unlocking process to unlock the asset from the target chain and return it to the source chain to complete the entire cross-chain transfer process.
How does BitNest Savings profit?
The BitNest Savings savings plan provides users with an innovative way to save by using cross-chain bridges on the blockchain to exchange crypto assets such as BTC for USDT and earning spread income through zero-risk arbitrage operations.
After depositors deposit funds into the BitNest Savings contract, the funds will be used to exchange crypto assets for USDT in the cross-chain bridge pool, obtain handling fee income, and build arbitrage opportunities through different bridges to earn spread income.
In addition, based on the user's contribution, BitNest Savings has set up an M0-M5 rating system. The higher the rating, the higher the income the user can obtain. At maturity, the user will receive a 13% profit.
In this way, the BitNest Savings savings plan provides users with a stable and efficient way to increase their funds, allowing depositors to fully participate in the development of the blockchain market and obtain considerable income.
How does BitNest Savings work?
The BitNest Savings smart contract uses the world's leading pan-broadcasting technology to connect depositors' funds to the BitNest pool in the form of liquidity and interact with the order protocol of the cross-chain bridge (flash exchanger).
According to the cross-chain needs of crypto market users, BitNest Savings provides crypto asset supply and generates a complete savings queue order, which is constrained by smart contract technology.
When market users initiate flash exchange needs on the cross-chain bridge, the BitNest Savings smart contract will queue according to the depositor's M level and provide funds to help users complete cross-chain transactions. The smart contract calculates the dividend ratio and collects a fixed 26% of the income, of which 13% is distributed to depositors and the other 13% is distributed to sharers as rewards.
It should be noted that if the depositor pays the deposit but fails to pay the balance within the specified time, the deposit will automatically flow into the pool as part of the FOMO reward.
When the daily market cross-chain fund demand is insufficient, depositors will not be able to queue up for savings because the smart contract will not store excess funds. The entire mechanism is fully automated and managed by the BitNest Savings smart contract, and is automatically executed without human intervention.
How safe is BitNest Savings?
BitNest Savings smart contract is known as a blockchain banking system, and its core mission is to provide users with the highest level of security protection. The system's operating mode is based on an independent program that runs infinitely, and no one, including the creator, can control its operation.
In contrast, the security system of traditional banks is usually built on a centralized architecture, relying on traditional security measures such as firewalls, encryption technology and access control to protect users' assets and data security. BitNest Savings' security system is built on an entropy (256-bit) algorithm, which has higher encryption strength and security. BitNest Savings eliminates the risk of single point failure through decentralized design and the application of blockchain technology, and ensures the transparency and immutability of transaction data.
In addition, BitNest Savings also uses smart contract technology and multi-signature mechanism to ensure the security and reliability of funds during the transaction process. Simply put: As long as market demand exists and the Internet exists, BitNest Savings will operate to provide users with safe and reliable savings services.
How to get BitNest Savings sharing rewards?
In BitNest Savings, your share commission profit comes from your partners. The moment you join the BitNest Savings smart contract, the smart contract will create a unique personal link for you. When your partners use your share link to join BitNest Savings, they will be forever connected to you as your downline partners.
All personal partners you invite will be assigned to you forever and cannot be changed because the data is recorded in the blockchain.
In addition, your referral link remains unchanged and you cannot change your upline partner. When your partner completes savings in BitNest Savings, the smart contract will automatically allocate the corresponding proportion of the share reward to your wallet.
Liquidity Provider Rewards
A major flaw in this design is that the cross-chain bridge must ensure that there are enough assets in the unilateral liquidity pool it holds on the target chain for users to actually complete the fund transfer. In the above example, if the USDT liquidity pool of the cross-chain bridge on Polygon is empty, the USDT stored in the Ethereum liquidity pool will be "stuck" until other users request to transfer USDT from Polygon to Ethereum in the opposite direction and there is enough USDT to replenish Polygon's USDT liquidity pool. BitNest Savings just meets this defect.
The BitNest Savings contract works as follows:
Savings deposit: When users participate in BitNest Savings, they only need to pay a 1% savings deposit, and the remaining 99% of the funds will be retained in the user's account to achieve zero-risk participation.
Market demand calculation: The contract calculates the total liquidity demand of the pool in the future in advance. For example, if the funding demand in the next 30 days is 500,000 USDT, the contract will collect a deposit of 1% of the total pool demand, that is, 5000 USDT, and publish it to the BitNest Savings window, providing M0-M5 users with 5000 USDT to the contract to queue up savings funds to provide liquidity for the pool.
Appointment queue time: After the user pays a 1% deposit, the contract calculates the countdown end time of the appointment queue based on the market liquidity demand, which is 3 to 18 days. During this period, users will pay the remaining 99% of the funds to the contract in succession to provide liquidity funds for the market.
This contract mechanism means that when the market liquidity is sufficient, the contract will not accept the savings user to pay a 1% deposit to queue in the contract, because the current market does not need more liquidity. At this time, even if you want to provide liquidity for the pool to obtain 13% of the income, the contract will reject your request.
Default mechanism: If the user pays a 1% deposit but fails to pay the remaining 99% of the balance on time, the contract will punish the user, and the user will lose the 1% deposit and the corresponding MEC token. The contract will re-provide the market with the amount of reserved funds to make up for the liquidity provided by the defaulting user.
Market liquidity situation: When the market liquidity is sufficient, the contract will refuse to accept the user's request to pay a 1% deposit to queue. Only when the market needs more liquidity will the contract accept the user's request and calculate the queue time according to the actual situation to ensure the reasonable allocation of liquidity funds. This mechanism means that a limited amount of quota will be provided to market users every day to queue for savings.
Revenue distribution: After the user pays the remaining 99% of the balance, the contract will use these funds to trade in the Bridgewater pool and collect 26% of the income. When the collection is completed, 13% of the proceeds will be distributed to liquidity providers, and the remaining 13% will be paid to sharers to promote the development of the BitNestNest ecosystem.
Profit Model
In the field of cryptocurrency, in addition to long-term holding and waiting for asset appreciation, arbitrage trading is a common way to make profits. This strategy takes advantage of the difference in the price of crypto assets on different trading platforms, buying assets on low-priced platforms and then selling them on high-priced platforms to obtain the difference in profits. However, arbitrage trading also has certain risks, such as slow market response and poor liquidity.
But the difference is that the BitNest Savings smart contract applies this arbitrage strategy to the blockchain field, and realizes safe arbitrage on the blockchain by providing liquidity to help users who need to conduct flash transactions to complete transactions. Users can store funds in the "bridge pool" of the BitNest Savings smart contract to provide liquidity for flash transactions. Through the automated execution of smart contracts, centralized interference is eliminated, risks are minimized, and users can safely participate in arbitrage transactions and obtain benefits.
For savings users, they can add USDT stablecoins to the liquidity pool to provide financial support for flash exchangers. As a liquidity provider, users will receive a certain percentage of the handling fee income, which is also one of the platform's profit sources. In this way, users can safely participate in arbitrage transactions and earn income by providing liquidity.
The BitNest Savings savings plan provides users with an innovative way to save by using cross-chain bridges on the blockchain to exchange crypto assets such as BTC for USDT and earning spread income through zero-risk arbitrage operations.
After depositors deposit funds into the BitNest Savings contract, the funds will be used to exchange crypto assets for USDT in the cross-chain bridge pool, obtain handling fee income, and build arbitrage opportunities through different bridges to earn spread income.
In addition, based on the user's contribution, BitNest Savings has set up an M0-M5 rating system. The higher the rating, the higher the income the user can obtain. At maturity, the user will receive a 13% profit.
In this way, the BitNest Savings savings plan provides users with a stable and efficient way to increase their funds, allowing depositors to fully participate in the development of the blockchain market and obtain considerable income.
What are the advantages of BitNest Savings?
In BitNest Savings, a permanent smart contract is used, which means that once the contract is deployed on the blockchain, it cannot be modified or deleted. This feature ensures the security of user funds and the reliability of the contract, eliminating human interference or risks.
Zero Risk
Due to the permanence and immutability of smart contracts, BitNest Savings provides a zero-risk fund storage and investment solution. Users can safely deposit funds into smart contracts without worrying about risks or uncertainties, because the execution of the contract is based on pre-set rules and there is no possibility of human interference.
Fund security
Due to the self-executing nature of the contract, funds are stored on the blockchain and are not controlled by any centralized institution or individual. This decentralized nature ensures the security of user funds and eliminates the risks and trust issues that may exist in the traditional financial system.
Transparency
The execution process of smart contracts is open and transparent, and all transactions and operations can be traced and verified on the blockchain. This transparency increases users' trust in BitNest Savings, making them more willing to deposit funds into smart contracts and enjoy a risk-free investment experience.
High Yields
BitNest Savings offers yields that are often much higher than traditional savings accounts and bank deposits. By participating in BitNest Savings, users can earn higher interest income, thereby increasing their assets.
Decentralization
Decentralization BitNest Savings is built on blockchain technology and therefore has decentralized characteristics. This means that users' funds are not controlled by a single centralized institution, but are managed on the blockchain through smart contracts, increasing the security and transparency of funds.
Decentralized financial mechanism
BitNest Savings adopts the decentralized finance (DeFi) model, which places the fund storage and investment process entirely on the blockchain. Compared with traditional financial institutions, decentralized finance can reduce intermediaries and fees, improve the utilization rate of funds, and thus achieve higher returns.
Globalization
Because it is built on the blockchain, BitNest Savings is not restricted by geographical location and anyone can participate, regardless of where they are located. This provides unified financial services to users around the world, promoting financial inclusion and accessibility.
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