Nebula Finance: Liquid Staking on Dymension

Last updated on Sep 11, 2024

In this article, we will explore Nebula Finance, an innovative RollApp from Dymension that is transforming cryptocurrency staking. The first part will detail Nebula Finance, explaining its project and the concept of liquid staking. The second part will focus on Nebula’s testnet, offering a practical guide for participation. We hope this guide will help you fully understand the project and actively engage in the testnet to maximize this unique opportunity.

Introduction to Nebula Finance:

Nebula Finance is a RollApp from Dymension, specializing in liquid staking. It offers users the opportunity to stake their DYM and receive nDYM, thus facilitating access to various decentralized finance (DeFi) activities. This platform aims to simplify staking while maximizing rewards for its participants.

What is liquid staking?

Liquid staking is a method that allows users to stake cryptocurrencies while retaining the liquidity of their assets. Unlike traditional staking where assets are locked, liquid staking allows receiving a liquid representation of the staked assets, nDYM in the case of Nebula, which can be used for other investments or transactions within the DeFi ecosystem. This increasingly common approach offers the flexibility needed to take advantage of market opportunities without giving up staking rewards.

Key Features:

DYM Staking Liquidity: By staking your DYM with Nebula, you receive an equivalent amount of nDYM that reflects your staking position. nDYM is the on-chain representation of your liquid staked DYM tokens.
Use of nDYM: nDYM can be used for various DeFi activities. A 21-day lock-up period is in place until the activation of DEX pools for instant exchange.
Reward Automation: Staking rewards are automatically compounded and reflected on the user dashboard.

How Nebula Works:

Staking and Delegation: The staked DYM are uniformly delegated among Nebula’s validators, with rewards automatically compounded.
Conversion Rate: The conversion rate between DYM and nDYM is 1:1.
Reward Calculation: Users can view their initial nDYM position and their accumulated DYM staking rewards on their dashboard.

Fees:

Gas Fees: Depend on the chain’s parameters and demand.
Protocol Fees: 10% on staking rewards.

NBL Token:

Distribution: NBL, the native token of Nebula Finance, will be distributed to the community through an incentive plan. The main way to be eligible is to stake DYM and receive nDYM.

User Guide for Nebula’s Testnet

Let’s see how to participate in the Nebula Finance testnet.

Obtaining Test $DYM Tokens

Before you can actively participate in the testnet, you need to retrieve test tokens. Go to the “rollapps-x-faucet” channel on Dymension’s Discord and type $request followed by your EVM address to receive your test DYM tokens.

These tokens are essential to start staking and explore Nebula Finance’s features.

Visit NebulaFi to explore the interface and the options available.

Connecting via MetaMask

Normally, when you connect your wallet, the chain should automatically be added when you click “connect wallet.”

MetaMask is currently the only supported wallet, but additional wallets will be supported before the mainnet launch.

Setting up MetaMask if the Nebula chain does not automatically add to MetaMask:

Open MetaMask, click on the network choice at the top left, then select “Add a network” at the bottom of the dropdown menu.

When you reach the Configuration Settings, go to the “network” tab on the left then enter the following information:

Network Name: NebulaFi
RPC URL: https://json-rpc.nebula.evm.ra.blumbus.noisnemyd.xyz/
Chain ID: 1336831
Symbol: nbl
Explorer URL: https://bb.dym.fyi/r/dev-nebula

Importing DYM and nDYM Tokens

The DYM and nDYM tokens will not automatically appear in your wallet, to visualize them, you must import their contract number, here’s how:

Open MetaMask
Make sure you are on the Nebula network
Click on “import tokens”

To add the DYM token to MetaMask, use the contract address 0x80b5a32E4F032B2a058b4F29EC95EEfEEB87aDcd.
Then click on “next”

Click on “import”

Repeat the process for the nDYM token with the address 0x9d023Bf48F9F8E92B9Ec2Da4E39cb7a2CfE13710.

Recovering $NBL Tokens

Visit the Nebula application’s Faucet tab to receive test $NBL tokens or directly via this link: Nebula Faucet

You don’t have to be logged in to claim them, just post your EVM address and click on “request”

Users can request assets from the faucet once every 24 hours. This will be adjusted and improved over time.

Test Token Staking

Once you receive the tokens, use the “Stake” option on the Nebula website to begin liquid staking of DYM and receive nDYM.

Liquid Staking of DYM

Stake your test $DYM to receive nDYM in your wallet.

Currently, the activities described are all that can be done on the Nebula testnet, but stay tuned as this article will be updated with new information as it becomes available. We also encourage you to join the Nebula Discord to try to obtain special roles and actively participate in the community.

Conclusion

To deeply explore the Dymension ecosystem and discover its various RollApps, we recommend our detailed article on the subject. Each RollApp is presented, allowing you to grasp the diversity and richness of this growing ecosystem.

Dymension and its RollApps offer a unique opportunity to get involved in innovative projects: participate in testnets, enhance your knowledge, and join a dynamic community to progress together.

Websites and Resources

Official Site: Nebula
Finance Documentation: Dymension Forum

To explore the Dymension ecosystem in depth and discover its various RollApps, we recommend our detailed article on the subject.

Each RollApp is presented, allowing you to grasp the diversity and richness of this growing ecosystem.