Two narratives have survived every crypto cycle since 2017: Stablecoins & Tokenization. Everything else has been a trade, these two have been a category.
Nest is the protocol that sits at the intersection of both.
Six days ago we deployed it to Solana mainnet. Every day since, the protocol has minted nUSD against tokenized equities or USDC, paid yield to sNUSD stakers, and burned $NEST with the surplus. Six daily revenue cycles, six clean distributions.
The first cycle distributed 22 cents on-chain: 4.40 cents to insurance, 5.98 cents to sNUSD stakers, 11.62 cents to the $NEST buy-and-burn surplus. Comic numbers, but a real mechanism, and day six's cycle was larger, day twelve's will be larger still.
What Nest is, in three tokens:
nUSD is a USD-pegged stablecoin backed by tokenized US equities (xAAPL, xNVDA, xSPY, xMSFT, xTSLA via xStocksFi) and USDC reserves. Mint by swapping USDC at 1:1 through the Peg Stability Module, or by depositing tokenized stocks as collateral and borrowing at 3% APR.
sNUSD is the staked variant, earning 6% APY from real protocol revenue: stability fees on CDP debt, USDC lending yield via Kamino, and dividend rebasing on the equity collateral.
$NEST is the governance and value-accrual token. Zero allocation to venture investors, all of it to the community and holders that make Nest work. Every revenue cycle, protocol surplus automatically buys $NEST from the open market and burns it - buybacks started on day one.
Tokenized equities pay dividends, Nest captures them, sNUSD holders receive them, and the buy-and-burn engine compounds on the surplus: that structure doesn't exist in any other stablecoin design on any chain.
We didn't raise, no venture round, no strategic capital, no advisor allocations. The reason isn't ideological, it's that Nest works without any of it.
Every dollar of $NEST issued is a dollar the protocol or its users earned. Every burn is a real supply reduction funded by real revenue, and the token has zero overhang from unlocks, zero pressure from venture sales, and zero counter-incentive to the people actually using the product.
Bootstrapping a protocol is harder than raising. It is also the only way to ship a token that doesn't have a structural seller built into it from day one.
Nest is built by Crimson (@ Duckswrldd), our founder, with a small group of contributors
The auditable history of the protocol's economics will be the loudest thing we ever say, and the conversation between Crimson, the team, and early holders happens in the Nest Discord:
discord.gg/nestusd
Protocol updates land there first, the team answers in public, holders coordinate Season 1, talk through the math, and find each other in the channels.
$NEST Season 1 is already live, and ends in September 5: 80M $NEST distributed across 12 weeks to early users.
The underlying tokenized equity supply on Solana is growing roughly 70% month-over-month, and Nest scales at the pace of the category.
@ Solana captured roughly 97% of all tokenized equity spot volume on-chain in the last twelve months, @ xStocksFi grew from $100M to $500M TVL across three months, binance has been pushing tokenized equities for six straight months, @ BlackRock has called tokenization the next phase of finance in two consecutive annual letters
The category is being built, the chain is being built, the stack is being built. The piece that didn't exist a year ago was a productive dollar that could sit on top of all of it
That is what we built
Nest does not exist without the infrastructure these teams shipped first:
@ solana, for prioritizing RWA infrastructure long before the category had narrative momentum, the only chain where the full stack converged in time.
@ xStocksFi, for the tokenized equity wrappers that rebase dividends into holder balances, the only structure that makes a stablecoin like nUSD economically viable
@ PythNetwork, for the sub-second equity price feeds with confidence intervals, the only oracle infrastructure on any chain capable of safely liquidating equity collateral during US market hours.
@ KaminoFinance, for the deepest USDC venue on Solana, the yield surface that lets nUSD's PSM reserves earn real yield without bridges, wrappers, or counterparty risk.
@ streamflow_fi, for the non-cancelable streaming primitives that let team and treasury vests be locked in a way every holder can verify on-chain.
These five teams did the hard work that made Nest buildable. Every dollar that flows through the protocol routes through their primitives. Every burn cycle inherits credibility from their security. Every roadmap milestone we ship from here is downstream of what they shipped first.
Website: https://nestusd.com
