NEX - A Neo-Based DEX With A Super-Hype Train (That You Can't Have!)

Decentralized exchanges are rapidly springing up left and right, and for good reason. Barely a week goes by that we don't hear about some new hack or data breach at an exchange resulting in some customer funds lost or some other misbegotten consequences.

In the past, Bitshares has remained one of the highest ranked (by market cap) coins supporting a DEX, but now an even more valuable blockchain is entering the scene, with NEX launching on the NEO chain.

NEX is currently pre-ICO and promises to solve a few issues with previous DEXs, including the centralization of the login portal, which can prevent all users from logging in if DDOS'ed (attacked.) It's far too early to make any assessment of their tech.

Plans for the NEX token include a profit sharing of exchange fees, similar to what KuCoin shares already does. Basically, every day the exchange fees are paid out to all holders of the token in proportion (similar to DPOS) in the form of the native coins traded. The results is a smattering of coin payouts each day for holders, similar to a payout from staking.

There is a lot of buzz for this coin (NEX), with people scrambling to get a chance to buy some pre-launch.

Now, one should always keep in mind that the subreddits for cryptocurrencies are often blindly positive. They tend to be filled with dedicated holders (or pumpers), are often actively moderated (read: censored to the upside), and frequently are even set to upvote only.

Having said all that, I haven't seen such broad-ranging positive sentiment from the Reddit comments on an as-yet-unreleased coin in quite some time. This could simply be the result of enthusiasm for a project built on the network of one of the largest and most promising coins (Neo).

However, I have a feeling it's not. People are literally fighting over who gets to buy accounts that (should) have the right to buy a mere $1000 worth of NEX at the pre-ICO launch sale. Most users seem to expect almost all of the users who won the lottery (chances to buy NEX were distributed by lottery for tier-1 KYC'd accounts) will buy close to the maximum amount allowed, leaving few for the wildcard round 2 (wherein users will have to pass a more rigorous KYC, including national ID verification, to purchase.)

As usual, these purchase options were all cut-off for US residents (this coin is a security), so if you missed out from the land of the hamburger, don't beat yourself up - you weren't allowed in anyway. You'll have to wait either for an exchange listing or the launch of the NEX DEX itself to purchase the token.

Thanks, SEC.

Sources: Google, CoinMarketCap, BitcoinTalk, Reddit, KuCoin Shares, NeonExchange.org
Copyright: SmartSteem, PALNet, SPL, CoinMarketCap, Reddit, KuCoin Shares, NeonExchange.org