Creating the Bridge on Blockchain between NEM and DeFi Space XEM XYM and Opt-in

Creating the Bridge on Blockchain between NEM and DeFi Space XEM XYM and Opt-in

November 17, 2020 Off By Steven Anderson

NEM reinstated on how the XEM trading competition with Delta Exchange is live.  Further, they have stated on how there is 50,000 XEM is left to be won.  The competition is scheduled to run from November 16, 2020 through November 23, 2020.

The first place is set to have 15,000 XEM, second place 12,000 XEM, third place 8000 XEM, fourth place 5000 XEM, and Fifth to Tenth 10,000 XEM.

The key competition rules are well defined with the trading pair being XEM – BTC with nearly 20X leverage.  The winners will be chosen based on the %ROI that has been generated from the trades on the XEM – BTC contract.

NEM and SYMBOL (XYM) Upgrade and BitFlyer 

The NEM Group will be implementing a major update during December 2020.  This upgrade will include the launch of the Symbol (XYM) crypto asset. BitFlyer has decided to opt-in for all NEM. 

BitFlyer will be announcing the details about if and how Symbol will be distributed when they arrive at a decision.

NEM and Stake Hound Staked (XEM)

Stake Hound and NEM Official announced the date of the stakedXEM launch to be December 07, 2020 on Ethereum.

StakedXEM is set to be distributed to all those who participated in the Hunt.  This is expected to create the first bridge between NEM and the DeFi space.

All the information that is required to migrate the account from NEM NIS1 to Symbol, including Opt-in, Snapshot, and the opportunity for users to participate in XYM in given in more detail in the website.

By opting-in, XEM holders will be able to get an XYM balance that is equal to that of their XEM balance existent at the time of  Snapshot.

In this regard, Sydney Ifergan, the crypto expert tweeted:  “NEM Network is for developers who exploring innovating and creating professional projects bringing blockchain idea to life.”

NEM Opt In 

For those who do not know, Opt-in is the process which every XEM account holder will be following to get their XYM tokens on the Symbol public blockchain after its launch. A conscious opt-in is important to take a conscious action.

Those who particulate in opt in will receive the XYM. Those who do not participate in Opt-in will not receive XYM. Irrespective of whether the users opt-in or not the XEM and the NEM NIS1 network will not be affected.  Also, the NEM walletshave been updated to include the Symbol Opt-in module.