nest (usenest.xyz)

At a glance Live

What

DEX (spot AMM)

Runs on

HyperEVM

Official site

usenest.xyz

Docs

docs.usenest.xyz

X

@NestExchange

TVL on Hyperliquid

$31.0M +6.5% 7d · #11 on Hyperliquid L1

Fees, last 30 days

$718K

Fees

Swap fees are set per pool and not published as one schedule; 100% go to veNEST holders, and LPs earn NEST emissions instead. No separate protocol or front-end fee is documented.

Official links

• App
• Docs
• Official links (docs)
• X
• Telegram
• Discord
• BailSec VE Core audit

Checked against nest's own site on November 4, 2026. Bookmark these instead of using search ads.

TVL by product (DefiLlama)

nest CL	Dexs	$30.6M
nest AMM	Dexs	$418K

What nest is

nest calls itself a “HYPE-aligned MetaDEX” on HyperEVM, Hyperliquid’s smart-contract chain (chain ID 999), as opposed to HyperCore, its order-book trading engine. It is a ve(3,3)-style exchange: instead of paying swap fees to liquidity providers, it splits the roles.

• Liquidity providers (LPs) deposit token pairs and earn weekly NEST emissions.
• veNEST holders lock NEST, vote each epoch on which pools get those emissions, and collect 100% of swap fees and bribes (payments projects make to attract votes).

It descends from Fenix Finance on Blast, whose veFNX holders received a 5% NEST airdrop. The voting contracts are Thena-derived, and concentrated liquidity runs on Algebra Integral. Pool types are Classic (constant-product), CLAMM (you set a price range) and Amplifi (automated ranges). A HYPE Engine vault (HEV), holding 40% of supply, turns voting rewards into HYPE for depositors. DefiLlama lists nest’s CL pools from January 14, 2026.

Emissions and token

• Emissions: 20,000,000 NEST per week at epoch 1, rising 1.5% per epoch for 12 epochs, then falling 1% per epoch.
• Supply: 1,000,000,000 NEST. HYPE Engine 40%, Team 15% (permanently locked veNEST), Ecosystem Fund 10%, Assistance Fund 10%, Growth Treasury 10%, Fenix airdrop 5%, raise 5% and liquidity 5%. The raise sold $1M at a $20M fully diluted valuation, as max-locked veNEST.
• Contract: NEST on HyperEVM is 0x07c57e32a3c29d5659bda1d3efc2e7bf004e3035. nest’s docs warn “Same name does not mean same token”: a HyperCore spot token also called NEST exists, and we couldn’t confirm it is nest’s.

What it costs

Swap fees are set per pool, and nest publishes no single fee schedule; its pools API returns a different fee value for each pool, and the unit isn’t documented, so check the fee shown in the app before trading. All of it goes to veNEST holders. No separate protocol or front-end fee is documented. Gas is paid in HYPE.

How to use it

1. Bridge to HyperEVM (nest’s docs list Bungee, Across and Jumper) and keep some HYPE for gas.
2. Open app.usenest.xyz (bookmark it) and connect your wallet.
3. To swap, go to Trade, then Swap. Check slippage and price impact before confirming.
4. To provide liquidity, pick a Classic, CLAMM or Amplifi pool, deposit both tokens, and claim NEST emissions from the Dashboard.
5. Optionally lock NEST as veNEST and vote each epoch, or deposit into the HYPE Engine vault for automated voting and compounding.

Elysium: announced only

Bankless reported on October 19, 2026 that Kinetiq’s Elysium ecosystem page lists nest as live from the first block of the Elysium L2 mainnet, scheduled for November 9, 2026. We couldn’t load that page ourselves, and neither Kinetiq nor nest’s docs confirmed it in what we read. As of November 4, 2026 nest runs on HyperEVM only. Treat any “nest on Elysium” site before launch with suspicion. Elysium also launches with a single sequencer, a data-availability committee and whitelisted validators.

Risks

• Admin keys. Core functions are controlled by a 3-of-5 team multisig, and the contracts are upgradeable behind a proxy admin. The team could change contract logic.
• Audit coverage. BailSec’s VE Core audit is nest-specific; the Fenix, Thena and Algebra audits cover inherited code, not nest’s deployment.
• LP risk. Impermanent loss, CLAMM positions going out of range, and emission APRs that dilute as more LPs join. Pools with no votes earn no emissions.
• Token risk. LP rewards are paid in NEST, so their value depends on NEST’s price and the emission schedule. veNEST locks are illiquid until expiry, though they can be traded on the Hyperwarp marketplace.
• USDH pairs. nest once positioned USDH as its default stable quote asset; its docs now mark USDH as sunset. See Native Markets / USDH and check a pair’s quote asset before you LP.
• Phishing. nest’s docs warn of lookalike domains, say the team never DMs first, and say never to sign a transaction to join a group.

Who it suits, and alternatives

nest suits HyperEVM users who want to earn emissions as LPs, or who want to lock and vote for a share of swap fees and can take the token and lock-up risk. Other HyperEVM DEXes are Project X, HyperSwap and Valantis. For staked HYPE to pair or lock, see Kinetiq and kHYPE vs stHYPE.