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Nest Exchange (veNEST)

Nest Exchange is a MetaDEX on HyperEVM that transforms trading fees into amplified $HYPE exposure. veNEST holders earn trading fees via $MEGAHYPE tokens with auto-compounded voting rewards.

What is veNEST?​

Lock NEST tokens to receive a veNEST NFT representing your locked position. This grants:

  • Trading fees distributed via $MEGAHYPE tokens
  • Auto-compounded voting rewards: no manual claiming required
  • Governance power over Nest Exchange protocol parameters
  • HYPE exposure through the HYPE Engine treasury mechanism

What Makes Nest Exchange Different​

  • HYPE Engine treasury: Nest Exchange converts protocol revenue into $HYPE positions, giving veNEST holders indirect exposure to Hyperliquid's native asset
  • $MEGAHYPE leveraged tokens: Trading fee rewards come as $MEGAHYPE, which provides leveraged $HYPE exposure with no liquidation risk
  • Auto-compounding: Voting rewards compound automatically, reducing the active management burden compared to standard ve(3,3) protocols
  • Unique reward model: Instead of standard fee/bribe distribution, Nest Exchange channels everything through its HYPE-focused treasury strategy

Discounts and Fees​

Discounts change with Nest Exchange's token price, market demand, and lock duration; live average and best discounts are on the veX analytics page. veX charges 1.5% on Nest Exchange sales, paid by the seller only.

Things to Know​

$MEGAHYPE is leveraged HYPE. Fee rewards come as $MEGAHYPE tokens, which track $HYPE with leverage but no liquidation risk. Understand this mechanism before buying: your rewards are tied to HYPE performance.

Auto-compounding reduces maintenance. Unlike most ve(3,3) tokens, Nest Exchange auto-compounds voting rewards. This makes veNEST more passive-friendly.

HyperEVM ecosystem play. Nest Exchange is deeply integrated with Hyperliquid through its HYPE Engine. veNEST positions are effectively a bet on both the protocol and the broader HYPE ecosystem.

Rebases and unclaimed rewards transfer. When you buy a veNEST position, accumulated unclaimed rewards come with it.

Delist Before Merging

If you merge a listed veNEST with another position, the listing stays active at the original price but now includes the combined amount. Always delist first, then merge, then relist.

How do I sell a locked veNEST position?​

You can sell a locked veNEST position on veX without waiting for the lock to expire. The buyer takes over the locked NEST and the remaining lock time.

Connect the wallet holding the veNEST and open your veX dashboard. The position appears under Positions, where you can list it. Set a price, or set a discount to the locked value and let veX work out the price. You approve the NFT once, then confirm the listing.

That approval only lets the marketplace move the NFT when someone buys it. veX is non-custodial, so the position stays in your wallet, keeps earning and voting, and you can delist whenever you want. veX charges 1.5% on Nest Exchange sales, paid by the seller.

What is a locked veNEST position worth?​

A veNEST position usually sells for less than the NEST locked inside it, because the buyer is taking on the rest of the lock. The seller chooses that discount.

Live Nest Exchange discounts are on the veX analytics page.

Contracts​

  • veNEST contract: 0x2f2Ae07e3cc3391A2E27825652BA8DcdD5412074
  • NEST contract: 0x07c57E32a3C29D5659bda1d3EFC2E7BF004E3035

These render from the live veX registry:

Browse Nest Exchange listings on veX