NEM are going through a stage of lot of progress and there is bit more to go still and more is set to be known soon.
The NEM ecosystem is filled with the aura of Symbol launch. There were some issues during Symbol launch and the Testnet update. The NEM Group has stated that the Testnet will have to be reset and that it should have no additional impact on date beyond what is already expected.
The expected date for the reset is January 11, 2021. However, some of them believe that this date will be reset as the testing continues. However, this reset is not expected to postpone the launch date anymore.
The new testnet will have 500 nodes, all the latest patches, a deep rollback, and further will be fully reset. Stress tests will be further conducted on them by NGL before the release. After the testing event and triage any issues raised and will be coordinated. A confirmed date will then be communicated the sooner the testing concludes and the results will be further analyzed – mid-late Feb is the expectation at this stage based on the testing proposal. A more concrete position and plan on Snapshot and Launch dates is expected soon.
The pre-launch Opt-in for Symbol ends on January 9th, 2021. Users can Opt-in now to claim your XYM at Symbol launch. A detailed guide on how to optin is already available online. For those who do not understand it is very easy to understand the entire process by understanding opt-in, NEM wallets, and snapshot.
NEM are expected to launch the Symbol public blockchain. Migrating accounts from NEM NIS1 to Symbol, including Opt-in, Snapshot, and user opportunity to participate in XYM is the hottest discussion in the ecosystem now. By opting-in, XEM holders will be able to get an XYM balance equal to that of their XEM balance at the time of Snapshot.
NEM (XEM) Partnerships DeFi Farming and More
Otherwise, to strengthen the NEM network a partnership with ezDeFi have been announced. ezDeFi is a non-custodian wallet which will make the crypto payments transfers and DeFi farming very easy.
Wrapped XEM which is stXEM is already available. Users will now be able to generate annual returns of up to 30% with stXEM through the UniSwap Protocol. Users are now buying stXEM on UniSwap.
NEM previously announced a partnership with bondedfinance by adding stXEM and XYM into the bonded DeFi ecosystem. More and more partnerships are happening are the NEM Network.
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