Bitfinex gives away 9.4M Nectar (NEC) for DeversiFi bounties and more

Bitfinex gives away 9.4M Nectar (NEC) for DeversiFi bounties and more

The world of cryptocurrency is very dynamic and constantly evolving. As one of the pioneers in the industry, Bitfinex is known as a big supporter of new developments that bring promotion to the crypto community and the industry as a whole.

Going on a trip down memory lane, Bitfinex hatched Ethfinex, a community-driven exchange with a focus on developing decentralized technology as well as a platform for learning, trading and motivational analysis of blockchain’s most innovative projects back in 2018.

When Ethfinex developed the Nectar token (NEC) to boost liquidity on the platform, Bitfinex was one of its early [and biggest] fans. We played our part in actively contributing to Ethfinex’s efforts to achieve its long-term success.

Time flies and ever since, Ethfinex and NEC have achieved milestones and undergone fundamental changes. Ethfinex has evolved into DeversiFi, a professional-grade self-custody exchange separate from Bitfinex. NEC, meanwhile, has moved to a new symbolic economics model – the NEC 2.0 deflationary model – to better serve DeversiFi and provide for its decentralized community governance.

As a major NEC token holder, Bitfinex is aware of the impact we could have on DeversiFi’s future as a decentralized exchange as well as the long-term health of the ticket. We continue to be a supporter of the project and the community; therefore, we intend to seek opportunities to reduce our holdings over time.

Initially, Bitfinex will provide NEC 9.4 million to a community incentive program to be created and managed by the team at DeversiFi. The DeversiFi team is expected to announce details of this community incentive program in the near future. Bitfinex has also transferred ownership of most of its NEC to a publicly available linear vesting contract as seen here. These tickets will unlock in ~ 4 years in March 2024.

Going forward, we plan to work on various other programs with the DeversiFi team to distribute further NEC tickets. We aim to encourage growth in the number of ticket holders and the build-up of the ticket value, which will ultimately reduce our percentage holding.

Bitfinex has been and will always believe in the concept and the devolution system. Therefore, we intend to follow whatever decisions Nectar holders decide through the Nectar DAO (Devolved Autonomous Organization).

Important Notes

This blog post is not an offer to sell or soliciting an offer to purchase any tickets. In particular, this blog post is not an offer for sale or soliciting an offer to purchase any Nectar (NEC) tickets.

Forward-looking statements

Some statements in this blog post may be looking ahead. The words “believe,” “expect,” “estimate,” “could,” “should,” “intend,” “may,” “plan,” “seek,” “anticipate,” “project” and similar expressions , among others, generally citing “forward-looking statements,” which speak only from the date the statements were made. The issues discussed in these forward-looking statements are subject to a number of risks, trends, and uncertainties that could result in actual results being materially relevant to those anticipated, anticipated or implied. the forward-looking statements. Neither Bitfinex nor any other person is responsible for updating or revising any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by by law.