Taking a trip down memory lane, Bitfinex incubated Ethfinex, a community-driven exchange with a focus on developing decentralised technology as well as a platform for incentivised learning, trading and 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] supporters. We did our part to actively contribute to Ethfinex’s efforts to achieve its long-term success.
Time flies and ever since, both Ethfinex and NEC have accomplished milestones and undergone fundamental changes. Ethfinex has evolved to DeversiFi, a professional-grade, self-custodial exchange separate from Bitfinex. Meanwhile, NEC has moved to a new token economics model – the NEC 2.0 deflationary model – to better serve DeversiFi and accommodate its decentralised community governance.
As one of NEC’s major token holders, Bitfinex is aware of the impact that we may have on the future of DeversiFi as a decentralised exchange as well as the long-term health of the token. We remain a supporter of the project and community; thus, we plan to seek opportunities to reduce our holdings over time.
For a start, Bitfinex will provide 9.4 million NEC to a community incentive program to be created and managed by the team at DeversiFi. The details of this community incentive program are expected to be announced by the DeversiFi team in the near future. Bitfinex has also transferred ownership of most of its NEC to a publicly visible, linear vesting contract as seen here. These tokens will unlock in ~4 years due in March 2024.
Moving forward, we intend to work on various other programmes with the DeversiFi team to distribute further NEC tokens. We aim to encourage growth in the number of token holders and the token’s value accrual, which ultimately will reduce our percentage holding.
Bitfinex has been and will always be a believer in the decentralisation concept and system. Therefore, we intend to follow whatever decisions the Nectar holders decide through the Nectar DAO (Decentralised Autonomous Organisation).
Important Notes
This blog post is not an offer to sell or the solicitation of an offer to buy any tokens. In particular, this blog post is not an offer to sell or the solicitation of an offer to buy any Nectar tokens (NEC).
Forward-Looking Statements
Certain statements in this blog post may be forward-looking in nature. The words “believe,” “expect,” “estimate,” “could,” “should,” “intend,” “may,” “plan,” “seek,” “anticipate,” “project” and similar expressions, among others, generally identify “forward-looking statements,” which speak only as of the date the statements were made. The matters discussed in these forward-looking statements are subject to a number of risks, trends and uncertainties that could cause actual results to differ materially from those projected, anticipated or implied in 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 law.
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