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DeversiFi burns $20M Nectar tokens to drive DEX adoption

Image by Deversifi

Wed, 01 Apr 2020, 00:40 am UTC

DeversiFi announced that it burned millions of Nectar (NEC) coins.

In its blog, DeversiFi, the decentralized exchange (DEX) spin-off of former Bitfinex sister exchange Ethfinex, announced that it has burned $20 million worth of its governance and utility token, NEC.

It was the most aggressive token burns in the industry amounting to 40% of the total Nectar supply. The large-scale reduction will give its holders a higher stake in the ownership of the exchange while changing its tokenomics to introduce increasing token scarcity coupled with meaningful utility in the form of trading free discounts and membership in the Nectar DAO.

DeversiFi announced that it was designed to drive DEX adoption and symbolizes NEC’s shift from inflationary to deflationary tokenomics, bringing increased value, and utility to the DeversiFi/Nectar ecosystems.

After the one-off event, a total supply of approximately 600 million nectar tokens remains, the amount of which will continue to decrease perpetually week-on-week as part of necBurn.

Holding NEC will give DeversiFi traders up to 20% trading fee discounts when DeversiFi 2.0 launches in April and voting power in the necDAO, a DAO designed to give NEC holders control over the pledged 17,000 ETH.

The NEC cornerstones have been designed to create a positive feedback loop, increasing value for holders while providing meaningful utility to traders.

The remaining tokens owned by DeversiFi and longer-term investors will be vested over 5 years. Following the changes, the overall circulating supply of NEC tokens will stand at approximately 290 million with no more being created only removed from the supply.

“As DeversiFi’s trading volumes grow, an increasing percentage of exchange fees will be used to buy Nectar tokens through the weekly ‘necBurn’ auctions which started in February. The ‘necBurn’ auctions will be the driver for a perpetual feedback loop, increasing the value of the tokens, and drawing more users to try DeversiFi,” said Will Harborne, Co-Founder and CEO, DeversiFi.

Meanwhile, crypto exchange Binance announced last week the completion of “HIVE” tokens to STEEM holders. The exchange informed its users to confirm receipts of the HIVE tokens via the “Distribution History” page on the Wallet page.

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