DeversiFi Launch 1 Million NEC Trading Competition

DeversiFi Launch 1 Million NEC Trading Competition

DeversiFi have launched a Trading Competition where 1 million of their native token, NEC are available to be won.

The news of the competition was announced yesterday and the timing coincided perfectly with other NEC related news today where the platform announced that their token has now become 100% community-owned. Described as “major milestone” in the token’s 3-year history, it now means that it can now only be upgraded by a DAO, a decentralised autonomous organisation. The NecDAO, as it will be known, will determine what happens going forward with the token and control a pool of funds that were pledged to the token via fees from platform’s former entity, Ethfinex.

This distribution will begin with the help of 95 new members of the DAO. These will originally distribute 150k tokens but there is a total amount of 1 million NEC that will be made available for further distributions. These distributions are set to occur periodically over the next two years. These 95 can and will be built on with new members added reflective of them earning reputation by staking Nectar tokens or by making new proposals.

There are three main upshots of this as outlined by the platform. These are:

  1. All future upgrades to the Nectar token and its Controller smart-contract must be submitted as proposals and accepted by the DAO before they are executed.
  2. All functionality of the Nectar token is now controlled by its holders.
  3. Supply policy (via minting and burning) could now theoretically be changed by proposals to the DAO

This was all finalised this morning when a ‘centralised’ upgrade was made to the Nectar ‘Controller’ contract, this controller will prepare the token’s functionality for its next steps.  Most notably, this includes making it compatible with DeversiFi fee auctions. During these, DeversiFi will burn Nectar tokens in an increasing ratio based on trading volume which will create value for those who hold Nectar. More updates of this will likely be announced very soon.

1 Million Nectar Tokens To Win

With this news, there is more reason than ever to get involved with the platform’s native token. Fortunately, yesterday saw the platform announce a competition where traders can get a share of 1 Million Nectar Tokens by participating in a trading competition which began today.  

The competition is in order to celebrate the platform’s impending upgrade to StarkWare layer-two scaling technology.  Described by the platform as the “first professional-grade exchange using Zero-Knowledge Proofs, allowing high-throughput (1000s of settlements per second), and private trading directly from a private wallet”. As we have previously reported this, will increase performance by 10x, as well as enable partial order and more private wallet connectivity.

Over the next two months, a new interval will begin every two weeks and those with the highest trading volumes for each period will win a prize, with all trading included and calculated into USD. This means that all trading pairs will be made available. The below chart shows how the competition scheduled will function and the prizes available during that time:

INTERVAL  PRIZES  DATE
First 100,000 NEC  Split equally between the top three traders 27 JAN – 10 FEB (27th Jan 00:00 to 10th Feb 23:59)
Second 200,000 NEC Split equally between the top three traders 10 FEB – 24 FEB (10th Feb 00:00 to 24th Feb 23:59)
Third 300,000 NEC Split equally between the top four traders 24 FEB – 09 MAR  (24th Feb 00:00 to 09th Feb 23:59)
Fourth 400,000 NEC Split equally between the top five traders 09 MAR – 23 MAR (09th Mar 00:00 to 23rd Feb 23:59)

These prizes outlined will be distributed at the rate of 1/3 upon initially finishing in the above positions. Then, you will be paid out the other 2/3s in two more 1/3 instalments. You can only be guarantee these two amounts by ensuring that you make at least one trade every week in the two months following. It is only by doing this that you will get the full share of the amount.

If you want further details on the distribution process or to try out the StarkWare upgrade ahead of time, then you should go to DeversiFi now.

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