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:

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.

Recently Similar News

casinoin-promotion etoro-promotion

Latest Guides

Latest News

CoinEx,Cryptocurrency,Exchange Platforms

CoinEx List GNO and AST

In the latest in a long list of newly added tokens, CoinEx has expanded its service to include both AirSwap (AST) and Gnosis (GNS). The two tokens went live at the latter end of the last week, going live on Thursday and Friday respectively. Airswap aims to facilitate buying and selling of tokens and, as […]

5 July, 2020
Crypto Wallets

Guarda Set to Begin Mobile App 2.0 Beta Testing

The crypto wallet provider, Guarda are to set to launch the updated version of their mobile app. Ahead of this, they will be rolling out Beta Testing to ensure everything runs smoothly when it hits the market. This Beta testing will beckon in the 2.0 version of the app which will be available on both […]

5 July, 2020
Exchange Platforms

DeversiFi Post 5th Community Update

In a bid to keep their traders up to date with what has been happening, DeversiFi have posted Community Update #5 for players to read about their inner workings. The community update comes in the build-up to its 1st anniversary of their rebrand from their former entity, Ethfinex. Over the past year, the platform have […]

4 July, 2020
CoinEx,Exchange Platforms,Promotion

CoinEx Launch AYA Trading Competition

Yesterday, CoinEx launched a trading competition where 10,000 USDT can be won via buying and selling AYA. There is two part of the competition where those who trade the native token of the easy-to-use cryptocurrency supporting cryptographic signature, Aryacoin. Both of these launched yesterday and will run until the 10th July giving you are full […]

4 July, 2020
ChangeNOW,Cryptocurrency,Exchange Platforms

ChangeNOW Launch IOS App

Owners of iPhones or iPads now have the option to trade with optimal ease on their phone with the release of the new ChangeNOW iOS app. The new app from the popular exchange platform dropped earlier this week and promises the option to trader “200+ cryptocurrencies, honest rates, simplicity, and high speed of exchange” all […]

3 July, 2020

Full Moon Party All Weekend at Bitstarz

One of the leading bitcoin casinos, Bitstars are offering 630 free spins to their players over the course of the weekend. Getting involved in this fantastic little promotion is simple enough and all you need to do is make a deposit on each of the three days that the promotion, which begins today, is live. […]

3 July, 2020
CFD Trading Platform,Investment,Plus500

Have You Explored Plus500’s Unique CFD Indices?

If you are looking to explore the option to bet on the future price of unique assets, then the CFD indices at Plus500 will be ideal for you. CFDs can be applied to all manner of markets including stocks, crypto, and forex trading and indeed, these are the most common CFDs people trade. While these […]

2 July, 2020

AIBC gets back to business with limited free early bird tickets

Early bookings will benefit from a free standard ticket to the AIBC Europe show held in Malta this November, as travel restrictions lift across Europe With restrictions on travel easing, and airports throughout Europe reopening, the events industry is optimistic that the business, entertainment, and tourism sectors will be back on their feet and enjoying […]

2 July, 2020