Bitfinex is giving away 9.4 million 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 for being a strong proponent of new developments that bring advancement to the crypto community and the entire industry in general.

Bitfinex took a trip down memory lane and incubated Ethfinex, a community-driven exchange with a focus on the development of decentralized technology and a platform for stimulated learning, trading and analysis of blockchain’s most innovative projects in 2018.

When Ethfinex developed the Nectar token (NEC) to increase liquidity on the platform, Bitfinex was one of the first [and biggest] supporters. We have done our part to actively contribute to Ethfinex’s efforts to achieve its long-term success.

Time flies and since then both Ethfinex and NEC have reached milestones and undergone fundamental changes. Ethfinex has evolved into DeversiFi, a professional, self-custodial exchange separate from Bitfinex. Meanwhile, NEC has moved to a new symbolic economic model – the NEC 2.0 deflationary model – to better serve DeversiFi and enable its decentralized community governance.

As one of NEC’s major token holders, Bitfinex is aware of the impact we can have on the future of DeversiFi as a decentralized exchange, as well as the long-term health of the token. We remain a supporter of the project and the community; Therefore, we plan to look for opportunities to reduce our stakes over time.

To begin with, Bitfinex will provide 9.4 million NEC to a community incentive program to be created and managed by the DeversiFi team. 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 be unlocked in approximately 4 years and must be paid in March 2024.

In the future, we plan to work with the DeversiFi team on several other programs to distribute further NEC tokens. We aim to encourage the growth in the number of token holders and the increase in value of the token, which will ultimately reduce our shareholding.

Bitfinex has been and remains a proponent of the concept and system of decentralization. That’s why we plan to track all decisions made by nectar holders through the Nectar DAO (Decentralized Autonomous Organization).

Important notes

This blog post is not an offer to sell or a solicitation of an offer to buy tokens. In particular, this blog post is not an offer to sell or a request for an offer to buy Nectar tokens (NEC).

Forward-Looking Statements

Certain statements in this blog post may be forward-looking in nature. The words ‘believe’, ‘expect’, ‘estimate’, ‘can’, ‘should’, ‘plan’, ‘may’, ‘plan’, ‘seek’, ‘anticipate’, ‘project’ and similar expressions , 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 expected, expected or implied in the forward-looking statements. Neither Bitfinex nor any other person is responsible for updating or revising forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

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