Announcements > First Nectar Token Distribution March 15, 2018

Ethfinex has just completed the first Nectar token distribution to traders, with a total of 2,626,948 NEC credited to reward traders during the last 30-day period. If you have already verified your account and registered for the scheme, you will now be able to see new NEC credited to your Ethfinex account.

50% of revenues from this period (13th February - 15th March) were pledged to Nectar token holders, totalling 1,976.58 ETH. The transactions pledging these to the token holders, and forwarding the Ether to a vault contract, can be observed on Etherscan (here and here).

A full report on Ethfinex’s performance over Month 1 will be released over the coming days, as well as the launch of a new set of tools for Nectar token holders to create and vote on proposals about Ethfinex’s future, as the start of decentralising the platform’s governance.

Find out how you can start being rewarded for trading by visiting our our blog or going to your account section and registering for the scheme.

NEC Deposits and Withdrawals Open

NEC deposits and withdrawals are now open, allowing you to withdraw tokens and whitelisting your Ethereum address. Please be aware that once withdrawn from Ethfinex, Nectar token can only be transferred to other whitelisted addresses or back to Ethfinex.

Unverified Users with the Nectar Loyalty Program

Unfortunately unverified users or those who have not accepted the terms of the Loyalty Program are not able to be credited Nectar tokens, even if they have been trading on Ethfinex.

However we recognise that at this time our verification process is extremely backlogged, often taking weeks or longer. Therefore all market makers using Ethfinex after the 13th February will be able to earn Nectar tokens, although they will not be credited them into their account until they have been successfully verified.

On successful completion of verification and agreement to terms any accrued NEC for previous periods will be credited to the user’s account.

We are currently working on a streamlined verification process, and once this is in place, customers who have not already done so will be required to apply for verification within 30 days, failing which they will lose earned tokens.

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