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 Please be aware that once withdrawn from Ethfinex, Nectar token can only be transferred to other whitelisted addresses or back to Ethfinex.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.
Learn more about Nectar
As of this evening, February 12th, 2018, Ethfinex has implemented a number of fee schedule adjustments to accommodate the Nectar token (NEC) integration.
Maker fees on Ethfinex will be 0.100% regardless of total trading volume, as opposed to following a tiered fee schedule. Taker fees on Ethfinex will start at 0.200% for 30-day trading volumes up to 50,000 USD, falling to 0.100% at 60,000,000 USD. The exact fee schedule can be reviewed at www.ethfinex.com/fees.
The fee schedule may be adjusted based on the value and issuance of Nectar over the upcoming months. In a situation where the value of NEC is not enough for the market maker loyalty scheme to be a strong incentive to provide liquidity, we may reduce trading fees to keep Ethfinex competitive.
The fee mechanism put in place by Ethfinex is designed to reward Nectar token holders, who will be stakeholders in the platform. Future governance decisions, including those relating to fee schedule, will be made with significant input from token holders.
Earn your stake in Ethfinex
Ethfinex has a Market Maker Loyalty Program which opens for registration on February 13th, 12 PM UTC.
This program allows you to earn Nectar tokens (NEC) in proportion to the 30-day trading volume you contribute as a market maker on Ethfinex. 50% of all trading fees on Ethfinex are pledged to Nectar token holders and can be redeemed at any time. Additionally, users can choose to trade their NEC on a secondary market against ETH and USD.
By trading as a market maker on Ethfinex (e.g. through placing limit orders) you will earn a stake in the long-term success of the platform and its decentralized ventures.