Nash is adding new utility to the NEX token and updating its profit-sharing model. The changes are part of the roadmap outlined in Feb. 2021, when new project leadership announced a focus on offerings centered around fiat ramps and integration services.
Nash is a non-custodial blockchain services provider. Since its founding, the team has built unique protocols and a regulatory compliant non-custodial exchange for securely trading funds in a decentralized manner. Nash’s token, NEX, is the first regulated European security token.
The first part of Nash’s current plan is to access a broader selection of secondary DEXs for more opportunity to derive yield. Therefore, the Nash team is building a bridge that will allow users to move the NEX token between Polygon, Ethereum, and Neo. The team then intends to integrate support for more affordable decentralized markets (i.e., SushiSwap and QuickSwap) on Polygon.
The NEX token will still maintain its original functionality, sharing revenue from Nash’s exchange. However, staking will no longer be necessary for NEX token holders to benefit from Nash’s rewards. Now, users only need to hold NEX and complete KYC verification to receive dividends from Nash’s services. NEX’s profit sharing will be derived accordingly:
- Up to 75% proportionate revenue share from Layer-2 exchange fees
- 10% proportionate profit share from earnings package management fees
- 10% proportionate profit share from fiat gateway fees
- 10% proportionate profit share from DEX market fees
Additionally, the team intends to begin offering an interest rate boost on Nash’s earnings products (i.e., high-yield savings account) to users who add liquidity to NEX trading pools. The team plans to integrate functionality in the app to allow users to seamlessly contribute to liquidity pools on different blockchains.
Along with the new functionality, Nash will remove the fee reduction feature that NEX tokens previously offered on its DEX markets. Instead, DEX market fees will be collected each month, consolidated into stablecoins, and distributed to NEX holders daily over the following month.
Other tentative uses for the NEX token include fee reductions on the Nash fiat gateway and increased cashback (paid in cryptocurrency) on the Nash debit card.
Looking forward, Nash intends to run special promotions associated with its new offerings.
The full announcement can be found at the link below:
https://blog.nash.io/the-nex-token-and-the-nash-app/
About The Author: Dylan Grabowski
Dylan is a reformed urban planner with a passion for covering the Neo ecosystem. His objective as a writer for Neo News Today is to report news in an objective, fact-based, non-sensational manner. When not behind a computer screen, he can be found in the mountains rock climbing. Find Dylan on Twitter (@GrabowskiDylan).
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