Nash has launched an ERC-20 version of its NEX token on Ethereum. Users can now swap between NEP-5 and ERC-20 NEX tokens, however, only the NEP-5 version can be staked on the Nash platform. An ETH-NEX market is now available on Uniswap.
Users can conduct the token swap on either the Nash web or mobile wallet. Currently, there is a minimum swap amount of 500 NEX.
The Neo-Ethereum bridge works by burning tokens on one chain as they are moved to another. The burning method ensures a constant supply of 50 million NEX in circulation, regardless of which chain the NEX is stored. As ERC-20 NEX tokens are not wrapped, NEX can only reside on one network at a time.
Source: Nash
The ETH-NEX market on Uniswap has approximately $597,000 in total liquidity at the time of press. Additionally, there has been more than $545,000 in trading volume.
Nash first announced its intentions to build the token bridge in its H1 2020 report, delivered by leadership in October 2020.
The full announcement can be found at the link below:
https://blog.nash.io/nex-is-now-also-on-ethereum/
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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