Voting happens using 'Ethfinex Voting Tokens'. These tokens are distributed to Nectar Token (NEC) holders every time a vote starts based on the number of the tokens in a users wallet or on the platform. The EVT markets will also become tradable on the same day.
For information on the vote and how to vote please visit this link.
The process will take 2 weeks in total. EVT’s will be distributed on the last Tuesday of the month, commencing the education period which will last for 7 days. After this time (on the next Tuesday), we will open voting for the next 7 days.
For example, if you hold 10,000 NEC on the start day, you also receive 10,000 Ethfinex Voting Tokens (EVT).
EVT are spent when voting for one of the tokens on the list after the education period. All remaining EVT not used in voting expire at the end of the two week period and the EVT markets on Ethfinex are then cleared. Users will be required to vote or sell the EVT before expiration to avoid any loss. Tokens withdrawn to external wallets will also expire and balances will disappear at the end of the vote. This is automatic and will expire across all Wallets. EVT are then reissued based on user's updated NEC balances to be used in the next token listing vote and the EVT market begins again.
To incentivise earlier voting and avoid a rush to the post, EVTs are worth double at the start of the vote, with power diminishing linearly to one towards the end of the vote.
- Day 1 2x
- Day 2 1.833x
- Day 3 1.667x
- Day 4 1.500x
- Day 5 1.33xx
- Day 6 1.167x
- Day 7 1x
NOTE: During the first voting round (02.04.19 to 09.04.19) to keep things simple EVTs will be weighted equally at 2x throughout the period.
You can monitor the currently ongoing vote on the nectar.community site.
This system allows Nectar token holders to easily vote from their own Ethereum wallet, or delegate or sell their votes to new members or those who wish to support a particular token on the list without selling or spending their Nectar tokens.