On the 15th May 2018, Ethfinex released an open-source, decentralised community voting application on the Ethereum blockchain. Through this tool, our users are able to decide which new tokens should be listed on our exchange. Any tokens winning the process are listed simultaneously onto both Ethfinex and Bitfinex.
Voting happens using EVT (Ethfinex Voting Tokens) token which is distributed every 2 weeks to holders of Nectar tokens (the exchange token of Ethfinex), or available for purchase on Ethfinex. Since Nectar tokens (NEC) are earned by trading on Ethfinex, this ensures that the biggest stakeholders of Nectar (NEC), who overlap heavily as the biggest traders on our exchange, determine which tokens get listed. We think this is a good thing both for our community of traders, as well as for the communities of tokens who end up being listed. Ethfinex Voting Tokens (EVTs) expire every two weeks and should, as such, not be considered a long-term investment.
You can view the current voting round and learn more about the process at: nectar.community/#/listings.
Since Ethfinex and Bitfinex do not charge any listing fees, our number one focus is on ensuring that we list high-quality tokens, which our community of users are interested in. This means that inevitably our number one criteria to list a token is based on technical progress.
This token voting process is a first step towards our eventual community governance on Ethfinex, and we are constantly iterating and improving it.
We welcome all your feedback and encourage you to stop by our Telegram with any thoughts you may have.
- Login or sign up to Ethfinex.
- Deposit ETH or any other listed ERC20 token.
- Convert your ETH or ERC20 token to USD using the Trade feature on Ethfinex.
- Purchase Ethfinex Voting Tokens (EVT) through the EVT/USD pair.
- Withdraw your EVT to an external Ethereum wallet.
- Visit Nectar.community/#/listings, connect your wallet in the bottom right corner and vote for your preferred token.
A short video tutorial showing how to connect and vote through Metamask can be found here.
- The Ethfinex Voting Tokens are distributed bi-monthly to Nectar (NEC) holders in a 1:1 ratio.
- Whilst the main purpose of EVTs is for the Ethfinex community to vote which tokens will be listed, users are also able to trade EVT on Ethhfinex against a EVT/USD pair.
- EVT is not a good long term investment - EVT tokens expire and disappear every two weeks. The EVT market is stopped 3 hours before voting ends to ensure plenty of time is left for remaining EVT tokens to be withdrawn for voting purposes.
- EVT are spent when voting for one of the tokens on the list, or trading on the Ethfinex platform. 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 voting period. This is automatic and will expire across all Wallets. EVT are then reissued based on users updated NEC balances, to be used in the next token listing vote and when the EVT market begins again.
- New EVTs are distributed to Nectar holders approximately 1–2 hours after the previous voting period ends.