![nexo token nexo token](https://cryptointrend.com/wp-content/uploads/2019/02/NEXO-Token.png)
Of course, if we see that the vote being open for 24 hours just isn’t enough, we’ll take note and extend it for the next proposal.Įither way, there is a quorum of 300,000,000 votes, so if enough votes don’t pile in by June 8 no changes will be made to Nexo. This is why we’re giving the community 10 days to go over the proposal and make their decision before opening the vote, so there’s plenty of time to think things through. Also, blockchain governance proposals don’t typically stay open for more than a few days. It is a short amount of time, I agree, but it is enough to allow holders in all time zones to vote. I’ll start with the 24-hour voting period. Why is the vote only open for 24 hours? This means Nexo expects more than 2/3 of their token holders to be available to vote within a 24 hour period.
![nexo token nexo token](https://changelly.com/blog/wp-content/uploads/2019/08/Nexo-NEXO-Token-Review-840x420.jpg)
Those tokens have not yet been allocated for a specific purpose and there aren’t any plans to use them at this stage, so we’re not quite at the point where we’re thinking about a buy-and-burn mechanism either. I’ve double-checked with management and can confirm that we won’t be using the company reserve tokens for daily interest. If Nexo uses reserved tokens to pay interest, increasing circulating supply over time, are there any plans to do a token burn or implement a buy-and-burn mechanism? Hence, all tokens used for the daily interest payouts will be sourced from the open market. Inflating the supply of tokens in circulation would depreciate the value of the NEXO Token, and that would be counterproductive for all stakeholders, be they clients and investors, our management team, our employees, or partners that we work with. No, because that’s not in the community’s best interest, nor in Nexo’s in the longer term. Your Questions Answered Is Nexo going to use its token reserves to pay interest, slowly increasing circulating supply and thus impacting token value? A list of the key benefits of the existing Dividends Programġ.A list of the key benefits of the Daily Interest proposal.An FAQ with answers to popular community questions.I’ve therefore taken it upon myself to collect your questions about it, address the most common topics, and bust a few myths about the vote in the process. We recently informed you of our first Governance Vote: the Daily Interest on NEXO Tokens proposal and – quite understandably, considering how great a change to the NEXO Token this proposal entails – the community has been showering me with questions about it. For those of you that I haven’t met yet, my role at Nexo is to make sure your voices are being heard and your questions are being answered. I’ve spoken to many of you on Reddit, Telegram, and on other channels. Hi everyone, this is Rosen, Nexo’s Community Manager.