Dear Nectar Bee! 🐝 As you know, DeversiFi recently launched the Nectar Beehive V1 — our sustainable liquidity mining program for the Nectar token, designed to bootstrap community growth while ensuring a valuable source of NEC liquidity for the industry. Within a mere 2 days, the total value locked (staked ETH & NEC) in the program touched $2M USD — a nice amount of liquid Nectar for traders to dip their fingers in! 🍯
Why did we launch Nectar Beehive?
We are on a mission to grow a self-custodial trading community by building an ecosystem that caters to the needs of professional and retail traders, while simultaneously providing all the fun and fancy features of decentralised finance — particularly those that reward community members while playing our role in contributing to the wider industrial movement that will change our world for the better.
Nectar Beehive V1 represented a return to Nectar’s original roots as a loyalty, reward and incentive token given to value-adders in the ecosystem. Put frankly, we brought this feature back in order to boost our community, ensure NEC liquidity for new entrants and, of course, reward our loyal and valuable users. We initially set-aside 10M NEC tokens for Nectar Beehive V1 — these tokens were donated by Bitfinex who is a historic supporter of the Nectar token as outlined here.
As detailed in this blog post, shortly into the program the DeversiFi platform (a significant part of Nectar Beehive V1) suffered an inconvenient, 28-day bug which resulted in key features of DeversiFi becoming unavailable and inconvenient for end-users, impacting the efficiency and uptake of Nectar Beehive. We believe this played a role in disrupting the value-add of the Nectar Beehive program.
So what are we doing now?
As a result, and after much deliberation, we have decided to bring Nectar Beehive V1 to a premature close. We will be ending Beehive after Period 3, this Tuesday, 22 December. There will therefore be no Periods 4 through 12. Once the aforementioned bug on DeversiFi is fully resolved, we will head back to the drawing board and seek to bring Nectar Beehive back in Q1 2021 in some way, shape or form, rewarding traders of DeversiFi.
We would like to thank everyone who contributed to Nectar Beehive V1 in the short time it was live. Welcome to our community! 🐝
Some other key need-to-know details are that multipliers for Nectar Beehive V1 were reduced from 2X at the end of Period 2. Meaning the automatic 2X for all LPs (whether they used DeversiFi or not as a result of the bug) ended with Period 2. Liquidity providers during Period 3 will receive the normal APY for the liquidity they added to Balancer.
Note: you will still be able to contribute to the NEC/wETH pool on Balancer and continue receiving BAL rewards as a result.
What does the future look like?
Bright. It’s well worth reading out roadmap here. We will knuckle down between now and Q1 2021 building out some very exciting features for DeversiFi. Everything from a fierce listing spree to the introduction of new integrations — we’re talking L2-L1 bridges, new products, partnerships and possibilities. Some other awesome stuff we’re working on is zk-KYC, a DeversiFi AMM (making the adding of liquidity as easy as clicking a button) and much more.
Again, we would like to thank everyone who contributed to Nectar Beehive V1 in the short time it was live. Welcome to our community!
DeversiFi gives traders the edge in fast moving decentralised finance (DeFi) markets by allowing them to trade at lightning speed and with deep aggregated liquidity, directly from their privately owned cryptocurrency wallet.
Traders can take advantage of more trading opportunities while always preserving control of their assets for when they need to move fast. DeversiFi’s order-books are off-chain, but settlement occurs on the Ethereum blockchain. This means that traders benefit from fast moving order books and instant execution, without having to trust the exchange and whilst always maintaining control of their assets at all times.
For the first time, traders can enjoy all the benefits that they would expect from a legacy large centralised exchange, but with no exchange or counter-party risk.