Participate in Neutrino governance with NSBT voting
As the launch of Decentralized Forex (DeFo) approaches, the Neutrino protocol is laying out voting mechanisms that will enable the community to take part in governance decisions on future developments.
Today, we are announcing the launch of a new interface for governance in which users will be able to cast their vote for various decisions. The community will get a chance to decide what price-stable assets should be the first to trade on DeFo, an upcoming extension built on top of the Neutrino protocol. DeFo enables instant swaps between assets pegged to popular national currencies in the same way as USDN is pegged to the US dollar.
Currently, 16 national currencies are candidates to become the first Neutrino stablecoins issued on Neutrino protocol and traded on DeFo. The voting process is now live on Neutrino’s website. DeFo’s functionality is intended to be available through multiple interfaces, the first of which will be integrated into Waves.Exchange.
Voting mechanism
The voting procedure is carried out with the NSBT token. 1 NSBT equals 1 vote. The token can be bought in exchange for USDN and WAVES or obtained directly through a smart contract on Waves.Exchange. The contract also has the ability to redeem NSBT at a fixed price of 1 USDN if BR (backing ratio) is greater than 1.
There are no limitations on minimum and maximum amounts of NSBT tokens used for voting. Participation in the voting procedure is not subject to any fees.
Once you’ve made your choice, your NSBT tokens will be transferred to a smart contract and stay there until the vote is over. The voting period, which is expected to last for approximately one week, is counted in blocks.It starts at block height 2246335 and ends at block height 2256415, after which users will be able to recover their NSBT tokens.
More functionality for NSBT
Neutrino System Base Token (NSBT) was originally designed to ensure the stability of reserves on the Neutrino smart contract. In recent weeks, the token’s functionality has been substantially expanded.
Voting for new assets is the first use case for the NSBT token as a unit of on-chain governance. Later, it can be used in voting for any community-driven proposals, such as updates of the Neutrino protocol’s staking node software.
Due to a recent update of NSBT’s pricing mechanics, the token is gradually gaining popularity in various DeFi ecosystems. NSBT has been already ported into the Ethereum ecosystem and is expected to be available on major DEXes and liquidity pools. Keep following our channels for more news and updates.
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Neutrino website: https://neutrino.at
Medium: https://medium.com/neutrinoteam
Twitter: https://twitter.com/neutrino_proto
Telegram : https://t.me/neutrino_group
