Questions regarding KYC for staking


#1

Just a couple questions for the team to clear some things up…

For staking, will token sale participants be required to pass KYC again on the same wallets/addresses or are we all set for staking launch?

Also, as it stands, will holders of NEX from the US be eligible to submit KYC to stake their tokens? Those who acquired them on exchanges or OTC?

Most think that additional licenses may be needed to allow that so thought I’d try and get an official answer.


(Hatertots) #2

To my knowledge if you did KYC in the token sale you are good to go.


(Alex Forward) #3

If it is required for everybody to provide KYC. I hope there is a pre-KYX procedure before staking opens. Allowing everybody to start staking from the same time.
If I am going to stake for 24 months, I need to be sure I’m amongst the first persons staking… (earliest contracts)… Anticipating possible selloff event after 24 months.… You want to make sure your tokens are unlocked first… (same applies for other time slots)


#4

Yea that’s what I’m expecting but just looking to get it confirmed


(Colegio) #5

@canesin

Can LLC / incorporated entities buy and stake NEX?


(Peter) #6

You’re suggesting a mass dump after 24 months which may not be out of the question.

Logically, dividing your bag into 24 and staking each at between 1-24 months then renewing each stake for 24 months as they expire would work well. However, there may be a few who lock it up for the 24 months as you suspect.

If a mass sell off occurs and NASH tokens lose value:

  1. this should bring significant trade volume. Those selling would lose out on the dividends generated from that sell off.
  2. Considering it will be a once off and any previous liquid NEX tokens were being traded at fair value (whatever ROI is deemed appropriate) the temporary decline in value would equal a higher ROI if volume is consistent. Free market forces would bring the price back up to equilibrium or fair value again depending on trade volume and acceptable ROI.

Conclusion: don’t be in such a rush to lock up all your tokens for 24 months as soon as possible.


#7

Got the questions answered at the event today and will sum up what was said:

Those that passed KYC for the second round of the sale are all set for staking. Also Tier 1 KYC status for the exchange

Yes, US citizens will be able to submit KYC to allow them to stake their NEX tokens.

If you missed it, the questions were answered by Fabian during the second part of the event. It’s available to watch on YouTube


(Peter) #8

Yep…

Tier 1, for those that purchased up to 10,000 NEX during the ICO and completed KYC will not need to complete KYC again.