As per the recent community vote pertaining to the future of NAT, Nebulas Labs has begun the termination of NAT and it’s pledge pool on October 30th, 2019 at 3:00p.m.

This vote was conducted using the NAX Smart asset on the Nebulas blockchain. The NAX token is obtained via dStaking Nebulas’ native asset “NAS” via the the nextDAO platform. The amount of NAX obtained per address varies based on how much NAX is pledged, how long the pledge has been active and even the total amount of NAS pledged across the entire network. With these unique characteristics, NAX is also a reflection of user’s contribution to Nebulas and its assets.

The vote for the future of NAT ended on October 28th, 2019 and in total 3,360,615 NAX were utilized by community members resulting in a support rate of 68.24%. With voting completed, the proposed NAT proposal can be implemented.

Proposal:

The above screenshot is of the proposal results which can also be viewed at: https://nebulas.io/nat-to-nax-vote.html

How users can obtain NAX for their existing NAT

Step 1: Closing of the NAT pledge pool

The centralized NAS pledge pool will be closed by October 30, 2019 at 3:00p.m. (UTC+8, Beijing time). Any NAS currently in the pledge pool will be returned to the pledging address by November 6th, 2019 at 3:00p.m. (UTC+8, Beijing time).

Step 2: Redemption of NAT

Total NAT in circulation: 9,388,419,207.94 NAT as of October 29th 12:00a.m. (UTC+8, Beijing).

Amount of NAX available for exchange: 10 million NAX

Details: The 10 million NAX available will come from the NAX Eco-Fund pool. As per the Nebulas NAX White Paper (2019), for each dStaking cycle (approximately 1 day), 5% of the NAX distributed to pledge users will be added to eco-fund pool. This fund is hosted by Nebulas Lab and details for the pool will be published regularly. This fund will be used to expand the influence of NAX, explore it’s application scenarios and support the Nebulas ecosystem.

Redemption process

Disposing of NAT: Users holding NAT can transfer it to the NAT destruction smart contract for one week only.

Disposal time frame: October 30, 2019, 3:00p.m. — November 6th, 3:00p.m. (UTC+8, Beijing time).

NAT disposal address: Send your NAT to the following address or scan the QR code via NAS nano Pro.

Address: n1YuDetHCjhzynuEJnPjQZBeVcbEh1ufrAg

QR Code Scan for the NAT Disposal Address

Distribution Process

Distributing NAX: All addresses that dispose of NAT within the following week will receive a portion of the 10 million NAX within the pool.

Distribution time frame: Distribution is expected to take place within 30 dStaking cycles of the completion of the proposal voting and once the NAX eco-fund pool contains 10 million NAX.

Example of issuance distribution: If 3,000,000,000 NAT are collected and a user transfers 10 million NAT to Burning Contract prior to November 11th, 2019, this user will be entitled to 0.33% of the issuance sum of 10 million NAX; as a result, this user would be entitled to 33,333.33 NAX.

Step 3: Post NAT disposal and NAX distribution

NAT which fails to be transferred Burn Smart Contract address within the allocated time frame which is listed above shall not be entitled to exchange at a later date.

Nebulas Labs will no longer maintain NAT related smart contracts.

Disclaimer:

1. Please only refer to Nebulabs for official announcements about NAT.

2. Nebulas does not assume any responsibility for the loss of assets due to personal operations. Please be diligent to identify and avoid fake applications, falsified messages, phishing websites, phishing emails, fake customer service, scams, etc… The Nebulas team will never ask users for their private keys. Nebulas is not responsible for any loss caused by users or third parties.