For the past 18 months, the Nebulas team and partner exchanges have worked diligently to offer ERC-20 NAS token holders conversion to mainnet NAS. As of now, all exchanges have suspended the mainnet token swap. In total, a remaining 1.6 million NAS remain un-swapped and are reserved on the Nebulas mainnet. The Nebulas Foundation proposes the destruction of this remaining quantity which will result in a further 1.6 million NAS decrease in circulating supply.

Overview

Prior to the launch of the Nebulas mainnet, the NAS asset was issued on the Ethereum network as a ERC-20 token. Since the launch of Nebulas’ Eagle mainnet launch 18 months ago, all ERC-20 token holders have been required to convert their token to mainnet NAS and to support the swap, Nebulas has cooperated with multiple exchanges and has repeatedly offered a token swap service. On October 18th, 2018, Nebulas ended support of the self-service token swap via NAS nano Pro and as of October 29th, 2019 (Beijing time, UTC+8), the last exchange that supported the swap has permanently suspended this feature. As a result, the Nebulas ERC-20 token has been officially superseded and will no longer be supported.

During the token swap period, the Nebulas Foundation has received a total of 43,389,028.43 out of 45,000,000 Nebulas NAS ERC-20 tokens which have been redeemed on the Nebulas mainnet. This amount represents a 96.42% swap ratio with 1,610,971.57 NAS being held on the Nebulas mainnet for the remaining ERC-20 tokens.

Proposal:

The Nebulas Foundation respects the ownership of individual assets and supports it’s long-term holders and that 18 months is a significant amount of time to support the token swap and Nebulas will cease further swap assistance.

As per the Nebulas roadmap, we are moving towards the decentralization of the Nebulas mainnet by end of the year. The Nebulas community and exchanges that support the mainnet currency have autonomy and are not obligated to permanently support the exchange of the ERC-20 asset. After 18 months, the Nebulas foundation proposes the following:

This serves as a notice to all holders of the Nebulas ERC-20 tokens (e.g. those with wallets on the Ethereum network which begin with “0x”), immediately send an email to contact@nebulas.io before November 5, 2019 (Beijing time, UTC+8) for your final chance to swap your asset to mainnet NAS.

After 12:00a.m. (Beijing time, UTC+8) on November 15, 2019, the Nebulas Foundation will destroy the remaining main network NAS currency reserved for the Nebulas ERC-20 token holders in the amount of 1,610,971.57 NAS

At this point, the liquidity of NAS will be reduced by 1.61 million to approximately 54 million NAS.

Voting time:

November 5, 2019 3:00p.m. — November 11 15:00 (Beijing time, UTC+8)

Voting method:

Vote on the destruction proposal of the remaining token swap fund via the official nebulas.io website and choose one of the following options:

Option A: Stop the NAS ERC-20 exchange and destroy any remaining NAS reserved for the token swap.

Stop the NAS ERC-20 exchange and destroy any remaining NAS reserved for the token swap. Option B: Stop the NAS ERC-20 exchange but do not destroy the main network NAS currency reserved for the currency exchange — if this option is chosen, the utilization of this fund will be discussed separately.

After choosing which option to vote for, use the NAS nano Pro to scan the generated QR code to transfer NAX and complete the vote (a voting guide can be found at https://medium.com/nebulasio/the-future-of-nebulas-is-up-to-the-community-2cf7492e276c). All NAX used for voting will be returned to the voters address approximately two days after the 30th dStaking cycle of the completion of the vote (e.g. 31–33 days/cycles)

Please feel free to suggest your thoughts and opinions at go.nebulas.io or participate in discussions at the Nebulas Forum at community.nebulas.io or the Telegram Community at t.me/nebulasen.