Below is a screenshot of some of the staking rewards from many staked NEX since ICO. It amounts to roughly $40.
Could someone please tell me how I could theoretically withdraw these coins/extract this value?
If I try to trade, the balance is shown as 0. Even if ETH fees were less than the amount to trade, would the balance still show 0? (I would want to trade the NOIA and LINK to USDC but those are no longer exchanged. Oh well.)
The USD I would want to withdraw. However if I try to withdraw the balance is also 0, presumably because they need to be in the personal account, not trading account. How do I move them to the personal account using the app?
I simply can’t find a way to move/extract/trade these coins. Every avenue is a deadend. Insignificance of the ‘rewards’ aside, as that horse has been beaten, it appears I can’t even extract what is there. Even if ETH fees were 0:
- Balances in both trade and withdraw interface show 0
- There doesn’t seem to be a way to move coins between personal and trading
What am I missing?
My staking rewards in the (theoretical) tens of dollars is an order of magnitude higher than most ICO 1000 NEX stakers and yet are they inaccessible? Or, could someone please enlighten me as to how I could possibly extract these coins from this platform?
The coins you received from staking are distributed in the L2 network from nash. As nash has pivoted, the L2 network is not supported in the mobile app anymore. This is reasoned by UI complexity. If you want to access those coins try app.nash.io in the browsers. There you can trade those coins. At least NEO, BTC and ETH. All other markets have been delisted over the last couple of months. So you are more or less stuck with those coins. There are is an option to withdraw those coins to the Ethereum Mainnet, but is way too expensive in comparison to their value. Also there is no Nash Cash option to buy/sell coins directly in the L2 network, as it got dismissed as well (but wouldn’ change anything Nash Cash would be available as NOIA and LINK were never supported).
Ok, I see. Thanks so much for the reply.
A follow-up: considering staking is effectively worthless, is it possible to somehow cancel the staking contract?
Unstaking is not possible currently.
Staking contracts cannot be changed. The rewards were never guaranteed to be any fixed amount, just a percentage of L2 exchange volume. As the L2 exchange will continue to be a part of the platform, even if it’s not the focus, staking isn’t worthless. It will just depend on whether L2 volume increases in the future.
I think it is a good thing that users can’t remove from the staking contract as it is clearly stated at the beginning of the staking period. It is mentioned that there are no promised rewards as well as certain risks are outlined.
What I dislike are the last two sentences of your reply. Currently we as NEX holder do only participate on the generated fees of the L2 exchange, as the security paper states. We participate on a product which isn’t just out of focus, we participate on a product which is not receiving any kind of financial support from the company, a product which is bleeding out, a product which isn’t marketed and is completely taken out of the view for new nash users.
And you are talking about its future and volume increase. Your statement is just a slap in the face of every NEX hodler IMHO. Please tell me about the future and why the volume should increase. Which new developments and products are going to have a synergy with the exchange or the L2 network?
The exchange is currently (and I guess at least for the near future) not just out of focus, it is left behind. No reason in trying to talk positive about this product at the moment.
And you are talking about its future and volume increase. Your statement is just a slap in the face of every NEX hodler IMHO.
If people don’t want to stake or will unlock their stakes after they expire, that is fine. It’s a personal investment choice. A future increase in volume is possible, as it becomes focused more on professional/institutional crypto traders or other usage. If volume does increase, then obviously stakers will benefit. But staking is purely voluntary.
The exchange is currently (and I guess at least for the near future) not just out of focus, it is left behind.
The L2 exchange hasn’t been profitable, plain and simple. And that’s why Nash is focusing on products which will make the company profits, which will also benefit all NEX investors. It’s important to focus on what will bring long-term benefits to the company and NEX investors.