Dear Nash community,
As many of you are aware, the Uniswap secondary market has been a popular place for trading NEX against ETH, bridging the time until security token exchanges become more widely available. Over the weekend, we observed that liquidity was moved from Uniswap V2 to Uniswap V3. However, only NEX liquidity was fully preserved.
As soon as Nash became aware of this issue on Saturday, we responded by adding protections to our mobile app, warning against high slippage when trying to sell NEX tokens.
While the NEX token price and availability are not the focus of our efforts at the moment, we are hard at work preparing a series A and aggressively pursuing our roadmap. By reaching our company goals, the availability of NEX and its price will naturally increase in the long-term – so investors should understand our priorities.
To alleviate the current liquidity situation, we invite users to help with providing liquidity on secondary markets. It appears useful to point out that adding ETH with a price range to the Uniswap V3 pool (see below) is similar to a limit buy order for NEX. Of course, it is up to each individual to decide to buy or sell NEX on the open market and it is up to each individual to decide to add or remove liquidity, which in turn cannot rule out situations like that seen this weekend. However, we are convinced that the NEX/ETH pool on Uniswap V3 will become balanced over time as more investors add ETH, either directly or by purchasing NEX tokens.
We are working hard on delivering our new products (including earnings and IBAN accounts), which we believe will increase demand for NEX. Additionally, our team is monitoring the security token exchange landscape so that NEX may become more widely available in the future – when the time is right, of course.
Adding liquidity to Uniswap V3
Community members may wish to add ETH to the Uniswap pool so as to re-enable NEX/ETH trading sooner. You can do so by following these steps:
Visit the pool here.
Choose “Add Liquidity”.
Select “ETH” and “NEX” as the assets and the 0.3% pool.
Connect to a wallet. You can connect your Nash wallet by choosing the “WalletConnect” option. In the Nash app, choose “Settings > Connect with WalletConnect” and scan the QR code presented.
Set a minimum and maximum price range and choose your deposit amounts. Please note that the NEX price is denominated in ETH and not in USD. Depending on your price range, you may need to deposit both tokens.
Approve any tokens that need approval and then click “Add”.