After much deliberation and feedback from advisors and members of our community, we have passed a proposal to terminate support for Nova Token (NBK), NovaSwap, and NovaDEX, all currently hosted and supported by Fantom Opera Network. We understand that this decision will cause disrruption to some of our user-base, mostly NBK holders, but we will not be pulling any FTM-NBK liquidity - as we do not have access to the wallet holding the LP tokens - and because we do not own its contract, it will remain tradeable as it is right now, the only difference being that we will no longer dispend efforts to integrate NBK into our future platforms, as well as to enhance its use-cases. As for NovaSwap and NovaDEX, all the functionalities present in both will be supported by Fusion, our new flagship DeFi protocol, compatible with Nova Network, Nebula Testnet, and Fantom Opera. So users of these two platforms should not be negatively impacted by their discontinuation.
Nova Token (NBK)
A lot of the reasoning behind ending support for NBK comes from the fact that with NovaSwap and NovaDEX out of the picture and Opera House using its own NFT collection for governance, there won't be any other Fantom Opera platforms that will give NBK a true purpose of existence as far as governance goes, and as we shift focus from Fantom Opera to our own network, it is very hard to think that there will be significant interest from the core team to develop and deploy new platforms on Fantom in the future, deeming NBK redundant. This is paired with the fact that NBK has lost almost 95% of its marketcap and liquidity in the past few months, and it also have completely lost momentum amongst our community, with the current market crash really pinning it down to levels that will be hard to recover from. All these also made us very exposed and vulnerable to a governance attack with the market cap being so low, adding a security factor into the mix and further contributing to this decision.
There is a compensation plan for those holding NBK that will take place immediately after this announcement, which were carefully tailored to favour smaller holders, preserve SNT's price stability, and has factored in the very fact that NBK will still remain tradeable and no one will lose their tokens, have their frozen, or have any disruption as far as its usage and tradability goes.
You can read the full proposal, as well as how the compensation plan will take place by downloading the PDF below.
Proposal To Abolish the Dual-Token System on Nova Network
We will no longer support NovaSwap, effective immediately, and the website https://novaswap.me/ will be taken down on the 1st of June 2022. From that date onwards, users will have to migrate to Fusion, which will offer support to Fantom Opera, with similar features present on NovaSwap, but on a much more advanced, efficient, and user-friendly platform.
We will no longer support NovaDEX, effective immediately, and the website https://dex.novanetwork.io/ will be taken down on the 1st of June 2022. Similarly with what will happen with NovaSwap users, NovaDEX users will have to migrate to Fusion, which will offer its own exchange, with similar features as the ones present on NovaDEX, but on a much more advanced, efficient, and user-friendly platform.
Upcoming Changes to NovaPro and https://novafinance.me/
We are currently working on several changes and updates to NovaPro. We will have a detailed announcement outlining the changes that we will be making to the platform, but in short it will be much more driven towards supporting Nova Network's ecosystem and our official tokens.
The website https://novafinance.me/ will be taken down effective immediately, and we will have a reviewed and rebuilt website launched on a new domain in the coming weeks. Meanwhile, existing users will be able to access all the pertinent documentation, TCs, etc, directly from the NovaPro app.
From the date of this announcement we will also end support for NBK, NBK's LPs, and SNT's LPs staking on NovaPro, with the APYs being set to zero. It won't affect the assets you hold. There will also be changes to SNT and USDT APYs, which will be lowered to 8% and 0.1% respectively - these might be reviewed again once all the changes and the new version of NovaPro is released.
A Few Final Thoughts
As time goes by and our company matures, it's becoming easier for us to visualise what we have done right in the past years, and what we could have done better. This is a very powerful realisation because it allows us to make decisions that will ultimately bolster our own company's future, and with it, all of our user-base and token holders' futures too. Here at Nova Network we are very supportive of new ideas and have a healthy try-and-error approach to our products and services, always gauging the community's feedback and response to each one of them; this makes our work and product-base very dynamic and flexible, but at times it also comes at the cost of having to make hard and tough decisions, such as the ones outlined above, that involves finishing support to some of our own creations - all of which have had its fair share of time, passion, and dedication from our team members. But again, as hard as it can be, it also helps us keeping our product-base slim and fit, and on defining an ever-clearer path forward, which ultimately helps us on better understanding what we are and what we represent to our user-base.
We know that this announcement might come to upset some of our holders, but we truthfully believe that these changes will ultimately come to the benefit of these very same users on the long-term, as it will help us on consolidating our product-line, making our workflow more efficient, and boosting adoption and the usage.