NIX eyes major rebranding, transitions to a new ecosystem
In a recent Medium blog post, the NIX team revealed that it was migrating to a new ecosystem to launch a new ZK Rollup DEX. The legacy project is making a move into the booming decentralized finance (DeFi) sector.
For some context, a ZK Rollup is a layer 2 scaling solution that allows a single transaction to validate multiple other transactions on side-chains. In essence, hundreds of transfers are bundled into a single transaction.
Following the transition, the NIX team also revealed that its ecosystem will be going through a major rebranding process. First, the Nix Bridge Token (NBT) will receive a new name and ticker.
NBT and the new NIX token work in tandem to create a community governed DAO which will steer the permissionless ZK-Rollup DEX as well as the future direction of the wider ecosystem.
As per how the on-chain governance system will operate, NIX has revealed that holding NBT tokens enables access to participate in the network. NBT holders are at liberty to submit proposals geared towards improving the network. Proposals can then be voted on by other NBT token holders based on certain parameters.
Once created, proposals will require 20% of the supply threshold in favor to be considered. 50%+ of the supply threshold will be needed for the proposal to pass.