DeversiFi, a layer 2 DEX backed by Bitfinex, ConsenSys, and Ledger, has announced a new governance token and airdrop.

DeversiFi, previously Ethfinex, has introduced DeversiFi Token (DVF), an ERC-20 governance token for its scalable DEX built on StarkWare.

DeversiFi Token (DVF) will have a total supply of 100 million, according to the token contract address shared in the official blog post.

The team says it would give out ~50% of the token supply as rewards to liquidity miners and traders to incentivize adoption.

The new DVF tokens will need to be staked on the DEX to acquire governance voting rights and be eligible for a share of fees. The DEX fees will be divided between token holders and liquidity providers.

Interestingly, DVF is not the first token for the project. Up until now, Nectar Token (NEC)–the native token of DeversiFi’s governance body Nectar DAO–has been used.

NEC tokens were, however, highly concentrated between a few large holders–Bitfinex, DeversiFi, and others controlled more than 90% of the token supply.

Thus the team agreed to issue a new community-driven governance token to replace NEC tokens. This time, the team ensured the majority of its token supply is reserved primarily for the community.

This includes liquidity mining incentives and an airdrop for both previous and future DEX users, the team informed.

“Community is more about where you will go in the future together. That’s why DVF token is designed with 50%+ of supply allocated to future community, users, and liquidity incentives,” wrote Will Harborne, CEO of DeversiFi.

As for existing NEC token holders, only 7% of the DVF tokens will be distributed based on a snapshot taken on Mar. 25. However, this will exclude Bitfinex, DeversiFi founders, and a few other large NEC holders.

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