March 21, 2022
Frequently Asked Questions with NELO
NSC & BSC Token Supply
We received many questions regarding NELO Smart Chain (NSC) and existing NELO BSC. Here are the answers to some commonly asked questions.
- When will migration of NELO BSC to NELO NSC begin?
Expected date of migration is targeted to be in August 2022. An official announcement and guidelines will be posted up on all NELO’s official social media platforms when the time comes. Till then, please DO NOT trust any unofficial news or rumours that announces NELO’s new contract migration - we will not be responsible for any monies or $NELO lost if you fall for any of such phishing or scam acts. If you have any question or enquiries for us, always reach out to official NELO admins on our official Telegram group or official Twitter account.
- Will there be an increase in NELO’s supply?
There is NO increase in supply on BSC NELO contract. However on NSC, there will be a 5 Billion $NELO supply increase as there must be a pool reserved supply on NSC for running PoS Mining - in which 4 Billion $NELO will be reserved for PoS Mining and 1 Billion $NELO is reserved for strategic investors/venture capitalists firms. Once NSC Mainnet is launched in Sept 2022, the total Supply of $NELO will be 5 Billion on BSC and 5 Billion on NSC.
- What are the new tokenomics and distribution of NELO after the launch of NSC Mainnet in September 2022?
There is NO tax imposed on BSC NELO and NSC NELO contracts. However, for each buy or sell transaction - gas fees are still applicable ($BNB on BSC, $NELO on NSC). For distribution, there will be 3.75 Billion $NELO circulating supply locked in BSC NELO contract and 1.25 Billion $NELO will be migrated to NSC NELO contract to run NELO Masternodes to maintain the security of NSC Mainnet. On NSC, 4 Billion $NELO will be reserved for Node delegation & PoS mining and 1 Billion $NELO will be reserved for strategic investors/venture capitalists firms.
- What will happen to NELO BSC Liquidity Pool on PancakeSwap after migration to NSC in September 2022?
There will be no change in BSC liquidity pool as NELO’s Liquidity Pool on PancakeSwap is locked till July 2024. Hence, we will implement cross-chain contracts on BSC and NSC. In the event you buy or sell $NELO, it will be transacted through NELO PancakeSwap’s Liquidity Pool.
- What will happen to my $NELO if I buy or sell after migration to NSC?
There will be no change. You will still buy or sell your $NELO through PancakeSwap’s Liquidity Pool - before or after migration.
- Will NELO be running a new liquidity pool in NSC, to replace the liquidity pool in PancakeSwap?
Yes. However, we have not finalized our plans to implement NSC Liquidity Pool in 2022. Presently, we are focusing on launching NSC Mainnet and other products lined up in 2022’s Roadmap. Hence, there are no concrete plans to migrate the existing NELO (BSC) PancakeSwap Liquidity Pool to NSC Liquidity Pool in 2022.
We hope the answers to these frequently asked questions will answer your queries.
For our official company statement, refer to: https://drive.google.com/file/d/1XuHPSXMcT85H3iWDjiHwzpsTvKhk-YtI/view?usp=sharing
Walter Teo, Founder & CEO of NELO
21st March 2022