Ethfinex will build a community hub for developers, traders, and enthusiasts. It will enable discussion, study, and trading in the Ethereum ecosystem. Tradi- tional centralised exchanges sit on a layer apart from blockchains, but Ethfinex will reflect the nature of the Ethereum ecosystem itself, building smart con- tracts and decentralisation increasingly into everything it does. Our vision is to steadily move towards a completely decentralised platform, and to provide tools and modules that will interact with and contribute to smart contract de- velopment and projects. A new token will act as a loyalty reward for token market makers on the Ethfinex exchange. This will incentivise the creation of the most liq- uid exchange for trading tokens and tethered assets on Ethereum. The loyalty tokens are similar to loyalty points and are earned in pro- portion to users’ volume of trades as market makers. 1 Loyalty tokens will entitle holders to claim rewards from fees generated by Ethfinex, and to participate in future exchange governance. Gradually, as more tokens are earned, the ownership of the exchange will become decentralised, and Ethfinex will be owned by its customers. The loyalty token is referred from here onward as the Nectar token or NEC.