Frequently Asked Questions
Learn how on-chain hodler-instruction governance works for NexTR instruments on the Liquid Network.
NexTR records eligible hodler instructions on-chain. Execution is performed off-chain by the Depositary SPV via its broker/custodian, under the Trust/Trustee governance, and is subject to the Issuance Terms and service-provider availability.
Some actions are executed as an omnibus instruction (e.g., proxy votes), while other events may be reflected per-hodler at the token level (e.g., cash payout vs reinvestment elections).
What is NexTR?
NexTR is an on-chain governance portal that collects verifiable hodler instructions for NexTR instruments (tokenized equities issued by NexBridge). It records eligible hodler instructions on the Liquid Network blockchain. Execution of those instructions is performed off-chain by the Depositary SPV via its broker/custodian, under Trust/Trustee governance, and subject to the Issuance Terms.
Am I a direct shareholder of Apple, Microsoft, or Tesla?
No. NexTR instrument hodlers are not direct shareholders of the underlying companies. The Depositary SPV is the legal title holder and trading principal. When you submit an instruction through NexTR, you are providing your preference as an eligible hodler of NexTR instruments. The Depositary SPV then executes an omnibus instruction via the broker/custodian in line with program rules.
Which wallet do I need?
NexTR uses Blockstream Green wallet with the "Managed Assets" (AMP) account type. NexTR instruments are Transfer Restricted Assets on the Liquid Network, requiring AMP registration. You connect using your GAID (Green Account ID), which uniquely identifies your registered account.
Does WalletConnect work with NexTR?
No. The Liquid Network does not currently support WalletConnect. NexTR uses the GAID (Green Account ID) from your Blockstream Green wallet to identify and authenticate your account. This is the standard approach for AMP-managed assets on Liquid.
What instruments can I participate with?
You can submit instructions for any NexTR instrument you hold, including nAAPL (Apple), nMSFT (Microsoft), nTSLA (Tesla), nSPY (S&P 500), nNSDQ (Nasdaq 100), and USTBL (US Treasury Bills). Your instruction weight equals the number of tokens you hold at the snapshot block.
What is the Depositary SPV?
The Depositary SPV is the legal title holder and trading principal for the underlying securities. It is the account holder at the broker/custodian, submits instructions on behalf of all hodlers, and receives corporate action proceeds. It operates under the oversight of the Trust/Trustee.
What role does NexBridge play?
NexBridge is the Program Sponsor and Issuer. It defines the Issuance Terms and program rules, publishes investor communications, and operates this portal under the execution policy. NexBridge does not hold the underlying securities directly — that is the Depositary SPV.
What is the Trust/Trustee role?
The Trust/Trustee provides bankruptcy-remote ownership and oversight of the Depositary SPV. It ensures that all actions follow the program documentation and that the interests of instrument hodlers are protected.
How do instructions flow from NexTR to execution?
The workflow is: (1) Hodlers submit on-chain instructions via NexTR, (2) NexTR aggregates and records eligible instructions, (3) The Depositary SPV receives the aggregate result, (4) The Depositary SPV submits an omnibus instruction to its broker/custodian, (5) The broker/custodian executes the instruction at the issuer level. For elections (e.g. cash vs reinvest), outcomes are reflected per-hodler at the token level.
What is an Instruction Vote?
An Instruction Vote is an event where hodlers provide their governance preference (e.g. For, Against, Abstain on a proxy vote item). It uses omnibus execution: the Depositary SPV submits a single aggregated instruction via the broker/custodian. This is how proxy votes, board elections, and say-on-pay items are handled.
What is an Election?
An Election is an event where hodlers choose between allocatable options — for example, receiving a distribution as cash or reinvesting it. Unlike instruction votes, election outcomes are reflected per-hodler at the token level (cash payout vs reinvestment) pursuant to the Issuance Terms.
What is a Non-Elective Corporate Action?
Non-elective corporate actions (stock splits, mergers, symbol changes) do not require hodler instructions. They are automatically reflected in token entitlements via registry updates in accordance with the Issuance Terms. NexTR displays these as informational events.
Do I lose my tokens when I submit an instruction?
No. Submitting an instruction sends a dust amount (1 satoshi) of L-BTC as a signal transaction. This is negligible and serves only to create a verifiable on-chain record. Your token balance remains effectively unchanged.
Can I change my instruction after submitting?
No. Once an instruction is broadcast on the Liquid Network, it is immutable. This mirrors traditional proxy voting where ballots are final once submitted. Consider your choice carefully before confirming.
Can I verify my instruction was recorded?
Yes. Every instruction is a Liquid Network transaction that can be independently verified using the Blockstream Explorer. The transaction ID is shown after you submit, and you can look it up at any time.
What types of events does NexTR support?
NexTR supports the same categories found in traditional institutional governance: Board of Directors Elections, Say-on-Pay (executive compensation), Auditor Ratification, Mergers & Acquisitions, Distribution Elections, Stock Actions (splits), Bylaw Amendments, Capital Actions (issuance/buyback), Hodler Instructions, and Governance Changes.
What is an Ordinary Resolution?
An ordinary resolution requires approval by more than 50% of instructions cast, with a 10% quorum (minimum participation). This applies to routine matters like board elections and distribution elections.
What is a Special Resolution?
A special resolution requires approval by at least 66.7% (two-thirds supermajority) of instructions cast, with a higher 25% quorum. This applies to significant changes like mergers, bylaw amendments, capital actions, and governance changes.
What is an Advisory Vote?
Advisory instructions are non-binding — the result expresses hodler sentiment but does not legally compel the board. Say-on-Pay, auditor ratifications, and hodler-submitted instructions are typically advisory. The board is expected to consider the result.
What does the Board Recommendation mean?
For management-initiated events, the Board of Directors provides a recommendation (usually "FOR"). This is similar to proxy statements in traditional finance. Hodler-submitted instructions typically do not carry a board recommendation.
Can I submit an instruction if I only hold 1 token?
Yes. Unlike traditional markets where SEC Rule 14a-8 requires $2,000 to $25,000 in holdings, NexTR allows any hodler — even with just 1 token — to submit a governance instruction. On-chain governance eliminates the administrative overhead that justified those high traditional thresholds.
What are the requirements to submit an instruction?
You need: (1) At least 1 token of any NexTR instrument, (2) A holding period of at least 1,440 blocks (~1 day) before submitting, and (3) A connected Blockstream Green wallet.
Are there limits on resubmitting failed instructions?
Yes. Adapted from SEC resubmission rules, if an instruction receives less than 5% support on the first attempt, it cannot be resubmitted for 3 years. The threshold rises to 15% on the second attempt and 25% on the third. This prevents spam while allowing popular ideas to be reconsidered.
What is the difference between Management and Hodler instructions?
Management instructions are initiated by the board or company leadership (e.g., board elections, distribution approvals, M&A). Hodler instructions are submitted by individual token hodlers to put issues on the agenda. Management instructions may carry a board recommendation; hodler instructions are typically advisory.
What is a quorum?
Quorum is the minimum percentage of total instruction weight that must participate for a result to be valid. If quorum is not reached, the event fails regardless of the instruction outcome.
What are the quorum thresholds?
Ordinary resolutions require 10% quorum. Special resolutions require 25% quorum. Advisory instructions also use 10% quorum, though as non-binding the board may still consider the result.
What is the Record Date?
The Record Date (equivalent to the "snapshot block" on-chain) determines which hodlers are eligible to participate and their instruction weight. Only hodlers at the Record Date can submit instructions.
Why is NexTR built on the Liquid Network?
The Liquid Network is a Bitcoin sidechain designed for financial assets. It offers: 1-minute block times, Confidential Transactions for privacy, Transfer Restricted Assets via AMP for regulatory compliance, and the security guarantees of a federated Bitcoin sidechain.
What is AMP and why does it matter?
AMP (Asset Management Platform) by Blockstream manages Transfer Restricted Assets on Liquid. NexTR instruments are AMP-managed, meaning only registered (KYC-verified) users can hold and transfer them. This ensures regulatory compliance while maintaining on-chain transparency.
How are instructions recorded on-chain?
Each instruction is a Liquid transaction that sends 1 satoshi of L-BTC to a designated address, with an OP_RETURN output encoding: NEXTR_VOTE:<eventId>:<optionId>:<holderGAID>. This creates an immutable, verifiable record while using minimal blockchain space.
What is a PSET?
PSET (Partially Signed Elements Transaction) is Liquid's equivalent of Bitcoin's PSBT. When you submit an instruction, NexTR constructs a PSET containing the transaction, which you then sign with your Blockstream Green wallet. Your keys never leave your device.
Is my instruction private?
Your instruction choice is recorded on-chain in the OP_RETURN data and is publicly verifiable. However, your token balances are protected by Liquid's Confidential Transactions, which hide amounts and asset types from third-party observers.
Can instructions be manipulated?
Instruction integrity is protected by: (1) Snapshot-based weight prevents token buying after event creation, (2) One-instruction-per-hodler prevents duplicates, (3) Liquid's blockchain immutability prevents alteration, and (4) All instructions are publicly auditable.
What happens if the platform goes down during an instruction window?
Instructions already submitted are permanently recorded on the Liquid blockchain regardless of platform status. The instruction window is measured in blocks, not real time, so temporary platform downtime does not affect the window.
NexTR is an informational governance portal for eligible hodlers of NexTR instruments. Participation is subject to eligibility, the applicable Issuance Terms, and service-provider availability. Nothing on this site constitutes an offer or solicitation.
Ready to participate?
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