# Neutrino Governance
NSBT (Neutrino System Base Token) is the Neutrino (opens new window) protocol governance asset designed to ensure the stability of the reserves of the Neutrino smart contract (opens new window) through a reserve recapitalization mechanism.
You can invest in NSBT to influence Neutrino protocol product development decisions. Having NSBT on your balance allows to vote (opens new window) for new product features, changes to the governance parameters and other important items effecting the product development roadmap. When voting you specify the amount of NSBT you want to vote with (1 vote = 1 NSBT) and that amount will be frozen until the end of the voting period. You can also make profit by staking NSBT.
The pricing of NSBT depends on Backing Ratio (BR) parameter - the proportion of reserves in relation to the supply of USDN asset. If the Backing Ratio is more than or equals 1, the smart contract guarantees that you can exchange any amount of NSBT to USDN at any time at 1:1 rate. See current Backing Ratio value (opens new window).
# Invest in NSBT or exchange NSBT to USDN
Open Waves.Exchange (opens new window) app, login to your account and click Investments.
Scroll the page down and click Neutrino Governance to go the Neutrino Governance (opens new window) page.
Neutrino Governance page displays important information such as current WAVES, NSBT, USDN price in USD, your WAVES, NSBT and USDN balances. The displayed total balance is the total amount of your funds: available + reserved.
Note: You need to have WAVES to invest in NSBT. You can get WAVES by trading, as described in Start Trading on Waves.Exchange article. Click on the exchange icon for quick access to the exchange page with WAVES asset selected.
# How to Invest in NSBT
Navigate to WAVES to NSBT tab and specify the amount in the I send field. The I receive field displays the approximate calculated amount of NSBT that you will receive. Please keep in mind that the greater the amount of NSBT is purchased the higher goes the calculated price per 1 NSBT asset. Read more about NSBT pricing (opens new window).
Note: When the Backing Ratio is less than 1, you can invest 10 or more WAVES. When the Backing Ratio is more than or equals 1, you can invest 1 or more WAVES.
Click Invest in NSBT via Smart Contract to continue.
When you click Invest WAVES your NSBT balance will be updated.
# How to Exchange NSBT to USDN
Navigate to NSBT to USDN tab and fill in the I send field. The I receive field displays the amount of USDN that you will receive.
Carefully read the conditions and select I understand checkbox.
Click Exchange to USDN via Smart Contract to continue.
Note: When the Backing Ratio is less than 1, the NSBT to USDN exchange transaction will be created and queued. The transaction will be executed when the BR becomes >=1 and its turn comes. The specified amount of NSBT will be exchanged to USDN at the rate of 1:1. Such transactions usually take 1 week to 6 months to complete. Your queued transactions can be reviewed in My Investments tab. You can cancel transactions that are not completed. Unresolved funds, involved in the canceled transaction, will be refunded to your balance. Cancelled transactions are removed from the queue. If you need to exchange NSBT to USDN again you will need to create new request that will take the same amount of time to complete (1 week to 6 months). When the Backing Ratio is more than or equals 1, the the NSBT to USDN exchange transaction are usually executed instantly but may take up to 2 minutes. Such transactions cannot be cancelled. Completed transactions can be reviewed in the Wallet > Transactions (opens new window) tab.
For more details, see FAQ (opens new window).
See more articles in the Asset Management chapter.