it is not about that, the listing issue isn't about been ERC20 or not, the exchanges are scared as they are considering NVST as a security, which why they don't want to list.
this can all be found here
https://www.reddit.com/r/NVO/comments/7pjluu/nvsx/What are the implications here for NVO/NVST holders and how do they get dividends if no other exchanges will list the token?Will vesereus have liquidity that allows NVST dividends to be cashed out etc?Also how will compliance be done if this is classed as a security when people did not understand this was situation when they bought their tokens etc?
NVSX will be issued proportionally to the amount of fees collected by the validator’s usage. They will be distributed among the holders of NVST and will have to be stored/sent to an NVO wallet for redeem. Upon the detection of NVST inside a user’s wallet, the validator will issue a 2OF2 Bitcoin address containing the amount of NVSX based on the user’s amount of NVST. It will then create a redeem script and send it to the holder wallet. The wallet will endorse the redeem script and allow the transaction.
This will enable an automated process of fees distribution. NVST holders will still have to send funds into a NVO wallet to allow the process to take place. Later the whole process will be automated, using the new features from counterparty like smart contracts allowing the exchange and payout process to be fully autonomous. This system enables an automated distribution process amongst the addresses holding NVST, external exchanges filtering, and keeps NVO legal as only tiny amounts are processed because the price of NVSX will be fixed at 0.99 USD. The total available amount of NVSX will change proportionally to the amount of fees collected. It is a way to control the inflation and the price to enable a stable value asset for the holder’s usage.
NVSX = fees
With out fees nvsx wouldn't exist, nvsx is the key to unlock the access to the fees for the nvst holders.
(This is an example just fees and not trade volume trad volume would be $1B per day in this example)
So if they do $7 mil that week in fees ( $1 mil per day and keep in mind fees are sent to a holding wallet) and if nvsx is $0.99 cents there will be 6,930,000 actual nvsx sent out and divided amongst the nvst holders.
now if let's say i held 1.06 nvst out of the 6,930,000 NVSX I would receive 1 nvsx at the end of the week , i would then exchange that 1 NVSX for $0.99 (since one nvsx is only worth $0.99) cents worth of btc and that btc is taken from the $7 million in fees that are being stored in the holding wallet.