Nexo, a cryptocurrency lending protocol, distributes 10 million NEXO tokens to its users, valued at $12.5 million, to encourage trade, earning, deposit, and borrowing on the platform.
Nexo developers wrote on May 8 regarding the sixth anniversary of the protocol, “Stack points, multiply your gains, and unlock more surprises.” “The Nexonomics-inspired hunt is designed to reward new and existing users for exploring the Nexo ecosystem.”
Users of Nexo may earn the following rewards: 10 points per activation of a Nexo Card, 0.04 points per $1 in fiat borrowed via the Nexo protocol, 0.03 points per $1 invested in Nexo Earn products, and 0.05 points per $1 of enhanced trading on Nexo Exchange, all until July 7. The ratio of points to NEXO tokens will be ascertained after the occasion. Â
“Also, developers cautioned that certain actions may diminish your points balance: For example, for every $1 withdrawn from your Nexo account, you will forfeit 0.01 points in crypto assets.” Each $1 withdrawal will incur a deduction of 0.001 points.
In addition to loyalty rewards of up to 100% of the points value, users may be eligible to receive multipliers ranging from 1.2x to 1.5x on points earned, contingent upon their activity. The Nexo personnel provided the following illustration:
“Suppose you haven’t funded your account yet and want to buy $2,000 worth of BTC during the first week of the hunt. In this case, you will receive 450 points (2,000 purchase value x 0.03 points for each $1 purchased x 1.5 Weekly Multiplier x 5 New User Multiplier).”
Because of regulatory constraints, citizens and residents of the United States, the United Kingdom, and Canada are ineligible to participate in the campaign.
In total value locked (TVL), the well-known decentralized finance lending platform has amassed $537.56 million since its inception six years ago. The UAE regulator authorized the platform’s local entity, Nexo Services FZE, to lend and borrow virtual assets on March 6. Â
