Nexo Celebrates 6th Anniversary with $12.5M Token Giveaway to Users
Summary:
Nexo, a crypto lending platform, is planning to distribute 10 million NEXO tokens, which equates to $12.5 million, to its users to celebrate its sixth anniversary. The platform's campaign, running until July 7, allows users to accumulate points through various activities on the site which will then be converted to NEXO tokens. However, residents of the U.S., U.K., and Canada are ineligible due to regulatory restrictions. Since Nexo's launch six years ago, it has amassed over $537 million in total value locked.
Nexo, a crypto lending platform, is set to distribute 10 million NEXO tokens, equivalent to $12.5 million at present, to its user base. The developers of Nexo recently updated their users regarding the lending protocol's sixth anniversary, encouraging them to accumulate points to amplify their earnings and discover more perks within the Nexo platform. This incentive program, which is inspired by Nexonomics, intends to reward both new and existing patrons for interacting with the Nexo ecosystem.
From this day until July 7th, users of Nexo can accrue up to 0.01 points for each dollar they deposit to their accounts, an additional 10 points for activating their Nexo Cards, 0.04 points for every dollar borrowed in fiat currency via Nexo, 0.03 points for every dollar invested in Nexo Earn goods, and 0.05 points for amplified trading on the Nexo Exchange. The conversion rate from points to NEXO tokens will be finalized once the event concludes.
Users were also cautioned by the developers to be aware that certain actions can contribute to a decrease in their points balance. For example, withdrawing cryptocurrency from a Nexo account will deduct 0.01 points for each dollar withdrawn. In the case of Bitcoin withdrawals, the deduction is 0.001 points per dollar withdrawn.
Depending on user activity on the platform, they may also receive 1.2x to 1.5x multipliers on gathered points, along with loyalty rewards that could reach up to 100% of the points' value. The Nexo team shared a scenario to illustrate how this could work: For instance, if a new user decides to purchase $2,000 worth of Bitcoin during the first week of the campaign, they would receive 450 points (calculated by the $2,000 purchase value times 0.03 points per dollar purchased times 1.5 Weekly Multiplier times 5 New User Multiplier).
Notably, due to regulatory limitations, citizens and residents from the United States, United Kingdom, and Canada are unable to participate in this campaign. Since Nexo's inception six years ago, the well-known decentralized finance lending platform has amassed a total value locked (TVL) of around $537.56 million. As of March 6, Nexo's local outfit, Nexo Services FZE, received authorization from UAE regulators to conduct virtual asset lending and borrowing.
Published At
5/8/2024 8:45:00 PM
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