Crypto lending platform Nexo allocates $12 million for ecosystem incentives
Crypto lending protocol Nexo is allocating 10 million NEXO tokens to its users, worth $12.5 million at the time of publication.
“Pile up points, multiply what you've earned and unlock more surprises,” Nexo developers wrote on May 8, marking the protocol's sixth anniversary. “The Nexonomics-inspired hunt is designed to reward new and existing users who explore the Nexo ecosystem.”
From now until July 7, Nexo users can earn up to 0.01 points per $1 in property upgrades, 10 points on Nexo Card activation, 0.04 points per $1 borrowed through Nexo Protocol, 0.03 points per $1 on Nexo Earn products. And 0.05 points per $1 enhanced transaction on Nexo Exchange. The point-to-NEXO-token conversion ratio will be determined at the end of the event.
“Note that some actions may reduce the balance of your points,” the developers also warned: “For example, withdrawing crypto assets from your Nexo account will result in a loss of 0.01 points for every $1 spent. Withdrawing BTC will result in a loss of 0.001 points for every $1 spent.”
Depending on their actions, users can receive multipliers of 1.2x to 1.5x on points earned, and loyalty is rewarded with up to 100% point value. Nexo staff showed the following example:
“Let's say you haven't funded your account yet and you want to buy $2,000 BTC in the first week of the campaign. In this case, you'll earn 450 points (2,000 purchase price x 0.03 points for every $1 purchased x 1.5 weekly multiplier). x 5 new user multiplier)”
Due to regulatory restrictions, citizens and residents of the US, UK and Canada are not eligible for the promotion.
Since its launch six years ago, the popular decentralized financial lending platform has attracted $537.56 million in total value locked (TVL). On March 6, the platform received approval from the UAE regulator for virtual property lending and lending to local legal entity Nexo Services FZE.
Related: Nexo seeks $3B in damages from Bulgaria over aborted investigation
