Nexo Allocates $12M for DeFi Ecosystem Incentives
2 min read
Nexo Allocates $12M for DeFi Ecosystem Incentives
Nexo, a crypto lending protocol, is giving away 10 million NEXO tokens, which are worth $12.5 million, to its users. The developers of Nexo announced this on May 8 to celebrate the protocol’s sixth anniversary. The purpose of the giveaway, called the Nexonomics-inspired hunt, is to reward both new and existing users for exploring the Nexo ecosystem. The giveaway will run until July 7. During this time, users can earn points by performing various actions such as topping up assets, activating their Nexo Card, borrowing fiat currency, investing in Nexo Earn products, and trading on Nexo Exchange. The conversion rate of points to NEXO tokens will be determined at the end of the event.
The developers also warned that certain actions could decrease a user’s points balance. For example, withdrawing crypto assets will result in a loss of points. The specific deduction varies depending on the type of asset being withdrawn. The deduction for withdrawing BTC, for instance, is 0.001 points for each $1 withdrawn. In addition to earning points, users can also receive multipliers and loyalty rewards based on their activity. These rewards can increase the points earned by 1.2x to 1.5x and provide loyalty rewards of up to 100% of the points value.
The developers provided an example to illustrate how the rewards work. If a user buys $2,000 worth of BTC during the first week of the hunt, they would receive 450 points. This calculation takes into account the purchase value, the points earned per $1 purchased, the weekly multiplier, and the new user multiplier. It’s important to note that the Nexo campaign is not available to residents of the US, UK, and Canada due to regulatory restrictions.
Since its launch six years ago, Nexo has become a popular decentralized finance lending platform, with a total value locked of $537.56 million. The platform also received approval from UAE regulators for its local entity, Nexo Services FZE, for virtual asset lending and borrowing on March 6.
I bet the conversion rate will be terrible. They’ll find a way to scam us. 😡
Why exclude residents from the US, UK, and Canada? That’s unfair.
I highly doubt these developers have good intentions. Be cautious, people.
million locked? I’m not impressed. There are bigger platforms out there.
The example provided by the developers really helps in understanding how the rewards system works. It’s clear and straightforward, making it easy for users to track their points and calculate their potential rewards. 📊💡 I appreciate that they’re being transparent about the exclusion of certain countries due to regulatory restrictions. It’s important to prioritize compliance. 🌍🚫
Points, multipliers, and loyalty rewards? Sounds like a big headache.
Congratulations to Nexo on their sixth anniversary! They’ve built an impressive decentralized finance lending platform, and it’s great to see them recognized for their achievements. The approval from UAE regulators further validates their credibility and strengthens their position in the market.
It’s good that the developers warned about certain actions decreasing a user’s points balance. It helps users understand the rules and avoid any unintentional point deductions. And the idea of receiving multipliers and loyalty rewards based on activity is fantastic! It gives users an incentive to stay engaged and active on the platform.
So, they’re basically bribing us to use their platform? No thanks. 🤨
Wow! This is such exciting news from Nexo! The giveaway of 10 million NEXO tokens is incredibly generous and shows how much they value their users. I love that they’re rewarding both new and existing users for exploring the Nexo ecosystem. It’s a great way to engage with the platform and encourage more people to join.
Giving away tokens worth millions? Yeah, right. I won’t hold my breath. 😒
Wow, another crypto giveaway? 🙄 What’s the catch this time?
I don’t trust these crypto lending platforms. They can disappear overnight.