DeFi
Crypto lending platform Nexo allocates $12 million for ecosystem incentives — TradingView News
Crypto lending protocol Nexo is allocating 10 million NEXO tokens to its users, worth $12.5 million at the time of publication.
“Accumulate points, multiply your winnings and unlock more surprises,” Nexo developers wrote on May 8 about the protocol’s sixth anniversary. “The Nexonomics-inspired hunt is designed to reward new and existing users who explore the Nexo ecosystem.”
Until July 7, Nexo users can receive up to 0.01 points per dollar of asset top-up, 10 points per Nexo card activation, 0.04 points per dollar in fiat borrowed via the Nexo protocol, 0 .03 points per dollar invested in Nexo Earn products, and 0.05 points per dollar of boosted trading on Nexo Exchange. The point to NEXO token conversion ratio will be determined at the end of the event.
“Keep in mind that certain actions can reduce your points balance,” the developers also warned, writing: “For example, withdrawing crypto assets from your Nexo account will result in a loss of 0.01 points for every dollar withdrawn. Withdrawing BTC will result in a loss of 0.001 points for every dollar withdrawn.
Depending on their activity, users can also receive multipliers of 1.2x to 1.5x on points earned, and loyalty rewards of up to 100% of the point value. Nexo staff illustrated the following example:
“Suppose you haven’t funded your account yet and want to buy $2,000 worth of BTC in the first week of hunting. In this case, you will receive 450 points (2,000 purchase value x 0.03 points for every $1 purchased x 1.5 weekly multiplier).
Due to regulatory restrictions, citizens and residents of the United States, United Kingdom and Canada are not eligible for the campaign.
Since its launch six years ago, the popular decentralized finance lending platform has attracted $537.56 million in total value locked (TVL). On March 6, the platform received approval from the UAE regulator for its local entity Nexo Services FZE for lending and borrowing virtual assets.
Related: Nexo seeks $3 billion in damages from Bulgaria after investigation dropped