DeFi lending protocol Nexo allocates $12M for ecosystem incentives

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As a seasoned crypto investor with a keen interest in decentralized finance (DeFi) projects, I’m always on the lookout for opportunities to stack my gains and maximize returns. The recent announcement from Nexo regarding its sixth anniversary event has piqued my curiosity and excitement.

Nexo, a crypto lending platform, has earmarked 10 million NEXO tokens, equivalent to approximately $12.5 million at the current value, for distribution among its users.

On May 8, Nexo developers announced: “Earn stacked rewards, amplify your returns, and discover more bonuses,” in celebration of the platform’s sixth anniversary. This Nexonomics-inspired quest is meant to incentivize both new and long-term users to delve deeper into the Nexo ecosystem.

Starting today and continuing until July 7, Nexo users have the opportunity to earn various points based on their actions:

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“Be aware that specific actions may decrease the number of points you have”: developers additionally pointed out, specifying examples such as “Withdrawing crypto assets from your Nexo account will cause a reduction of 0.01 points for every dollar withdrawn. Likewise, withdrawing BTC will lead to a deduction of 0.001 points per dollar.”

Based on the user’s engagement level or activity, they may be rewarded with bonus points ranging from 20% to 50% additional to those earned, as well as loyalty rewards equivalent to the full value of accrued points up to a maximum. Nexo team provided an illustrative example:

“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).”

Citizens and residents from the United States, the United Kingdom, and Canada are unable to participate in the campaign due to regulatory limitations.

Over the past six years, this well-known decentralized finance lending platform has amassed a total of $537.56 million in value through user deposits and active loans. On March 6th, an important regulatory approval was granted to its UAE subsidiary, Nexo Services FZE, enabling it to provide virtual asset lending and borrowing services within the region.

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2024-05-08 21:00