Nexo, a crypto lending protocol, has decided to reward its users by allocating 10 million NEXO tokens, which are valued at $12.5 million. This move is part of Nexo’s sixth-anniversary celebration and aims to encourage users to explore the Nexo ecosystem.
From now until July 7, Nexo users have the opportunity to earn points through various actions. For every $1 of asset top-ups, users can receive up to 0.01 points. Nexo Card activation rewards users with 10 points, while borrowing $1 in fiat through the Nexo protocol earns them 0.04 points. Investing $1 in Nexo Earn products grants users 0.03 points, and engaging in boosted trading on Nexo Exchange earns them 0.05 points. At the end of the event, the points accumulated can be converted into NEXO tokens, although the conversion ratio will be determined later.
However, users should keep in mind that certain actions can result in a reduction of their points balance. For example, withdrawing crypto assets from their Nexo account will lead to a loss of 0.01 points for every $1 withdrawn, and withdrawing BTC will result in a loss of 0.001 points for every $1 withdrawn.
Depending on their activity, users can also receive multipliers of 1.2x to 1.5x on the points they earn, as well as loyalty rewards that can reach up to 100% of the points’ value. To illustrate this, Nexo staff provided an example.
Unfortunately, due to regulatory restrictions, citizens and residents of the U.S., U.K., and Canada are not eligible to participate in this campaign.
Since its launch six years ago, Nexo has become a popular decentralized finance lending platform, attracting a total value locked (TVL) of $537.56 million. Recently, on March 6, the platform received regulatory approval from the UAE for its local entity Nexo Services FZE, allowing it to provide virtual asset lending and borrowing services.
In related news, Nexo is seeking $3 billion in damages from Bulgaria over a dropped investigation, but the details of this case were not mentioned in the article.