Nexo, a crypto lending protocol, is marking its sixth anniversary by allocating 10 million NEXO tokens, valued at $12.5 million at launch, to its users. The protocol aims to incentivize user engagement and exploration of the Nexo ecosystem through its Nexonomics-inspired hunts. These hunts are designed to reward both new and existing users for their participation.
Running from now until July 7, users can earn points through various actions, including asset recharging, Nexo card activation, borrowing fiat currency through the Nexo protocol, and investing in Nexo Earn products. Points can also be earned through transactions on Nexo Exchange. The conversion ratio of points to NEXO tokens will be determined at the end of the campaign.
However, users should be aware that certain actions may reduce their points balance. For instance, withdrawing crypto assets from their Nexo account will result in a loss of points. To provide further incentives, users can earn points multipliers based on their activity levels and loyalty rewards of up to 100% of the point value.
To illustrate, Nexo staff provided an example: a user purchasing $2,000 worth of BTC during the first week of the hunt would receive 450 points, considering various multipliers and factors. It's important to note that due to regulatory restrictions, citizens and residents of the United States, United Kingdom, and Canada are not eligible to participate in the campaign.
Since its inception six years ago, Nexo has garnered significant attention in the decentralized finance (DeFi) space, amassing $537.56 million in total value locked. Notably, on March 6, the platform obtained regulatory approval from authorities in the United Arab Emirates, allowing its local entity, Nexo Services FZE, to engage in virtual asset lending activities.
