Multiplier

DeFi

Nexo

Crypto lending protocol Nexo is allocating 10 million NEXO tokens, worth $12.5 million at the time of publication, to its users.&nbsp;
"Stack points, multiply your gains, and unlock more surprises," <a href="https://nexo.com/blog/the-nexo-token-hunt" target="_blank" rel="noopener nofollow">wrote</a> Nexo developers on May 8 regarding the protocol's sixth anniversary. "The Nexonomics-inspired hunt is designed to reward new and existing users for exploring the Nexo ecosystem."
From now until July 7, Nexo users can receive up to 0.01 points per $1 of asset top-ups, 10 points per Nexo Card activation, 0.04 points per $1 in fiat borrowed through Nexo protocol, 0.03 points per $1 invested in Nexo Earn products, and 0.05 points per $1 of boosted trading on Nexo Exchange. The point-to-NEXO-token conversion ratio will be determined at the end of the event.&nbsp;
"Keep in mind that certain actions can reduce your points balance" developers also warned, writing: "For instance, withdrawing crypto assets from your Nexo account will result in a loss of 0.01 points for each $1 withdrawn. Withdrawing BTC will result in a loss of 0.001 points for each $1 withdrawn."
Depending on their activity, users can also receive multipliers of 1.2x to 1.5x on points earned, and loyalty rewards up to 100% of the points value. Nexo staff illustrated the following example:&nbsp;
<blockquote>
 "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)."
</blockquote>
Due to <a href="https://cointelegraph.com/news/a16z-crypto-recommends-startup-founders-never-publicly-sell-tokens-us">regulatory restrictions</a>, U.S., U.K., and Canadian citizens and residents are not eligible for the campaign.&nbsp;
Since its launch six years ago, the popular decentralized finance lending platform has attracted $537.56 million in total value locked (<a href="https://defillama.com/protocol/nexo#information" target="_blank" rel="noopener nofollow">TVL</a>). On March 6, the platform <a href="https://cointelegraph.com/news/nexo-woes-middle-east-license-approval">received UAE regulator approval</a> for its local entity Nexo Services FZE for virtual asset lending and borrowing.&nbsp;
Related:&nbsp;<a href="https://cointelegraph.com/news/nexo-seeks-3b-damages-bulgaria-dropped-investigation">Nexo seeks $3B in damages from Bulgaria over dropped investigation</a>

Crypto lending platform Nexo allocates $12M for ecosystem incentives

Cointelegraph

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