Nexo Celebrates Sixth Anniversary by Rewarding Users with $12.5 Million Worth of NEXO Tokens.
Crypto lending protocol Nexo is marking its sixth anniversary by allocating 10 million NEXO tokens, valued at $12.5 million, to its users. Developers announced the initiative on May 8, inviting users to “stack points, multiply gains, and unlock more surprises” as part of the Nexonomics-inspired hunt aimed at rewarding exploration of the Nexo ecosystem.
Running until July 7, the campaign offers users various ways to earn points, including asset top-ups, Nexo Card activation, fiat borrowing through the Nexo protocol, investment in Nexo Earn products, and boosted trading on Nexo Exchange. Points earned will be converted to NEXO tokens at the end of the event, with conversion ratios to be determined.
Developers cautioned users that certain actions, such as withdrawing crypto assets from their Nexo account, may reduce their points balance. For instance, withdrawing crypto assets results in a loss of 0.01 points for each $1 withdrawn, with specific penalties for withdrawing BTC.
Depending on user activity, multipliers ranging from 1.2x to 1.5x on points earned are available, along with loyalty rewards of up to 100% of the points value.
However, due to regulatory restrictions, citizens and residents of the U.S., U.K., and Canada are ineligible for the campaign.
Since its inception six years ago, Nexo has gained popularity in the decentralized finance (DeFi) space, amassing a total value locked (TVL) of $537.56 million. Notably, on March 6, the platform secured approval from UAE regulators for its local entity, Nexo Services FZE, enabling virtual asset lending and borrowing operations.
