Nexo, a protocol for lending cryptocurrency, is giving 10 million NEXO tokens, valued at $12.5 million, to its users. In celebration of its sixth anniversary, Nexo developers announced a rewards program called “Nexonomics-inspired hunt,” which aims to encourage users to explore the Nexo ecosystem and earn rewards.
From now until July 7, Nexo users have the opportunity to earn points by engaging in various activities. Users can receive up to 0.01 points for every $1 of asset top-ups, 10 points for activating a Nexo Card, 0.04 points for every $1 borrowed through the Nexo protocol, 0.03 points for every $1 invested in Nexo Earn products, and 0.05 points for every $1 of boosted trading on Nexo Exchange. The conversion ratio of points to NEXO tokens will be determined at the end of the event.
However, developers cautioned that certain actions could reduce users’ points balance. For example, withdrawing crypto assets from the Nexo account would result in a loss of 0.01 points for every $1 withdrawn, while withdrawing BTC would result in a loss of 0.001 points for every $1 withdrawn.
Depending on their level of activity, users can also receive multipliers ranging from 1.2x to 1.5x on the points they earn, as well as loyalty rewards of 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 the campaign.
Since its launch six years ago, Nexo has become a popular decentralized finance lending platform, with a total value locked of $537.56 million. The platform recently obtained regulatory approval from the UAE for its local entity, Nexo Services FZE, for virtual asset lending and borrowing.
In related news, Nexo is seeking $3 billion in damages from Bulgaria over a dropped investigation.