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Nexo is a blockchain-based lending platform that offers users instant cryptocurrency-backed loans. Users deposit an accepted token — such as Bitcoin (BTC), Ether (ETH), Litecoin (LTC) or XRP (XRP) — as collateral to receive a loan in the form of a fiat currency or stablecoin.
Nexo has a native token, NEXO, that when locked in the platform grants users benefits such as discounts on interest accumulated on loans and the opportunity to receive interest payments on funds deposited. Token holders also receive dividends from Nexo’s profits.
NEXO is an ERC-20 token issued on the Ethereum blockchain, meaning that any on-chain NEXO transactions are validated and secured by the Ethereum mainnet.
The project was first announced in December 2017, and it launched in April 2018.
Key Events & Milestones
- Nexo’s Buyback 2.0 – а $100M buyback program (Nov 2021)
- expected to be completed within six months
- all tokens bought back will be placed into vesting accounts for 12 months, before they can be used for future plans.
- NEXO Tokens repurchased within the program will be placed in an Investor Protection Reserve (IPR) with an ERC-20 address
The Nexonomics initiative is a series of upgrades and features for the NEXO Token designed to drive its tokenomics, reinforce its utility, and boost its value in the digital economy.
Nexonomics 3.0 overview:
- Nexo has a fixed supply of 1 billion tokens