The NEXO token, a cryptocurrency with a history spanning over six years, recently made headlines with a $12 million airdrop announcement by its associated crypto lending platform.
Originally launched on the Ethereum blockchain, NEXO has expanded its presence to other blockchains like BNB (BSC).
Despite its rocky start during the bear market of May 2018, where its value plummeted from $0.18 to $0.04, it saw a remarkable surge during the bull run of 2021, reaching all-time highs above $4.6. However, during the subsequent bear market of 2022, concerns about Nexo's stability caused its token price to drop to just over $0.5, even lower than its launch price.
Although it has recovered since then, its current price of around $1.2 is far from its peak in 2021.
The recent airdrop, valued at $12 million, marks the largest giveaway by Nexo to date. Unlike typical airdrops, participation requires accumulating points through various Nexo products and services until July 7, 2024. These points can then be used to claim a share of the 10 million NEXO token prize pool starting from July 10, 2024. Actions such as account funding, borrowing, earning, and trading contribute to points accumulation, with multipliers available to boost points.
However, certain actions like withdrawals may reduce accumulated points.
Nexo, founded in 2018 by CEO Antoni Trenchev, boasts over 7 million customers across 200 jurisdictions and supports over sixty cryptocurrencies. Initially focused on crypto loans, the platform has evolved to offer a range of financial services.
Despite its long tenure in the crypto space, NEXO's market capitalization remains modest compared to other DeFi projects, standing at less than $690 million. While not publicly traded, Nexo is a regulated company, particularly notable as crypto markets are regulated within the European Union, where Bulgaria, Nexo's headquarters, is a member state.
May 2024, Cryptoniteuae