Nexo, a blockchain-based lending platform that offers instant crypto-backed loans, saw major price growth in the first few months following the launch of its new initiative. The project recently announced the interim results of its tokenomics overhaul, revealing some rather interesting data.
NEXO price surges by 440% thanks to the last year’s initiative
According to the project, its tokenomics overhaul, named Nexonomics, launched on October 28th last year, bringing a number of features for its native token, NEXO. These features were meant to improve the coin’s value, utility, and serve as a base for creating a sustainable tokenomics model.
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So far, the initiative has been a major success, as the token saw 440% growth in only two months. The price surge even led it to a new ATH of $0.76, which it reached around December 19th, 2020. Currently, NEXO price is somewhat lower, sitting at $0.67.
Simultaneously, the coin reached $4 billion in assets under management, while processing over $5 billion.
Its managing partner and co-founder, Antoni Trenchevv, stated that Nexonomics goes beyond driving the influx of clients and funds. It is about the bigger picture, aiming at upgrading the token’s utility, sustaining its price, and building a solid foundation for finance. It was never a goal to hit volatile ATHs or offer quick-fix solutions.
Nexonomics helps boost Nexo to the position of a leading project
Nexo started overtaking its competitors after the first releases of Earn UP and Earn in NEXO — its tokenomics overhaul. This allowed it to climb up and become one of the leading projects for best yields for 10 cryptos.
The platform has seen 166% biggest rates than the next-best provider of interest-earning, while up to 60% of its users choose to receive interest payouts in NEXO.
The project also worked on making its services more accessible, pushing crypto adoption, lowering the threshold for rewards, and more. It even helped boost the NEXO holders’ returns by launching a $12 million-large buyback program. At the same time, it helped the token’s price reflect its true worth. Its Nexonomics even had an end-of-year Earn X3 in BTC campaign, which was a major success. In fact, it was so successful that its first-time users will be able to earn more than $1 million in various bonuses, which will be paid in BTC today, January 15th. For now, the plan is to continue the Nexonomics initiative in 2021.