Nexo, the leading financial institution for digital assets, today announced the interim results of its tokenomics overhaul, Nexonomics. The initiative, unveiled on October 28, 2020 and set to continue over 2021, comprised a series of features for the native NEXO Token designed to drive its utility, boost its value in the digital economy, and underpin its sustainable tokenomics model.
Within two months of Nexonomics’ launch, the NEXO Token marked growth of 440% to achieve a new all-time high of $0.76. Increased desirability and demand for the company’s token contributed to Nexo doubling its assets under management in the third quarter of 2020, to reach $4 billion in assets under management and over $5 billion processed.
“Far beyond driving an influx of funds and clients to Nexo in the short- to mid-term, Nexonomics is about the bigger picture – about upgrading the utility and sustaining the price of our token, over rushing towards attractive, but volatile all-time highs, about building a solid foundation for finance over quick-fix solutions. Our tokenomics embody the steady growth/big gains strategy that makes Nexo unshakeable regardless of market conditions,” said Antoni Trenchev, Nexo’s Co-founder and Managing Partner.
With the first releases of its tokenomics overhaul – Earn UP and Earn in NEXO – Nexo overtook competitors to offer the industry’s best yields for 10 cryptocurrencies, including BTC and ETH. Rates on the platform are now up to 166% higher than those of the next best provider of interest-earning services. The company also saw over 60% of its users opting to receive their interest payouts in NEXO Tokens, signaling intensifying interest in its native token, as further corroborated by substantial price increases.
Nexo reinforced growing interest in its token by improving the accessibility of its services and promoting wider crypto adoption through its new Loyalty program. The new, NEXO Token-centered scheme lowers the threshold for rewards on the Nexo platform, enabling 30% of clients who did not previously qualify for preferential rates and bonuses to benefit.
The launch of a $12 million Buyback program under Nexonomics further bolstered NEXO Token holders’ returns, also ensuring the token price continuously reflects its true underlying value and Nexo’s firm belief in its worth. Per the program, 1,482,207.9472 NEXO Tokens have already been repurchased at prices ranging between $0.43 and $0.60 apiece. The buyback offsets market volatility and improves the stability of the NEXO Token’s price, significantly decreasing risks for investors and avoiding undervaluation of the asset.
Nexonomics’ end-of-year Earn X3 in BTC campaign brought Nexo to new heights by attracting 18,300 new clients to the Earn suite and an additional $762.6 million in new assets on the platform in December alone, setting new monthly records both for assets added to the platform and new clients. The campaign’s unprecedented success also extends to Nexo’s clients, earning first-time users over $1 million in bonuses to be paid out in Bitcoin by January 15, 2021.
These record-breaking results from the final months of 2020 directly reflect the NEXO Token’s upward potential and cement Nexo’s position as the leading financial institution for digital assets. As the Nexonomics series continues to unfold with more upgrades and features in 2021, it sets out to further propel the NEXO Token’s value and ensure the long-term viability of the Nexo ecosystem.