The Nexonomics-inspired token hunt is designed to reward new and existing users for exploring the various modules of the Nexo ecosystem. The crypto exchange team allocated a total of 10 million NEXO tokens to event participants, which is roughly equal to $12 million.
Nexo exchange celebrates sixth anniversary, launches Token Hunt event
According to the official statement by its team, Nexo, a major centralized cryptocurrency exchange ecosystem, launches an unmatched promo event to celebrate the sixth anniversary of its market release. For participating in various activities on the platform, Nexo users are invited to stack points, multiply gains and unlock more surprises.
Points can be collected until July 7, 2024 (11:59 p.m. UTC) by using eligible Nexo products: Exchange, Borrow, Earn, Futures Trading and Nexo Card.
Special rewards are set for account funding: for every $1 deposited, users will allocate 0.001-0.03 points depending on the exact type of crypto injected into the account.
Similar rewards are set for "target actions": virtual card activation, borrowing stablecoins, using single- or dual- token products on Nexo Earn, opening futures positions and swapping cryptocurrencies.
At the same time, to combat manipulations, Nexo introduced a number of limitations. Withdrawing crypto assets from a Nexo account will result in a loss of 0.01 points for each $1 withdrawn. Withdrawing BTC will result in a loss of 0.001 points for each $1 withdrawn.
Multipliers system applied: Nexo's token hunt prioritizes early birds and newcomers
To enhance earning opportunities for participants, Nexo introduced a system of multipliers: Weekly Multiplier, Loyalty Multiplier and New User Multiplier.
Weekly Multiplier introduces a 1.5x bonus for everyone joining prior to May 15, a 1.4x bonus for those joining by May 22 and 1.2x for the May 22-June 5 period.
Loyalty Multiplier will apply a 2x bonus for Platinum users, a 1.5x bonus for Gold users and a 1.25x bonus for Silver users.
Last but not least, the 5x New User Multiplier will be applied to every newly registered account joining the promotion.