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A Blockchain-Based Lending Protocol
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Nexo's main utility is to increase user earnings by allowing users to deposit their crypto assets to generate interest payments, and to deposit collateral to take loans.
NEXO is the native token of the project. The current use cases for NEXO include:
Platform benefits: Based on their holdings of NEXO tokens, users enjoy tiered platform benefits such as lower borrowing rates, higher interest on deposits, increased free withdrawals, and more.
Governance: Users can participate in governance votes that are proposed by the management team, typically on issues regarding ecosystem development.
Interest payments: Based on their crypto deposits, users will receive interest payments in the respective deposited tokens. Users can also opt to receive interest payments in NEXO tokens to increase their interest earnings.
The project consists of the following major components working in conjunction:
Lending and Borrowing modules: Users can deposit their crypto assets to generate interest payments, and can deposit collateral to take loans.
NEXO Card: Earn crypto cashback when spending on the Nexo Card.
NFT Lending: Borrow against selected NFT assets
As at April 29th 2022, the maximum and total token supply of NEXO is 1,000,000,000. The current circulating supply is 1,000,000,000 (100% of the maximum token supply).
Learn more about the token distribution of NEXO here.