HomeCryptoThe $12 million crypto airdrop in NEXO tokens

The $12 million crypto airdrop in NEXO tokens

The NEXO token is a cryptocurrency that has been on the market for more than six years. 

A few days ago, the crypto lending platform of the same name announced a $12 million airdrop. 

The NEXO token and the $12 million crypto airdrop

NEXO is a token launched on the Ethereum blockchain, and also present on other blockchains such as BNB (BSC).

It is issued by the homonymous crypto lending platform, and landed on the markets in May 2018 during a bear market. 

Indeed, in the first months after its launch, its market value plummeted from $0.18 to $0.04, and remained below the initial price until November 2020, except for a couple of exceptional occasions.

During the great bull run of 2021, however, it saw a significant surge, so much so that it reached all-time highs in November of that year above $4.6. 

At that point the profit from the initial price had risen to +2,400%. 

Then there was the bear market of 2022, during which there were concerns about the stability of Nexo. The price of their token dropped to just over $0.5, a value significantly lower even than the one at launch during the previous bear market. 

Moreover, the bottom of the last bear market for NEXO occurred in October 2023, just a few months ago. 

At this point, it’s not surprising that during the late 2023 bull run it didn’t manage to exceed the $1 mark, and that when it did so in early 2024, it still couldn’t bring itself back above $1.6.

The current price of about 1.2$ is significantly higher than the launch price six years ago, but much lower than the peak of 2021.

Actually, it is perfectly in line with the price of June 2022 following the implosion of Terra/Luna, just before the failure of Celsius and BlockFi also cast shadows on Nexo.

The airdrop to users

At a price of $1.2 per token, the Nexo airdrop announced a few days ago has a market value of about 12 million dollars, because the prize pool consists of exactly 10 million NEXO tokens.

However, this is a special airdrop, because the distribution is not random. 

To participate, you must accumulate points and then use these points to request your share of the prize. 

It is still the largest prize ever allocated by Nexo. 

Points can be collected until July 7, 2024, using eligible Nexo products, namely Account Funding, Nexo Card, Borrow, Earn, Exchange, and Future Trading. 

Staking of Ethereum and the Referral Program do not entitle you to earn points, and only loans taken during the campaign period are valid.

Furthermore, some actions, such as withdrawals, can reduce the balance of accumulated points. 

There are also multipliers that allow you to collect more points. 

Once the points have been collected, you can request your share of the NEXO token prize starting from July 10, 2024.

There is no limit to the points that can be collected, but there is an overall limit to the rewards: 10 million NEXO tokens. So each participant will receive a percentage of these 10 million tokens comparable to the points they have collected compared to the total points distributed. 

Indeed, the prize will be distributed based on the total amount of points collected by users, and the “token per point” ratio will be calculated at the end of the campaign.

The Nexo portal

The Nexo platform was launched in 2018, the same year in which the NEXO token landed on the crypto markets. 

The co-founder and CEO is Antoni Trenchev, born in Germany but of Bulgarian origin, and the company’s headquarters is in Sofia, Bulgaria.

They claim to have over 7 million customers in 200 jurisdictions, with over sixty cryptocurrencies supported.

Initially the platform was mainly specialized in crypto loans, but over the years it has added many other features that have made it what it is now. 

It is worth noting that the NEXO token has a market capitalization of less than 690 million dollars, which is less than ApeCoin or PancakeSwap’s CAKE, and much less than DeFi projects tokens like dXdY or Aave.

The company is not listed on the stock exchange, so it is not possible to calculate its current market value. However, it is a regulated company, and now that crypto markets are effectively regulated in the European Union, this appears to be quite relevant (Bulgaria has been a member of the EU since 2007). 

Marco Cavicchioli
Marco Cavicchioli
Born in 1975, Marco has been the first to talk about Bitcoin on YouTube in Italy. He founded ilBitcoin.news and the Facebook group" Bitcoin Italia (open and without scam) ".