Cryptocurrency lending platform owned by Nexo Assigned $50 million to buy back native NEXO tokens as part of an ongoing initiative designed to enhance the stability and profitability of the ecosystem.
Approval announced in August 30 This is the third iteration of the buyback program the company has implemented, Nexonomics Initiative.
Today we are announcing our third $50М buyback. 🎉
This allocation is a result of our solid liquidity position and our readiness to spur our own product and community. $NEXO Tokens will play an increasingly important role within the ecosystem.https://t.co/y7gTNMZC9q
— Nexo (@Nexo) August 30, 2022
Nexo co-founder Antoni Trenchev said the allocation will help the company grow its product ecosystem and provide price stability for investors.
Antoni says:
Our investors and clients now need a solid foundation to tread on, and our 3rd token buyback will ensure this extra stability as we emerge from the latest market roller coaster. increase. “
This allocation will be used to buy back NEXO tokens over the next 6 months. Tokens will be subject to a vesting period of 12 months and will be distributed as interest payments to token holders once the lockup period has passed.
Using Nexonomics
Nexonomics A series of upgrades and features implemented by Nexo to increase the value and usefulness of the native token.
Buyback is the most convenient Nexonomics tool that helps reduce price volatility, increase token liquidity, and issue additional rewards to token holders.
To date, Nexo has successfully implemented two buyback programs. In December 2020, Nexo’s Board of Directors announced: $12 million The value of NEXO tokens from the open market. In November 2021, he has been allocated $100 million to buy back additional tokens.
Each iteration of the initiative has resulted in significant growth for the company. In Nexonomics 1.0, NEXO tokens climbed to an all-time high of $4 in his May 2021, marking a 2430% increase year-on-year. With the Nexonomics 2.0 run, the company has paid token holders up to 12% APY more than his $87 million each day.
