Crypto lending platform Nexo has allocated $50 million to purchase again its native NEXO token as a part of an ongoing initiative designed to bolster the soundness and profitability of its ecosystem.
Today we’re asserting our third $50М Buyback. 🎉
Thе allocation is a results of our stable liquidity place and readiness to spur on our personal merchandise and group because the $NEXO Token comes to play an more and more vital position inside our ecosystem.https://t.co/y7gTNMZC9q
— Nexo (@Nexo) August 30, 2022
Nexo Co-Founder Antoni Trenchev acknowledged that the allocation will assist the corporate develop its product ecosystem in addition to present value stability for buyers.
Right now, our buyers and shoppers require stable floor to stroll on, and our third token buyback ensures this added stability as we emerge from the newest market rollercoaster,” he added.
The allocation might be used to repurchase NEXO tokens over the subsequent six months. The tokens might be topic to a 12-month vesting interval and might be distributed as curiosity payout to token holders as soon as the lock-up time period has elapsed.
Nexonomics in play
Nexonomics is a collection of upgrades and options applied by Nexo to drive the worth and utility of its native token.
Buyback has been the most convenient nexonomics software that helps to cut back value volatility, increase token liquidity and situation further rewards to token holders.
So far, Nexo has efficiently executed two buyback packages. Back in Dec 2020, Nexo’s Board of Directors authorized the repurchase of $12 million value of NEXO tokens from the open market. An further $100 million was allotted in Nov. 2021 to purchase again extra tokens.
Each iteration of the initiative has returned important progress to the corporate. Nexonomics 1.0 noticed NEXO token rise to an all-time excessive of $4 in May 2021, representing a 2430% enhance, year-over-year. With the execution of Nexonomics 2.0, the corporate paid out over $87 million to token holders of up to 12% APY every day.