Nexo is like a bank but blockchain-based. Users deposit their cryptocurrencies to receive loans in fiat currency. The cryptos such as BTC, Ethereum can be deposited to the platform, and then loans can be received. Their native token is also known as NEXO, which can be used to provide discounts on interests that have been accumulated on the loans provided.
It aims to solve the inefficiencies in the market. It uses smart contracts and oracles to record whatever is happening. The oracle establishes the loan after a user sends cryptocurrency to a Nexo-controlled wallet, and the funds are instantaneously assigned to the user. The oracle returns the cryptocurrency and records the transaction on the blockchain when the user makes a deposit to repay the loan. The platform is powered by smart contracts, which are also utilized to keep track of user balances.
The company has a loyalty program to keep the users interested in the market. This way it provides them rewards in the form of dividends (a total of 30% of the profit).
According to coinmarketcap, the total supply of NEXO is around 1B coins and the circulating supply is around 560M NEXO. NEXO holds the 75th rank according to market cap.
Price Movement – Nexo (NEXO)
At the time of writing NEXO is being traded at the price of $2.87 with an increase of almost 5.26% in the last 24 hours. NEXO is a really strong token fundamentally. The maximum and minimum today are $2.87 and $2.72 respectively. The daily trading volume has also increased by almost 78.39%. It had created its ATH in May 2021 and reached a price of almost $4.120. The price later dropped down to a price of $1. The price has been bullish on higher time frames and we saw an increase of about 89.94% in the month of October. In November, we saw a decrease of only 0.76%.
Price Prediction – Nexo (NEXO)
It is a really strong token. We have seen a huge amount of gain in the price in a single month alone. As a result, we can expect growth in the price in the future. According to wallet investor it is expected to reach a value of around $4.46 in a year and is expected to reach a value of $12.070 in five years.
