What is the NEXO token?
The NEXO token is a utility token issued by the NEXO project, a decentralized finance (DeFi) platform that provides users with access to instant crypto-backed loans.
The NEXO token is an ERC-20 token built on the Ethereum blockchain and is used to pay for fees and rewards within the NEXO platform. The NEXO token has several benefits for users of the platform. Firstly, it allows users to pay for fees associated with taking out loans on the platform at a discounted rate.
Secondly, it provides holders with access to exclusive features such as higher loan limits and lower interest rates. Finally, holders of the NEXO token are eligible to receive up to 30% of the profits generated by the platform in the form of dividends. This makes it an attractive investment option for those looking to gain exposure to DeFi projects without having to invest directly in cryptocurrencies.
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