It's time for my first Crypto Activist StakeHodling profile; and the long awaited subject(s): Nexo
Today I want to go over the C.A.S.H. principles:
- Crypto fundamentals & technical analysis
- Adoption & User Experience
- Staking (Token Value & Utility)
- HodL positions & projections
... and giveaway information to those who are just starting off their C.A.S.H. journey *Ahem* Let's get to it
Crypto Fundamentals & Technical Analysis
At time of writing Nexo's Market Capitalization is around USD$101 million, ranking it 67th on Coinmarketcap.com. 560,000,011 tokens in circulation (out of a total supply of 1 billion) are trading on Decentralized Exchanges [DEX] for USD$0.181 which currently is about 1,972 Sats [Satoshis - or 0.00001972 BTC] ¹; the DEX trading with the highest volume for this token is currently Huobi Global. The current spokesman & Managing Partner is Antoni Trenchev, one of the platform's Co-Founders.
Nexo's Initial Coin Offering [ICO] was about a month, and took place between March & April 2018 for about USD$0.10 and raised $52.5 million; its price shot up to an all-time high of around $0.40 a month later before cooling off ²; who knows, it might hit or exceed those all-time highs just next month.
Though I did not participate in the ICO, because it wasn't available in my jurisdiction; but I did dollar cost average into several thousand tokens when I first heard about it, back when it was priced at around USD$0.09 - $0.13 in 2018 -- which I'll get to more in depth later.
Nexo's team is primarily from Bulgaria, as their offices also are - they have registration licenses to operate in Switzerland, and insurance via BitGo ; I won't link to any information about their staff, but it is a small but growing financial tech group; much of their experienced staff coming from Credissimo, the Lending group (also based in Bulgaria); for those who like details, Credissimo's latest audit, courtesy of Deloitte is linked here.
For those wondering about the (approximate) Revenue & Income, and therefore the expected dividend return: the best source I've talked to and used comes from Rasto; he's either an avid fellow Hodler or an employee that mimics one's passion.
Adoption & User Experience
They have been hiring for both online and in-person positions for those interested - if their previous roadmap is any indicator, affiliate positions for Influencers will also be coming soon - and since I do hope they meet their marks, I would hope to sign up if possible also. For those who would like more information on their ambitious, but now defunct, roadmap: Steve Walters from CoinBureau did a review back in November 2019. They are meeting their goals, but on a different timetable - hecklers, whether on Reddit, Twitter or other social media sites will often point out past scandals, missed deadlines & the much anticipated ex-dividend date
I participated in the Salt Lending ICO, and subsequently sold after launch when it was $13-15 after I realized the token was only a utility vehicle for those taking out loans; and the minimum loan one could take out would be $5,000 - at the time, waaayyy out of my budget.
Even with the disappointments, I was still completely enamored with the idea of taking out Stablecoin loans - and then I found Nexo.
For those who want to start with an optimistic view point of Nexo, CryptoLaw wrote about his experience (linked here); those that prefer YouTube can find videos, like CoinBureau's, but I've linked Crypto Mick for others who enjoy listening to Australians explain things.
In just the month of June, Nexo has updated their app about three times in major ways: the User Interface, addition of USDC to USDTether & Bank transfers, as well as shifting passive interest to active, by letting the user micro manage which assets to collateralize, and which to put in a "savings" partition to earn interest.
My paranoia kicked in after posting about Nexo in my last article, because they updated their app the next day & could have completely countered my experiment; but whether they've read said article or not, I haven't been contacted or requesting to remove anything as of yet; it's not hard to see questions and complaints in their SubReddit deleted or reported near instantly - whether by Moderators or PR directly from the company.
As they grow into a more sizable institution, hopefully they won't have to rely on appearing perfect, because they've already achieved a lot; and the most loyal of their user base hasn't forgotten.
Credissimo, the company they used for a while for clout, was delisted not long after their stock IPO, but continued to operate and grow over the years; failure isn't the end, unless we give up ... which brings me to staking & the Nexo dividends.
Staking (Token Value & Utility)
Again, Rasto is invaluable with his calculations when it comes to estimations & data investigation.
Several *sarcasm* "investors" or "Hodlers" enjoy heckling Moderators & any Nexo officials with "When Dividends?", "Wen-D?", "W/D?" & "D?" ... it was a question I had until I got a job (last year).
The last dividend payment was exhilarating to recieve, but a friend who wanted to dabble, but not lose to much, bought too little Nexo to get the lowest sent out quantity; the amount I received was approximately 10% of my position & paid in Nexo, others were paid in Bitcoin or some combination of both, by the jubilant posts in Reddit & Twitter.
Their most recent update means, staking Nexo Tokens not only yield dividends, but also give a bonus extra 25% interest, similar to that offered by Crypto.com - though Nexo pays daily instead of weekly, and in compound interest instead of simple.
All this is exciting, but what does this have to do with *you* the reader?
HodL Positions & Projections
In order to be in the top 100 Nexo Hodlers, according to Etherscan, one would need about 94,000NEXO; For entry to the top 500, about 25,000NEXO.
Whether Nexo meets their projections or exceeds my expectations, it is definitely going to be the corner stone of an potential Quadrillion dollar Online Economy - it is well on it's way to break a Billion in market capitalization; and with the average major legacy financial institution dealing with several trillion in assets when banking, lending & bonds (staking) - Nexo being a major player is a foregone conclusion.
I had to collateralize my Nexo tokens for the first time last year to pay final rent; and after losing a job & place to stay, I used what was left over for food; then I thought up the experiment in the earlier mentioned Stablecoin article; which I didn't have enough income to start efficiently until last month.
The max amount of Nexo tokens I've held was around 17,500 (the amount of the tokens I mentioned I dollar cost average into & collateralized), with my end goal being 85,000 to buy (I'd let any received dividends round it to 100k; and like my trading & regular job income, I give away 10% to those who've helped me along the way & who need funds to help themselves ... which brings me to the Giveaway!!
... which, unfortunately has to be postponed (as of today). Changelly says I've sent my USDC funds straight to a Nexo wallet instead of routing it through them ... effectively ruining a month's worth of work, jeopardizing assets held in collateral, deleting $1 thousand dollars in one click, cutting the amount I could have earned from the upcoming dividend distribution (likely coming in July) in half ... all that AND meaning I can't withdraw assets if i run into spontaneous trouble (I've used Nexo to pay for a locksmith, but that's a story for another time).
First five users that comment their Nexo wallets below, before August 1, 2020, get 100 tokens EACH.
Summary: High interest rates are growing more common in the Crypto world, and the best of them hand out sustainable percentages; I'd be bias if I said Nexo is one of the best. For better or worse, it's commonly the highest single position in my Blockfolio & the place where I tend to keep +80% of my assets. Hope this and the links help aid while you all DYOR :)