I've learned about Nexo quite a long time ago, in 2019. Actually, this project is one of the pioneers of the "crypto-backed CeFi lending and savings", the same business as Crypto.com, Celsius, or BlockFi do.

As far as I can remember, Nexo was here before Celsius or BlockFi. In any case, it was the first "CeFi savings" project I learned about. However, at that time I was quite sure that such "lending and saving" pawnbrokers would appear sooner or later, I was sure that they would become quite popular, and was looking for a way to "invest" in their business.

At last, I found Nexo, a real-world shark-loan (reportedly) Bulgarian (allegedly) company that went into crypto. I don't remember if I read their whitepapers back then, and I even doubt they had one at that time. For me it was enough that the guys were offering a token and promised to pay dividends to token holders. Besides, they promised to pay dividends in BTC, ETH, and USDT and not to bake more tokens out of the blue:

Dividends are calculated in USD and paid in your Nexo Wallet in BTC and/or ETH and/or NEXO Tokens and/or USD stable coin, whichever creates greater value for NEXO Token holders at the given moment, which will be decided by Nexo. Should NEXO Tokens be used, they will be acquired by Nexo on exchanges or collected from loan interest repayments using NEXO - as of course no new tokens can be issued, as specified in the audited smart contract. In any case, the ETH/USD and NEXO/USD conversion rates used upon dividend distribution are based on volume-weighted averages across multiple exchanges. (Source)

KYC was (and still is) required to become eligible for dividends, but at that time I wasn't bothered with it so much. I got inspired, bought 40 NEXO for 4 bucks, transferred the tokens to my Nexo account, got KYCed -- and started to wait.

Nexo pays its "dividends" once a year, so there was not much use for me to check my account daily. I checked it once in August 2019 to see if my "dividends" arrived (they did), and then left it all for good. I didn't add anything to my stack, because honestly, I didn't have that much trust in a loanshark Bulgarian company.

Only recently I went there again to see what happened with my NEXO bag -- and TADAMM! During 1.5 years there were only 5 transactions (initial deposit included), but in USD terms my stack grew 25 times! Today I have 44,87 NEXO valued at about 100 bucks.

Even though it's still pennies in absolute figures and I didn't get any BTC or ETH as "dividends", relatively my paper profits are pretty good.

Also, it illustrates some simple but powerful "crypto-investment" strategy -- get into a more or less sound project early and just sit on it doing nothing through a bull run, no Mr. Musk required.

Well, right now I'm going to keep sitting on my NEXO stack doing nothing (maybe just add some pennies from faucets). Let's see how high my 40 tokens can go.

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