Nexo Adds UST, Offers Users Incentives
The TerraUSD stablecoin (UST) has launched on the Nexo exchange platform, with big offers at stake. Following the launch, users will access loans, buy, convert and stake UST. Also, buyers using their card payments will instantly get their UST in their wallets. Similarly, you can convert your UST to and from several crypto assets available on Nexo in seconds. To celebrate the launch on Nexo, users have been given exciting offers, running until March 1.
Borrow at an ultra-low rate
Nexo users who borrow against their UST holdings will benefit from a tax-free credit line. That’s not all-they can borrow at a low rate, starting at 0%ATR. Also, the loan-to-value ratio (LTV) is set at 70%, and there are no monthly repayments or credit checks.
Easy buying using card payments
Nexo has made it easy for users to purchase UST through their bank-issued cards. You can use your Visa or Mastercard to make direct purchases. Alternatively, if you already have stablecoins on Nexo, you can convert any of them to UST. Currently, the assets you can trade for UST on Nexo include USDT, USDC, USDx, EURx, GBPx, LUNA, BTC and ETH.
High earnings on UST
Starting today until March 1 2022, users who buy their UST on Nexo will earn daily yields of up to 20% p.a. The earnings rates will depend on one’s Nexo Loyalty tier. The highest earnings rate of 20%, up from 18%, will go to Platinum account users. The Gold tier will earn a maximum of 17%, up from 16%, the Silver tier will earn a maximum of 15.25%, up from 15%, while the Base tier will earn 14%. For one to qualify to be a Platinum account user, they must have at least 10% of their assets in NEXO tokens and enable Earn in NEXO.
LUNA yields doubled
Starting today until March 1, 2022, Nexo has doubled its base Earn rate for LUNA. This means that you can earn between 8% and 13%, up from the previous range of between 4% and 8%.
Why integrate UST?
TerraUSD (UST) is a stablecoin native to the Terra blockchain, pegged to the US dollar at a ratio of 1:1. This stability is based on the staking of the network’s LUNA coin and makes it ideal for DeFi and TradFi. In addition, UST’s ability to generate predictable yields makes it appealing to many investors.UST is different from other stablecoins in that $1 worth of LUNA must be burnt to generate 1 UST. This is unlike many stablecoins, which are backed by dollar reserves.
About Terra
Terra is a blockchain network built on the proof-of-stake protocol. It mints stablecoins using the Oracle voting structure. These stablecoins track the performance of fiat currencies such as the US dollar, the British pound and the Euro. Terra’s most notable assets are the TerraUSD (UST) and the LUNA token.
About Nexo
Nexo is a crypto exchange linked to the regulated digital financial institution, Nexo. Nexo started as a crypto-based lending platform but has added other functionalities. It supports swapping, buying, borrowing, and staking more than 75 crypto and fiat assets. It has a native token known as NEXO.
Latest Nexo News Today
NEXO has introduced earnings for AXie infinity holders, which could see them earn up to 36% APR. Also, the platform is currently incentivizing its users to borrow against their MATIC holdings at a rate of as low as 0% APR. At the time of writing, Nexo was trading at 42.23, having gained 2.08% in 24 hours.
