Nexo has onboarded Axie Infinity’s AXS tokens to its product portfolio. The move follows last week’s widespread speculation among some Nexo community members that Axies had come to the exchange. With Nexo officially confirming the integration of AXS, users have much to look forward to. Liquidity providers stand to earn up to 36% on their deposits. Additionally, one can borrow against their AXS assets held on Nexo.
Nexo seems keen on making the most out of GameFi and metaverse by incentivizing users. By enabling access to credit and earnings on interest, the platform is helping expand Axie Infinity’s usability. Essentially, this creates an alternative way of earning passive income beyond the play-to-earn model. For gamers, it is a way to optimize returns. They can earn from playing and lock up their winnings on Nexo to earn interest.
How to earn from your AXS on Nexo
To make the process exciting for users, buyers will get up to 36% in daily interest when they purchase AXS on Nexo. This is a promo offer that runs until March 31st. The platform has a loyalty-based earnings program, which will fluctuate depending on lock-up period. Nexo’s rewards will follow a four-tier system.
The platinum tier will earn users a maximum of 36% daily interest rate and a standard rate of 28%. Gold category earns a maximum interest of 32% and a standard interest of 24%. Next is the Silver category with a maximum interest of 30.5% and a standard interest of 22.5%. The lowest tier is the Base category, which earns a maximum interest rate of 28% and a standard rate of 20%. All earnings will be in NEXO tokens.
AXS will be tradable with Bitcoin, Ether, Tether, EURx, GBPx and USDx.
The Nexo AXS credit facility
Nexo has opened up its Instant Crypto Credit Lines for AXS. This means that AXS holders can borrow stablecoins or cash against their AXS tokens held in Nexo. Nexo offers a flexible repayment option, with both partial and full repayments accepted. Depending on the number of NEXO tokens held, the credit facility will have interest rates as low as 0% APR. The borrowing amount starts from a minimum of $50, while single maximum withdrawal is $2 million.
About Axie Infinity
Axie Infinity is a play-to-earn game based on the metaverse concept. The game is a virtual world with in-game characters known as Axies. The Axies are used for battle and are tradable for a variety of cryptocurrencies. The entire Axie Infinity economy runs on AXS tokens, which are the in-game currency. Players earn Axies for their conquest, but they are also available on exchanges.
About Nexo
Nexo is a crypto-centric lending platform with a range of instant credit facilities. In addition, Nexo offers cryptocurrency exchange services as well as custodial insurance. Users can buy, sell and convert crypto for FiatX on the Nexo exchange platform. The NEXO token is the exchange’s native token and has a market capitalization of about $980 million as of the time of writing.