Dispatch #191: It’s a Party: the Hunt for $12M in NEXO

May 10•3 min read

In this patch of your weekly Dispatch:

  • Bitcoin’s First Billion 🤖
  • Crypto’s Monthly Billion 🗓️
  • Ethereum’s Next Improvement 🪄

The Big Idea

Your Share of the Birthday Cake

This week on Dispatch we’re looking at a big idea coming from yours truly, the Nexo team. It’s also in leading crypto media outlets, but in case you’ve missed it, this week’s Dispatch starts with The Hunt for $12M in NEXO, also known as The Hunt!

Amidst fervent anticipation from our community for the next chapter of Nexonomics (and more than a few airdrop requests), we’ve started The Hunt to mark our sixth anniversary. In other words, with the official ceremony over, it’s time for the party. 

  • What Is It?

The Hunt is a platform journey, inviting participants to explore the ecosystem, stack points, and take advantage of multipliers as they hunt their share of $12M* worth of NEXO Tokens. There’s a variety of activities to explore and get rewarded for – top-ups, earning interest, crypto-backed credit, and trading spot and futures. Head over to your Nexo account or catch up on the Nexo blog for the full details.

  • Why Are We Doing It?

The Nexo community has been instrumental in our journey and a backbone to our success, aiding us in reaching remarkable milestones. From pioneering crypto-backed loans and launching the innovative Nexo Card to paying out over $800М in interest, none would be possible without the Nexo community. With seven million registered Nexonians worldwide our community fuels our mission to empower global financial access. This comes from every Nexo team member, now boasting 600+ experts.

Happy Sixth Birthday, Nexonians, and Happy Hunting.

*The equivalent USD value of the campaign pool of 10,000,000 NEXO Tokens is indicative, based on the market price as of 07/05/2024.

The Latest In…

Vitalik’s Take on Crypto Crossover

We’ve already talked about account abstraction in crypto: the novel concept of cross-chain functionality to eliminate borders between different blockchains. But when Ethereum’s co-founder Vitalik Buterin addresses the matter, we all better pay attention. 

It comes with Ethereum Improvement Proposal EIP-7702 which streamlines operations without adding complexity. Naturally, it is much more complex than that, with the end goal of enabling externally owned accounts to function temporarily as smart contract wallets via existing code for simplicity. Supported by key developers, it aligns with Ethereum's governance model and aims for integration in late 2024 with the Pectra upgrade.

The Latest In…

Ready for the Next Billion Txs?

Bitcoin just crossed a monumental milestone, processing over one billion transactions since its genesis block! While Ethereum may have sprinted ahead at double the pace, Bitcoin has surged in daily transactions, driven by cutting-edge protocols and spot Bitcoin ETFs. Here’s how Bitcoin could close the gap:

  • ZKM leads the charge in enhancing Bitcoin's functionality, securing $5M in funding. Through its innovative zkVM and Decentralized Sequencers, ZKM's Bitcoin L2 platform aims to bolster security, driving further innovation within the Bitcoin ecosystem.
  • Botanix Labs attracted $8.5M in funding for its Spiderchain layer-2 network. With backing from major investors like Polychain Capital, Placeholder Capital, and Valor Equity Partners, Spiderchain endeavors to bridge Ethereum's smart contract capabilities to the Bitcoin blockchain.

The Latest In…

A Billion a Month for Crypto

The crypto venture capital landscape flourished last month, with April marking the second consecutive month of surpassing $1B in funding. Here are some key highlights:

  • BlackRock led a $47M investment in Securitize, a firm specializing in real-world asset tokenization.
  • Monad, touted as a potential “Solana killer” layer-1 blockchain, attracted a substantial $225M investment from Paradigm and Coinbase Ventures.
  • Berachain, a Cosmos-based layer-1 blockchain, secured $100M in funding. This investment underscores the interest in alternative blockchain platforms.

The Week’s Most Interesting Data Story

Bitcoin Whales Go Silent

Back in Dispatch #188, we wondered how Bitcoin whales would react to the price correction at the time. Thankfully, they have not disappointed. Following Bitcoin’s choppy performance around the halving, Bitcoin whales are holding on (stronger) to their assets, transferring less Bitcoin to exchanges, according to Glassnode.

Hot Topics

What the Community Is Discussing

About those Bitcoin HODLers...

A pioneering memecoin on Nexo!

Whales gonna’... accumulate?

What to Watch for Next Week:

  • The Bullrun – how far in it are we?
  • Crypto Regulation – is it coming in 2024?
  • Blockchain or Crypto – what do big players prefer?