Nexo (NEXO) climbs as it announces the launch of TerraUSD (UST)
Nexo (NEXO) has continued its upward climb seen over the last few days. This comes as the platform announced the launch of TerraUSD (UST) on its platform. As details of this new development start to reach a wider audience, it is likely that NEXO will surge even further in the coming days. Here are some highlights:
The new launch will allow users to now borrow, lend, or stake UST on the Nexo platform with ease.
At press time, NEXO was trading at $2.26, up by around 5% in 24 hours and nearly 15% over the last week.
Users will also get to enjoy double yield rewards on UST staking until March 31 with a 20% APR to follow after.
Data Source: Tradingview
Nexo (NEXO) – Price analysis and prediction
Like many assets in the crypto market, Nexo (NEXO) has been climbing upwards after a torrid start to 2022. At press time, the coin was trading at around $2.26, up by nearly 15% over the last 7 days.
Since the UST news is just breaking, it’s unlikely that it is baked into the current surge. In fact, once investors start to learn of these new developments, NEXO will surge even further.
Nonetheless, the coin is still lower than its all-time high of $4. But the upward trajectory we are seeing at the moment could in fact take it towards that threshold.
Is Nexo (NEXO) worth the risk?
Crypto lending is a risky area but despite this, it has actually been growing quite fast over the last few years. There are still many other innovative DeFi projects that are trying to conquer this market.
Nexo is one of them and so far, it seems like the project is doing a lot behind the scenes to deliver value for investors. For a long-term bet, there is no doubt Nexo is a decent asset.