Nexo Adds Support for TerraUSD With 20 Percent APR and Doubled Base LUNA Rates

February 7, 2022 at 2:30 pm

News

Nexo Adds Support for TerraUSD With 20 Percent APR and Doubled Base LUNA Rates

Nexo (NEXO) has added support for TerraUSD (UST), the stablecoin of the Terra (LUNA) ecosystem. With the launch of TerraUSD (UST) on Nexo, users will now earn very high promo yields of up to 20 percent APR on their UST holdings until March 1, 2022. Nexo has also doubled the base earn rates for LUNA to 13 percent.

Nexo (NEXO), a leading centralized platform for instant crypto loans, has added TerraUSD (UST) to the growing list of established crypto and fiat currencies supported on the platform, including bitcoin (BTC), ether (ETH), cardano (ADA) and others.

With TerraUSD (UST) now available on Nexo, users can now buy UST with their bank card or account balance and get the coins in their wallet within seconds, earn up to 20 percent APR on UST (interest is paid out daily), convert to and from UST with eight assets, borrow against their UST holdings at rates as low as zero percent APRs and receive cash or stablecoins instantly.

“One of the most common client requests we hear is to be able to buy, exchange, and earn on more cryptocurrencies on the Nexo platform. As the Terra ecosystem expands and matures, so is our offering for the blockchain’s native assets. We’re pleased to announce that Nexo users can now buy, convert, borrow against, and earn up to 20 percent APR on TerraUSD (UST),” Nexo declared.

Double LUNA Yields

To commemorate the addition of UST to the growing list of supported assets on Nexo, the team has doubled its base earn rate for LUNA, allowing holders to earn between eight to 13 percent APRs (previously 4-8 percent) until March 1, 2022.

Presently, the supported UST pairs on the Nexo platform are UST/USDT, UST/USDC, UST/BTC, UST/ETH, UST/LUNA, UST/USDx, UST/EURx, and UST/GBPx.

The team has made it clear that Nexo users will enjoy juicy yields on their UST depending on their Nexo Loyalty tier:

Platinum: Maximum rate – 20 percent (Standard rate – 18 percent)
Gold: Maximum rate – 17 percent (Standard rate – 16 percent)
Silver: Maximum rate – 15.25 percent (Standard rate- 15 percent )
Base: Maximum rate – 14 percent (Standard rate 14 percent)

With authorities in various jurisdictions now charging crypto investors exorbitant income taxes, Nexo offers its users a 70 percent loan-to-value (LTV) ratio, meaning that users can borrow up to 70 percent of the amount of their UST holdings without having to worry about monthly repayments or credit checks and even taxes.

“India will charge 30 percent crypto income tax. That’s up to 23 percent in Spain and as much as 37 percent in the U.S. You get the idea: you sell, you pay. Getting a UST-backed credit line from Nexo instead will not trigger a taxable event. Our UST-backed credit lines come with a 70 percent LTV, rates starting from zero percent APR, and no monthly repayments or credit checks. We are happy to welcome all #LUNAtics and future UST and LUNA holders to Nexo!” the team added.

Powered by the Tendermint – Cosmos SDK, Terra (LUNA) is a decentralized proof-of-stake public blockchain for algorithmic stablecoins. Terra uses a combination of open-market arbitrage incentives plus a decentralized Oracle voting structure to create stablecoins that consistently track the price of fiat currencies.

At press time, the price of Nexo’s native cryptocurrency, NEXO, is hovering around $2.25, with a market cap of $1.26 billion, according to CoinMarketCap.