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Nexo is a decentralized lending platform that provides users with fast cryptocurrency-backed loans. Users deposit an accepted token as collateral to get a loan in the form of a fiat currency or stablecoin, such as Bitcoin (BTC), Ether (ETH), Litecoin (LTC), or XRP (XRP). Nexo features its own native token, NEXO, which when locked in the network provides users with perks such as interest rate savings on loans and the ability to earn interest payments on funds deposited. Nexo's profits are also distributed to token holders as dividends. Nexo aims to eliminate inefficiencies in the lending system by providing quick cryptocurrency-backed loans. Its automated lending procedure manages loans using smart contracts and an oracle on the Ethereum blockchain. NEXO is powered by smart contracts, which are also utilized to keep track of user balances.