NEXO · nothing mints, nothing burns, and the buyback parks inside the count.

NEXO cannot be created. We did not take the round supply figure on trust — we pulled the token's live code and searched it for the instructions that would mint one, and they are not in there. We also checked that the code cannot be swapped for a newer version later, so nobody can add one. The full 1B was issued once in 2018, and the supply read exactly 1,000,000,000 NEXO at both ends of this 90-day window, unchanged to eighteen decimal places. Nexo is a company, not a chain, so there is no block reward and no staking emission either.

There is nothing left to unlock. The entire 1B was distributed at the 2018 sale, no escrow contract holds a locked tranche, and no cliff sits inside the next 90 days. The four company wallets that hold the largest reserves sent and received nothing at all across this window — same balance to nine decimal places at both ends, and not one transfer in or out. And because the token cannot mint, no new locked bucket can ever be created.

Two team-controlled pools are watched, and both have addresses we read directly. The company reserve is four wallets holding 353.9M between them, unchanged to nine decimal places at both ends of the window with zero transfers either way. Beside it sits the on-chain reserve that receives every repurchase, holding 114.8M — also unchanged, also with no transfers. Both already sit inside the 1B we divide by, so they are scope we track, not pressure we count. If either balance falls between refreshes, that outflow lands here at the next refresh.

There is no estate. Nexo is an operating going concern with no trustee schedule, no court-ordered creditor distribution and no frozen NEXO pool awaiting release, so this row has nothing to draw from.

The buyback is the headline reason people expect NEXO to shrink, and it does neither thing they expect. Nexo's own programme pages say the coins it repurchases are not destroyed — they are parked in a reserve wallet for 12 months. Parking is not burning: the coins stay in the float. And that float already counts them. Take the total supply and subtract the tradable count: 1,000,000,000 minus 1,000,000,000 leaves nothing outside, including the 114.8M sitting in that reserve. So repurchases move coins between pockets, however large the cheque. On top of that it did not fire here: the reserve held the identical 114,800,950.27 NEXO on the day this window opened and the day it closed, with not a single transfer in or out. The last programme Nexo actually published closed on Mar 2 2023 after buying 63,244,559.958 NEXO.

NEXO has never been burned, and cannot be. The live token code contains no instruction that destroys a coin, so no address can remove one. We also read the two dead addresses directly rather than trusting the label: one holds 10.713451 NEXO and the other holds nothing, and both were identical at the start and the end of the window, with no transfers into either. Measured destruction over 90 days is zero, whatever the phrase buyback-and-burn suggests elsewhere. Revenue funds repurchases, and repurchases park coins.

No company entity disclosed an open-market NEXO purchase with a date and a size inside this window, and the reserve that would have received one is unchanged with zero inbound transfers. No public evidence of release in window — monitored.

Nothing is locked. The loyalty tiers people assume are a lock-up are not one — they ask you to hold NEXO as a share of your portfolio, and that balance keeps earning and stays withdrawable at any moment, so those coins are still free to sell. The programme page carries no fixed term and no lock-up wording. Carried at zero until a readable locked figure with an address exists.