In Nexo defense:

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1) actual yields on currencies range from 8% to 10% based on how much NEXO token you hold and you need to lock for 3 months which turns down liquidity run issues for Nexo

2) for all users that choose to be paid in NEXO, NEXO doesn't spend money to pay yields since they minted their token for 0

3) if on average we have 1 user paid in NEXO and 1 in currency which both lock liquidity for 3 money, the average yields range from 4% to 5% (assuming both are platinum)

In the end, this trivial example should show you that NEXO doesn't really pay the full 10% but it's likely that actual yields is not too far off from bond yields.

In addition, exchange fees are quite expensive and during bear moments there are also a lot of liquidations. Thus, other revenues are there as well to accumulate cash/crypto.

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I don't think the business model of Nexo is unsustainable as long as the team is not doing frauds like other CEXs did. Nexo also is working trying to be complaint and they plan to get a bank license, so it seems to me that they have quite appealing business targets in mind.

That said if you want to test Nexo business model you have to crash the Nexo token value somehow so that Nexo would be forced to reduce yields and cause some real panic. But they also have buyback programs so you need some million $ to short the token and one attempt already failed