GM everyone, and welcome to a new series titled “Nolus: What’s happened?”. In these articles, you can expect a summary of all Nolus-related information released in the last couple of weeks, providing you with a one-stop shop to #GetToNolus.
As I write this, the weather is abnormally beautiful for the winter in London, so perhaps this is a sign of great things to come! My name is @KujiPeruggi, thank you for joining me today — let’s get into this! Oh, and since “Tis’ the season”, expect some Christmas-themed puns throughout. Sorry in advance, but there’s *snow* way you’ll get through this without smiling.
Community Campaigns on Twitter
On the 24th of November, the #GetToNolus campaign was launched. With $1250 in cash prizes up for grabs, members of our community have been battling it by creating a plethora of content for the protocol. This included:
- Twitter threads
- Nolus memes
- Stickers and emojis
Participating in these competitions awarded users points that allowed everyone to compete to reach the top of the leaderboard. After a successful couple of weeks, the winners have been announced in Discord — you can find this list in #gettonolus-announcements. If your Discord username is found here, please reach out to one of the Team Members/ Moderators in the DMs to claim your prize!
Thank you to everyone who participated, we especially enjoyed looking through the Nolus-related memes, there’s always room for *Myrrh*.
Audits Complete!
You may be used to DeFi protocols undergoing smart contract audits in this space, and Nolus is no exception. However, Nolus is more than simply a DeFi protocol — it is an appchain. This helps to set Nolus apart from its competitors, but it must be implemented securely for the safety of all users and stakeholders.
Audits are an important tool for ensuring the security and reliability of a smart contract and the underlying appchain infrastructure. A trusted third party can review the code and identify any potential issues or vulnerabilities via an audit. This drastically reduces the risk of a smart contract being exploited and losing funds.
Audits can provide a detailed analysis of the smart contract’s architecture and design, allowing developers to identify any inefficiencies within the code and make improvements. This can help to reduce the cost of running the contract, as well as increase its performance.
In the last weeks, we have received two complete audits:
- L1 Audit
- Smart Contract Audit
Currently, you can only view the audit for the L1 publicly, which can be found here, whilst the smart contract audit is still a work in progress.
If one audit isn’t good enough, why not have two? We’re making it *rein*…
GitHub Repo Now Open!
For those that don’t know, GitHub is a code hosting platform that allows protocols to openly share their code for other builders to collaborate and scrutinize. GitHub can also be used to see what is currently being worked on by the developers, so be sure to give it a look here. This is *Claus* for a celebration!
Public Testnet Available
Public testnets are a reliable way to test the Nolus protocol without risking real funds/assets. They are designed to be a realistic simulation of the mainnet product, allowing our developers to safely evaluate the code and debug any issues the community reports. Additionally, they provide a safe environment for experimenting with new features or ideas, allowing us to innovate without fear of repercussions.
You would be surprised at how talented some people are at breaking things… Yet for once, this is the intended outcome! The testnet is currently available for validators in the first stage of testing — if you are a validator that would like to participate, please get in contact. We have provided a guide on how to run a full node and promote it to a validator in our Notion documentation, but if you need any support be sure to message us in our Discord or Telegram.
In the next phase of testing, the wider public will be able to trial the smart contract features so make sure to follow us on Twitter to be notified when this is available! This will also give you a first-hand insight into how Nolus will work and what the UI/UX looks like, so it’s definitely worth your time! Ultimately, you’ll get the final *sleigh* in what is and isn’t included in the final product.
Stride Partnership
For one of the premier products on Nolus, we teamed up with Stride to provide self-repaying loans. Stride produces liquid-staked derivatives of ATOM and OSMO that allow you to participate in DeFi strategies whilst still being exposed to the staking APR.
On Nolus, you can finance a loan up to 150% of your initial equity in stATOM. Stride automatically compounds your staking rewards into stATOM, such that the amount of stATOM tokens you own gradually increases over time. Nolus can then use these extra tokens to automatically repay any interest accrued on the loan — self-repaying loans!
The result? Nolus partnering with Stride will provide a low-cost, self-repaying loan with 200% more capital efficiency and 40% lower liquidation rates than the market average. Pretty crazy huh? Find out more about this partnership in our latest article.
Conclusion
As you can see, the team is hard at work each day working on partnerships, security, and collaboration. With the launch of Nolus scheduled for Q1 2023, you can expect to see more information every fortnight in this series as the team is non-stop building to make this happen.
We are also in the process of hiring a Community Manager and (dev) to join the Nolus team, so if you are interested or know anybody that might be, contact us on Discord or Telegram. Thank you for taking the time to read this, I hope to see you again in a few weeks!
