March Community Update: $1.5 million in Debt Reserves added
Last 1 month has been super exciting for the community. We have crossed $1.5 Million in debt reserves created on the platform and now are racing towards the next milestone of $2 Million. As a team, we have made massive strides in making the platform more robust and ready for the next phase of growth.
There are many product changes and updates to share with the community and we are excited to summarise them all together in this monthly community update.
Nuo in Numbers
Nuo Network had a month on month growth of 200% on an average across loans, trades and reserves.
1. Now #5 in DeFi
Over $1.2M in ETH and ERC20 tokens are now locked in Nuo smart contracts making us the #5 app in DeFi (Source: Defi Pulse). In March, Nuo broke into the Top 10 DeFi / Decentralised Finance apps in the world and #1 in Asia and this month we have surpassed Augur to be among the top #5 DeFi apps in the world.
At the time of writing this article, over $1.5 Million in debt reserves were added to the platform with $550K in loans disbursed. The total interest paid out so far is $1300, while $4500 in interest will be earned by lenders as loans get repaid over time.
2. WBTC Locked
Over 35% of all WBTC minted till date is now locked in Nuo smart contracts making us an integral part of the DeFi ecosystem. We are excited to see users earning interest on WBTC and using WBTC for taking long and short positions on Bitcoin. We are glad to see the growth of synthetic assets on the Ethereum blockchain and we look forward to supporting more synthetic assets in the future.
2. Interest to be earned
Nuo smart contract distributes interest to lenders based on loan repayments. This is very unique proposition in DeFi currently. Over 3800 DAI will be distributed as loans get repaid over time. Lenders are hence incentivised to keep their reserves active for longer which helps the network disburse more loans in the process. More details about loan repayments can be found at Nuoscan.io
Market Maker Bonus
We have distributed 1% Market Maker Bonus for the month of March. Lenders have received $2,870 in bonuses directly in their Nuo Account along with an email update. The maximum bonus distributed to a user was $505. Market Maker Bonus will continue for the month of April with updated terms and conditions.
New Features
1. Signup with Metamask or Web3
The most requested feature finally went live last month. Users can now create a smart contract based Nuo account with Metamask or a Web3 Wallet without the need for a password. Before this upgrade, users could only create an account with password and later connect Metamask or Web3 Wallet.
2. Algorithmic Interest Rates
Borrowing on Nuo Network is now algorithmic based on available reserves on the platform. Previously, borrow rates were constant across tokens and would only change based on loan duration. Every token will now have its own borrowing rate based on available reserves which will have a huge positive impact across the network.
This was a 2 pronged approach to lower the interest rate for tokens available in abundance and increase the interest rate for tokens with high reserve utilisation to have enough reserves available for withdrawals.
3. Web3 Browser / Privacy Mode Support
Nuo app now works seamlessly with major web3 wallets — Trust, Coinbase Wallet, imToken, Status. You can use Nuo app on any of these wallets and sign transactions directly within the wallet.
We have also added support for Metamask’s privacy mode and if you use privacy mode, you will now need to authorise Nuo to interact with your Metamask wallet. Our goal is to give users complete control over how they interact with the app.
Product Changes
1. Potential Gains
On Nuo Network, interest is distributed proportionally based on loan repayments and not loan issuance. In order to earn interest, users need to have an active reserve order when a loan is repaid. We have added ‘Potential Gains’ under ‘My Reserves’ to provide more information about your potential earnings as loans get repaid over time. This will help users take a better call on their reserve orders as we empower them with more information on the network activity.
2. No Reserve Tenure Input
Going forward users won’t have to input reserve duration/tenure. Lenders can create a reserve order and stop it anytime if there are enough reserves available on the platform. You will earn interest on your reserve based on loan repayments for as long as your reserve was active.
3. Self Help Desk
Our help section is now live and users can get quick answers to frequently asked questions using the self help desk. This covers how to get started using the platform, feature updates, announcements and security related information. We also have a chat feature available in the help section to talk to our part time customer support reps — Nuo founders 😉
4. Leverage options for loans
Taking a loan on Nuo platform now comes with multiple leverage options. Users can get a loan at a leverage or loan to value ratio of 0.3x, 0.5x and 0.7x. These options provide high collateralisation in order to safeguard the loan against market volatility. This was a feature request from the community, implemented in less than 24 hours.
Updates
1. Kyber Partnership
We are excited to announce our partnership with Kyber Network last month. Kyber has been highly supportive throughout our journey and the team at Kyber has solved our issues every time we have reached out to them. Kyber now has a direct integration for Margin Trading with Nuo Network. Kyber users can now margin trade on Nuo and their margin trade will be placed via Kyber Swap. This is a partnership which will mutually benefit both the communities grow their users and volume.
2. Terms & Privacy
We have updated the terms of use and privacy policy for using Nuo Network. This is necessary to help the user understand the risks of using smart contract based products and the use of nascent technology. Nuo Network is experimental technology and software. Losing your trading account private key or forgetting your password may result in permanent loss of funds.
Summary
Last month has been highly fulfilling and it’s great to see users adopting the platform and making it their own. We are currently working on multiple fronts to improve the product even further. We are also exploring adding new debt products and enabling new security features. Our goal for this month is to reinforce user confidence by taking security measures while simultaneously working with the community to incorporate their feedback within the product. We are just getting started 🚀
