Nuo 2.0 : 10x Faster, Simpler, Better with Breakthrough UX
A few months ago, we decided to be a part of Consensys’ Tachyon Program and since then our product has progressively improved every single day. The last 2 months have changed our outlook in terms of where the crypto eco-system is headed and our role as an enabler of decentralised debt on the blockchain in this brave new world of open finance.
This led us to take a step back from our exhaustive buidl phase and rethink our strategy in order to contribute to the eco-system in the most meaningful way possible. We decided to focus all our efforts on building a web based decentralised debt dApp and halt any major upgrades to our android app which currently has over 40,000 app installs.
With Nuo 2.0, we hope to set a new benchmark in terms of usability & dApp UI/UX.
We have made massive changes to the alpha product launched 3 months ago thanks to user feedback and detailed analysis of the current dApp ecosystem. Here are 6 major product changes we are super excited about:
1. Margin & Copy Trading
Our loans product provided a way for borrowers to stake collateral and borrow a loan upto 0.67x of the collateral value. Users will now be able to stake their collateral and margin trade with upto 5x leverage. Even hodlers who don’t trade can now automatically copy trade any trader by allocating funds in the contract with a stop loss or take profit.
2. A Hybrid Model
In order to make the product faster, we have decided to adopt a hybrid approach which means all orders will now be signed and matched off-chain and relayed on-chain . This ensures you can place a trade within seconds and just wait one block time for an on-chain confirmation.
3. Single Contract
All loans will now be enabled in a single contract which will reduce the cost of deploying a new contract every time a loan order is placed. In our alpha product, the network fee for creating a loan was around $10–20 which was outrageously high. With this change, the cost goes down to $0.1-$0.2
4. Debt Reserves
We have introduced debt reserves for lenders in order to provide instant loans. Any lender can now add ETH or ERC20 tokens to the reserve contract and start earning interest every day based on the loans and premium processed. Debt reserves are auto matched to loan orders and processed instantly.
5. Metamask Independent
Most users aren’t aware of how to use Metamask and other Ethereum wallets and for them to use dApps is a 10 step process which hardly ever gets completed. Users will now be able to access our dApp without Metamask or any other native Ethereum wallet ensuring faster onboarding. Crypto savvy users will have an option of connecting their wallets to their Nuo account.
6. Meta Transactions
Meta transactions enable delegated gas payments so that the dApp can pay gas or network fees on user’s behalf. There is huge swing in favour of Meta transaction in the community to make the dApp experience seamless and we are glad to be one of the first few dApps to bring Meta transactions to our users.
Nuo 2.0 would also be available in 7 languages which include English, Spanish, Chinese, Hindi, Russian, Japanese and Korean. We would support 13 local currencies across multiple countries and the product would be available on both web and mobile browsers. Here is a teaser of what we are building:
Our supporters and critics have always agreed on one thing — We Buidl and We Ship. We are still a small team of 6 people building in San Francisco for the world and we are excited to finally show the entire crypto community what a small and focused team passionate about what they are building can achieve.
We hope you are as excited as we are to experience this first hand. Nuo 2.0 would be coming soon to a browser near you!
