We had a stellar product launch in February and we are excited to share Nuo Network stats with our community. In one month since our launch, users have created over $400,000 in reserves on the platform and Nuo Network has enabled over $100,000 in instant loans.
Currently, over $300,000 is locked in Nuo contracts making Nuo the #6 Defi app in the world and the #1 Defi app in Asia (Source: Defi Pulse)
We have created an infographic to share more stats about user engagement on the platform. We are super excited to see this kind of love and support from our community.
- Over 420 users signed up
- $100K in loans disbursed
- $400K in debt reserves created
- $1000 premium earned by lenders
- 295 loans, 317 reserves created
- 30% reserve utilisation (highest)
- 2,500 contract interactions
- $116K DAI reserves with 37% APR
- Top markets Japan, US, India
To keep you posted on the latest developments and our plans, we have summarised some major product updates:
We added support for USDC recently. MKR/DAI provide a great way for users to collateralise ETH and borrow DAI via MakerDAO. Users can now collateralise ETH or select ERC20 tokens and borrow USDC. At the same time, Lenders can supply USDC and earn daily interest based on borrowing activity on the platform.
Market Maker Bonus
We had introduced Market Maker bonus for February and we have now successfully distributed this bonus to users with over $500 in notional reserve volume. Over $288 Bonus was distributed across all users with the highest bonus earned by a user being $90. Market Maker Bonus would continue for the month of March and this bonus would be transferred to users’ trading accounts on 1st April.
After our public discussion with Vitalik on Twitter and having a surge in volume, we had reduced leverage from 5x to 3x. This was in the interest of our users and to ensure that on-chain liquidations are less risky. Our goal is to be completely transparent with users about the trades they are placing via partner exchanges and provide them with all the tools necessary to make the right margin calls.
NuoScan & Nuo Bot
This is a community drive initiative led by Conlan, a game developer and a passionate user to bring more transparency. Nuoscan would provide a complete overview of user activity on the platform and would be a great tool for both lenders and borrowers. Nuo Bot would tweet network updates and daily summary to keep the community informed about user activity on the platform.
Since our launch we have received great feedback on the product from the community and this has helped us improve the product further. Our most requested feature yet — Signup with Metamask is coming soon. We are currently embedding this in the signup process which would ensure a no password experience using your Web3 wallet.
We are currently handling all incoming queries via Email or Telegram. We plan to build a new self help section based on FAQs we have seen so far. This self help section should answer most of the queries related to the product. Since some specific queries get repeated across channels, we would also have a public forum for community discussion. We take user feedback very seriously and any bug reported by a user is fixed immediately.
We are a small team of 5 people backed by Consensys Ventures and some of India’s top angels. We have put in our heart and soul into building this beautiful product and we really appreciate the support from our amazing community. We are just getting started. Onward and Upward 🚀
Join us and be a part of our journey to be the #1 Defi app in the world