Nuo.Network Turns 1!
A letter from Founders Team to the beloved Nuo Community
Feb 25, 2020 marks the completion of an important milestone for Nuo Network.
Going from being bootstrapped to becoming one of the promising FinTech start-ups to scaling-up, calls for a celebration. It also calls for constructive forward-thinking because, most certainly, our greatest achievements still lie ahead of us.
How it all began
The journey began with three of us sitting around and trying to figure out how to make life easier when it comes to financial services. We were certain about only two things: we wanted to be disruptive and we wanted to make the global debt market a reality.
Our passion grew along with our research and we figured enhancing transparency and making debt markets democratic could significantly impact the way finance works. We didn’t realize it then, but we were already starting to solve problems for low-interest rates and global accessibility to funds. This loan transaction of 2684.78 KNC against 9 ETH collateral marks the beginning of this revolutionary journey for us.
Progress in Year 1
Reflecting upon the past year’s journey, what comes to mind are the moments where we’ve played a significant role for the DeFi patrons. We started out with just the decentralized debt marketplace that connects lenders and borrowers globally. Soon after seeing significant traction on our debt market place we realized the importance of launching the margin trade. Not more than a couple of months later, we successfully launched Margin Trade on our platform with 3x leverage across assets.
Subsequently, we have added the fiat on-ramp for US and UK markets in January 2020 (we are working on expanding it globally and allow larger volumes) and just in the last week, we launched NuoScan.io, a real-time protocol explorer to uphold the vision of a transparent financial ecosystem.
With this, Nuo became the first DeFi protocol to give open access to all the order books we have that include loans, reserves, and trades.
A glimpse of our journey so far
- Total value of transactions going through our contracts: $ 500 million
- Total value of reserves created: $ 30.96 million
- Total value of loans taken: $15.56 million
- Total value of trades created: $14.65 million
- Total value of interest generated: $294.02 thousand
- Total no.of meta transactions supported: 136.34 thousand
We have moved cities and outgrown 2 office spaces now. However, when we think about growth, we don’t think in terms of employees, revenue or office spaces. Instead, we look back to using our first version of the product, when we would celebrate every time we generated $1,000 interest for our users, then we started celebrating every $10,000 and then every $50,000. When we hit $100,000, we realized that we had done something right along the way. It’s fascinating to us that we now generate at least 2x times more interest on certain assets compared to the industry benchmarks in 2019.
Beyond generating unparalleled interest rates on our platform, we have been tirelessly working towards strengthening the DeFi community. We started off by giving the users Trading Bonus on margin trade by doubling their profits up to $20 and covering their losses up to $20. Furthermore, we invite users to be the market makers on our platform and we give them an additional market maker bonus of 1% which is unequaled in the whole DeFi landscape.
Looking forward
The myriad of ways we adapt to deliver the best in class user experience and let users interact with our platform would be dizzying if we stood still. At Nuo, we do not stand still. We never have and we never will. Our history is one of the traipses forward.
In the second year, we aim to improve the user experience even further and provide the user with all the suites of financial service on a single platform. We are excited about the significant paradigm shift from the closed financial system towards an open or decentralized system.
It’s a great opportunity and Nuo is unequivocally poised to leverage it. In line with this, we are currently focused on building superior user experience for our users along with spreading the word about DeFi movement globally.
Most importantly, we are grateful to our community who believed in us for providing them the best financial services in the industry. The constant feature requests and feedback from the community has pushed us to go beyond our benchmarked standards and improve vigorously.
Also, On Feb 16, 2020, Nuo became the first DeFi protocol to organize an offline Trading Competition of in with a goal to educate masses about DeFi. More than 50 trades were placed just in an hour’s duration by 40+ traders as part of this trading competition. We are much obliged by this overwhelming response and it has inspired us to now come out with a global Trading Competition. Announcement “MAY” follow soon! ;)
Just as importantly, we are incredibly blessed to have created such a driven team at Nuo — working tirelessly towards building a better product. We are fortunate to have found like-minded people who not only align but also believe in the vision that we have to turn decentralized finance into a reality.
To Sum it up
It’s been one year since we launched and we are already the leader in Asia in terms of total value locked in on a DeFi platform. We are grateful to two of our biggest assets, our users and the team, the reason behind our continued success.
We have come a long way, but what matters most now is what we do next!!
