Nuo — The First Margin Trade Platform for SNX
We are excited to announce that users can now Lend, Borrow and Margin Trade Synthetix Network Token(SNX) with smart contracts on Nuo Network.
Users can now collateralise ETH or select ERC20 tokens and borrow SNX on Nuo Network. At the same time, Lenders can supply SNX and earn daily interest based on the borrowing activity on the platform.
What is SNX?
Synthetix is a decentralised synthetic asset issuance protocol built on Ethereum. These synthetic assets are collateralized by the Synthetix Network Token (SNX) which when locked in the contract enables the issuance of synthetic assets (Synths). This pooled collateral model enables users to perform conversions between Synths directly with the smart contract, avoiding the need for counterparties. This mechanism solves the liquidity and slippage issues experienced by DEX’s. Synthetix currently supports synthetic fiat currencies, cryptocurrencies (long and short) and commodities. More information can be found at https://www.synthetix.io/.
SNX Margin Trading
Users can place margin trades using SNX at 2x leverage, across all the four markets available at Nuo, i.e USDC, DAI, ETH and WBTC.
You can create a trade order by selecting a token pair in your desired market, choose a leverage ratio, and place the trade in a long or short position. Upon selecting your trade, enter the collateral amount along with duration, stop loss, Take profit and Take profit currency to create the trade.
After creating the trade, Nuo will fetch the best prices for Entry Price and Liquidation Price for your trade across all partner exchanges. Once you’ve signed the transaction, your Trade order is initiated on the platform.
You can trade with ZERO fees on Nuo currently and if you are a new trader you can get upto $20 in bonus on your first trade. Start trading now.
Borrow SNX
Borrowers on Nuo Network can collateralize ETH or select ERC20 tokens to borrow SNX with 0.5x leverage. Borrowers only pay a premium for borrowing SNX and no other fees are charged by Nuo Network, not even liquidation penalty.
A user can place a loan order by selecting the collateral or loan amount along with duration and signing this loan order as a meta transaction. Once this loan order is relayed on-chain, the loan amount is transferred instantly to your Nuo trading account. This loan amount can be withdrawn from your account to any exchange or wallet.
An SNX loan is repaid via a one-time transaction before the end of loan duration. In case you fail to repay on time, the loan defaults and you would lose your collateral upto loan amount plus premium. The excess collateral amount would be transferred back to your Nuo trading account. You would not be charged any auto-liquidation fee or penalty at any point. Borrow now
Lend SNX
Lenders on Nuo Network can supply SNX to earn daily interest. A user can place a reserve order by selecting the amount and duration of the reserve and signing this reserved order as a meta transaction. You would get a notification once the reserve order is placed on-chain with a verification link on Etherscan. You would start earning daily interest based on the amount of borrowing activity on the platform. Lend now and start earning interest!
