The AMA Room
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The AMA Room

Nord Finance with Amarnath Reddy

Brief Information

Nord Finance is an advanced decentralized financial ecosystem designed to simplify DeFi investing by bringing key features of traditional finance to the DeFi ecosystem. Designed as a block-chain agnostic platform with multi-chain interoperability, their aim is to offer users easy access to a plethora of financial products including, but not limited to, yield-farming aggregation, funds management, robo-advisory and loans against assets.

Introduction AMA

Eric: Welcome everyone to our AMA with @nordfinance. Here with us is @amarnath_reddy

Amarnath: Hey Everyone! Glad to be here.

Eric: How are you today? Glad you can make it. Nord Finance has been pushing out announcements after announcements!

Amarnath: Thank you, we have one more to announce due for the day !

Eric: Nice. so lets get to know more about the proeject. Can you tell us your background and your role in Nord as well as how you end up in the cypto industry?

Amarnath: Sure. My self Amarnath CEO of Nord Finance , I have been into crypto since 2017 end, the exact last bull run. I was fascinated by the technology and volatility of the industry, we then Co-Founded Amesten Asset (crypto Hedge fund) along with Sachin jain, taking care of operations and Research analyst for early-stage blockchain startups.
After leaving from Amesten in Sept 2020 , I have Co-founded Nord Finance along with Jignesh who is lead Developer at Tezos India Foundation , he also worked on financial platforms with Ethereum & Hyperledger Fabric.

Eric: What is Nord Finance?

Amarnath: Nord Finance, a blockchain agnostic platform, is an advanced decentralized financial ecosystem focusing on simplifying decentralized finance products for users by highlighting traditional finance’s key attributes. Deployed on the Ethereum Network, it integrates multi-chain interoperability, thus proposing a plethora of financial primitives, which constitute savings, advisory, loans against assets, investment/funds management, and swaps.

Eric: What is the problem being solved?

Amarnath: We wanted to be one stop solutions for all the user needs wrt their financial needs , we wanted to become investment banking on DeFI.

Eric: I like how Nord Finance maps the function of the bank cleanly in its offerings or feature set. Can you tell us about the main ones?/

Amarnath: Within the Nord Finance ecosystem, we are building 4 key products:
Nord.Savings
Nord.Advisory
Nord.Loans
Nord.Swap

Nord.Savings:
Allows optimizing returns through a multi-chain yield-farming mechanism for stable coin farming with the highest possible risk-adjusted returns. To maximize returns, the protocol employs the highest risk-adjusted APY’s. Whereas it leverages the DeFi Score framework to assess and analyze the dynamics of protocol risks. Nord.Savings provides a seamless interface to access the world of DeFi-based yield farming effortlessly without any technical implications as the traditional financial counterparts.

Nord.Advisory:
An inbuilt robo-advisory service designed to chalk out profitable and customized strategies for users to hold better positions based on their financial goals. The automated robo service analyzes the user profile and evaluates personalized solutions that will help accomplish the users’ financial goals by employing a diversified portfolio. The data-driven proprietary algorithms facilitate unleashing the potential of a certain portfolio by executing smart tactics. This service is a revolutionary move as the technical nitty-gritty of the DeFi landscape might seem a bit complex for novice users, thus demanding assistance for the same.

Nord.Loans:
DeFi users can leverage their crypto assets to their greatest potential by pledging them in smart contracts to avail loans for unanticipated circumstances. The process to avail of an instant over-collateralized loan is quite uncluttered and hassle-free. This is a smart alternative to borrowing loans without liquidating the crypto assets to meet financial obligations. It also offers a personal overdraft facility with the benefit of paying interest while withdrawing the amount.

Nord.Swap:
Built on the Ethereum Network, Nord.Swap is a blockchain agnostic permissionless instant swap protocol driving cross-communication and interaction of virtual digital assets effortlessly. The future of decentralization rests in multi-chain. Therefore, Nord.Swap powers innovation by offering a multi-chain swap facility for DeFi users. This is one of the essential aspects of a decentralized future.

Eric: Im interested in diving deep on the Advisory. Will this be run by staff of Nord finance or some kind of pure algo?

Amarnath: Out of all 4 products we as well more excited about the advisory part . Initially it will be mix of both algo and humar control . Over the time we will slowly move all stratagies to run by themselves by having enough backtesting data into algo and give governance control to decide the allocation strategies as well .

Eric: Nice. Another interesting part is the over-collaterized loan. how will that be different from all the lending defi products out there?

Amarnath: Yes we are using founding principles of existing lending products , what we are trying to do is to have cross chain compatible and intuitive UI for the users to onboard very easily . As I told earlier we want to focus ourselves as one stop solution and user dont need to jump from one place to other to cater their needs .

Eric: Awesome. so tell us abot the token. what does it do in all of this?

Amarnath: $NORD token has various utilities in the Nord Finance financial ecosystems:

Liquidity Mining: In order for the Nord Finance ecosystem to function properly, users would need to be incentivised to play the role of liquidity providers and stake their digital assets into the market making pools. As compensation for opportunity costs as well as impermanent losses, these liquidity providers which help to promote adoption of the Nord Finance ecosystem by staking or including assets to liquidity pools would be rewarded with $NORD tokens (i.e. liquidity “mining” programs on the Nord Finance ecosystem), according to each user’s relative contribution after various adjustment and correction parameters.

Incentivizing programs: Users can earn $NORD token incentives by participating in the platform, for example trading/exchanging, or development of new strategies for the vault.

Distributing Fee Rewards: In order to stimulate participation in the platform , $NORD token will be distributed as rewards to users for various contests and community giveaways.

Community governance incentives: The $NORD token holders will earnestly participate in the protocol’s governance by voting on various proposals regarding product upgrades. Users will be required to stake their $NORD tokens in the staking program to participate in governance and vote on proposals, and as a reward they will be able to earn additional $NORD tokens proportionate to their contributions.

Service fees: For the services rendered a small fee/profit share would be charged by the protocol in $NORD. These fees will be retained in the protocol treasury.

Cross Chain Settlement: Using the $NORD token as the base platform currency, $NORD will expedite digital asset swaps between compatible blockchain seamlessly.

Eric: That's a lot of utilities. Nice one.

Amarnath: Thanks

Eric: Is there a public sale? Can you share more details?

Amarnath: We have our IDO on polkastarter on 12th Jan ( Whitelisting process is closed )
Uniswap listing on same day at 3:00PM UTC with $373K initial market cap.

Eric: Damn good.

Community AMA

Q: You recently entered into a partnership with Zokyo! What benefit are both getting from these partnerships ? What's the main reason behind the collaboration?

Amarnath: The Nord Finance team is always on a hunt to join forces that could bring out the best in the decentralized space. Today we undertake a crucial strategic partnership with Zokyo’s Blockchain Security team, a well respected and well renown team of white-hat hackers, cryptographers, security researchers, and blockchain engineers. Forging ahead, Nord Finance will have its entire product portfolio audited by Zokyo in a long term strategic security move. A partnership with Zokyo reinforces our security posture in the decentralized finance space.

https://nordfinance.medium.com/nord-finance-forms-strategic-partnership-with-leading-blockchain-security-and-engineering-firm-ec03babe7c58

Q: Why is Nord Finance adopting the Scandinavian Finance Model? How does this model define the principles of economic efficiency and equity, can we say that it fully fits the NORD brand?

Amarnath: We believe the brand name should truly represent the purpose of the brand. With that thought, we felt that as we evolve our brand-name should evolve with us.
As we searched for our new brand-name, NORD resonated with our core objectives: Inclusiveness, Community Governance, Maximization & Security.

You can find more about this at
https://nordfinance.medium.com/slick-finance-is-evolving-introducing-nord-finance-5f1352a2196d

Q: Unsiwap listing of $NORD token is scheduled for Jan 12th. Do you have plans to launch an incentivized Liquidity Program to boost token value and what % of $NORD token will be allocated for Liquidity? What are your plans on getting listed on CEXs?

Amarnath: Uniswap listing is on Jan12th 3:00PM UTC , we do have plans to give staking rewards for all the community LPs. Subscribe to our telegram channel for more information. @NordFinance_Ann

Q: Could you give an overview of $ NORD FINANCE Token tokenomics? Will the design of the token rise and fall with the success of the platform, does it include any scarce paths, such as equity, storage or burning?

Amarnath: The total supply of Nord Finance is capped at 10,000,000 $NORD.

Strategic Partners, Early Backers and Public Sale:
2,100,000 $NORD are allocated to various purchasers, including the early backers, strategic partners, and public sale.
Tokens allocated to early backers and strategic partners are vested for 12 months. 15% Tokens will be unlocked on the listing date, with the remaining 85% distributed daily from Day 31 onwards for the next 11 months.
100,000 $NORD tokens are allocated as public sale tokens. They are 100% unlocked on the day of listing.

Reward Pool & Ecosystem Funds:
3,500,000 $NORD is allocated for the community as a reward pool and ecosystem.

Initial circulation supply of $NORD token will be 714,761, i.e., 7.147% of total supply, out of this 300,000 tokens are allocated for liquidity provision and locked on exchanges.
Effective Initial Circulation supply is 414,761 $NORD.

https://nordfinance.medium.com/nord-tokenomics-and-distribution-edba056bf6e1

Q: Can you talk more on your partnership with Frontier? Is Frontier the only platform where Nord Savings product, track positions, and farming $NORD tokens will take place? #NordFinanceAMAroom

Amarnath: We have our own web based app and all our products will be interacted via our portal .

The partnership with Frontier will enable access to Nord Savings on Frontier Mobile interface. Users will be able to access Nord Savings by connecting mobile wallets with the Frontier DeFi interface. Users can be additionally onboarded via its app

https://nordfinance.medium.com/nord-finance-and-frontier-form-strategic-partnership-to-introduce-nord-savings-on-mobile-8e3a635850d9

Q: What steps are being taken to protect we Vikings from the false $NORD tokens that are being traded on UNISWAP? How do we identify the true official $NORD when it starts trading?

Amarnath: We have been reported with scam token already trading on uniswap . This is inherent issue of the DEX that anyone can list . We urge community to follow our announcement channel @NordFinance_Ann and use only links provided there to trade . We have even noticed that some fake TG channels also have popped up. Be sure you use our official Sm links

✅ TG Community:
https://t.me/NordFinance

✅ TG Ann channel
https://t.me/NordFinance_Ann

✅ Twitter
https://twitter.com/Nord_Finance

✅ Medium
https://nordfinance.medium.com/

Q: How to participate IDO with Nord Finance? What are the qualifications and benefits of your IDO? What is the minimum to invest?Thank you

Amarnath: We have our IDO on polkastarter on 12th Jan we have 225$ cap per person with 700 people are going to participate

The phase 2 whitelisting has received 1️⃣5️⃣, 9️⃣0️⃣3️⃣ applications! In total combined with Phase 1 + 2 we have received 2️⃣7️⃣, 2️⃣1️⃣6️⃣ applications.

We have now closed whitelisting process , next chance is to buy on Uniswap tomorrow at 3:00PM UTC

https://t.me/NordFinance_Ann/46

Q: What does it mean to be an interoperable blockchain agnostic platform? How does this unique feature influence the vision of Nord Finance?

Amarnath: Yes in simple terms we meant to be a cross chain Interoperable solution for the needs of users , by saying so we wanted to be onestop solution for user needs and provide access to different blockchain compatible DeFi protocols.

Nord.Bridge
Designed as a unique combination of smart contracts to facilitate cross-chain transactions to enhance platform’s utility and drive functionality. Therefore, there are two significant aspects to consider to implement the use-case of the protocol — atomic cross-chain swaps followed by cross-chain bridges.
The Atomic cross-chain swaps facilitate token exchange from one blockchain network to another.
In comparison, the cross-chain bridge serves as an instant transaction mechanism across different blockchain networks.

The Nord.Bridge mechanism allows connecting the ERC20 contracts to other compatible blockchain and side chains such as Binance Smart Chain, Matic Network, and others. The Nord.Bridge is designed to deliver the best of both worlds by promoting token swaps in real-time and depositing/withdrawing funds across compatible blockchains. This fuels adoption as it helps integrate seamless access to financial markets and different financial instruments under one roof.

The Nord.Bridge and Nord.Controllers are interoperable as the former facilitates the latter to extract the APY details across different compatible chains. Thus, making the process easier as all relevant data is available at the same place in real-time.

Q: Burning is a great way to decrease the token fluctuation which will have a positive price impact. Do you have any other plans to increase the price value of $NORD token?

Amarnath: We have Service fees for all our products for the services rendered a small fee/profit share would be charged by the protocol in $NORD. These fees will be retained in the protocol treasury. As part of our revenue model we have some % of fund used to buy back our own token and move the same to the treasury. This will help us to believe in accumulating our own token and indirectly help to lock circulation supply from the market.

Closing Remarks

Eric: And that's a wrap! Thanks @amarnath_reddy for taking the time!

Amarnath: Thank you for your time as well , looking forward to see you again !

To join in on the discussion feel free to join our group @amaroom

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