On 14 May 2021, Nord Finance conducted an AMA in the Cryptoscreen Community. Our guest is Amarnath of Nord Finance.
Lots of questions as usual from the Community about Nord Finance progress. The Nord Finance team took part in a very interesting AMA session which included introductions, questions from twitter, and a live AMA session with the Cryptoscreen community. If you missed the AMA in person, read this recap for a deeper insight into Nord Finance.
Let’s take a look at the most interesting points of our conversation.
Inol Granero :
Can you tell the members a little about Nord Finance?
Nord finance is an advanced decentralized financial ecosystem designed to simplify DeFi investing by bringing key features of traditional finance to the DeFi ecosystem. We want to be an investment banking on DeFi. We have four key products in our ecosystem Key Products:
Nord.Savings: Earn highest risk-adjusted APYs across chains
Nord.Advisory: Risk profile based Robo Advisory
Nord.Loans: Overdraft crypto loans/loans against portfolio
Nord.Swap: Multi-chain asset swap facility for DeFi users
Inol Granero :
Can you explain how Nord Finance and what kind of services it offers to users?
Nord.Savings : Similar to Bank savings product
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: You investment fund manager
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: Over collateral lending platoform
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.
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.
Inol Granero :
What products does Nord Finance have and in the future, will you add more products?
above are actually our main products , we are multi-chain compatible protocol . So we will have our products available as per the roadmap . We are not focusing to launch our Savings v2 on BSC and Polygon and working on building Nord Advisory
Inol Granero :
How do you solve liquidity issues and how to ensure user asset security?
We bootstrap liquidity from the community and longterm holders.we have humble beginning with our products , our savings protocol TVL reached upto 6M and now at 3.5M without any big marketing efforts . Its all done organically. We wish to grow slowly and steadily. Of course we also do have our own marketing plans to aggressively attract new users, we will use them at the right times based on our product launch timelines.
Our first and foremost priority is to build more secured and optimised protocol , looking at the recent incidents of different protocols we have been highly vigilant and proactive in choosing the right auditing firm to meet our goals. We are proud to say we choose Zokyo as our long term strategic partner to conduct all our security audits.
Inol Granero :
Have you met all your goals in the roadmap till now? And were there any difficulties that you didn’t expect and were not prepared for?
In Q1 we have done
Nord savings launch V1
Nord savings launch V2 on BSC
Staking program (SP1)
Nord Savings V2 on BSC is completed with beta testing , we are waiting for audit report which is due in a week or so
We launched BSC on Chain Staking program SP2
We are ready to launch on Ploygon very soon as well
Once we launch on BSC and Ploygon we will be the first DeFi Savings protocol to be live on three major blockchains.
We are planing to move our Robo Advisory to Q2 as well , reason being its one of the most exciting product and yet to launch by any one in the market. So we wanted to take the early mover advantage by bringing it in advance.
We will come up with new road map for Q2 and Q3 soon which has below products lined up
Nord advisory launch V1
Nord swap launch V1
Nord loan launch V1
Nord Collateral program (CP1)
Major unexpected difficulty we faced is the delay in Savings v2 launch due to the audit which is taking more time . Though we are waiting for very long time and are almost there as per the auditors we launched other products like onchain staking , LP rewards and working on future products as per the roadmap.
QUESTION FROM TWITTER
Inol Granero :
Q1. Most of investors just focus on the price of token in short term instead of real value of project. Can you tell us the motivation and benefits for investors to the Nord token long term?
We are not just a white-paper project , we have working product and building secure protocol on different blockchains . While we dont have any control over the price , our motto is keep building and evolving according to market requirements
we respect our community and let our products speak rather we worry about the market fluctuations .
Inol Granero :
Q2. What do you think is the biggest problem Nord Finance will solve, which has not been solved by other projects yet?
We believe that Nord Advisory is our game changer and we want to give more attention it this product. Its product which is yet to try effectively in DeFi space , we want to take early mover advantage and build it soon.
We have tied up with chainlink to have secure and reliable price feeds for our robo advisory. Our plan is to bring both crypto assets and real world digital assets on to Nord Advisory. We are talking to few major stake holders to on board as our strategic partners which will bring lots of value in the advisory product more details will come out very soon.
Inol Granero :
Q3. What kind of achievement your project has made so far and what target your project want to achieve in the next year?
I have answered here briefly for Q2/Q3 plans
We wanted be a one stop solution for all the investment needs of the users , we hope by next year we reach to the level of expectations from the community .
Inol Granero :
Q4. From your road map I saw, you intend to release the $NORD savings V2 while we still have $NORD savings V1. What will be the major difference between them and what new features will $NORD savings V2 have?
Savings V1 is the initial launch with liquidity mining rewards on ethereum , while Savings V2 is built on BSC with new tire Based NORD Savings product , users need to hold NORD and based on their Holding as per the tire APY will be boosted .
more details about the tire based system will be out soon . We will also stop of liquidity mining program on ethereum on May 20th .
Inol Granero :
Q5. “Nord_Finance collaborates with Polygon and launches Nord Saving on the leading Layer 2 Aggregator Polygon Network (Formerly matic Network) What are the functions and advantages of the network?”
Like BSC , polygon is L2 chain with low fees and high tx speeds. Right now Ethereum fees are big hurdle for small investors , we hope launching on BSC and Polygon will help users to use our product to full potential.
LIVE/ FREE QUESTION
Q1. Which companies are you cooperating with or looking to cooperate with in the future?
We have partnerd with
Polygon: Polygon ( Previously Matic Network) partnership will explore endless possibilities in unlocking the potential of DeFi assets to the broader financial ecosystem. This strategic partnership will usher in increased DeFi adoption, enhancing the overall user experience encouraging mainstream users to participate in the revolutionary financial paradigm.
Chainlink : Nord Finance’s ecosystem becomes immensely stronger, secure, and reliable with the integration of Chainlink. The leading decentralized data network will be an integral part of Nord Finance’s long-term success.
Elrond Network: Nord finance to bring massive opportunities gives eGold holders the chance to participate in DeFi opportunities on other platforms, while also enabling users from different blockchains to engage with our ecosystem, for mutually beneficial growth.
Orion Protocol: Partnership will accelerate the ecosystem by providing flagship solutions resulting in an enhanced utility wave
Frontier: The partnership will allow users the ability to use their phones to access the Nord saving product feature
Unilend: Nord will leverage the trading platform to execute the customized Robo-advisory service and unleash its full potential
Zokyo: The partnership will have Zokyo in charge of all of the platform audits to strengthen its security
MAHADao: NORD Finance will be integrating ARTH, a non-depreciating value coin in its Nord Savings product enabling lending of ARTH and earning passive income.
More in-depth details are available on https://nordfinance.medium.com/
Q2. The biggest barrier for DeFi is that of interoperability, providing cross chain interactions and multiple blockchains, how does your Nord solution solve this
We are working on to build the multichain interoperable protocol and be available on major liquid blockchains. by which we give users the taste of each chain and allow them to interact freely on any chain. its a longterm vision of our product.
Q3. Investors are afraid of scam, exchange is afraid of scam, partners are afraid of scam, so what does Your project guarantee not to scam investors?
we are non anonymus and all our team members are real . we are building real products and are tied with tire 1 companies as our partners. We want to build and be in the field for longrun . So there is no need to worry about any kind of rugpulls from us.
Q4. Lots of investors hit and run during the sale and sell session after listing on the first exchange, WHAT DO YOU say about this? How does NORD FINANCE stop early investors from selling tokens?
Our investors are the first backers of our vison , we always respect them to believing in us from early stage. We have reasonable investors on boarded and our emission is daily distributed as well . So we dont haev any large chunk of tokens coming on to the market . We also have taken a bold step in releasing further tokens for the investors and team , more details will be announce in a while .
Dear Nord Vikings,
The first quarter of Nord Finance was no less than a rollercoaster ride. We outperformed the expectations of our stakeholders with the community’s extensive support.
As we inch closer to the next release of NORD Savings , we would like to inform our awesome community about the slight deviation from the initial tokenomics of Nord Finance🚀
🎯Considering the best interest of the project’s future success and growth we along with the support of our private and seed investors have brought in certain crucial changes in terms of investor token release and distribution.
The Nord team has collectively decided to pause the $NORD token distribution for seed and private investors for 3 months . We are also postponing the team token release for next 3 months.
So there won’t be any token inflation for next 3 months from the investors and team.
We are confident that this decision will be in the best interest of the community, driving long term sustainability of the project💪
Q5. Is Nord Total Supply fixed to 10 million or it can be minted more as more users joins? How will the tokenomics spilted between erc $Nord and bsc $Nord can you explain It please?
yes its fixed 10M in total on all the chains . It remains 10M max combining all the chains we dont increase the supply . You can find tokenomics here
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