Nord Finance AMA Recap with the Blockchain Space Community
On the 10th of May, 2021, Amarnath Reddy, Co-Founder of Nord Finance, was live on the Blockchain Space Telegram group, to provide the community with insights on what Nord Finance is all about, and also attend to their questions and queries. The session was moderated by Xiaolin and Cassiterite.
In order to ensure clarity to my readers, this article has been divided into ttree segments; the first segment, gives full account of the questions asked by the Blockchain Space team, the second segment gives account of the questions from BitcoinTalk and Twitter, while the third segment gives account of questions asked by Telegram community members.
SEGMENT 1
Xiaolin — Let’s welcome our guest for today Amarnath Reddy
Amarnath — Hello , thank you for inviting me here today.
Xiaolin — Thanks for joining us Today. Let’s begin. Cassiterite would be taking the first round of questions
Cassiterite — Introduce yourself and your function in Nord Finance, and give a detailed introduction about Nord Finance and their blockchain resolutions.
Amarnath — My self Amarnath Co-Founder and 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), 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 Mr Jignesh who is the lead Developer at Tezos India Foundation , he also worked on financial platforms with Ethereum & Hyperledger Fabric. Jignesh and me know each other for quite sometime and we have been exploring DeFi space for quite some time , we then came up with this idea of founding 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
Cassiterite — Nice introduction. What are the use cases and tokenomics of $NORD token
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 incentivized 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.
Cassiterite — This is a long detailed answer. What about Nord staking features. I thought you launched staking service on the 10th of April? If I’m right!
Amarnath — Yes we launched on-chain staking program on BSC as part of $NORD community rewards program for the holders
Cassiterite — Okay thanks for the clarification? With so much competitors in the crypto space, what makes Nord Finance unique amidst this space?
Amarnath — At Nord finance we are building our products with different kind needs for each type of investors . We are one stop solutions for all kinds of financial needs like a investment bank . Be it is savings or investment advisory or loans we have all in one platform. We are also multichain compatible platform by which giving users the taste of each blockchain to allow them to freely choose as per their needs. We want to build hassle free and simplistic UI for the users to access different DeFi applications.
SEGMENT 2
BitcoinTalk Question 1 — How have you been living out your vision of building an advanced decentralised finance ecosystem, What has Nord Finance achieved in the past few months to help in pushing DeFi to its boundaries?
Amarnath — We launched our savings product on Ethereum and are about to launch on BSC and Polygon soon. Once we launch on BSC and Polygon we will be the first DeFi Savings protocol to be live on three major blockchains. Our inhouse onchain staking program is also live on BSC . We will have more products coming out as per the road map soon.
BitcoinTalk Question 2— What’s your marketing strategy plan to attract more people to adopt Nord token because I saw on telegram group there are more than 20k members but only 2 thousand holders I saw on Etherscan?
Amarnath — Our TG was flooded during our Polkstarter IDO , we have humble begining with our products , our savings protocol TVL reached up to 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.
We will concentrate more on holders from now on, try to have improve there.
Twitter Question 1 — What products does Nord Finance offer and how do you guarantee the financing of these products, and lastly, who are the main partners of the project?
Amarnath — 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
For all our we bootstrap our liquidity from the users by giving them incentivized rewards. Like our savings protocol we bootstrapped TVL from the crowd.
We have partnered 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.
Twitter Question 2 — Nord Finance is being deployed in Ethereum network but we know that gas fee of Ethereum network is so high and so many people hesitant to use it. Do you have plan to transit other network with low transaction fee in the future? What is your advance plan to minimize gas fee?
Amarnath — Ethereum has the highest no of active users with most of the DeFi liquidity so we had to start with Ethererum. However the ETH price appreciation and insane network demand made gas fees very high.
We hope next upgrades of the Ethereum network will make tx efficient. Like I said earlier we’ll be integrating with other chains to start with BSC and Polygon which has advantage over the ethereum network with low fees and high tx speeds.
Twitter Question 3 — 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?
Amarnath — Savings V2 is very important milestone for us as we will be live on Binance Smart Chain and Polygon , which has lowest fess and high speed txs .
For BSCA as a product its ready to deliver , we are waiting for the auditors green signal for BSC , which we agree is taking longer time which was not expected . However we want to bring secure product to the public so we would rather not to push our auditors to hurry on the process. We are very close to completing audit and ready to launch V2 .
SEGMENT 3
Community Question 1 — What is the most important key feature that Nord Finance had and we the community members need to know?
Amarnath — We have products cater to different needs of the users , however we believe that Nord Advisory is our game changer and we want to give more attention it this product. This is one of its kind product and yet to try in DeFi space as of now .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.
Community Question 2 — Is there a bridge where I can exchange my NORD ERC 20 to NORD BEP 20?
Amarnath — BITMAX has enabled BSC20 deposit/withdrawal you can use BITMAX for this or Chainlink on your own wallet. Here is an article for more information.
Community Question 3— For NORD Savings V1 stable coin deposits, do we have to pay a fee for entry and exit? Also, are there any performance fees we have to pay during the Liquidity mining program?
Amarnath — There is 0.5% entry load for the savings , right now we dont have performance fee on savings.
Community Question 4— Do your team have a professional background and sufficient experience in different fields? As the project develops, will new members from different sectors be added to your Team?
Amarnath — Yes team is most critical part of any successful project , we are glad to have our team focused more on development side. All our team information is available here.
Community Question 5— According to the project’s roadmap, what are your most important next priorities? Does NORD team have enough Funds and Community to achieve those milestones?
Amarnath — In Q1 we have done
Q1 2021
Protocol Audit
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 less than two week.
Q2 2021
We launched BSC on Chain Staking program SP2
We are ready to launch on Polygon very soon as well
Once we launch on BSC and Polygon 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.
We will come up with new road map for Q2 and Q3 soon.
Staking program (SP2)
Nord advisory launch V1
Nord swap launch V1
Nord loan launch V1
Nord Collateral program (CP1)
For more information and resources about Nord Finance, visit:
