Nord Finance is an advanced decentralized financial ecosystem designed to simplify DeFi investing.
All questions answered by Amanarth
Lola(AMA HOST): Can the team member of Nord Finance say hello?
Amarnath: Hello BSC news community
glad to be here
Lola(AMA HOST): Hi Amarnath!
How’re you doing today?
Amarnath: doing good , how about you
Lola(AMA HOST): I’m doing good too. Thanks 😊
Amarnath: Yes sure
Lola(AMA HOST): Great.
Q1. Can you give us a general introduction of you and Nord Finance? Could you tell us your role in the project?
Amarnath: 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.
My self Amarnath Co-Founder and CEO of Nord Finance , before starting Nord Finance was Co-Founded Amesten Asset (crypto Hedge fund), taking care of operations and Research analyst for early-stage blockchain startups.
Lola(AMA HOST): That’s great. How’s been your experience in Block chain Technology?
Amarnath: Its pretty exciting journey , have got lots of exposure and experience. Its always good to do things with passion , I am happy to be part it .
Q2. How many team members do you have working with you? And can you also tell us their roles?
Amarnath: Along with me and my co-founder Jignesh We have 5 devs working on product .
We also have 3 team members working on marketing along with our marketing agency.
Core team details are available on our website
Q3. Can you tell us how Nord Savings, Nord Advisory and Nord Loans work?
Amarnath: 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.
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 to 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.
Q4. Can you tell the Community about how Nord Finance works generally?
Amarnath: In simple words its an Investment banking on DeFi allowing users to invest Stable coins to get better returns based on their risk appetite.
Also we have products cater to different needs like savings , advisory loans as well.
We wanted to be chain agnostic platoform by which we will be available on most of the demanding block chains by allowing users to interact interoperable way.
Nord finance products will be with a intuitive UI be a your own bank in permissionless and true non custodial way on different block chains .
Q5. What are the benefits or Reward in Nord Finance?
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.
Q6. How many Partners do you have? And what do you expect from them?
Amarnath: 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.
More in-depth details are available here
Q7. How is the transaction fees in Nord Finance?
Amarnath: We have fees for each product goes into our revenue treasury
for savings we have 0.5% fee with no profit share , but for advisory we will have diffrent fees will be announced during launch .
For savings on BSC we are making substantial changes for the $NORD holders with tire based APY system.
On our Savings V1 we have liquidity mining rewards in the form of NORD which is going to be ended on May20th and we will have our BSC launch also in same time to start with new model.
More details about the tire system based saving v2 launch will be out soon .
Lola(AMA HOST): Ohh That’s good.
Q8. Can you share with our community the plans you and your project have for this year and the coming years?
Amarnath: In Q1 we have done
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 a week or so
In Q2
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)
Q9. What are the major challenges in Nord Finance and how do you intend to solve them?
Amarnath: We are user centric product , we need more and more users and TVL to be onboarded . We are always ready to evolve and adopt the changes while keeping the core idea of Nord Finance . We take feedbacks from the community and advisors and try to implement them into our products .
Along with that we need built secure and robust products which is very challenging as we are taking funds from the users. So we have to give highest priority for the security for which we have partnered with Zokyo.
Lola(AMA HOST): Okay Amanarth. Hope it’s been worked on.
Amarnath: Yes 🙂
Q10. Share with us all the links about Nord Finance, so that readers can find out more and also follow the development of the project.
Amarnath:
✅ Dashboard:
✅ TG Community:
✅ Medium
Q11. Lastly our favourite question, do you have any alpha or juicy news for us in BSC News today?
Amarnath: New Tire Based NORD Savings V2 on BSC coming , We have on going staking and LP rewards program on BSC with very good APY . And our marketting team is in full force to bring some good momentum during our V2 launch.
Lola(AMA HOST): This is really nice
Thanks Amarnath
Amarnath: welcome
Source : bsc.news
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