AMA Recap — NORD Finance.
The session of AMA ( Ask Me Anything ) with Nord Finance was conducted on 10th August 2021 at 6:00 PM IST (12:30 PM UTC) and lasted for 1.30 hours.
Please tell us about yourself and the team working on Nord finance?
I am Amarnath Co-Founder and CEO of Nord Finance. Before starting NORD finance have Co-Founded Amesten Asset (crypto Hedge fund) in mid of 2018, taking care of operations and Research analyst for early-stage blockchain startups. After leaving Amesten in Sept 2020, 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. We have other team member details are available at https://nordfinance.io/
What Nord finance project is about? How it works, Give a detailed introduction?
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.
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.
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.
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.
What is Nord advisory and also explain the role of solidum capital in Nord advisory?
Fundamentally, Nord Advisory acts as a personal investment hedge fund manager on DeFi. This means that the platform takes users’ funds in stable coins and invests them into different crypto assets to get good returns. Nord Advisory also focuses on outperforming the market compared to the MVIS CryptoCompare Digital Assets 100 Index as a benchmark. It acts as an Active Portfolio Manager, keeping the whole system proactive.
Like how in mutual funds fund manager dose on traditional finance, we are doing it on DeFi with non-custodial and permissionless way, giving users power to control their own digital assets and manage investment portfolio based on their risk appetite.
There is a good article on How NORD Advisory works !
For this one of its kind revolutionary product we have partnered with Solidum Capital, we want to highlight the importance of this journey together. 👀
💪NORD Advisory — Quant Strategy Fact Sheet :
🚀NORD Advisory’s 1st product to be built on the Solidum Capital Quant Strategy.
👨💻Solidum Capital has 21 year of Investing Experience.
🤑Strategies are consistently the top performing in the crypto asset management industry.
🤩Best Riskmanagement principles with downside protection and reduced volatility.
🤝Diversified investment strategy based on the market cap and liquidity criteria.The strategy utilizes a dynamic quantitative hedging mechanism.
📚 Read More about :
What is the token Usecase? And how will it be useful for the ecosystem?
$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 developing new strategies for the vault. Distributing Fee Rewards: In order to stimulate participation in the platform, $NORD token will be distributed as a reward 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 blockchains seamlessly.
Each project has interesting stories before it is created. So can you tell people about the story that gave you the motivation to build and develop unique project like Nord finance?
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 read more about the journey from Slick to NORD here : https://nordfinance.medium.com/slick-finance-is-evolving-introducing-nord-finance-5f1352a2196d
Could you please provide some progress on your Roadmap and what results Nord finance has achieved so far? And any upcoming plans for Nord finance?
We had our IDO on Polkstarter on Jan 12th and it has been around 8 months of an exciting journey, we have seen many ups and downs including the recent chain swap incident, we are sailing through the tides and here now to launch our most exciting product NORD Advisory which is launched on Aug 9th. We have completed below roadmap milestones
✅Nord Savings Launch V1 on Ethereum
✅ $NORD Listing on Kucion, Ascendex, DFYN, Uniswap etc…
✅ LP Staking Program (SP1)
✅$NORD Staking Program (SP2) BSC
✅ Nord Savings Launch V2 ( Polygon)
✅ Staking Program (SP2) Polygon ( migrated from BSC)
✅ Nord Advisory Launch V1 (Polygon) on Aug 9th
We had many partnerships including Polygon, Elrond, Frontier, Chainlink, Biconomy, Unilend, Zokyo , Solidum capital, Orion and Maha dao. Our development team is always on their feet to bring the best user experience and recently we have redesigned our whole website and updated our UI as well.
Present $NORD Staking program is ending soon, We are Bringing new Staking program on both Polygon and Ethereum with a More interesting reward structure for $NORD Long term holders. We will post more details, however, it will have more APY than a present program with additional % protocol fees shared among the long-term stakers. NORD Advisory will have more products over time and will be also launched on Ethereum as well.
-Could you really explain to us why Nord Finance will seek to highlight the existing attributes of traditional finance? Isn’t everything related to CeFi really a problem as many DeFi projects mention?
What we mean is bringing the features of CeFi to DeFI . Our products are built on DeFi fundamentals in a non-custodial and permissionless way, gives users the power to control their digital assets. However, the user's interests are the same in both CeFi and DeFI which is to take advantage of avenues available to build their portfolio over time. We want to serve that purpose by being one-stop solutions for all kinds of financial needs like an investment banker.
- How do you differentiate NORD FINANCE from other blockchain projects focusing on scalable solutions, especially the Ethereum Network with the upgrade to ETH 2.0, what can help them scale the network in a way?
We are DeFi protocol always seeking scalable solutions with low fees and high TX . That will help us onboard more users over time. everyone is looking for ETH2.0 which may take time, for this reason, we have launched on Polygon. As most of the liquidity is on ETH side,We are keenly looking for the launch of ETH.20 soon.
- What is Nord finance revenue model? In which ways do you generate revenue/profit?
So many projects just like to speak about the “long term vision and mission” but what are Nord finance short terms objectives? What are you focusing right now?
Revenue models are important not only for the project to sustain for the long run but also to keep building good products with the treasury build from the revenues. For Savings we have Protocol Fee (entry load), Each user is charged 0.5% on the capital for the platform revenue. For Advisory we have a one-time Fund Management Fee of 2% on exit and a Monthly Performance Fee of 20% from only profits made. Short term we will have a new staking program on both ETH /Polygon sides. NORD Advisory will have more products over time and will be also launched on Ethereum as well. Like Additional active funds focusing on midcap, small-cap and defi projects. And we will also launch index funds with low fees with no active management.
- What are the powerful marketing strategies that Nord Finance uses to drive and publicize decentralized platforms? What means do you use to achieve this? What have been the results of your work so far?
we always seek to talk with different communities via AMAs or live interviews. We have done lots of AMAs by reaching to the communities to explain about our products . We also have Twitter and Reddit marketing to give exposure to NORD. We had several youtube campaigns as well done a pretty good job, we look forward to doing the same in future. New exchange listings always bring new users and holders we have already listed on a few CEX like Ascendex ( Bitmax) and Kucion etc… We look forward to listing in more places over time. We also do PR articles on good media houses.
Have you being audited? Have not heard you talk about that security of funds is what every investor craves for and plans to escape incase of insecurity if funds,scams and rug pulls ? How strongly built are your security put in place?
We are closely working with Zokyo and Quillhash as our protocol audit partners.
You can find our previous reports here
Will locked staking take place in the near future?
Yea present $NORD Staking program is ending soon, We are Bringing a new Staking program on both Polygon and Ethereum with More interesting reward structure for $NORD Long term holders. Our team already started working on this to launch as soon as possible on both chains. We will announce with more details along with the date in few days.
Can you tell people the salient features of the project that no other project has? Can you name a few features of the project that are considered the best?
Nord Advisory will be our game-changers, we have dedicated fund managers working to take care of investment strategies and will be one of its kind in the present market. We will focus to bring more products under NORD Advisory.
The AMA recorded many great questions from the Crypto Players India community, as well as meticulous answers from our guest Amarnath Reddy from Nord Finance. AMA Concluded at 7:25 pm IST.