On the 25th of February, 2021, Amarnath Reddy, Co-Founder of Nord Finance, was live on the Infinity Gainz 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 Crypto94, the owner of the Infinity Gainz Telegram Community.
In order to ensure clarity to my readers, this article has been divided into two segments; the first segment, gives full account of the questions asked by the moderator of the session, while the second segment gives account of the questions asked by Telegram community members.
Crypto94 — Welcome Amarnath Reddy.
Hello everyone! Glad to be here. Thank you for arranging AMA today!
Crypto94 — Glad you are here. Give us a brief description of what is NORD Finance? Please explain.
Sure. 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.
Within the Nord Finance ecosystem, we are building 4 key products:
We have launched our Savings product couple of days back can try it out through this link.
Crypto94 — Can you breakdown for us what the Savings Product is?
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.
Read more about Nord Savings protocol:
This is present liquidity mining dashboard screen with expected APYs. More details about our liquidity mining can be found here.
Crypto94 — “Nord Savings Allows optimizing returns through a multi-chain yield-farming mechanism for stable coin farming with the highest possible risk-adjusted returns. “
How does the Platform optimize returns? What is the tech behind it? Is this a manual process where, I as the investor pick where I want to farm or does the Nord Savings platform suggest it for me already similar to a live advisor?
Protocol takes care of the strategies automatically , users who hold stable coin assets simply supply to Nord savings platoform and rest is taken care like an advisor with low risk highest APY across different lending platforms!
Crypto94 — Wow, Impressive!!
Crypto94 — Just curious, What is the estimated ROI currently? How much TVL is currently locked?
Presently we are running liquidity mining with APYs USDC 108% , USDT 130% and DAI 137% with 1.79M TVL locked . We started on Feb19th with no aggressive marketing , intention is to grow organically
We will enable our yield farming strategies users get additional APY from lending platforms like around 30–40% APY in stable coins.
Crypto94 — With so many hacks/exploitations, what you say to sceptics that might be discouraged to farm in your platform? The most recent exploit was $PICKLE. How secure is your platform? Has it been audited by multiple 3rd party companies?
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. We will soon have 2nd in-depth audit by another tier one auditor.
Crypto94 — Lets talk about your other products you offer: Explain the NORD Advisory?
Nord Advisory is 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 analyses 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.
This is meant for the users with high risk appetite, based on their risk profiles we invest in different crypto assets.
Crypto94 — Is this product live?
Not yet , below is our road map. we want to prioritize advisory after Savings V2
NORD FINANCE ROADMAP
- Protocol Audit (Final stage)
- Nord savings launch V1
- Nord savings launch V2
- Staking program (SP1)
- Nord swap launch V1
- Nord loan launch V1
- Staking program (SP2)
- Nord advisory launch V1
- $Nord Collateral program (CP1)
Crypto94 — Explain the Nord Swap? Is this a fork of Uniswap or something brand new build by the NORD team?
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.
As we are cross-chain protocol we wanted our users to access their assets on any chain that is been integrated with NORD Finance.
We are not fork of Uniswap, not meant to be a DEX
Crypto94 — This will be out in Q2 of this year, correct?
Amarnath — Yes right!
Crypto94 — Tell us a little about the team. How many team members?
Have you worked on previous projects before NORD Finance? Do you have any VC backing/Advisors?
We have 5 devs working under our CTO and small marketing team. You can find details about team at https://nordfinance.io/
Before NORD I have 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.
The funding round captivated notable investors’ attention, including Amesten Capital, Etienne vantKruys, Blackdragon, Amplifi Capital, X21 Digital and Twinapex Capital. We were also fortunate to receive strategic guidance and investment from founders of famous DeFi projects, including Frontier, Orion, DeFi dollar, and Biconomy, to thrive towards a common goal of bringing DeFi to mainstream adoption. More Info
Crypto94 — Are the Token Metrics on Coingecko updated?
Yes they are upto date.
Crypto94 — Show us the token release schedule. You had a successful IDO on Polkastarter.
Yes we had IDO on polka starter, can find token details via this link.
510,000 $NORD is allocated to seed round investors at 0.45$.
1,590,000 $NORD are allocated to private sale round at 0.63$.
Crypto94 — When is the next release for seed and private? What Day?
Its started from last week with daily distribution.
Crypto94 — That is amazing. Daily distributions so no large dump scenario as some Token Unlocks.
Yes thats the strategy.
Crypto94 — I will open up the chat for AMA question round.
Community Question 1 — What do you do to make finance safe for investors and what are the benefits of staking with NORD?
~37% of the circulating supply is now locked in BitMax Staking + UniSwap LP staking + Unifarm pool
Current APY in UniSwap LP: 77%
Current APY in BitMax Staking: 81%
Current APY in Unifarm pool: 56% (guaranteed) to 300%.
Community Question 2 — What can we expect in the coming days in terms of development and marketing? Do you have any youtubers/AMA/Promoters Lined up?
We have been working on brining meaningful partners on boarded to NORD finance ecosystem , we have few of them to be announced in coming weeks .
We will have NORD Savings V2 very soon as well. Working on bringing youtubers/AMAs from the best!