Nuo Community Update: $20M Deposits | $18M Loans | 15K Orders
July was an exhilarating month for us as we successfully achieved several planned tasks and have taken steps toward enhancing our platform to give the best possible user experience.
Nuo in Numbers
We had released our March Community update post launch with the title “$1.5 million in Debt Reserves added” and now we feel very excited to share that we have reached $20 million dollars mark in reserves deposited in July.
This month, we saw a growth of 80% in deposits and $6,937,000 deposits were added to the reserve pool.
DeFi ❤ Insurance
Nexus Mutual is a decentralized alternative to insurance which allows users to protect themselves against smart contract failure including the key DeFi smart contracts.
Till date, more than $100,000 worth of cover has been purchased by the System for Nuo. Interestingly, the first member to purchase Smart Contract Cover on Nexus Mutual bought 1,000 DAI worth of cover on Nuo at a cost 6.41 DAI for 90 days. The cover is flexible — you chose the cover amount and cover period. You can protect against any smart contract that has been verified on Etherscan.
Market Maker Bonus
We initially had started Market Maker Bonus to bootstrap initial liquidity on the platform, where we would give a monthly bonus on the notional value of the user’s reserve orders. For the month of July, we have distributed the market maker bonus worth $2000 to all the eligible users. Market Maker Bonus will continue for the month of August with a total pot of $2000.
“We have decided that August would be the last month for market maker bonuses and from September onwards we will be contributing this amount to Nuo Insurance Fund instead to further safeguard our lenders”
User Research Survey
Since our launch in February, we had the pleasure of serving around 4000 users. Embracing the time we’ve been in the market, we are conducting a survey to understand our platform from our user’s eye. We followed the Sean Ellis style of understanding platform market fit and the initial results are quite positive.
Humans of DeFi
We are seeing a blitz-growth in the DeFi space, where there are interestingly new platforms entering the space and bringing some strong values to the people in the crypto world. However, the real reason for this growth of this DeFi space is the community of people behind these projects. Keeping this in mind, we have started a new blog series called “Humans of DeFi” to capture the story of DeFi users on much personal level.
Check out our first edition where we share the unfiltered tale of a small business owner, Matt where he tells his story of getting into Cryptocurrency space, how he found Nuo. Network and what he found interesting about us.
Behind the value locked in DeFi and daily transactions on dApps are humans whose lives are changing in a meaningful way…medium.com
Every year ETH India conducts one of the largest Blockchain hackathon competition in Bangalore, India. Take a guess who was invited to judge the competition this year?
Don’t Trust, Just Verify
Nuo interest rates on stable coins have been the talk of Defi town. We analyzed the Historical Interest Distribution activity on our platform and noticed some interesting movements of 5 most used cryptocurrencies on our platform — DAI, ETH, USDC, TUSD and WBTC
The data points we analysed were the Balance, Daily Gains, Daily Gains% and Weekly Gains APR result of these token, it helped us understand the behavioural movement of these tokens.
To give you an instance from 11 last weeks, there were 6 weeks where Weekly Gains APR for DAI crossed 20%, which is truly fascinating. For USDC, it crossed 25% thrice and for TUSD, weekly gains APR crossed thrice even reaching once up to a whopping 55.52%,
Alethio DeFi Analysis
Alethio is one of the leading data analytics platform present in the DeFi space. They presented the data of the user network of DeFi protocol. Nuo is primarily focused on enabling retail adoption for DeFi and we are the only platform with highest users per value locked. We have a very strong community of active traders, borrowers and lenders on our platform.
What’s new with our Product?
We are constantly updating our platform to meet the user needs and to create the best user experience to can get in the DeFi based products. Here is what we implemented in July:
1. Activity monitoring system
Service is now constantly monitoring the transactions being broadcasted by the relay addresses. If it finds any transaction that is pending for more than 3 minutes, it triggers an automatic rebroadcasting of the transaction with a higher gas value so that it gets picked up by the miners and does not clog the system. The system will keep re-broadcasting it with a higher (& higher) gas value for a max of 5 retries to prevent infinite cascade. This is currently live for trading account withdrawal transactions and has been rolled out to all other transaction types already.
2. More frequent liquidation retries
Failed transactions are now retried within 5 minutes instead of the earlier 30-minute interval. We are also in talks with Kyber to ensure that transactions do not fail even temporarily.
3. Max limit
The max amount for loans and margin trades has been reduced from 25 ETH to 15 ETH. This has been done to battle with slippage. We will increase this slowly for certain tokens as we partner with more DEXs with deeper liquidity. You can check the new limits in the FAQs.
4. Independent buffer values
Earlier, buffer values were system-wide. We have now introduced separate buffers on a per token level depending on the liquidity of tokens. We have also introduced different max limits allowed per trade order. You can check out the new buffer values in the FAQs.
5. FAQs updated
FAQs regarding a lot of questions that were asked during the last month and around the above issues have been updated. Please check out https://help.nuo.network/ for all answers.
6. Nuo Support
We now have a dedicated supported team, to handle your queries and help you in navigating through the challenges you may find the in the platform. Reach out to us at Telegram or Discord for instant response.
1. Margin Trading
An all-new margin trading experience is coming soon on Nuo. In the new version, users will have more trading pairs with exact entry and exit prices. Users can deposit any token as margin collateral and still monitor their exit price based on market movements.
We have been working on creating a swap experience natively on the platform along with our partner exchanges and we are now one step closer to implementing it. This native exchange will be used to provide a gasless swap experience with the least slippage and best price across any DEX.
With this new exchange contract, we will be able to also increase our order limits for certain pairs across loans, margin trades and swaps. This is likely to be one of the best swap products out there so wait for it.
3. We are Hiring
Best product is built by the best team; best teams need the best people. We are currently hiring Back-end, Front-end and Smart Contract Developers at our Mumbai office. In case you are interested, please feel free to reach out to us at email@example.com or apply here.
*Tweet of the Month*
Stable coins are getting more popular on Ethereum. 60% of all USDT tokens are now issued on Ethereum as Binance completely moves USDT on Ethereum. While the Tether shift continues, USDC reached a new milestone by becoming the first stablecoin to issue $1 billion tokens in less than a year.