Last month was super exciting for us and the community as we had another consecutive month of high growth. Our community is stronger than ever before and most of our new features are now prioritised based on community feedback. You can checkout our March Community Update here.
Nuo in Numbers
We had another 200% Month on Month growth in our numbers across key metrics — loans, reserves and orders. We now have $4.5M in total reserve deposits and $1.7M loans disbursed on the platform. A total of $2.3M worth tokens are currently locked in Nuo smart contracts.
In April, we had $2.5M in deposits and $750K in loans disbursed on the platform across 1500+ orders. The average loan order last month was $650 while the average reserve order was $2300 and this has increased consistently week after week since our launch.
Smart Contract Audit
Last month we announced that Nuo smart contracts were fully audited & secured with Quantstamp. We completed our audit & all contracts are open source, verifiable & secure. Quantstamp CEO Richard Ma said “We are proud to contribute to the security of projects that have the potential to facilitate the growth of the world economy.” The goal of the audit was to review the contracts for potential vulnerabilities to help ensure smart contract security and safety of funds.
Market Maker Bonus
We have distributed Market Maker Bonus for the month of April. 78 Lenders have received $5,000 in bonuses directly in their Nuo Account. The maximum bonus distributed to a user was $210. Market Maker Bonus will continue for the month of May with updated terms and conditions.
They are talking about us!
Last month the press took notice of what we have been doing and our strong growth since launch. Here are some news articles that covered Nuo.
- Nuo Network crosses $2 million in crypto reserves, making it the largest lending protocol based in Asia. Link>
- Nuo: The Non-Custodial Way to Lend, Borrow and Margin Trade Crypto Assets. Link>
- How Nuo is Pushing Decentralized Finance Forward. Link>
- Nuo.Network: Making Global Crypto Lending A Reality. Link>
1. Nuo is now mobile-friendly
We realised that 60% of our traffic comes from mobile and we felt the need to cater to that set of users and improve their experience on the platform. Nuo is now compatible with any mobile device and mobile browser.
2. dApp Browser Listing
Nuo is now listed directly in dApp stores across Trust, Status, Coinbase Wallet and imToken. Trust wallet even featured us in their Recommended dApps section.
3. Price Feed improvements
The price feed is now more robust and accurate and anomalies in the prices of a few illiquid tokens on the decentralised exchanges does not cause trades to hit stop-loss unless the price has changed across both centralised as well as decentralised exchanges.
1. Sort your Reserves, Trades and Loans
Users can now sort their reserve, trade and loan orders based on the status of their orders. This feature was very strongly requested by our users and will make it easy for users to see all active orders in a single click.
2. Seamless transfer of funds
We have added a new feature to directly add funds from users’ web3 wallets instead of copy-pasting the Nuo account address. Users can now directly transfer ETH or any supported ERC20 token from their Web3 wallet to their Nuo account.
1. Insurance Fund
This is an idea suggested by some of our users and endorsed by the community. Currently, there are 2 major risks associated with lending and borrowing with smart contracts. First is the smart contract risk which can be mitigated with following the best practices and regular contract audits and the second is price volatility in a flash crash resulting in lenders’ funds being at risk.
This month, we would take community feedback to create an insurance fund with a proposal to donate 5% or 10% of interest earned by lenders to a community fund to derisk lenders against price volatility or any unforeseen loss. The mechanism to implement this will be discussed and would be implemented based on community feedback.
2. New Borrowing Use Cases
We would be announcing more breakthrough use cases to borrow that we are working on with select parters. We have designed the product as a decentralised debt platform and any use case that requires instant loans to reduce friction or create unique user experiences can be built using Nuo.