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Thanks a lot for actively participating in the Nord Finance AMA held on 5th July 2021 at the Game of Bitcoins Channel. We really appreciate all your support. This post is a recap of the entire session held with Nord Finance We have with us Amarnath Reddy
My self Amarnath Co-Founder and CEO of Nord Finance , I have been into crypto since 2017 end, the exact last bull run. I was fascinated by the technology and volatility of the industry, 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 from Amesten in Sept 2020 , we have Co-founded Nord Finance along with Mr Jignesh Vasoya who is lead Developer at Tezos India Foundation , he also worked on financial platforms with Ethereum & Hyperledger Fabric. Jignesh and me know each other for quite sometime and we have been exploring DeFi space for quite some time , we then came up with this idea of founding Nord Finance.
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
Q1. Is your platform suitable for Crypto beginners? Or does it only appeal to professional users?
Its for both I can say
Crypto beginners who don't know where and how to invest can maximize their exposure via Nord Finance . We have multiple products as mentioned above that can serve them based on their needs.
Even for professional users we can cater with our products like for example NORD Advisory can be best example as they can complement with the users professional background to chose the best strategies and invest without being spending loads of time in front of the system to enter / exit on right times.
Q2. Nord Finance has a feature called an automatic advisory that is supposed to understand the needs of individuals and requirements based on their goals. Could you please tell more about the machine-learning/AI functions behind it?
Yes We have recently released article on how dose NORD Advisory works to give glimpses about the product
https://nordfinance.medium.com/how-dose-nord-advisory-works-aa5166f811df
Also read about how NORD Advisory gets a boost with Solidum Capital partnership
http://bit.ly/Nord-SolidumCapital
We will create different baskets of digital assets into groups based on risk profile and rebalance them based on backend tested data along with TA and FA news . We kind of act as a Fund manager to the users to chose best investment strategies.
We want to build a truly decentralized protocol so that users have the full rights to decide what they want to do. All the user funds are non custodial and permissionless.
Q3. Your mission at Nord Finance is to make DeFi accessible to all. What do you consider to be the main limitations that a person faces when they want to enter DeFi and how does Nord Finance facilitate that process?
The main limitations for the new user is to chose right DeFi product or strategies to maximize the returns and at the same time not get rugged or lost his funds wrong places .
Its difficult to chose and invest in right product , some times it may happen user dont know what to buy , when to buy and sell due to lack of knowledge . Even experienced users in crypto also tend to lose returns due to bad investment decisions .
We have catered our products to address different needs of the users based on their risk , for example NORD Savings first priority is to safe guard capital by investing most secured lending protocols like AAVE and Compound etc..
We want to address the problem by allowing users to invest in most secure assets and enter and exit on right times to maximize the returns , like NORD Advisory invests in volatile assets based on risk taking capacity of the user.
Similarly NORD Loans for over collateral loans of users digital assets.
We want to be one stop solution for all financial needs of the users like an Investment banking!
Q4. You point out that you count with zero-cost transactions, but then you mention that "the smart contract absorbs the gas rate that is adjusted in the final APY", but will the gas rates really always be zero for all types of investors? Or will it vary according to the investment?
What we mean is to have gas-less transactions by not bothering to have eth / matic / BNB in the wallets to pay the fees.
By meaning if user is depositing 1000 USDT and gas fee is 10$ on ethereum we allow users to pay the gas fee from the deposit itself and adjust same in final APY . So that there is no ETH spent , similarly on BSC and Polygon. We are doing internal testings with our partner to implement this very soon.
Q5. Smart contracts are vulnerable to bugs, and even recently three big new DeFi projects were victims of this, costing users funds. How efficient and secured is your smart contract, and did you ever audit it via any external party?
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.
https://nordfinance.medium.com/announcing-the-successful-audit-of-nord-finance-smart-contract-by-leading-blockchain-security-firm-b6d9fb15a84e
We have also recently partnered with Quill Hash another security firm who has done audit for our NORD Savings V2 on Polygon .
https://bit.ly/Nord_AuditReport
http://bit.ly/NordV2_AuditReport
http://bit.ly/NordV2_AuditReport_2 you can find our security audit reports here !
Q6. I could see that they recently renewed their website, but apart from that, did they also complete any updates to their platform and products apart from their association with Polygon?
Yes we have also launched NORD Savings V2 on Polygon and soon will be launching Nord Advisory as well !
https://nordfinance.medium.com/launching-of-nord-savings-on-polygon-a-tier-based-savings-protocol-962842ca02aa
Q7. Regarding your native NORD tokens, could you tell us about their distribution and their usefulness in each of your products and in their use on the platform in general? Also, where is it listed currently and soon?
Tokenomics can be found here !
https://nordfinance.medium.com/nord-tokenomics-and-distribution-edba056bf6e1
Also we recently pause the $NORD token distribution for seed and private investors for 3 months . We are also postponing the team token release for next 3 months.
https://t.me/NordFinance_Ann/244
Nord Listings:
??Official $NORD contract address
0x6e9730ecffbed43fd876a264c982e254ef05a0de
Note: Remains same on both chains ETH and BSC
DEX Listings:
?? Uniswap
?? Pancakeswap
?? ParaSwap
?? Matcha.xyz
CEX Listings:
??Kucoin
??Gate.io
??Bitmax
??Bilaxy
NORD Cross chain Bridge:
?? ChainSwap
?? BitMax
Q8. Do Nord Finance communities care enough? Have you made any changes in your project with the opinions and contributions of your communities?
We take our community feedbacks regularly and encourage them to spread the word across. We respect users feedback and we implement them in our product updates according to requirements.
Q9. Days ago I noticed that your savings application on BINANCE Smart Chain Mainnet weren't yet available, but are they really already? If not yet, will you already have the exact date of when it will be available? Apart from that, which tokens will be available in those products?
With the recent spate of flash loan attacks on BSC projects we consider it our pressing duty to find the best possible ways of shielding our users from these incidents. After carefully going through each type of flash loan attack, to safeguard users we have to pause the BSC launch. That’s why we decided to move the new tier-based savings protocol launch to Polygon with other major protocols already live on it.
we will soon be launching on BSC as per the roadmap
Q10. Does your project support staking program?if yes. how is your stake system work, what is the requirement for user if they want to stake in your platform?
We have different staking programs live on both BSC and Polygon for both single asset and LPs
https://t.me/NordFinance/105760
https://t.me/NordFinance_Ann/286
Q11. I am a professional vulnerability finder on the web, do you think your system is safe enough from hackers? Does NORD FINANCE have a reward program for detecting a system's security vulnerability?
Yes we do encourage users to find vulnerabilities and can freely report to us at [email protected] . We reward them based on severity.
We have many more questions to answer , however due to time constraint I an only answer few . If any question needs our attention feel free to ask in our Community: @NordFinance
