Nord Finance AMA Summary Recap with Shin Chan Community
We held a live AMA with Amarnath Reddy, CEO and Co-founder of Nord Finance on 19th March 10:00 PM (UTC+8). Here’s the recap for those who missed it.
Introduction
JH|Shin Chan: Before AMA start, can you introduce yourself and the team background?
Amarnath Reddy: My self Amarnath CEO of Nord Finance , before NORD I have Co-Founded Amesten Asset (crypto Hedge fund) in mid of 2018 ,I was taking care of operations and Research analyst for early-stage blockchain startups. I am fascinated by the technology and volatility of the industry,
After leaving from Amesten in Sept 2020 , I have Co-founded Nord Finance along with Jignesh 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.
JH|Shin Chan: Do you have any news about Nord Finance would like to share with us?
Amarnath Reddy: yes , we have launched our NORD Savings V1 one ethereum while back and running successfully .As we are multi chain protocol we also started integrating with BSC , concluded our community beta testing recently . Our ETH-BSC bridge is also live now
https://t.me/NordFinance_Ann/206
https://t.me/NordFinance_Ann/207
We are soon will be listed on pancake swap and protocol will be live on BSC once we complete our audit.
We have featured on BSC.news recently as well
https://www.bsc.news/post/nord-finance-an-advanced-cross-chain-decentralized-finance-ecosystem
JH|Shin Chan: $NORD Is Now Live on ChainSwap by Antimatter
Twitter AMA Begin:
Q1: “he success of a project depends in create a token with really attractive use cases, so can you give us a summary about all application or roles that the $Nord token can have?”
Amarnath Reddy: $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 development of new strategies for the vault.
Distributing Fee Rewards: In order to stimulate participation in the platform , $NORD token will be distributed as rewards 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 blockchain seamlessly.
Q2: "The problem of most DeFi projects launched at BSC is that liquidity causes price slippage. Higher price slippage usually indicates that a market is less liquid. How can Nord Finance solve the problem? in liquidity?”
Amarnath Reddy: we are very close to launch on pankcake swap , we are aware of the liquidity and slippage issues, as NORD we will have enough liquidity from project side and followed by community LP rewards programs which will encourage adding liquidity from users .
We have been running the same on Uniswap as well .
Q3: “Nord Advisory” product understands the user profile and their investment requirements basis their financial goals. What technological infrastructure does it use, how does it learn?
Amarnath Reddy: 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 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.
Advisory has inbuilt functions
User Risk Profiling:
Nord’s risk profiling mechanism evaluates the user’s risk profile based on their risk required, risk tolerance and risk capacity to accomplish the user’s financial goals.
Risk required determines the optimum amount of risk needed to achieve the financial goals while the risk tolerance and risk capacity act as the balancing factors to determine the level of risk the user is comfortable with.
Thus, the risk profiling framework chalks out the optimal level of risk/drawdown that a user can possibly tolerate in relation to the expected returns.
Portfolio Rebalancing:
Data-driven proprietary algorithm deploys stablecoins in a diversified asset portfolio in tandem with a user’s financial goals. Due to the dynamic nature and abrupt volatility of digital virtual financial primitives, portfolio rebalancing facilitates adjusting risks intermittently to minimize user’s risk exposure through advanced automated solutions. Certainly, it restores the users’ portfolio to its target allocation with a desired asset mix by divesting underperforming assets and purchasing the ones which potentially surge.
Q4: You are now listed on chainswap exchange and it’s so nice that NORD Token holders can now seamlessly bridge their $NORD tokens over to the Binance Smart Chain BEP20 standard. So may I ask on how to transfer $NORD ERC20 and mint $NORD BEP20?
Amarnath Reddy: Using ChainSwap bridge users can bridge $NORD over to BSC and HECO Chains. Making $NORD tokens accessible across multiple DeFi ecosystem opening endless possibilites of co-operation and also awareness around our product.
We will now working closely with multiple DeFi Protocols closely across chains both for $NORD and also for Nord Savings V2 thus building a strong chain-agnostic DeFi ecosystem.
Guide on how to use the ChainSwap bridge: https://bit.ly/NORDonChainSwap
https://t.me/NordFinance_Ann/207
Q5: “Nord_Finance collaborates with Polygon and launches Nord Saving on the leading Layer 2 Aggregator Polygon Network (Formerly matic Network) What are the functions and advantages of the network?"
Amarnath Reddy: NORD — Polygon Brief Integration plan
Mapping $NORD to Polygon network and enabling users to freely hold and trade on Polygon network with lowest possible fees.
Deploying Nord Savings V2 onto Polygon and enabling liquidity mining with intensevised $NORD rewards pools program.
Enabling users to deposit their stable assets via an existing POS bridge via NORD Savings web app.
Integrating and onboarding stable coins directly on Polygon Network ( without POS bridge ) when they are available .
Integrating NORD Savings V2 with yield farming strategies and rewarding users with best stable coin APYs from different lending platforms of Polygon network.
you can read more about the same at http://bit.ly/NORDxMATIC
Live AMA Begin:
Q6: Can you provide an overview of your tokenomics? Will the design of the token increase and decrease with the success of the platform, does it include any scarce pathways, such as equity, storage, or burning?
Amarnath Reddy: he total supply of Nord Finance is capped at 10,000,000 $NORD.
Strategic Partners, Early Backers and Public Sale:
2,100,000 $NORD are allocated to various purchasers, including the early backers, strategic partners, and public sale.
Tokens allocated to early backers and strategic partners are vested for 12 months. 15% Tokens will be unlocked on the listing date, with the remaining 85% distributed daily from Day 31 onwards for the next 11 months.
100,000 $NORD tokens are allocated as public sale tokens. They are 100% unlocked on the day of listing.
Reward Pool & Ecosystem Funds:
3,500,000 $NORD is allocated for the community as a reward pool and ecosystem.
Q7: There are 3 core issues prevalent in crypto and blockchain: Security, Interoperability, and Scalability. How does Nord plan to overcome these issues?
Amarnath Reddy: We have to address three of them for sure with atomost priority
Security is inbuilt function of nord protocol / smart contract development . We also take atmost care to run the 3rd party audit and complete the same before going to public .
Interoperability is the core idea of our multichain integration , as you can see we are aggressively integrating other chains like BSC, Polygon ( MATIC) etc.. .
By doing above both Scalability to cater users across different chains will happen.
Q8: For the high gas fee it’s almost impossible to participate in DeFi. But Nord finance acheive 0 has fee by default. Would you like to tell us what method Nord finance applied to acheive 0 Gas fee?
Amarnath Reddy: Zero cost transactions: The platform will set up to not charge upfront network fees for deposits. The smart contract absorbs the gas fees, which are adjusted in the final APY. Users do not have to worry about the high gas cost currently prevalent in the Ethereum blockchain.
Q9: Where can I always get the latest information about Nord Finance’s news, is there a YouTube Instagram or something like that and what about the good community, according to Nord Finance, for the development of the project?
Amarnath Reddy:
✅ TG Community:
https://t.me/NordFinance
✅ TG Ann channel
https://t.me/NordFinance_Ann
✅ Twitter
https://twitter.com/Nord_Finance
✅ Medium
https://nordfinance.medium.com/
Q10: Is KYC required to participate in NORD Finance’s yield farming program?
How is the risk classification for coin investments defined and how NordSavings created the gateway for productive agriculture?
Amarnath Reddy: No We dont need any KYC of the users , we are pure DeFi protocol without need anyones personal information.
you can read about the risk mitigation plan here https://nordfinance.medium.com/how-does-nord-savings-work-part-3-39e4a918c6c2
Q11: Nord finance has many partners in their ecosystem such as Orion protocol, Unilend, Elrond…etc. Can you tell us what value does this partnership brings for Nord finance and what future partnership are you looking for?
Amarnath Reddy: Polygon: Polygon ( Previously Matic Network) partnership will explore endless possibilities in unlocking the potential of DeFi assets to the broader financial ecosystem. This strategic partnership will usher in increased DeFi adoption, enhancing the overall user experience encouraging mainstream users to participate in the revolutionary financial paradigm.
Elrond Network: Nord finance to bring massive opportunities gives eGold holders the chance to participate in DeFi opportunities on other platforms, while also enabling users from different blockchains to engage with our ecosystem, for mutually beneficial growth.
Orion Protocol: Partnership will accelerate the ecosystem by providing flagship solutions resulting in an enhanced utility wave
Frontier: The partnership will allow users the ability to use their phones to access the Nord saving product feature
Unilend: Nord will leverage the trading platform to execute the customized Robo-advisory service and unleash its full potential
Zokyo: The partnership will have Zokyo in charge of all of the platform audits to strengthen its security
MAHADao: NORD Finance will be integrating ARTH, a non-depreciating value coin in its Nord Savings product enabling lending of ARTH and earning passive income.
Q12: Explain the role of ZOKyo’s on Nord Finance? What is the purpose of this partnership?
Amarnath Reddy: 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.
Q13: Many blockchain projects are on paper only and no product or product has no practical meaning. Please let us know what is Nord currently practical product in use?and What are your plans for the product to be better in the future?
Amarnath Reddy: Agree with you , we are always a product focused project , as you can see within few weeks of our IDO we launched NORD Savings V1 and we are already moving ahed with Savings V2
you can try the same at https://app.nordfinance.io/dashboard
see our https://t.me/NordFinance_Ann channel for continuous updates about the project.
Q14: STAKING is very popular topic recently. Please tell us in detail about the $Nord Staking plan and the benefits of adding staking ?
Amarnath Reddy:
~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: 54%
🤑 Current APY in Unifarm pool: 56% (guaranteed) to 300%
Stake your $NORD & earn attractive APY 📈
✅ TG Community:
https://t.me/NordFinance
✅ TG Ann channel
https://t.me/NordFinance_Ann
✅ Twitter
https://twitter.com/Nord_Finance
✅ Medium
https://nordfinance.medium.com/
We will also launch our own staking program on NORD Finance website once we complete this on going staking programs.
Q15: In the most projects especially defi those ones offering yield farming are driven up by hype and scarcity, so when the hype dies the project dies. What’s the key to sustaining Your Project ?
Amarnath Reddy: We have 4 products in NORD Finance ecosystem , Savings is simply Yield aggregator however we are more exciting products like robo advisory which is very innovative and no one on the DeFi yet to capture the same . We keep building to stive for long run.
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
✨ NORD FINANCE ROADMAP ✨
Q1 2021
✔️ Protocol Audit (Final stage) done
✔️ Nord savings launch V1 done
⌛️ Nord savings launch V2 on going
⏳ Staking program (SP1)
Q2 2021
⏳ Nord swap launch V1
⏳ Nord loan launch V1
⏳ Staking program (SP2)
Q3 2021
⏳ Nord advisory launch V1
⏳ $Nord Collateral program (CP1)
-End-
