AMA Recap Crypto Library with Nord Finance

                                              

On 07th May 2021, Nord Finance conducted an AMA in the Crypto Library Community. Our guest is Amarnath Reddy. Lots of questions as usual from the Community about Nord Finance progress. The Nord Finance team took part in a very interesting AMA session which included introductions, questions from twitter, and a live AMA session with the Crypto Library community. If you missed the AMA in person, read this recap for a deeper insight into Nord Finance.

Let’s take a look at the most interesting points of our conversation.

INTRODUCTION

Crypto Library Team : So, before we start the AMA could you please introduce yourself to our community?

Amarnath (Nord Finance) : 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, we then Co-Founded Amesten Asset (crypto Hedge fund), 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 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.

FIRST SEGMENT (HOST)

Crypto Library Team : What is Nord Finance? And how the story/reason behind the Nord Finance creation?

Amarnath (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

Why Nord Finance ?

We believe the brand name should truly represent the purpose of the brand. With that thought, we felt that as we evolve our brand-name should evolve with us. As we searched for our new brand-name, NORD resonated with our core objectives: Inclusiveness, Community Governance, Maximization & Security.

https://nordfinance.medium.com/slick-finance-is-evolving-introducing-nord-finance-5f1352a2196d

Crypto Library Team : What's the reason why we have to choose Nord Finance from other project out there?

Amarnath (Nord Finance) : At Nord finance we are building our products with different kind needs for each type of investors . We are one stop solutions for all kinds of financial needs like a investment bank . either its savings or investment advisory or loans we have all in one platform. We are also multichain compatible platform by which giving users the taste of each blockchain to allow them to freely choose as per their needs. We want to build hassle free and simplistic UI for the users to access different DeFi applications.

Crypto Library Team : Could you provide some information about your Roadmap, and what are some achievements that Nord Finance achieved so far?

Amarnath (Nord Finance) : In Q1 we have done 

Q1 2021

  • Protocol Audit (Final stage)
  • Nord savings launch V1
  • Nord savings launch V2  on BSC 
  • Staking program (SP1)

Nord Savings V2 on BSC is completed with beta testing , we are waiting for audit report which is due in less than two week.

In Q2 

  • We launched BSC on Chain Staking program SP2 
  • We are ready to launch on Ploygon very soon as well

Once we launch on BSC and Ploygon we will be the first DeFi Savings protocol to be live on three major blockchains. We are planing to move our Robo Advisory to Q2 as well , reason being its one of the most exciting product and yet to launch by any one in the market.

We will come up with new road map for Q2 and Q3 soon .

  • Staking program (SP2)
  • Nord advisory launch V1
  • Nord swap launch V1
  • Nord loan launch V1
  • Nord Collateral program (CP1)

$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.

https://nordfinance.medium.com/nord-tokenomics-and-distribution-edba056bf6e1

Crypto Library Team : Could you give us an insight about the strategy and the future of Nord Finance?

Amarnath (Nord Finance) : 

Nord Listings: 

DEX Listings:

  • Uniswap 
  • Pancakeswap
  • ParaSwap 
  • Matcha.xyz

CEX Listings:

  • Gate.io 
  • Bitmax  
  • Bilaxy

NORD Cross chain Bridge:

  • ChainSwap
  • BitMax

Crypto Library Team : Please tell us about $NORD token! What are the token utilities, price, distribution, and where we can buy it?

Amarnath (Nord Finance) : We believe that Nord Advisory is our game changer and we want to give more attention it this product. We have tied up with chainlink to have secure and reliable price feeds for our robo advisory. Our plan is to bring both crypto assets and real world digital assets on to Nord Advisory. We are talking to few major stake holders to on board as our strategic partners which will bring lots of value in the advisory product more details will come out very soon.

SECOND SEGMENT (TWITTER)

Crypto Library Team : Could you tell us a little about how the Nord.Savings product works in the Nord Finance ecosystem? And what portability does it provide to users? How fundamental are the products in your ecosystem?

Amarnath (Nord Finance) : 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. Our savings protocol only integrates with highly secure and with more TVL , like we have done with Aave and Compound on Ethereum.

Crypto Library Team : The Nord Finance platform offers many useful financial services such as savings, loans, etc but I am interested in their advisory services, what kind of advice regarding the simplification of financial products does Nord offer? Have a use case?

Amarnath (Nord Finance) : Nord Advisory is the most existing product of our ecosystem , which is first of its kind in DeFi world. Its 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. It’s similar to Mutual funds or hedge funds in traditional finance world.

Crypto Library Team : Without proper marketing a project dies like a dead river. So, how strong is your word to mouth marketing and how do you planning to raise capital?

Amarnath (Nord Finance) : Thats correct, word of mouth is most important marketting . We take our community feedbacks regularly and encourage them to spread the word across. Our Savings TVL reached upto 6M and now at 3.5M without any big marketting efforts . Its all done organically. We wish to grow slowly and steadily. Of course we also do have our own marketting plans to aggressively attract new users , we will use them at the right times based on our product launch timelines.

THIRD SEGMENT (LIVE QUESTIONS) 

Crypto Library Team : Can you tell me,how do you keep your platform safe for Investors, and is your platform protected from hackers? And how do you manage if there's an attack on your platform, including the personal data of your platform's users? Is your platform ready for this?

Amarnath (Nord Finance) : 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

Crypto Library Team : Did you take into account any community feedbacks or demands during the building of your project? If so, What’s the role that the community is gonna play on the development of your project?

Amarnath (Nord Finance) : Yes we do take our community feedback and consider them to adopt and evolve into a better product . Community plays crucial role and we always welcome any feedbacks.We are working on to bring new NORD economic model based on few genuine feedbacks our backers.

Crypto Library Team : Binance smart Chain blockchain is having high transaction speed and cheap gas fees, Are you planning to launch your mainet or switch to other blockchains in the future?

Amarnath (Nord Finance) : Yes $NORD is already live on both BSC and Polygon, we are also building our protocols on blockchains which will compliment our users with low gas fees and high tx speeds.

Crypto Library Team : Which one of these aspects important for you?

1-Increasing Token Price&Value

2-Empowering Platform Development

3-Building Community Trust

4-Expanding Partnership Globally

In what order?

Amarnath (Nord Finance) : 

  • Empowering Platform Development
  • Building Community Trust
  • Expanding Partnership Globally
  • Increasing Token Price&Value

Crypto Library Team : Could you please tell me just a little more about the team and some of their backgrounds? I have personally seen many projects launch with inexperienced team members, and some of those didn’t go so well due to easily avoidable mistakes.

Amarnath (Nord Finance) : Yes team is most critical part of any successful project , we are glad to have our team focused more on development side. All our team information is available on https://nordfinance.io/.

 

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