BlockTalks x Nord Finance AMA Transcript!

Hello! BlockTalkers & Blockchain Enthusiastic!

We recently hosted an AMA with Nord Finance, on April 23rd at 10.00 AM UTC. Many of you might have participated or many of not. But we make sure no one missed out from the knowledge shared by Amarnath Reddy, CEO & Co-Founder of Nord Finance. So here we are up with the AMA transcript, for those who missed the live session, this blog post will be a saver & feeder of knowledge for them.

Introduction Questions Asked By Team BlockTalks!

Q1. Could you please introduce Nord Finance to our community in layman’s term?

Ans — 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

Q2. What are the advantages of Nord Finance to other alternatives in the Blockchain field?

Ans — Key Attributes of Nord Finance:

Highest Returns: Automated portfolio rebalancing mechanism across various liquidity pools for the highest risk-adjusted APY

Automated Robo-advisory services: Customized strategies formulated based on user interest designed to meet their financial goals

Cross-Chain Swaps & Interoperability: Provide cross-chain liquidity to ensure users across other chains have access to DeFi ecosystem resulting in smooth-trades and better liquidity

Loan against crypto assets: Providing liquidity to users by offering a pledging mechanism of their crypto assets in the protocol to borrow loans seamlessly

Transparency: All transactions are visible on the blockchain thus ensuring complete transparency to all users

Community Driven: Nord Finance governance token's primary utility constitutes voting on proposals pertaining to yield-farming strategies

Zero-Cost Transactions:
No upfront network fee for deposits; the smart contract absorbs the gas fee, which is adjusted in the final APY
Pooled liquidity to deliver up to 99% savings on the transaction fee to its users thus making the DeFi ecosystem accessible to the masses

Connect & Stake: A hassle-free mechanism facilitating seamless user experience with an intuitive UI offering one-click access to DeFi Yield Farming

Intuitive & Easy to Use UI: Track portfolio & APYs in real-time through seamless interoperability, thus enhancing overall user experience.

Q3. What are the major milestones Nord Finance achieved so far & what are in the future pipeline?

Ans — ✨ NORD FINANCE ROADMAP ✨

Q1 2021

✔️ Protocol Audit (Final stage)

✔️ Nord savings launch V1

⌛️ Nord savings launch V2

✔️ 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)

Questions Asked on Twitter For Nord Finance Team!

Q1. I've read, in your Medium Article; By exposing Nord Finance on multiple blockchains, you want to strongly leverage the multi-chain functions that defend our vision of simplifying DeFi. Which chains will be added to Nord finance in the short term?

Ans — our savings protocol is live on Ethereum , our community beta testing on BSC completed . Internal testing on Polygon is at final stage .

We will be first savings protocol to be live on three major blockchains

Also we are exploring other blockchains like polka DOT and solona etc.

Q2. To be a great platform for both Investors and for it's users Transparency and security is important. Can you tell us some details about your transparency (likes team members) and your security mechanism. Have you already completed the audit of your platform?

Ans — 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/

Savings V1 which is live is been audited by Zokyo can be found here https://bit.ly/Nord_AuditReport

Q3. Why was the Nord robo-advisory designed and how important is this advisory to the Nord Finance ecosystem?

Ans — 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.

Q4. Partnership is like a supplement where the combined effect is beyond the individual level. Can you name some of your recent partnerships that can help your project? Is there any partnership that will take place in the near future? Can you tell us with whom?

Ans —

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.

We are also working to bring more ecosystem partners who can compliment our product vision

Q5. I could notice in your roadmap that Nord Savings V1 and Nord Savings V2 will be released in this same Q1 What is the reason for this, why would you release V2 so soon when there are other products to be released?

Ans — Savings V2 is very important milestone for us as we will be live on Binance Samrt Chain and Polygon , which has lowest fess and high speed txs .

As a product its ready to deliver , we are waiting for the auditors green signal for BSC , which we agree is taking longer time which was not expected . However we want to bring secure product to the public so we would rather not to push our auditors to hurry on the process.

Meanwhile we are also working on Polygon and furutre products as we speak.

Questions Asked by our BlockTalks Community Members during live Session to Nord Finance Team!!

Q1. Regarding the $NORD token which is the utility token for Nord Finance, what are its role in the ecosystem and what opportunities are in place for its holders?

Ans — $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. Do you have a Token Burning plan to increase Token value and attract Investors to invest?

Ans — As part of our revenue modle we have some % of fund used to buyback our own token and move the same to tresury . This will help us to believe in accumulating our own token and indirectly help to lock circulation supply from the market .

That includes entry load fees , profit sharing fees etc..

Q3. Can we know how Nord Finance generated profit, Since you mentioned that Nord implements a Zero-Cost transaction? and how do you allocated the tax fee to maintain the platform stability?

Ans — Like I explained above we have service fees to be collected from all our products as part of revenue for $NORD .

Wrt zero cost transactions we mean to observe the fee and adjust the same in final APY.

https://link.medium.com/nCnH5ZdO5cb

https://nordfinance.medium.com/how-does-nord-savings-work-part-2-b70483631273

Q4. Can you explain how is your Tokenomics Distribution? How many tokens Will be minted ? And How many tokens Will be locked by the team?

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

Q5. Can you tell us a little about the degree of decentralization and governance commodity of this protocol? How to trust the project?

Ans — The Nord Finance recent upgrades and launch strategies will navigate under the centralized authority of the protocol. Since the protocol is yet in its nascent stages, the centralized control will assist in driving initial decisions ideal for the protocol's growth. These will primarily include exercising major decisions such as selecting lending platforms, deploying advisory contracts, deciding on the integration of overdraft facilities, and other initial decisions to drive the protocol's success.

However, gradually as things fall righteously, Nord Finance's governance will be transferred completely to the community and stakeholder control. Certainly, the future of Nord Finance lies in absolute decentralization.

The admin withholds certain rights with respect to the protocol's working. Therefore the execution of certain rights would constitute:

● The ability to list a new nToken market.
● The ability to update the control fees and reserve ratios as per market needs.
● The ability to update the oracle address in the protocol.
● The ability to withdraw the reserve of a nToken.
● The ability to choose or replace a new admin, such as a DAO controlled by the community. The DAO itself constitutes a new admin; therefore, the administration can evolve over a period of time, based on the guidance of the stakeholders who are ultimate runners of the project and community.

Here are some important links of Nord Finance 👇

🌎 Website: nordfinance.io

📱 Twitter: twitter.com/Nord_Finance

📢 Telegram: t.me/NordFinance

📚 Medium: nordfinance.medium.com