Nord Finance AMA Recap

Nord Finance AMA Recap

CryptoDiffer team

Hello, everyone!

We are glad to meet here 

Amarnath Reddy, CEO and Co-founder, Nord Finance

CEO and Co-founder of Nord Finance, Amarnath Reddy

Hello Every one ! happy to be here.

Thanks you for inviting me

CryptoDiffer team

Q1: Can you introduce yourself to our community ?

CEO and Co-founder of Nord Finance, Amarnath Reddy

My self Amarnath 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) along with Sachin jain, 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 Jignes who is lead Developer at Tezos India Foundation , he also worked on financial platforms with Ethereum & Hyperledger Fabric.

CryptoDiffer team

Q2: Can you briefly tell us what is Nord Finance in 3-5 sentences?

CEO and Co-founder of Nord Finance, Amarnath Reddy

Nord Finance, a blockchain agnostic platform, is an advanced decentralized financial ecosystem focusing on simplifying decentralized finance products for users by highlighting traditional finance’s key attributes. Deployed on the Ethereum Network, it integrates multi-chain interoperability, thus proposing a plethora of financial primitives, which constitute savings, advisory, loans against assets, investment/funds management, and swaps.

CryptoDiffer team

Q3: Let`s now talk about the milestones you have achieved so far and about your upcoming plans

CEO and Co-founder of Nord Finance, Amarnath Reddy

Nord Finance ecosystem, we are building 4 key products:

Nord.Savings

Nord.Advisory

Nord.Loans

Nord.Swap

We have been working on Savings product and completed development of contracts which is under security audit as we speak. 

We have completed our fund raising in seed and pvt sale , waiting for IDO on 12th Jan . 

Nord Savings V1 on ethereum is planned to be launched in Jan 2021, followed by our liquidity mining program and applying stable coin yield farming strategies. Savings V2 is planned in Q1 2021 which will be extended to other blockchains such as the binance chain , matic , tezos and polka dot ( not in any particular order). Then we have a road map to launch swaps, loans and advisory etc.. . More can be found at https://nordfinance.io/

CryptoDiffer team

Awesome, a lot of updates to come out!

Thank you for great answers!

I think it is time to start community questions round!

Cryptodiffer Community

–  Will Nord Advisory be available to all users of the platform or will they have to pay some kind of subscription to get some personalized advices?

–  According to the roadmap, in Q4 the Nord Finance smart contract audit was performed, can you tell us a little bit about it? Who performed it and if there were any important security gaps found?

CEO and Co-founder of Nord Finance, Amarnath Reddy

Nord robo-advisory service designed with customized strategies for users to hold better positions based on their financial goals. It evaluates the user’s risk profile based on their risk required, risk tolerance and risk capacity . So it is a basket of asset advisory based on personel profile .  Smart contract is already submitted for the audit with Zokyo , its under testing as we speak.

Cryptodiffer Community

Can you tell us about ZOKyo’s form of partnership with NORD FINANCE    ?

CEO and Co-founder of Nord Finance, Amarnath Reddy

Today we have announced strategic partnership with Zokyo , Nord Finance will have its entire product portfolio audited by Zokyo in a long term strategic security move.

We will working closely with them to complete full audit , results will be announced before our public launch.

You can find more about our partnership here 

https://nordfinance.medium.com/nord-finance-forms-strategic-partnership-with-leading-blockchain-security-and-engineering-firm-ec03babe7c58

Cryptodiffer Community

Q1. Regarding Nord Savings V1 on ethereum which you plan  launching in Jan 2021, should we still be expecting it launch this January or the date as changed? Also, what effort are you currently making to ensure it would be a success?

Q2. What role does $NORD token play in the Nord Finance ecosystem, Are there opportunities of earning passive income by holding it, Perhaps liquidity mining, staking and other incentivizing programs?

CEO and Co-founder of Nord Finance, Amarnath Reddy

1. Savings V1 as per road map is Q12021 , we are targeting to launch in Jan 2021 , we want to have extensive security audit done so that we give community the safest product . 

2.$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.

Cryptodiffer Community

“Deployed on the Ethereum Network, it integrates multi-chain interoperability, thus proposing a plethora of financial primitives, which constitute savings, advisory, loans against assets, investment/funds management, and swaps”

What’s the effect of the current high gas fee on Nord.finance? If you had the chance, would you migrate to BSC with almost zero fees?

CEO and Co-founder of Nord Finance, Amarnath Reddy

Ethereum has the highest no of active users and most of liquidity is available at this moment . High gas fee a big concern and now that we have ETH price sky zooming its more pain on the users and protocols to pay heavy fees. 

we try to optimize the gas fees by pooling the user assets , can find more here 

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

Also we’ll be integrating with other chains which have an advantage over the ethereum network like BSC , Matic , DOT and Tezos

Cryptodiffer Community

I have understood that $NORD will have a IDO on Polkastarter this 12th, so can you give us the details or requirements to participate on It?

CEO and Co-founder of Nord Finance, Amarnath Reddy

We have our IDO on polkastarter on 12th Jan and immediately listing on Uniswap same day with $373K initial market cap with initial supply of 4.14%.

The total supply of Nord Finance is capped at 10,000,000 $NORD.

510,000 $NORD is allocated to seed round investors at 0.45$.

1,590,000 $NORD are allocated to private sale round at 0.63$.

100,000 $NORD are allocated to the public sale (IDO) at 0.9$.

Initial circulation supply of $NORD token will be 714,761, i.e., 7.147% of total supply, out of this 300,000 tokens are allocated for liquidity provision and locked on exchanges. 

Effective Initial Circulation supply is 414,761 $NORD.

NORD Finance Whitelist Form — Phase 1 completed with overwhelming 11k+ entries

NORD Finance Whitelist Form — Phase 2 i Starts at 9th Jan 2021 at 12:00PM UTC

https://nordfinance.medium.com/nord-finance-nord-announces-its-ido-on-leading-cross-chain-auction-protocol-polkastarter-4f34bcfbf07d

Cryptodiffer Community

When will Nord Savings launch? How will Nord Finance implement programs to encourage users to Staking, Saving and participating in Yield-Farming?

CEO and Co-founder of Nord Finance, Amarnath Reddy

A total reward pool of 1,000,000 $NORD will be distributed under incentive programs, including yield farming, staking, and liquidity pools over 12 months. More details will be coming soon before the main launch.

Cryptodiffer Community

Many project are scam day by day…how to know Nord is a legal project…it is not scam??

CEO and Co-founder of Nord Finance, Amarnath Reddy

DeFi is in its fast phase evolution, along with its benefits it comes with the liability of hacks and rug pulls . We need to be more vigilant in choosing the right products across DeFi . First and more most is to choose products with known people running it and their vision along with the partnerships. We need more and more secure protocols to be built with security in its core of the business. Recent attacks are the learning steps to bring more secure and reliable  projects.

Cryptodiffer Community

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

CEO and Co-founder of Nord Finance, Amarnath Reddy

The total supply of Nord Finance is capped at 10,000,000 $NORD.

510,000 $NORD is allocated to seed round investors at 0.45$.

1,590,000 $NORD are allocated to private sale round at 0.63$.

100,000 $NORD are allocated to the public sale (IDO) at 0.9$.

Initial circulation supply of $NORD token will be 714,761, i.e., 7.147% of total supply, out of this 300,000 tokens are allocated for liquidity provision and locked on exchanges. 

Effective Initial Circulation supply is 414,761 $NORD, i.e. $373k initial market cap

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

Cryptodiffer Community

Why did you take the decision to change the name of Slick Finance to Nord Finance? Also Which technology “changes” you did?

CEO and Co-founder of Nord Finance, Amarnath Reddy

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

CEO and Co-founder of Nord Finance, Amarnath Reddy

I think I have answered most of the questions , if any more clarification required you can come to our community and ask the same.

We have IDO on polkastarter on 12th Jan , all are welcome to participate 

you can join our community at below links 

✅ TG Community:

https://t.me/NordFinance

✅ TG Ann channel

https://t.me/NordFinance_Ann

✅ Medium

https://nordfinance.medium.com/

Cryptodiffer TEAM

Thank you for you answers, it was an insighfull session

Thank you everyone who participated, great questions as always!

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