NUO NETWORK: NEW CONCEPT IN CRYPTO MARKETPLACE

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In recent years, lending and borrowing assets based on blockchain became a trend, as well as earning interest on crypto also seemed to become the golden rule for investors from various backgrounds, always seeking to improve their wallets with more and more value. 

Nuo Network brings even more options when it comes to a debt marketplace, with a platform that came to make a definitive difference in the market. 

HOW DOES IT WORK?

Nuo Network offers users a 100% decentralized debt marketplace, where they can borrow or lend Ether, as well other ER20 tokens, all made instantly and on a worldwide scale. 

The service is non-custodial, as user funds are locked in smart contract-based accounts, without any centralized control. Those smart contract accounts give users complete control of their ETH/ER20 tokens.

Today it is ranked 7th on DeFi Pulse, with a total value locked (TVL) of $14.5 million, previously hitting an all-time high of almost $20 million (happened in July 2019).

DIG INTO IT:

Tokens are supplied to the reserve pool by lenders, who earn interest that is paid daily. For borrowers, the platform allows users to over-collateralize their loans, which can end in two possibilities: whether loans can be withdrawn or can even under-collateralize a loan that can be used to margin trade, with 3x more leverage.

The platform is backed by debt reserves where users can pool funds to lend out to borrowers, solely based on their loan requests (interest rates or term lengths). This way, once a lender gives capital to the debt reserve, users start earning interest daily. 

When a user cancels the debt reserve, the whole reserve balance amount, along with the interest users earned are transferred from the Nuo reserve contract to the user’s trading account, automatically. 

Everybody hates fees, it is true. The platform uses smart contract accounts, which allows Nuo to leverage meta transactions, meaning that users can easily access the network without never having to pay any transaction fees. 

ENDLESS POSSIBILITIES:

Nuo Network offers a total of 11 cryptocurrency assets for users to freely borrow and lend, being these tokens: ETH, USDC, DAI, WBTC, TUSD, MKR, LINK, ZRX, BAT, KNC, and REP. Quite a few options, right? 

Some margin trades across limited ETH and Dai markets are supported by Nuo, having five main options for both long and short margin trades (with even up to 3x leverage). These options are ETH/DAI, WBTC/DAI, MKR/DAI, WBTC/ETH, and MKR/ETH.

HOW CAN I GET STARTED?

There are two options for users who want to create a Nuo account.

The first one is more mainstream, through an email address and password sign up. Second can be done through a web3 compatible wallet; users that choose these options will handle their funds and login directly through the chosen wallet, from where they can deposit funds to a crypto exchange or just use any US debit card to start to add funds directly. 

Users can start choosing between any of the available crypto assets once the account is loaded with funds. Processes then follow a very regular path: the user selects the desired asset; hence the platform creates a debt reserve where lenders start to earn interest, based on day-by-day loan repayments of the reserve pool. 

No rocket science involved, and that way the platform can benefit as many people as it is possible. 

WHO IS BEHIND THE IDEA?

The project is led by three co-founders Siddharth Verma, Ratnesh Ray, and Varun Despande. Based in India, the team started in 2019, with no native token and without conducting an ICO. 

Nuo Network opted for a more conservative strategy, using Equity to achieve what they wanted. The project is backed by important tech companies based on India and Southeast Asia.

CONCLUSION:

Bringing a new concept to the blockchain assets investment market, Nuo Network already can be considered one of the great “totems” of DeFi universe. 

The platform is nothing more than a decentralized debt marketplace, a place where investors can instantly lend or borrow Ether, as well other ER20 tokens, using a non-custodial background to operate.

With eleven options of crypto assets to borrow and lend and some available margin trades across ETH and Dai, Nuo Network delivers what it promises.  

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