Update 18.08.2020: As we focus our efforts towards building a fiat on-ramp product in India and in anticipation of our Nuo.Exchange launch on 15th August, we will be pausing all new orders for Lend, Borrow, Margin Trade and Swap on Nuo Network from 3rd August, 10 am PST.
The Nuo Network commissions lending and borrowing applying Smart Contracts, which are open source. Nuo Network does not accept custody of tokens and is a peer to peer platform for moneylenders and borrowers.
This project endeavors to give financial services to the next billion by building a decentralized and open debt platform. Their vision is to rewrite global debt on the Blockchain by creating a peer to peer debt marketplace.
It is based in Singapore, and it is not a licensed bank, money lender, or an exchange. Nuo Network uses partner exchanges like Kyber Network and Uniswap Exchange to place a trade. It currently does not charge any fees of users for all of the services rendered through its Smart Contracts.
However, there is a gas delegation fee that the platform charges on some or all of the transactions. Though, it is only to refund the relayers the charge of relaying the trade onto the Blockchain.
How It Works
The builders of Nuo Swap believe the platform is the most spontaneous way to swap ERC20 tokens with the most desirable price by dividing the order across DEXes with high liquidity. At the moment, one can swap between 13 tokens supported by the Nuo exchange.
One may ask if it is possible to control the maximum allowed slippage on a swap order, and the answer is a resounding yes. The project sets the highest slippage rate sustainable during the swap order. However, If the slippage exceeds the limit set by the trader, then the swap order will not be achieved, and the parties will be informed subsequently.
Nuo allows you to inspect the details of your swap orders with any restrictions. Once the swap order is approved, the user can survey all details of a trade order under “My Swaps” in the My Account dropdown.
Details of a swap order include the token name and the amount swapped, time, Split data, transaction cost involved, and standing of a swap order.
Borrowing And Lending
You can instantly borrow and lend on the Nuo platform. To borrow Crypto-Backed loans, one needs to stake collateral in Crypto. All you have to do is to select the amount you want to borrow and the asset. After that, you have to put up collateral, accompanying with the leverage.
The next step is to fill in your details, followed by the duration, and confirm the premium you will be returning for the loan. Admirably, the loan gets paired to an ETH or ERC20 reserve and gets funded immediately.
All loans taken on Nuo has a fixed interest rate borrowers have to pay notwithstanding when you payback. The interest rate depends on the span of the loan, and the cache usage of the acquired currency at the time of the loan. With lending, Nuo thinks their platform is the most trusted Way to Lend your Crypto. Just Deposit crypto assets and earn interest on your reserves.
To make use of this feature, signup on Nuo, and add Ethereum or any ERC20 tokens to your smart account to begin the process. Then set up a liability reserve for any term with your funds in the Nuo account.
The next natural step is to sit back, earn interest daily on your debt reserves without any stress. The interest is accumulated in the reserve contract and allocated proportionally and regularly at 00.00 GMT every day. Nuo Network provides a new way to lend on the platform. Debt reserves are a pool of ETH or ERC20 tokens. These reserves are lent to borrowers based on their loan request.
To participate in a lending pool, users can create a debt reserve for a token of their choice for a specific duration. When this reserve expires, the entire amount + the interest earned automatically gets a transfer from their reserve contract to your Nuo account.
Nuo is backed by ConsenSys Ventures, one of the most prestigious projects in the Blockchain space. It has promoted the ETH Blockchain than any entity out there.
The Kyber network is also one of the major supporters of the project. It supports Margin Trading offered by the platform.
You can follow them on the following platforms as well as check their source code.