Launching of NORD Savings on Polygon : A Tier-based Savings Protocol
In Nord Finance, we consider ourselves a forward-looking team, always ready to improve on the user experience based on community feedback and of those leveraging our platform as a launch board into decentralised finance.
We have done major changes in our Savings V2 fundamentally with a new Tier based system approach by complementing long term $NORD holders with highest APY based on their holding.
Also we have allocated part of fees collected from protocol to be redistributed to long term holders and liquidity providers. This means both Stable coin providers and single asset NORD stakers ( for long term) will be rewarded with a new tier model.
We always lookout for the best interest of Nord Finance users and with the recent spate of flash loan attacks on BSC projects we consider it our pressing duty to find the best possible ways of shielding our Vikings from these incidents. After carefully going through each type of flash loan attack, to safeguard users we have to pause the BSC launch. That’s why we decided to move the new tier-based savings protocol launch to Polygon with other major protocols already live on it.
Polygon offers a multichain experience with incredibly fast transaction throughputs and cheaper fees. Assets staked on Polygon enjoy ironclad security as Polygon is a Layer 2 solution of Ethereum. Top projects ranging from DeFi dapps, NFTs and Gaming platform to Oracles like Chainlink, Band, as well as Dev tooling platforms are already leveraging Polygon’s aggressive scaling solution.
Salient Features of new tier based NORD savings on Polygon:
- Stable coin APY from lending platforms on Polygon
- Bonus APY boost of USDT supplied in NORD as per the tier
- Bonus APY boost of NORD staked in NORD
- ~2.5X APY boost for the top tier i.e Titanium + 50% entry load fee deductions.
- NORD Savings users get fees redistributed for long term holding.
- NORD Single asset stakers on Polygon will get fees redistribution.
- Gas less fee transactions integration on Polygon.
- Instant withdrawals of stable coins
- One week unbounding period for the staked NORD token.
Polygon Network has garnered and continues to facilitate more than 6 million transactions per day, rivalling most L1 networks. We are indeed excited to launch our NORD beta liquidity mining program on June 1st 2021 on the hottest L2 platform in the blockchain sphere.
The NORD Saving Program on Polygon will feature an APY boost for NORD savings, an attractive fee structure and no lock-in stablecoin staking.
Stable coins Staking APY
As a Nord user, stake your USDT/USDC/DAI stablecoins and earn APY on your asset based on the calculated interest for participants. As there is no lock-in period for stablecoins asset staking, you can unstake your asset anytime along with stable coin interest accrued over time from the most secured and liquid lending platforms like Aave and Compound.
Bonus APY boost on staked Stable coins on NORD
Based on your staked amount of NORD, Savings users get a APY boost of upto 12.5% in the form of NORD as per the tier user falls in.
Bonus APY boost on staked NORD on NORD
NORD holders enjoy an additional layer of APY boost upto 12.5% for staking their NORD. Depending on your holdings, stake NORD on Polygon to get the below listed APY boost.
Tiered System Caps
Note : Titanium tier will have 50% discount on 0.5% protocol fees
For instance, a Nord user who stakes 1,000 NORD qualifies the user for the Silver APY boost category. The user gets
- Stable coin APY from lending platforms as per example its 7.73%
- Bonus 4% APY boost of USDT supplied in NORD as per the tier
- Bonus 4% APY boost of NORD staked in NORD
NOTE: There is a one week unbounding period for the staked NORD token.
For instance, a Nord user who stakes 3500 NORD qualifies the user for the top tier i.e Titanium APY boost category. The user gets
- Stable coin APY from lending platforms as per example its 7.73%
- Bonus 12.5% APY boost of USDT supplied in NORD as per the tier
- Bonus 12.5% APY boost of NORD staked in NORD
- 50% fee reductions on protocol fees.
100,000 USDT invested can yield only 9730 USD in the base tier in one year.
100,000 USDT invested can yield up to 11,848.4 USD in silver tier in one year.
100,000 USDT invested can yield upto 21,525 USD in Titanium tier in one year + Fee reductions. That’s 2.5X more returns in the top tier.
Nord Savings Fee Structure on Polygon
Protocol Fee (entry load): Each user is charged 0.5% on the capital for the platform revenue
The protocol will charge every NORD saver a 1% fee on exit to be shared pro-rata as shown below:
- Treasury: 0.3%
- Redistribution to NORD long term staking holders: 0.3% ( for single asset staking on polygon coming soon)
- Redistribution to stablecoin holders: 0.4%
- Withdrawal Fee: 0%
- Performance Fee : 0%
Recently Nord Finance also announced the successful completion of Nord Savings V2 audit by leading blockchain and security firm, Zokyo. The blockchain audit firm facilitated a thorough smart contract audit enabling Nord Finance to achieve a significant milestone.
We will continue to bring strategic updates and technological developments aligning with our mission of making DeFi accessible. Until then stay tuned for more updates.
About Nord Finance
Nord Finance, a blockchain agnostic platform, is an advanced decentralized financial ecosystem that focuses 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.
At Nord Finance, we are building a one-stop advanced decentralized financial ecosystem to serve the rising needs targeting novice users and professionals to meet their financial goals.
