Let’s guess, you were probably horrified at the spate of liquidations and crypto market turmoil in May. Well, you weren’t alone. We saw it all happen, but can you guess even further? While the DeFi market was hit with TVL almost halved from its all-time high, we kept true to our mission of building an advanced decentralized financial ecosystem focused on simplifying decentralized finance products for you. Let’s bring you up to speed on some of our major highlights for the volatile month of May in our usual monthly recap.
Product and technology updates
Update on NORD tokenomics
After careful deliberation and factoring all Nord Finance’s stakeholders (team, community, investors) we deemed it fit to revisit our tokenomics bothering on investor token release and distribution. Per this, the Nord team has collectively decided to pause the $NORD token distribution for seed and private investors for 3 months. We are also postponing the team token release for the next 3 months. This effectively means no token inflation for the next 3 months from the investors and team.
We were elated at the massive support from our community on this slight tokenomics update and we are confident this will positively impact the Nord ecosystem at large.
Nord Savings V2 contract audit report
We smashed through another important milestone in May when we received the contract audit report for Nord savings v2 from Zokyo, our security infrastructure partner. The Zokyo team thoroughly conducted the audit with due diligence advocating no critical issues and high-security levels throughout the audit processes. Overall, the testable code stands at 97% which is above the industry benchmark of 95%.
Don’t just take our word for it, read more here: http://bit.ly/NordV2-Audit
Tier Based Savings on Polygon Network
How best to end the month of May if not by giving our Vikings yet another awesome program to enjoy? Just when month was drawing to a close, we announced the successful launch of a tier-based saving program for Nord Savings on the booming Polygon network. We couldn’t look away from the multichain approach, extremely high throughput and cheaper transaction fees Polygon affords its users. On that premise, we launched a tier-based saving program on it for our teeming ardent users.
The model ensures long term $NORD holders earn highest APY based on their holdings coupled with an attractive fee structure and no-locking of stablecoins. In a nutshell, the tier-based model is curated to maximize returns on the investments.
Participation is open and we are open to collecting feedback as we launched a community beta testing program for our users.
Read more: http://bit.ly/NORD-Polygon
Partnerships and ecosystem
NORD APY booster for BSC On-chain Staking program
At Nord Finance we make it our watchword to under promise but over deliver, that we did in May by introducing the NORD APY booster saving program for BSC on-chain staking. We thrilled our community with an APY booster increasing the rewards from current 36% to 54% APY. Users could bridge their NORD tokens to BSC using BitMax (now AscendEX) or Chainswap.
NORD — BUSD LP V2 Staking
Our community asked and we listened. In May, we implemented NORD — BUSD LP V2 Staking allowing liquidity providers to stake NORD — BUSD CAKE LP Tokens on our frontend and earn $NORD rewards. For this, we earmarked 4,500 NORD tokens and launched the program to run for 30 days.
Extension of the $NORD Staking on BSC!
We extended the $NORD Staking on Binance Smart Chain. Due to the extensive support from the community, we have extended the Nord Native Staking Program for 30 days. This program will drive exposure in the BSC ecosystem and maximize yield for the users. This will bring you one step closer to accessing $NORD.With features such as on-chain staking, low-cost transactions and increased network activity, the BSC ecosystem is thriving.
Nord Savings V1 LP Program extension
We extended the NORD Savings V1 LP program after receiving an overwhelming support from our community. The program got a boost of an additional 15 days for savers to be able to stake stablecoins and earn $NORD as part of the Liquidity Mining Program as well as earn yield in the form of stablecoins from Aave and Compound.
See more details here: http://bit.ly/NordSavingsLaunch
Community updates and marketing events
Nord Finance x Crypto Librarys AMA
We take marketing seriously and seize every opportunity we get out there to showcase and readily answer questions as to Nord Finance offerings. Our team held a join AMA on 7th May with Crypto Librarys 16,000 strong community. Sharing the stage with Crypto Librarys, their audience had the rare opportunity to ask about NORD Savings, NORD Advisory, NORD Loans and NORD Swap.
Nord Finance x Blockchain Space
Still, in our usual community marketing tradition, Blockchain Space community hosted Nord Finance team on the 10th of May to share information about our product offerings to their almost 20,000 members which we gladly did.
Nord Finance x BSC News AMA
We consolidated our popularity as a top DeFi platform within the BSC community in May as we were pleased to have BSC News crew host an AMA with us. Recall that our Co-founder & CEO, Amarnath Reddy, sat down with Ben from BSC.News in April to discuss Nord Finance’s chain-agnostic approach towards DeFi and yield farming, by 13th May we continued to further engage with their community to help them see how to leverage Nord Finance’s slew of products for maximum gains through their AMA channel.
Nord Finance x CryptoScreen AMA
Just one day after we held an AMA with the BSC News community, CryptoScreen held an AMA with the Nord Finance team on 14th May where we responded to various questions covering NORD Savings program, current roadmap and future development updates. Like we always do across the several AMAs we are a guest to, Nord Finance team gave a lucky winner $100.
Nord Finance x Boss Crypto AMA
Our team in conjunction with Boss Crypto organised an AMA with the more than 30,000 members of the Boss Crypto community on the 18th of May. We fielded questions on what Nord Finance is all about and how they can key into our unstoppable movement of making DeFi a seamless everyday experience.
Nord Finance x Chainlink Live
And while crypto prices were jiving up and down, our CEO, Amarnath Reddy was privileged to be hosted by Chainlink Labs in a live YouTube session on May 17th. Our CEO and the host of the session held a deep discussion on how Nord Finance is simplifying DeFi for users by bringing traditional financial primitives to the decentralized world. Amarnath also elucidated on multi-chain operability to drive adoption as the gas fees on Ethereum as incessantly rising. And like we do, we splashed some NORD tokens to two Vikings. You should check out the video here: https://www.youtube.com/watch?v=PuoFrZfmkvY
Nord Finance featured as India’s top ten DeFi products
We were featured a one of the top then DeFi projects in Itsblockchain.com, a growing blockchain and cryptocurrency media house in India. We are indeed grateful for the shout out from the itsblockchain.com team and consider it as a public testament of our diligence to bringing DeFi to everyone. We are not relenting. We keep pushing the boundaries of decentralised finance to its limits.
Nord Reddit Challenge rollout
Reddit is known to be one of the exciting bases of hardcore cryptocurrency enthusiasts right from the earliest days of Bitcoin. In May, we rolled out a Nord Reddit Challange with a $900 bounty basket to encourage Reddit Ninjas to create Reddit threads about Nord Finance and it’s ecosystem. Winning entries will earn according to the following categories
1st — 3rd — $150/each
4th — 6th — $100/each
6th — 9th — $50/each
And entries for the Reddit challenge ran until 28th May 2021.
Nord Finance got featured on BitBoy’s popular crypto YouTube Channel
Ben Armstrong popularly known as BitBoy Crypto dedicated one of his YouTube sessions to review Nord Finance. Speaking on what the major amount of crypto users can do with Nord, BitBoy shared that Nord’s product portfolio enables users to maximize returns with zero-cost transactions. He even went further by demonstrating how Nord’s market capitalization is steadily increasing making it one of the best projects with extensive utility to drive mainstream adoption. Isn’t that nice? Nord is gradually gaining grounds.
June, already half-year through. Belt up!
We know we achieved so much in May, but June is a significant month as it ushers in the other half of the year. Some say the bull run is over with the May crypto market crash while others dismiss that idea stating we are just starting. Well, if there’s anything you should expect from us is the fact that we BUIDL irrespective of the crypto market weather. We do not count ourselves as having arrived because we are constantly on the move of making DeFi accessible to everyone.
Don’t just keep a date with us, join us and let’s conquer more grounds. Ahoy Nord Vikings!
About Nord Finance
Nord Finance is an advanced decentralized financial ecosystem designed to simplify DeFi investing by bringing key features of traditional finance to the DeFi ecosystem.
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.
Nord Finance strives to serve the rising needs targeting novice users and professionals to meet their financial goals.