Nuo Network - a Decentralized Finance (DeFi) App. It provides a platform that connects lenders and borrowers through smart contracts. A resource runs on the basis of the Ethereum protocol. The Nuo platform is backed by ConsenSys Ventures and has a total value of $ 10.7 million. This amount is currently locked in smart contracts.
Contents:
Description of Nuo Network
Nuo Network - a decentralized finance platform. It allows you to borrow and take out loans for various digital assets such as: BTC, ETH, DAI and much more.
Also, the platform is not storage related. That is, only you, and not the Nuo Network itself, have access to your funds. It is available through smart contract accounts. The DeFi lending platform runs on debt reserves. In it, users can pool funds to provide borrowers, based on their loan requests. As soon as the lender contributes capital to the debt reserve, he begins to receive interest on a daily basis. When the user cancels the reserve debt, the entire balance and the interest, earned by them, go from the Nuo backup contract to the user's trading account. The platform does not have a WhitePaper, but you can find more detailed information about the platform on the official website or on the pages in social networks Twitter or Telegram. The resource hasn’t developed its own token. At the same time, you can interact with 13 coins on the platform.
How does the Network Nuo work?
Nuo Network has two key players - lenders and borrowers. To use the platform, these players must create a Nuo account with a Metamask / Web3 wallet. Or create an account, based on a password. ETH or ERC-20 tokens need to go to the registered account address. There are three main activities that a user can take part in on the Nuo platform:
- lending
- borrowing
- margin trading
You can familiarize yourself with each use case of the platform below.
| Lending | To receive a loan, the user must fund their Nuo smart account at first. Next, you need to create a debt reserve. They are ETH or ERC-20 token pools. They are available for borrowers, in accordance with their loan request. Reserves have a validity period. |
| Borrowing | To borrow funds on the Nuo platform, you must select a digital asset. And also provide security in case of default. Every Nuo loan has a fixed interest rate. The amount of interest paid will depend on the term of the loan, as well as the availability of currency to borrow. |
| Margin trading | Nuo also allows users to transact with over 30 trading pairs in 4 markets with 3x maximum leverage. The margin trading functionality is powered by the Kyber Network. |
All three types of activities on the platform are designed in the most convenient and beneficial way for users. Thus, taking out a loan or financing loans, you can be sure of rates that are more favorable than bank ones.
Conclusion about dapp platform
In conclusion, we note that the resource is a decentralized financial application. It allows peer-to-peer lending in its debt market. Nuo provides an opportunity for those who want to make a profit through lending or to access capital through borrowing. Nuo joins other DeFi lending platforms such as Compound, Dharma Protocol and Ethlend, which are currently operating in the digital asset space. It is currently the 5th largest DeFi lending platform that aims to provide financial services for everyone.