A new Cosmos blockchain, Nolus, is aiming to revolutionize the DeFi space by offering a novel lease solution.
Nolus bills itself as a “Web3 financial suite” that utilizes the Cosmos SDK and a WASM contact engine that executes in a sandbox model focused on security, performance, and interoperability. The team currently consists of 25 people, with 18 of them being developers. Advisors to the Nolus team include Cosmos ecosystem regulars Zaki Manian and Jack Zampolin.
“We are trying to get the best from both worlds, meaning having receptions from Web2 and transferring them to Web3 and crypto,” Co-Founder and Product Lead Ivan Kostov said. “We need to improve the user experience in DeFi and make it similar, if not better, to what Centralized entities provide. This will help the mass adoption of crypto and help the users navigate flawlessly and effortlessly, and make them feel much more comfortable.”
Cosmos News had the opportunity to participate in Nolus’ Lease Drop, which allowed early access to the platform where users could take out leases and see how the project works. The app seemed solid and appeared to work as expected.
Looking over the project’s documentation, it’s obvious Nolus has spent a great deal of time working out the details of a complicated process.
At the heart of Nolus is a money market featuring borrowing and lending. Lenders can earn yield on stablecoins and borrowers can get up to 150% of their assets with a collateralized down payment. Lenders can also earn Nolus’ token, NLS, from an “Incentivization Pool.”
The Nolus protocol will allow users to borrow up to three times the value of their assets, with retained ownership over the leveraged assets. This provides users with access to liquidity without having to sell their assets, and it also lowers the risk of liquidation. A “never changing” fixed rate of interest adds to the predictability of a lease and distribution of rewards back to lenders. Additionally, Nolus said cumulative profits from lease contracts, swap spreads, and transaction fees will be used for NLS token buybacks.
Nolus announced on Twitter it will offer NLS tokens on StreamSwap for a “community driven token launch.”
Nolus is still in its early stages, but it has the potential to make a significant impact. With its innovative lease solution and user-friendly features, Nolus could help to make DeFi more accessible to a wider range of Cosmos users.
Here’s Nolus in a nutshell:
- Users borrow up to 150% of the value of their assets. Lenders earn yield on stablecoins and NLS tokens.
- Nolus has a simple and intuitive user interface that makes it easy for users to get started with DeFi.
- Nolus uses a low-cost transaction system that makes it affordable.
- Nolus is seamlessly integrated with other blockchains via IBC, which allows users to access DeFi applications across the Cosmos.
Nolus has the potential to make a significant impact on DeFi and bring liquidity into the Cosmos ecosystem.
Cosmos news has been in contact with the Nolus team and is awaiting further comment.
