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Nawa Finance x Core AMA 🔶🎙️
Recorded: April 17, 2025 Duration: 0:31:00Space Recording
Short Summary
Nawa Finance has launched as the first Sharia-compliant DeFi protocol on the Core blockchain, targeting a vast market of 2 billion people. With innovative yield mechanisms and strategic partnerships, the project aims to significantly grow its Total Value Locked (TVL) while addressing the unique financial needs of the Muslim community.
Full Transcription
Thank you. Thank you. Thank you. Hello, hello, everybody.
We have a great AMA for you today.
Thank you to everybody who's here listening to the space right now.
I'm Dylan, contributor at CoreDAO, and we're here with Nawa Finance.
They just deployed on Core.
There's really no better time
for the community to learn more about the protocol within the Bitcoin DeFi ecosystem.
And today we're going to be diving deep into everything Nawa Finance from its vision and
roadmap to how it's contributing to Core and the broader Bitcoin DeFi landscape. This AMA is an
opportunity to understand Nawa Finance's role in shaping the future of DeFi on Bitcoin, leveraging core, secure, and innovative blockchain.
As always, please remember this discussion is for educational and informational purposes only.
It does not constitute financial advice.
Be sure to do your own research.
But let's get ready for an insightful session with Nawa Finance.
Let's dive in.
We got Shakir here from the now
finance team shakir you want to give a quick intro of yourself and then tell us a little bit about
now finance and the shirai compliant yields how is now finance different from other uh
d5 protocols give us a quick rundown if you don't mind awesome Awesome. Thank you, Dylan. Hi, everyone.
Shakir here. I'm a core contributor to Nowa Finance,
and I'm really glad to be here and to be given this platform
by the core ecosystem team.
In short, Nowa Finance is the first Sharia compliant DeFi protocol, or Bitcoin Fi protocol, you must say.
And we are currently deployed on CoreChain.
If you are not aware, a big portion of the world subscribe to the Muslim faith,
and I think there's about 2 billion people in that category
and there is specific financial sort of needs from that community.
The needs revolve particularly around the avoidance of interest that, gambling and other not so positive things out there.
So it's a very specific market that comes out of needs.
It's huge, there's two billion people who subscribe to that faith and it gave rise to you know a broader sharia compliant financial market
that manages around four trillion dollars of assets out there so this encompasses countries
in the gulf as we know it like the uae qatar saudi arabia pakistan indonesia malaysia nigeria so on
and so forth so these markets are the ones that are really driving the demand for Sharia-compliant finance.
Now, we take that concept and we bring it to the world of DeFi.
So DeFi has grown really strongly over the years,
but there has been a limitation in terms of a Sharia-compliant way to enter the space of DeFi.
So why does it matter you may ask because
when we talk about involving institutions family offices from the gulf and and parts of southeast
asia you realize that they you know on top of certain investment guidelines and mandates
they are required to also comply with the Sharia standards when it comes to
financial products and investments. So having a protocol like Nawa Finance really helped grow
the DeFi pool of investors and liquidity beyond what we have today like DGEMS and Web3 Enthusiast
to institutions in the Gulf, institutions in South and Southeast Asia who have specific needs
where they can only invest when the product is Sharia compliant.
And Nawa Finance makes that process a lot simpler for such institutions and people.
That's about us.
And right now on Nawa Finance, we offer yield on Bitcoin.
So we have two vaults generating yields on Bitcoin and also on core tokens.
And we're looking to launch more vaults very soon.
Maybe I'll pause there, Dylan, as part of the introduction.
All right.
All right.
That was a great introduction.
Unlocking yield for 2 billion people. I mean, it doesn't get much better than that. Do you think you could just dive a little more into what makes Nama Finance Shariah compliance? You were saying no interest and no gambling, I believe, but I'm just not too familiar. So if you want to just dive in and break it down for me, what exactly is different about these yields from other DeFi yields?
Yeah, that's a great question. And I think it's a fair one.
So when we look at the world of DeFi, I see the world of DeFi as having three primary yield sources.
The first one being liquidity provisioning to DEXs. You provide liquidity to liquidity pools on various DEXs and then for providing the liquidity you get a share of trading fees and also rewards in the form of native tokens by on proof-of-stake blockchains.
And the last one, the third and last one, would be lending and borrowing.
So when you talk about the Sharia compliance phase today,
I mean, the most problematic one would be lending and borrowing
because it's straight up lending for interest.
And that is the primary concern when it comes to certifying
whether a certain yield source is Sharia compliant or not. So lending and that is the primary concern when it comes to certifying whether a certain yield
source is share we are compliant or not so lending and borrowing is out so you're left with lending
uh you're left with providing liquidity to taxes and also liquid sticking so those are the two
yield sources that we focus on uh at nawar finance um right now uh both our pools derive yields from liquid staking.
And one is on core token and another one is on soft BDC core.
And we are coming up with more vaults where we source yields from providing liquidity to Texas as opposed to liquid staking yields.
That's what makes us sort of different in the space. We focus on things that are Sharia compliant,
and we make it easy for people and institutions
to access those yields.
What does that mean?
So also is that we do not get involved
in very complex products like options, like leverage and stuff
like that because in certain ways those are viewed as a bit too speculative for a product
to be labeled as Sharia compliant.
Maybe I pause there, Dylan?
Okay, yeah. That makes a ton of sense so it's mostly
the liquid staking and providing liquidity no um borrow lend interest anything like that correct
yeah yep exactly okay awesome now you were talking about some of the vaults on core that you have live
right now so let's get into those
more so you you said you have two live vaults one for solve btc.core and one that is it a yield
aggregator is it already providing liquidity indexes what are the current vaults that you have live
yeah great question so we have two vaults that are live right now one is soft btc.core
One is softbdc.core.
So we help users who are holding WBTC or softbdcb or even softbdccore
to deposit their assets.
We zap their assets to softbdccore.
We help them hold it.
We collect rewards for them automatically.
We auto compound the pools.
And for those who sort of care about the Sharia compliance nature of their investments we have on board you know a renowned
Sharia advisory firm who certifies our processes and our product to be Sharia
compliant so you get peace of mind in that regard so that's the first vault
the second vault we have is the Core Vault. We built that in collaboration with another DeFi protocol
that's also deployed on Core, and that is B14G.
We channel deposits on the Core Vault on Nawa Finance
over to B14G's protocol that helps you get involved
in the dual staking process that Core has for users to earn
liquid staking yields by staking Core tokens. So those are the two vaults right now. They are
purely sourcing yields from Core's liquid staking mechanisms and we're expecting to launch more vaults, particularly around stable coins and also some other blue cheap tokens that you may be holding that you can deploy on DEXs, top DEXs that are reliable on the core blockchain.
So more vaults in the future coming soon.
Okay, awesome. Yeah, I didn't know you guys were integrated with B14G.
That's really cool.
So, sorry, is that the yield compounding vault right now?
Is that one tied to any DEXs or it's just a staking?
Yeah, it's just a staking.
So both vaults are pure liquid staking.
Yeah.
Okay, yeah.
So more vaults like with DEXs coming in the future.
That's awesome.
Exactly.
Yeah.
So also for these vault vaults is there a lock
up period or withdrawal fee at all yeah so for the soft bdc core uh vault there is no lock up period
uh we can come in and out anytime um so that's great uh on the core vault you can come in and out anytime. But as we partnered with B14G, if you want to do the unbonding,
there's a 24-hour wait period.
If you cannot wait, if you can wait 24 hours, then that's fine.
There'll be no fees.
But if you cannot wait 24 hours, you
want an instant withdrawal on the core vault,
B14G charges a 10% fee for you to do that.
So I suggest if you can wait wait it out uh 24 hours
and then there'll be no um sort of uh fees on withdrawal um i hope that answers your question
yeah okay right that does make sense okay and also so do i need to bridge assets or use wrap
tokens to participate or am i just putting in core? How does it work?
Yeah, great question.
So you, of course, you'll need to have assets on core because we're deployed on core right now.
But you have many options in terms of tokens that you can deposit.
For now, on the softbtc.core vault, we support the deposit of softbtc core itself soft btc.d and wbtc so i think it's quite
a broad option for you to come in um if you don't have any of these tokens you can swap in any of
the you know trusted dexes on core uh to obtain those those tokens and just deposit it on into
the vaults um and then the other vault is just core.
So you should have core if you're in the scene right now on the core blockchain.
And yeah, those are the tokens that you need to have on the core blockchain to use Nawa Finance.
Okay, gotcha. You need Sol BTC core or core or raft BTC.
Now for that raft BTC, what does that vault include?
Where is that raft BTC. Now for that wrapped BTC, what does that vault include? Where is that wrapped BTC going?
So the wrapped BTC is going into the softbdc.core vault. So we provide this automated service where we swap your wrapped BTC to softbdc.core and then you will be deposited into the softbdc.core vault.
and then you will be deposited into the softbdc.core vault.
So it's just an added service.
We call it a zap.
So whatever you deposit, it will go into softbdc.core.
It gets deposited into the vault
and it starts earning the liquid-staking yields.
I hope that clarifies.
Okay, yeah, got it.
Totally makes sense.
And while we're talking about all the vaults and the depositing, do you think you could just give a step-by-step guide on how users can go to Nawa's website, deposit in the vault, anything else they need to do in the process, make sure they have the right tokens, just everything step-by-step so the people know?
I think most of you guys have tried, you know, various DeFi protocols.
We didn't innovate too much on the front end.
We know what you guys are pretty much very used to.
So you can go to our website, nawa.finance, connect your wallet,
make sure you're on the core blockchain mainnet network.
Make sure you have tokens loaded up, some core, maybe some WBTC.
And then you can go to now on finance connect your
wallet and then click on the vault page we only have two walks right now and
more coming soon you can click on for example the soft BDC or vault get to the
vault page have a read how did you use source and so on and so forth and once
you're ready you can determine how much you want to deposit.
We have a feature where you can deposit 10, 20, 30, 40, 50, 100% of your holdings
of whatever token that you want to deposit.
In this case, it could be WBTC.
You select the amount and then you deposit.
There is an approval step
and then there is a deposit step
and then you're done.
You watch your... There is a deposit step and then you're done. You know, you watch your,
there is a portfolio page where you can track the growth of your holdings over time and
whenever you want to withdraw, you go back to the vault page. There is a tab called withdraw,
you click on it and then you can withdraw anytime. So that's very basically how it works.
If you want to check out our audit report the audit
report is also live on our home page on the navigation bar right at the top click on the
audit report hellborn has reviewed our smart contracts and uh and um you know cleared all
you know findings that they had and um yeah maybe you can have a read of the
audit report to you know gain more more confidence on us managing your funds.
Okay. Yeah. Yeah. And I'm really glad to hear the audit reports right there. If anyone wants
to go check out the audit report, please feel free. So I know you guys just launched, but
have there been, how's the, you know, how's the initial launch been? Have there been any
key milestones you're able to achieve so far?
You guys seeing any product market fit?
People are really excited.
Give me the rundown of how the first week has been so far.
Yeah, it's been really exciting.
You know, in terms of milestones, we cannot reveal the name,
but we've signed one of the world's top Sharia compliancy advisory.
They're really the guys that approve major financial transactions or banks in Europe and in the Gulf.
Later this month, we'll reveal who they are.
They've agreed to come on board to become Nawa Finances Sharia Advisors.
And to me, that's a really great achievement because, you know, we're something really new,
we're really young, but they agreed to lend their support and credibility to our project.
So it has been a great achievement by the team this week. We'll reveal more and we reveal the name
closer to the end of the month. We will all be in Dubai for token 2049,
and we want to make sure that there's
a huge announcement around that at the end of the month.
But our community has grown from zero to, I think,
close to 2,000 people right now.
That's amazing.
We've lined up a number of high net worth users who subscribe to the idea of Sharia Compliant DeFi.
And you'll see TVL grow over the next couple of weeks from this work that we've done before
we launched the main net version of Nawa Finance.
The focus by the team is mainly on that, you know, lining up these larger investors who subscribe to the Shareware Compliance idea.
And you will see the TVL coming in over the next couple of weeks from these groups of people.
Yep.
Okay, great.
Congratulations on all the success so far.
And I'm excited to hear the announcement coming at the end of the month.
Hopefully everybody heard that. hopefully everybody's ready make sure to uh follow now finance turn on those notifications
to stay updated on all that awesome yeah all right so speaking about the future what does the road
map look like for now finance i know you said you wanted to have some more vaults you know provide
some liquidity to dexes but give me the
full roadmap what insights can you share about what the future of nava finance could be like
what can the community look forward to besides what you were just talking about with the
announcement at the end of the month give us the run there yep sure um so the immediate thing for
us is to um bring the interest that we've had before we deployed to translate that into TVL.
Now that the product is up, audit is done, you know, it's mainnet right now on core.
We want to grow TVL, right, significantly in the next four to six weeks.
So keep a lookout on that growth.
We hope to be one of the fastest growing protocols on core
or even the whole bitcoin fi community we've lined up very strong supporters to provide
you know support in terms of the growth of our protocol so that's coming strong in the next few
weeks but beyond that we're we're you can expect us to do you know
partnerships with real-world sort of threat by partners right a lot of the
world today are still stuck in web to sort of interfaces so if you ask our
moms and dads they invest it typically through mutual funds ETFs and stuff like
that so defy yields are exciting.
They've heard about Bitcoin.
They want to be part of the scene,
but they are trapped in the current formats that they are in.
So we are lining up partnerships with large fund managers
from the Gulf all the way to Asia Pacific regions
to wrap our yields on our protocol and launch a regulated product
for their jurisdictions. So imagine mutual funds, ETFs backed by DeFi yields, Bitcoin yields.
Those partnerships are what we will be working very hard to execute on. You will see TVR growing
over time, but you may not know where the work is coming in from.
We'll be working very hard to bring high network of individuals, family offices,
institutions in the Gulf and the Soviet Asian region to invest on NAWA Finance, on CORE,
growing TVL for the ecosystem.
So I think those are the things that we will be putting our focus on,
and those are the things that you can expect to see in the next few months.
Okay, nice.
Just scaling, getting it available to everybody.
I really like to hear that.
So let's talk a little bit about Core.
What made your project choose integration with Core over some of these other platforms?
What do you like about Core?
What are your thoughts?
Yeah, I think first and foremost,
we've spoken to many ecosystems before we landed on Core.
But, you know, we really love the team at Core.
They really saw what we were building.
I think for an ecosystem to really thrive long term,
there needs to be a realization that we need more people into the ecosystem.
And that means bringing products that are in DeFi out into the real world.
So most ecosystems do not care about this.
They change the next biggest narrative and stuff like that.
But when we interacted with the team at Core,
they really saw what the potential would be within the Sharia-compliant market globally.
Like, it makes perfect sense, right?
Like, 2 billion people out there, they subscribe to a similar fave.
They require finance to be done in a certain way.
And there is no representation
of that in DeFi, like anyone would
get that, but you'll be
surprised how many ecosystems do not care about that
right, they care about the next narrative
and you know, launching a new token
pumping the token and you know
repeat the whole process again
so when we interacted
with the team at Core
none of that came up. The team was
really excited about us building for the real world, for the next billion people, a product
that is currently missing in the DeFi ecosystem worldwide. That is what really attracted us.
And also, I think there is a very strong community. I was very happy to see that there are strong
core ecosystems in countries like Nigeria,
Indonesia, so on and so forth. I think that's going to be very useful for Nawa Finance to work
with, to attract users and people in our community members from those countries can expect
to work with us as ambassadors, affiliates to sort of grow now as reach for core
in their respective jurisdictions or countries
all right yeah and what are your thoughts more generally on bitcoin d5 did cores like btc5
aspect change, anything? Any of your thoughts on going with Core?
um aspect change anything any of your thoughts on going with core
No, I think it was great.
I think based on our customer discovery,
learning about this market that we are serving, most of them hold Bitcoin.
They may hold it in centralized exchanges, not decentralized
in non-custodial wallets, but that's fine, right? Because we know
that the markets that we
are going for have deep faith in bitcoin and they are already holding bitcoin in some way
so the jump towards earning use on bitcoin is a lot lower than telling them that they need to
swap their bitcoin for something else and use on that something else so that really works in our favor um but yeah you know it's still not an easy thing to
get the masses to to get into d5 this whole idea about non-custodial wallets you know using
decentralized exchanges and so on and so forth but uh i think that's why we exist you know we
want to always try simplify uh the bitcoin five ecosystem for the masses.
Right. Yeah, that makes total sense. And yeah, most people just have Bitcoin as their default,
even if they don't, you know, aren't Web3 native. So I think that is great for your new customers that, you know, you can just tell them if you already have Bitcoin, you can participate.
All right. So moving on to one of our last questions here, let's talk a little about security.
So what security measures does your project implement
to protect users against vulnerabilities?
How does it work with the vault?
Who has access to these vaults?
Give me the whole rundown of these security aspects.
Yep.
So we do have, you know, internal, you know, reviews of our smart contracts
before even we send it to the auditors.
In this case it's Helborn. So Helborn has completed the review of our smart contracts
and the audit report is available on our homepage. You can have a look. With regards to what's next in terms of security, our focus is to let the TVL and the DECAP grow on our protocol.
And maybe in the not too distant future, we can roll out certain bounty programs and stuff like that to beef up security and get the community involved to safeguard our security moving forward.
security and get the community involved to safeguard our security moving forward.
And, you know, insurance is something that is also at the back of our minds.
We want to see, you know, the available options to insure,
especially our larger clients where, or users where, you know,
you know they're putting a lot more money and they would love to have an insurance sort of like
they're putting in a lot more money and they would love to have an insurance sort of like protection.
protection so that's also an angle that we are looking at to sort of secure our users deposits
into our finance okay yeah insurance would be would be great um i'm gonna open up the floor
now if anybody listening has any questions feel free to request and we could try to bring you up
on stage for any more questions
but as we're waiting for that shakir is there anything else that we kind of missed out on or
maybe didn't touch on that you think is important to bring up no i think that's it for for now for
my site yeah all right great um i'm not seeing anybody raising any hands so i think we could
just end it off here i feel like we covered everything so thank you uh secure for joining
us today let me just give a quick i'll just give a quick rundown of what of what you know everything
was talked about so now finance offers shirai compliant yields with no interest or anything from gambling.
It's straight staking and mostly providing liquidity too to earn these Shariah compliant yields.
You basically lock up your tokens inside a vault and Shariah takes care of the rest.
There is a big announcement coming at the end of this month.
So make sure to follow Nawa Finance.
Stay updated on that.
They have audits from Halborn. So make sure to follow now finance stay updated on that they have audits from halborns make sure to check those out and they're excited to bring uh bitcoin defy and defy in general two
billion people so uh yeah very exciting stuff thank you again for talking to us it's been awesome to
hear directly from you from the field behind this project um like i said guys make sure to follow them on x stay
updated on what they got going on stay tuned for future ama sessions we'll have to run this again
whenever you guys have a big announcement or something like that or maybe we'll come back in
a couple months see the how the tvl has been so thanks again i don't know if you have any final
remarks before we end off but yeah it's been great talking all is good thank you everyone thanks for
having us all right thank you for everybody listening good. Thank you, everyone. Thanks for having us.
All right.
Thank you for everybody listening.
We will see you guys all in the next space.
Follow Nawa.
Make sure to check out the website.
Check out the vault.
And until next time.
All right.
Goodbye, everybody.
Have a great day.
Bye-bye. Bye-bye. Thank you.
Host
Core DAO 🔶
from
Core DAO
