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Nolus Lounge 2025.5
Recorded: May 22, 2025 Duration: 0:26:18Space Recording
Short Summary
Nolus is making waves with its latest project launch, featuring significant UX improvements, direct deposits from major networks, and a robust lending API yielding 14%. The introduction of innovative features like price anomaly detection aims to enhance user protection, while an active buyback strategy is set to bolster the value of the NOS token.
Full Transcription
Thank you. Thank you. say everybody um before we we kick off today's launch uh i guess it's best to wait a couple
of more minutes to give some time for people to to join uh i'm terribly sorry but we've made a mistake and scheduled the
space for uh for a different time slot rather than the one that was
was given at the at the poster of the lounge so
i don't expect a lot of people to join but nevertheless hopefully we'll see
some people here and uh the the others can catch up later on with the recording
hi everyone Hi everyone. Thank you. okay since we already have some people here let's uh don't waste any more time today thank you all for coming and hello from
from Sophia today it will be methodology and me Ivan behind the knowledge account we will be
updating you with with what we've been doing in the last month or month or so.
Despite not having a lot of news around Nolus in regards to new stuff,
believe me, there's a lot that's coming in
in the next weeks or so,
because we've been quite busy with in the development side and we did a lot of
improvements under the hood to make everything better for everyone.
On my front, I would say that we've done a lot of UX improvements on the application
level.
We've gathered some feedback from users
that gave us a lot of insights on how to make some processes
even better compared to what they were before.
So we've pushed a couple of big incremental updates
to the application.
One of them is we've already migrated
to the latest iteration of Skip API,
which enables us to, I would say, fully utilize the IBC Eureka functionality,
meaning the routes that IBC Eureka will provide.
So it's just a matter of time before those routes get opened by the SkiP team and start
pushing some liquidity around the whole cosmos and to Nolas as well.
Pretty excited about this.
Actually, we've tested it till yesterday and this morning we've made the update.
So this is already present on the application.
Aside from that, we've opened direct deposits to Nullis from Avalanche and from base networks for USDC.
pretty fast, pretty cheap.
And we hope this will help more users
on board on all this ecosystem and the Cosmos ecosystem itself
because we don't think that the growth should come from the inside
from other Cosmos chains or let's say, for example, try to steal other users from other Cosmos chains or let's say for example try to steal other users from other
chains but rather try to to grow the whole Cosmos ecosystem and introduce new users
through the ecosystems through the knowledge application and the knowledge tool set that that provides for safer types of leverage.
Apart from that, we've been working on two big functionalities that concern the Cosmos,
the Denolas blockchain itself, and the money market.
I'm gonna hand over here to Mathu
to share more details about what's upcoming and what's the current stage of those two functionalities.
So Mathu, please share more details about the next iteration of the Knowledge Blockchain
and what it includes and what can users actually see as an improvement from that.
Thanks, Evan. And yeah, before I move to that, I'd simply like to add something
with that regarding what you mentioned with the new SkipGo version that we are kind of utilizing and allowing to get the deposits directly from base and Avalanche.
And just to give a numbers perspective, the lending API currently on USDC still continues to be
as stable and as predictable as it has been for months.
It's currently sitting at around 14%, which is, I think, quite good,
especially if you compare it to other protocols like Aave,
where it's kind of sitting at 5%, 6%.
So those deposits will allow liquidity from base in USDC to flow into Novos and also continue this positive feedback loop with lending and borrowing.
The borrowing numbers are also looking quite well uh also we've we've started seeing some action in uh in the other uh like the
volatile lending pools uh um there's like a few more deposits there and also like in terms of
borrowing there's people have started like actually uh opening more shorts position short positions
rather like frequently compared to what we've seen like two months ago, for example.
Currently, the old BTC, for example, utilization is sitting at 50% and the yield is around almost
1%, which is quite good actually for Btc if you especially if you kind of
look at other lending protocols out there like ave where it's less than 0.1 percent yield so pretty
good numbers and we hope to see kind of uh much more growth uh in that regard because so far
much more growth in that regard because so far the demand on Nolas throughout most of its life has been towards long positions.
But yeah, it will be interesting to see in the next few months how all this will unfold with short positions as well.
And yeah, regarding what also Ivan said in terms of development process.
So currently there are like two things that are waiting to be released on Mainnet and also Testnet.
So first of all, like on Testnet, we already have updated to the latest version of the base layer protocol,
which includes an update to the Cosmos SDK, to the latest version of the Cosmos SDK, which is like version 53.
And this includes kind of a lot of optimizations and also lowers the block time of the Novos chain by 0.5 seconds, roughly.
So this will be also a good improvement on that front.
But still, since we're, I think, one of the first chains,
if not the first chain to have this on Testnet, we prefer to kind of also see other chains pushing that update to their Cosmos chain as well,
just to be more sure about it.
And the other thing which is more interesting is on the smart contract side.
And we are practically ready with the functionality which we call price anomaly detection.
And it's mostly related regarding the liquidation process. And as you know, during mass liquidation events, when they happen,
as they have in the last months, usually the liquidity in the pools kind of gets thinner
and it sometimes gets not that optimal to... gets not that optimal to swap, to perform a swap.
So with this anomaly detection mechanism, in those instances, several instances where it's kind of not that optimal,
this will help detect such a case and prevent that swap from happening, determine that this position is
wouldn't need to be liquidated in the price kind of jumps above the
jumps back above the liquidation liquidation mark.
So this gives like first the protocol more like
better like handling and less risk regarding the liquidation since also of course it's good for borrowers right so if your position was about to get like liquidated and the anomaly detection that detects that the swap at this specific time is inefficient and afterwards
the price recovers then that's good for the borrower because they wouldn't suffer liquidation
so it's uh i would say it's a win-win for both the protocol and the borrower and uh yeah uh Yeah, I think that's kind of the main focus.
So these changes, we expect them to land on Mainnet in the next weeks,
as Ivan mentioned, and we'll be then looking to also continue delivering
more of the features that we have planned,
which we will also start teasing after this is live.
Yeah, thank you, Matt.
So we are pretty shocked about this price anomaly detection feature
because, as you mentioned, this is good for the protocol scale itself,
as well as it's going to be, again, another way
of protecting users from liquidations.
Of course, this will not come into play from day one, as we will slowly increment those those anomaly detections with a smaller and smaller percentage
just to get a sense where is the balance there.
But nevertheless, this will be incremented
in the application UI as well.
So users will be pretty much aware of what's currently
happening, why their positions should have been liquidated
but are not liquidated.
So hopefully, in the end of the day,
we'll be able to handle those knife type
of market volatility with ease.
And this will further help users not to get liquidated because for us we look at
liquidations as an engineering problem not rather something that comes from the market itself and
that kind of feeds the mouth of the protocol itself but rather it's the opposite way with
NOLAS as we've already shared a couple of times that NOLAS actually doesn't, the protocol doesn't make money out of liquidations.
On the contrary, it's much more efficient when they're more open positions and positions stay open for a longer period of time.
of time and that's why it has a fixed interest rate.
And that's why it has a fixed interest rate.
That's why the interest rate is relatively lower in compared to other
perpetuals or lending margin and lending solutions in crypto.
And yeah, we're pretty excited about this functionality.
We are also looking into a couple of more
things that will be coming into the next couple of months but i won't be sharing any details for now
because we're we're kind of still working on the uh technical aspect and once uh they're cleared and we're kind of going forward with the development,
then we'll have more details to share with you guys.
But it's only for the best.
And hopefully we can see NOLA's scaling much better in terms of network coverage,
DEX coverage, and et cetera in time.
I just want to add here regarding this SDK update
that it has a really actually one meaningful impact
for the money market itself.
Because it will give us the option to enhance the time
for opening and closing positions on the money market as well,
because it also introduces the latest version of IBC,
which is the first step towards migrating to IBC v2,
on which Eureka resides currently.
But nevertheless, there is one critical feature
that we've been requesting for some time now,
and the IOC team were kind enough to give to us.
And this is an atomic transfer of multiple assets in a single transaction.
Because for the time being, one can do an IVC transfer from one network to another with only one asset in this transfer message.
Where with this feature coming into play, we can transfer two types of assets in a single message, meaning in a single transaction.
So the benefit here is that the money market state machine will not need to kind of, let's say, first transfer the loan, wait for the loan to get transferred to the DEX or the liquidity hub, and afterwards transfer the collateral, wait for the collateral to get transferred to receive an acknowledgement, and they say, okay, swap those assets into a position.
But rather this will go more atomically, meaning that both the loan and the collateral will
be transferred in a single transaction under the HUT and all this.
And this will greatly reduce time for execution, which is something I'm also looking forward
Apart from that, I think today we are not the whole team because Biljana is getting prepared for a speak
that she will be doing in East Belgrade.
Myself and her will be traveling to Belgrade in the beginning of June,
where she will be talking on the main stage on East Belgrade.
We'll try to do our best to kind of push Nolas forward
to some people that are not coming from the Cosmos ecosystem or not pretty much aware with it.
Later, later in June, I think, Metodi and and Biljana will be also speaking in Berlin, which is around a small Cosmos event that has been organized by the post-human team
around Berlin Blockchain Week, which is also amazing.
We'll be striving to put a lot of presence on different types of events.
So this is something that is also in our focus.
I would also like to kind of give a big shout out to Tony, who has recently become the Nollis community lead in terms of roles.
He has been filling the shoes perfectly for the last couple of weeks.
And I am pretty happy that he became of of the core contributors to knowledge and
um a big shout out to tony guys uh let's give him a big applause because he's really pushing
hard to make novels become a thing and uh yeah i guess we'll be looking forward to see what's in his mind
and how he can spin the community more
in order to kind of propel the message forward
for what our tech is and what we're
trying to achieve here at Novelis and in Cosmos in general.
to achieve here at NOLAS and in Cosmos in general.
Anything you would like to add, Meto, here?
No, I'm also really happy that Tony is part of the team.
I really like his ideas.
And yeah, we're looking forward to continue working with him
and also the rest of the team.
Okay, I will give a couple of minutes time for if anyone has questions,
but unfortunately we'll be a little short this time.
Kamen's on a vacation, so he cannot present the numbers in terms of how Novos is doing
currently.
But next time he'll be joining and we'll have more, I would say, thorough review of how
the protocol is performing in terms of activity and in terms of actual utilization.
But apart from that, as already Metodi mentioned, numbers do speak for themselves.
We have probably the most sustainable, I would say, organically created yield on stablecoin in whole crypto.
Bitcoin is also starting to get traction.
And of course, in the last couple of weeks, we saw zero to almost no liquidations.
And probably they're zero.
I'm not sure how the numbers look like but
judging from the utilization levels the protocol is only going up
in terms of demand to borrow and in terms of supply to land. So we'll continue pushing forward, we'll continue innovating because our model
is not very similar to what others are doing. Our efficiency is rather different compared
to perpetual DEXs, etc. But you're already familiar with what we're trying to achieve here.
And hopefully one day, NOLAS will become like what margin protocols do
in traditional finance and we would have done this together.
Apart from that, one thing that I think is also my milestone
that we forgot to mention about is
the fact that this utilization of the protocol speaks numbers in terms of how the
analysis built-in buyback is currently working. Having, I would say, a lower price for the NOS token is not only
bad because currently the buyback is kind of offsetting big chunks of NOS tokens on a
daily basis. And we've seen this in the last couple of months. We are currently residing at somewhere around, I think, 16 million in terms of bought back
tokens that are not currently in circulation, but rather stay in a treasury that, again,
it's owned by the protocol and it will be at some point up to the community to decide
how to, how those funds can be spent. But in the end of the day, it creates a value flywheel for the NOS token
that is based on the actual protocol demand, which is something amazing.
And glad to see it working in a production environment, not only as a piece of paper in a white paper.
So that's on my end uh i hope you guys have a great day ahead and uh upcoming uh sunny days um till
the end of of may uh catch you up in the next uh knowledge lounge and talk to you up in the next Nolas Lounge and talk to you then.
In the meantime, let's fucking lease.
Have a great day, everybody.
Host
Nolus 🔅
from
Nolus Protocol
