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Nolus Lounge: December Edition
Recorded: Dec. 22, 2025 Duration: 0:46:39Space Recording
Short Summary
NOLAS reflects on a year of significant growth and development, with over 7,500 loans granted and a transactional volume nearing $200 million. The team is gearing up for an exciting 2026, focusing on cross-chain capabilities and user-centric innovations, while also planning to launch an incentivization program to boost adoption in the Solana ecosystem.
Full Transcription
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Music Music Music Music Music Music Music Music Music Music Music I'm I Oh I'm I'm going to go to the next video. Hey everyone, how are you doing?
Hope you're all okay.
I'll just ask Kamen and Bibi to request to speak because for some reason I cannot bring
them to the stage.
Ah, Kamen over.
He's so really... I believe I am.
Amazing.
Yeah, amazing.
Bibi, please request to speak because I cannot touch you for some reason.
And as I was saying, glad to be here, glad to see you all here.
And I guess this is the last time we'll be seeing...
Ah, great.
We'll be seeing each other for the last time this year.
I hope this one was, let's say, a good year for each and every one of you as well as us.
The whole idea behind this space was to kind of go through what we've managed to build
and to achieve with NOLAS this year and kind of outline what's coming next for NOLAS and
the whole team in the upcoming year.
And of course, what we're looking forward to.
Kamen, would you like to take the stage and kind of go through the product
features that we managed to build and introduce to NOLAS this year?
I think this was probably the biggest pivot we've done in a product
since we started working together.
It was like almost 10 years ago.
But of course, feel free to go forward
and kind of give us the details there.
My pleasure to do so, guys.
Nice to have you around.
Really a very good year in terms of development,
very hard year in terms of growth
in the crypto industry overall.
If we look back into the year, I want to talk a little bit about the numbers in 2025
because it's important to feel and sense what is actually happening on the markets
and thus relates to our work at Moos.
work at Novos. Indeed, we have pivoted a lot in terms of how we present the product towards users.
And I think we've made the right choice to target a more simple explanation of what we're doing.
This is what we have been trying to do with fixed rate margin engine as, let's say, one sentence explanation of what noces. of your crypto assets and actually safeguarding them through these capital markets through these
times through these let's say negative returns on most of the assets and volatility is quite
essential so indeed we have granted probably in 2025 although a couple of more days to go we have granted more than seven and a half thousand ones
which is approximately 30 to 40 percent lower compared to 2024 but keep in mind the 2024 was
a year of a couple of months that were very explosive in terms of in terms of growth in terms of growth, in terms of people actually trying to go into the markets.
And then we have this year where it's mostly flat without any particular upstakes in any of the months.
So pretty happy with those.
The average leverage is around 130% above the down payment.
And we have two or three assets that have been mostly used atom
being number one also being number two and of course btc and ethereum being three and four
with the atom being on top place while btc and ethereum being almost on second equally distributed
leverage positions have been vast meaning that with the downturn of the some of the asset
prices we need to use our system and especially mac in order to decrease the risk of our users
and this is where i believe we have done the best job so far this year because we have safeguarded probably around 30-35%
of all of the positions that were on our books and our portfolio during the year.
We have managed to safeguard them through the MAC safeguard mechanism.
So we have saved them for being liquidated.
And by doing so, I believe we have exactly done what we've promised to do, to safeguard and protect
capital in volatile markets. Volume is ticking up a lot. We are nearing 200 million of transactional
volume. However, TVL is around 2 million. This is due to depreciation of the prices of most of the assets and
consequently having those assets on the portfolio actually reduces the tvl but we're pretty happy
with the interest rate that we have managed to achieve approximately nine to ten percent was
the average during the year currently at seven but it used to be around 12 this is the apy for
during the year currently at seven, but it used to be around 12%.
This is the API for the LPs.
Pretty constant with constant margins between seven to 12%.
This means that the engine that we have initially created
of having a long-term asset increase stablecoins,
if you're being an LP a liquidity provider has been
working very steadily throughout this year as well and this is almost third consecutive
year that it has been working in such a way we have a lot of improvements in terms of
how the overall money market acts and how we transact or how you're
able to do that on the platform. Most of those performance improvements have been accepted very
well. And I believe that we have done in terms of in terms of housekeeping and in terms of
what we have done to the app itself this 2025 was our best year
and this would put us in good grounds to improve especially with the new market that we are opening
in 2026. yeah i guess this was quite a good overview of the performance metrics as well as the protocol
itself and how it evolved in time.
I just want to add here that with the new, with pivoting the protocol in terms of product
offering, we also needed to reinvent the whole NOLAS UI from the NOLAS DAP in order to facilitate
the changes and also to address a lot of the feedback we've received in 2024 and the beginning
of 2025 in terms of user criticism and user expectations.
So this was one of the other, I would say major things
that we managed to do in this year is to kind of create
a, to deploy a new and I would say much better user
experience in the application, in the Novos application itself.
Since it's launched, I think it was somewhere around
March this year, we've managed to go
through multiple small iterations that made it better and better and better with each
iteration.
We do believe that the way to go forward is iteration.
So those changes and iteration upgrades will continue coming in the upcoming year as well.
We also have one big update that we will probably push in the beginning of next
year with a lot more improvements in the user experience in the app itself.
It's almost ready, but we need to test it.
And I guess this will be the end game is to have like an amazing experience
and everything to work and look flawlessly,
despite whether you're interacting with the application
via your mobile browser, your desktop browser, the browser
on your, let's say, wallet application, etc, etc.
So this is our end game.
It should feel seamless, it should feel easy, and it should be contextual. One of the big updates that we've also released this year in regards to user
experience was our assistant. It's called Kai. You all know and know how it works. It's
actually a passive assistant. It does not, let's say, execute transactions on your behalf because we do believe that
technology isn't there yet so that we can kind of give our money to AI and let them
do the work for us.
I do believe that the end result will be horrifying for the users, but this doesn't mean that the AI scan cannot be helpful with some
additional context for product offerings, some, let's say, market intelligence, some
support, and et cetera, et cetera.
So Kai is actually doing all those things to date.
He's also available on Discord, so you can chat with him on Discord, you can
chat with him in the application itself. It handles probably somewhere around 98% of all
user requests in terms of support needed or any other request that users are kind of creating through
its interfaces. So we are very happy with the end result because this will give us
I would say enough time and muscle to continue working on the bigger
I would say the bigger and more important features for the protocol,
while not having to scale the team with tens or hundreds of people that need to only work
as support because Kai is actually doing a great job there.
Kamen briefly mentioned something about Mac and some stats there. Mehta, would you like to kind of give us more info about what Mac is for the people that
are not familiar with this feature and what it actually did for users throughout the year
after we launched it in, I think it was somewhere around June.
Yes, of course. And hi, everyone. Great to have you all here for this last edition for the year.
So yeah, Mac has played quite a big role during this year, rather turbulent year, I would say, a year where several large-scale
liquidations across the markets happened. Even the largest recorded one on October 10th happened
when 20 billion got liquidated from the crypto markets. So when we designed this market anomaly guard,
we thought in advance for exactly such moments
because throughout the whole development cycle,
our team has always been focused on the general safety and security of the protocol,
and then on the economic security as well.
Because these liquidation events, as I mentioned,
they kind of tend to apply a lot of pressure on the markets,
uh yeah on the markets and especially that's relevant for leverage instruments where
and especially that's relevant for leveraged instruments where,
uh yeah basically uh port uh like whole portfolios of uh um of like certain protocols or exchanges
get like wiped out so you you need to have a system that's uh uh that has integrity and uh and is able to face those circumstances so that it can survive afterwards
and proceed to function as normal and as expected by its user base.
Initially, when we launched Novos, and that's still the case. Novos operates with its own proprietary Oracle model,
which tracks the spot prices of the exchanges,
the centralized exchanges that it is integrated with
and applies an exponential moving coverage algorithm
on those prices to kind of smoothen them
so that when you have this so-called scam wicks happening
on the DEXs, the Oracle system on Novos is able to kind of smoothen out these certain price drops
and kind of record higher prices above the liquidation threshold, so that way saving positions. However, here the issue was that when the liquidation actually happens,
like the prices drop and the assets need to be moved,
kind of need to be swapped to the debt, to the old debt, then you need to kind of rely on the efficiency
of the underlying DEX to kind of make sure that there's enough liquidity there that you, for the
tokens that you provide, you would get the best possible price. But during moments of liquidations when liquidations happen liquidity is obviously much thinner than the normal because of this selling
pressure and market makers removing liquidity so we designed the market
anomaly guard with that in mind to kind of make sure that the system is able to
swap efficiently on those DEXs,
even during these dramatic moments, right?
And that's exactly what has happened several times already, as mentioned.
For example, during the October 10th, 11th events,
the Market Anomaly Guard managed to protect that way more than twice as many positions that actually got liquidated on Novos.
And by protect, I mean that if liquidation triggers get hit, actually, and the certain position is flat for liquidation,
if there's no efficiency on the underlying DEX, MAC prevents that
liquidation from happening until the efficiency is resumed. And if the prices in the meantime
recover, MAC has this additional feature, so to speak, to kind of cancel that liquidation
from happening because the position is safe.
So, yeah, it doesn't need to be liquidated, right?
And for Novos, as a protocol, Novos doesn't profit from liquidations, right?
It actually profits from people keeping their positions.
So that's kind of a win-win situation for both the protocol and the borrower
who has their position alive
and in full after MAC intervenes.
So yeah, it's quite a big mechanism that we are really proud of having on our protocol.
And it's something that, yeah, I would say not many protocols
out there kind of think about, judging from past experiences.
If you think about it, most perpetual protocols
are designed in a predatory...
They have a predatory design because the way they normally execute
is when you open a position, they open a counter position.
And they make money when they liquidate users.
And the whole notion is that the house in the end of the day would have made more money than the traders have.
So I do believe that we are kind of unique in this sense because there are not a lot of protocols in crypto currently,
There are not a lot of protocols in crypto currently, money market or leverage ones that
kind of work in the same direction with traders and that align with traders because this is
something that it's, I would say for some reason, it's not very popular.
And I do believe that this comes from a lot of Web2 designs that, I would say, traditional
finance designs that kind of people get inspired from.
Can you kind of outline if you remember the numbers in terms of what were the liquidation
amounts in percentage wise from the whole portfolio of loans that NOLUS has given
somewhere around the 10th of October, I think was this event, and how much
MAC managed to save, meaning that he canceled liquidations.
Yeah.
Well, first of all, I assume that most of the people here know that NOAA operates with partial liquidation.
So if the liquidation triggers hits and there's like an efficiency,
even then the whole position doesn't need to kind of get swapped to the old asset,
but rather enough so that it could be brought to like a healthy threshold again.
so that it could be brought to a healthy threshold again.
So with that in mind, on the October 10th events,
like 5% of all positions got fully liquidated,
5% got partially liquidated,
and 23% got saved by the Market Anomaly Guard.
And in contrast, we also did like some an additional
like additional research uh and uh let's say hyperliquid for example uh if you like open
their stat page before those events they had like 14 billion in uh portfolio value and 12.8 billion got liquidated.
There was the liquidated amount, which is massive, I would say, relative to their portfolio size.
And that's the case for also other perpetual platforms.
platforms. And yeah, our protocol is kind of more on the risk averse side of leverage
trading where you want some exposure on your assets, but you'd rather not watch every day
the chart ideally and still like have some, of course, some exposure with a bit of risk.
Amazing. I think we kind of managed to prove this year that there is a PMF for our product
and the product is relatively unique and with the proper motivation, we can kind of excel in terms of development and bring features that are
unique in the crypto market for leverage instruments.
In a later stage of the year, we also introduced the last thing that we are kind of focusing our efforts on, which
we internally call IVC Solray.
The concept behind this is that, as you all know, NOLUS operates cross-chain, meaning
that it settles all transactions and executes all transactions on separate chains rather than the
knowledge chain. So this, in order for this to happen, we need to have a real
time connection via IBC with separate chains that have DEXs there or AMMs and
enough liquidity. But despite the fact that kind of the liquidity in Cosmos is quite becoming
scarce in the last couple of months, we were going to continue expanding knowledge to other
chains that are outside of the Cosmos ecosystem. And this was one of the things that we have planned
from the beginning of the year to work on.
So I guess with liquidity becoming scarce on Cosmos,
it kind of give us the extra push to pursue this technology and the development of this technology.
And I'm kind of speaking about extending IVC to Solana and connecting NOLUS with Solana
so that we can execute transactions and leverage the vast amount of liquidity available there.
So, I guess it's a good time to kind of go through where the development stands currently
on this.
There are a couple of components that we need to kind of talk about, but let's focus
with the pure IBC implementation.
Matu, you can probably again share more details on this
because I do believe that you're in the loop there
with the development team and are quite well aware
of what's our current progress.
Yeah, of course. So, as you know,
and I already mentioned, we utilize the IBC currently with Cosmos chains and IBC is like
a module that's part of like an integral part of each like Cosmos chain and you can
you can or developers can choose whether to easily plug in that component or not and it allows like
to easily communicate and transfer assets and send like actions across chains so to speak
actions across chains, so to speak.
But that has been true for the Cosmos world.
And with Stolana, being it's not a Cosmos-based chain,
and being with a different architecture,
we need to kind of adapt this model that we currently have
with the cross-chain communication to be applicable over there.
So the way we are doing it is by working on a Solana program,
which like a program stands for like a smart contract on Solana,
which will be responsible for instantiating this like connection between the two chains.
And that happens with the use of
light clients so currently like IBC operates again with light clients and
when you hear like about the light client that's a sparse or like a
lightweight representation of the chain you are connected to. So currently, Novos is connected to...
and is integrated with Osmosis and Neutron, as you know.
And so on the Novos chain, you have like Osmosis-like client
and Neutron-like client.
And the same idea would be applied here with Solana,
where on the Novos chain, you would would have a Solana-like client,
and on the Solana chain, through this program that we are working on,
you will have a NOS-like client, and that would, through this,
this trust-minimized communication that we are currently also having,
and that's the true power of IVC, in my opinion,
will be preserved again like with Solana, where security doesn't lie
in a centralized operator holding keys to the bridge, as it's in many current bridges
that are alive and operate with hundreds of millions and millions in assets,
but rather the security will lie in the consensus of both chains.
So through this contract or program, the Novos would be able to, like, again, positions would get instantiated as contract from the knowledge chain,
but they would be able to send assets to Solana as well as commands to swap those assets to a target asset,
let's say, on a decentralized exchange or a router like Jupyter there,
so that positions can be opened in the same way, like cross-chain and trust minimized.
I do believe in terms of development, we should be almost ready with the IBC solar array development.
So the next phase will be to kind of enter into a testing period and think of it as some sort of informal verification
of the source code.
But the interesting thing here is to just, I wanted to share with you is that it turned
out while we were developing it, it turned out that there were a lot of inconsistencies
that we needed to take care in order to make the
state of both chains compatible because they're quite different in terms of design. But in
the end of the day, I'm really proud of what our development team has managed to do and
to build in those three months of active development. From once this component is ready,
the whole focus will be shifted towards
creating the actual integration,
just like Matthew said with the Metis API,
which is one of the most powerful APIs in crypto
in terms of swap route, in terms of routers to swap assets.
It aggregates data and pools from 64, I do believe there were 64 in last week AMMs and can provide Nolus with the vast amount of liquidity that the system
will actually be able to utilize with and be complementary to the product that Nolus
is offering.
Just to give you a sense and an example, this integration will kind of allow NOLUS to do swaps for in a single
transaction for more than a million for let's say Bitcoin, Ethereum, Solana and probably
four or five more tokens which is absolutely amazing because the slippage for those will be less than 0.10%,
which means that it's practically every user will be getting the, probably the better execution
prices compared to let's say Binance or any other centralized exchanges in the blink of an eye, all trustless and on chain, which is amazing.
I'm really looking forward to this because I do believe this will kind of create a lot of opportunities for Novos.
And speaking about opportunities in Solana, in the beginning of December, me, Bibi and
Matthew went to a couple of events to kind of get to know the community, the Solana community
there and to kind of create, I would say, the first impression for Nolas with people there.
Meto did a quite interesting presentation,
but I'll give the word to Bibi to kind of share more details
and to kind of give us the overview of what we've
managed to learn and what's the game plan from here on?
Hey everyone. Yes, we attended a couple of events in December. All of them were Solana focused. The first one was called Solana Economic Zone. The idea of this event is to connect builders with vocal people, the super teams that are the, let's say, the main community structures around the world, supported by the Sudana Foundation.
And it was a blast because we've met a lot of builders, a lot of people that are supporting this ecosystem.
And not only supporting, but proactively helping the founders.
We've discussed what Nolus is, what we are building, what our journey was in the last four years already.
And the feedback that we got was pretty good.
A lot of builders and people, part of the Solana ecosystem,
were pretty impressed of what we achieved in Cosmos for the last couple of years.
we achieved in Cosmos for the last couple of years.
And they're passionate to try and to understand the model, to know more, because our model
is quite a new, relatively new for their ecosystem.
Something that we've managed to do was even to talk with the Solana Foundation, the person who is in charge of the whole DeFi vertical in the foundation.
We've discussed with him what NOLUS is, how is the best approach, what needs our next steps to be in order to get traction,
which was very useful for us.
And we are still in a communication with not only him, but a lot of super teams,
a lot of people that we've connected with.
And yeah, I believe this is the start of the journey.
And something that makes me happy, I believe the rest of the team as well, is that this time, yeah, still we are the new kids in the game, in the second ecosystem. But this time, from the entry point, we have opened doors and we have the connections already.
So that's why we are planning to start with a very interesting
incentivization program in the next month, just after the launch in order to, let's say,
bootstrap the adoption of the protocol.
And something that I think will help us even further
is that there are a lot of people that have a high conviction,
not only on Sol, but the assets available in this ecosystem.
And you know, all of you, that NolUS is the best feature if you have a high conviction in a certain token.
And I think this will be a very strong message from us to the whole ecosystem that all the people that have strong conviction in something can use NOLUS.
And to, yeah, show this in a way by using our features.
And yeah, so next year we will be even more visible in the ecosystem.
We are planning a lot of co-ops with different teams.
And yeah, sky's the limit.
This is in a nutshell.
Yeah, Metu can share his feedback
about his presentation during demo day.
I believe a lot of builders start communicating
and wanting to find more about NOLUS after the demo day,
even though the presentation was just for two minutes.
It was, from my perspective, one of the best ones.
Yeah, just to give the frame here,
out of, let's say, thousand thousand plus submitted presentations to be
whitelisted in between 20 teams to present on this stage that Mato
actually showcased. Now this was I think a, let's say, it kind of showed the interest in what we are building
and the professionalism behind of how we are building because, to be honest, not that it
met in the presentation or it's the product that we've kind of invested our souls in
for the last couple of years, but I think our product and the way we presented it was probably one of the best
in between those 20 presentations.
Mato, would you like to share more about the presentation itself?
Yes, of course.
So, as you mentioned, we were among the 20 something teams that were picked to present.
Of course, the time slots were kind of narrow, so you had to present in two minutes tops
about your products.
I'm starting back as a fast pitching session, so to speak.
But it was interesting because we usually, like before that, we presented like
between 10 to 20 minutes when we were doing presentations.
It was a different experience, but still, we got a lot of appraisals.
Yeah, because of the way the presentation was, like, went through and it was, like, structured.
So, yeah, kudos to Ivan who kind of designed it.
And, yeah, and we and I think we did
a good job
there and with these
presentations actually
it's really easy then to
kind of get approached if you're
by like other people
there who are attending
so yeah
it's quite
an easy way to like get spotlight, so to speak,
and to actually get people afterwards to kind of become curious about your product
and to ask more and more questions, and from there to kind of strengthen the connections a bit more.
So I think it was a good opportunity and to win it as best as we could do.
And in my opinion, it was one of the one of the best presentations.
Kudos to you, Matthew, because you actually went there and did the presentation.
We were just the backbone and supporting you.
But in the end of the day,
you were the one that went and showcased Novos.
So yeah, I guess this is kind of everything
we've managed to do for this year.
And you kind of already know what's the focus for next year.
I just want to add here that once we're ready with Solray, this feature and this light plant
update will be available to, we'll make it available to the whole Cosmos ecosystem to
use if they intend to, if they see fit.
We do intend to open source it and the best thing about it is that it should kind of work
with each IBC implementation out of the box that each Cosmos chain already has and has
enabled as a module on their network.
So I do believe that this is probably one of the major things that we've done in the
ecosystem from day one until NOLUS has become operational.
And I do believe that this is kind of a good entry point and for
both Solana to continue expanding its liquidity sourcing and good entry point for NOLUS products,
not NOLUS but Cosmos products and Cosmos chains to connect and kind of find their the liquidity that they need in order to continue scaling
and operating at peak performance.
Apart from that, we've already kind of created an internal roadmap for 2026.
It's not covering the full year.
However, we have, we will have some interesting things that are in the pipeline.
But I do believe that once we have the integration up and running with Solana and Solana is available
on Nolas with its liquidity, high performance consensus and speeds, we will kind of start revealing what is coming next for NOLAS, but there are
a couple of unique use cases that due to, again, to the highly liquid markets on Solana
can be open for NOLAS and for NOLUS users. One of the most, I would say, interesting use cases is the option to
offset your interest while being leveraged, sort of a leveraged field farming strategies,
something that I wanted to see on NOLUS from day one, but due to the amount of features and adjustments
that we needed to develop in time, we haven't got the chance to implement it to date.
But of course, this at some point will be a reality.
So I'm pretty, pretty stoked and pretty hyped about 2026 and what's coming for the protocol itself and for the new challenges
that we'll need to kind of deal with in order to make NOLAS is and how it's better in comparison to other
leverage instruments in crypto.
But for now, thank you guys for being with us through the whole year.
Thank you for kind of supporting us and being part of our community.
Thank you for coming today.
And I guess it's a good time to end the space
and to say to you, have a great holidays ahead
and expect a lot from us in the upcoming year.
We don't intend to stop pacing,
we don't intend to stop developing.
On the contrary, we kind of see all the upcoming things
for NOLAS as kind of putting it rightfully in its,
I would say, first release version as it has already grown into a really
stable and mature product and protocol.
And we just need to kind of showcase its abilities and to see it work at scale.
One more time, thank you all for joining us.
Have a great holidays ahead and talk to you in the next year.
Bye, everybody.
Bye, guys.
It was a real pleasure.
Bye.
Bye-bye. Bye-bye. Thank you.
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