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Nolus Lounge
Recorded: April 11, 2025 Duration: 0:29:48Space Recording
Short Summary
The latest community launch reveals significant advancements in the Nolus platform, including the introduction of a NoSQL web application, innovative trading features, and a commitment to transparency in governance. With nearly 300 proposals and a transactional volume of 122 million, the project showcases impressive growth and user engagement, while offering high yield opportunities for traders.
Full Transcription
Thank you. Hey everybody, how have you been in the last month?
Welcome to the second edition of this month's community launch.
Unfortunately, the one that we tried to do yesterday uh fell apart due to some problems with uh the connections or with
the connection or probably problems with uh the x platform itself but uh i guess today we will be
able to uh go through all the updates and what we've been doing in the last month or so and
get you guys up to speed uh in the meantime uh let's wait a couple of minutes
more just to uh give some time for more people to join Thank you. okay i see that uh everybody from team has uh gathered up and i see their uh the usual
The usual listeners of the space are here, so let's just start.
I will open this conversation with some updates on our end.
The people that are normally using NOLAS as a trading platform already know that one of the biggest changes that have come in the recent days is that
we've launched NoSQL web application as well as some changes in terms of what actually
the protocol is becoming.
And I would like to give more details here because despite the beautiful new UI that we've released that has been in the making for more than 10 months, we've also reimagined the platform by evolving it from this by-list platform, which was suitable as the name and as an experience
for a platform that one can only leverage tokens on the long side, meaning buying more
tokens compared to his equity, to fully fledged margin trading protocol, which means that actually people can,
with some additional updates in 2024, we kind of opened short positions as well.
And we're now gathering more and more available assets to be shorted as well.
So this kind of led us to start thinking that the protocol
from its initial vision started evolving and we needed to create
its new identity. So it's more, I would say it more closely
representing what what knowledge has become in in the last year year and a half or so
and this kind of led to to rebranding knowledge to a margin trading platform that is asset-backed
meaning that in every position their actual actual assets that can be redeemed
by the user if his loan is repaid, etc.
So I think these are the two main changes that have happened in the last month.
Under the hood, we've been working on a lot of different other cool things.
One of the things that I want to kind of put a highlight
on is that your development team is currently working on a pretty novel liquidation mechanics
that will will provide an option for certain positions to not be liquidated on their liquidation threshold, but rather
give the option for liquidation to be paused and with a certain amount of time.
And if the price, let's say, jumps back to a level that should should not be liquidated, then the liquidation will be cancelled which i think is something that
is nowhere to be seen in the space and is something that will pretty much help help users
a lot especially in times when volatility is something that we see in our day-to-day lives and day-to-day trading because from the beginning of the year we've
seen some amazing spikes but however we've seen some horrifying downfalls so we started thinking
in this direction how can we create another set of buffer for for users to
of a buffer for users to try and safeguard their positions from liquidations.
Apart from the new and I would say amazing UI, this is something that, like I said,
it's 10 months of the making. We did it by the book, meaning that we over all told the old pages one by one by gathering all the feedback that you guys provided
prior of we putting it in production.
Also, we did some user testing with some scenarios, ideas testing as well.
And in the end of the day day it turned out to be great
in my personal opinion apart from that we've also enabled stop loss and take profit which was already
built in terms of code base and logic in the smart on the smart contracts level in the money market.
And the other amazing thing that I'm pretty stoked about is having the option to pay with almost any asset
that is supported by the money market for network fees.
Meaning that when you interact with the NOLOS application,
you do not need to care how you're paying your network fees
and certainly you don't need to actually hold an OS token in your wallet.
But on the other end, let's say if users pay fees with USDC,
those USDC tokens are then distributed to network stakers so it's a pretty much a win-win
for for everybody because it kind of abstracts away complexity on one end and on the other one
on the other end rewards stakers and and people that help secure the network
rewards stakers and people that help secure the network.
Apart from that, we have pretty, I think,
in the last hour or so, we also pushed another update
to the web application.
It's a small incremental one that will address some small
inefficiencies that we've seen in the last week.
And with that, I think our migration to version two
of the web application has been completed.
But nevertheless, if any of you guys see that something
that can be done differently or can be, let's say, reiterated.
Don't hesitate to drop your ideas
in Discord or wherever you find suitable.
And we value your feedback and we'll definitely find a way to implement those
changes. And I guess the other interesting things will come from uh methodian common so i'm
gonna give the mic to metal please loop us in on everything interesting that happened in in terms of
governance and what what were we what we did in in the last month there.
Thanks, Ivan. Hi, everyone. Great to have you all here. So yeah, on the governance front, things are as active as they have ever been.
We actually have almost reached a milestone of 300 proposals that are live on mainnet. And that's for less than two years since the protocol launched in May 2023.
So this just proves how that governance really plays a pivotal role in every step of the
development process of the protocol.
So the majority of crypto projects out there.
They kind of prefer in many cases to use admin keys
for all kinds of updates, whether it be like simple parameter changes
or like smart contract migrations. We don't do that.
We prefer the words transparency and open source.
They kind of mean a lot to us.
And that's why we have that many proposals.
And yeah, it might kind of feel overwhelming at times, I guess.
But yeah, we try to share detailed info on the proposals content
and what a given proposal does.
And we believe that that's the right way to do it
and to prove that decentralization and open participation by everyone matters.
So, yeah, and in terms of updates, one cool thing that we also introduced in the last kind of offer much faster new assets for longing or shorting on Nolus in a way that now this logic
in incorporating new assets into the code base is kind of decoupled from the development process.
So guys like me, for example, who are not coding, they only need to adjust configuration files.
And then from there on, we just leave it to governance for people to vote on these changes.
And that's completely independent from what the dev team is doing in terms of new functionalities. And we do not need to wait for them to release some new functionality and a new release.
And for them to add these assets, we can do it much faster now.
Whenever there's a new interesting asset that we want to add.
The last example was actually Babylon, the baby asset.
So now we just need a few proposals. It's like a matter of the days, a few days until this asset
lands on the UI for the user to long and short. And yeah, it's a few days because we like I mentioned there
there are certain steps like in terms of proposals that need to go through and
yeah we believe that the this is like the transparent way to do it and yeah
really looking forward to to the next proposals as well.
So yeah, I guess that's kind of summarized everything about governance.
We also published recently, like two or three days ago, a really nice article about governance on North. So feel free to check it out.
It's on our X page. So if you need to have a deep,
like a cool overview of various most popular,
I'd say proposal types that you can see on Mainnet,
feel free to have a look.
And I believe things will be much clearer for even new voters
who decide to join the voting process.
So your 300 proposals, almost 300 proposals already just for quite a,
I would say, small time span. That's amazing.
I have a question. Sorry.
If we have to put a new asset, let's say for long on Osmosis, what is the best case scenario
in terms of days that we can do it, bearing in mind that all proposals go through?
I would say three days. days so if like a the if let's say a proposal is like one day long voting period then first this
after like I for example like incorporate the changes in this configuration file then it
means we need to like store those contracts and also pin them this this is like one proposal. And from there on, we need another proposal to kind of incorporate these new changes into the contracts themselves via migration.
That's like another proposal. That's like two days.
And then we basically need one more proposal, which is like the final listing on the contract side, on the smart contract side.
And that's like in the Oracle contract. So that's three days.
And in the UI, it's like after it's in the Oracle, it's like a simple, it's just a simple configuration file.
That's after it's like filled in, it's a few minutes time until the user, the end user sees that.
So when they be on Nolus?
Yeah, so right now this proposal, we are on the pinning stage,
I would say, this first stage of listing a new asset.
After this proposal passes, there will be another proposal
to incorporate it into the smart contract site.
And then in this case, in the in the baby's case we uh if you see on osmosis the the liquidity is kind of low at the moment but we expect it to kind of gain a bit more like uh
liquidity since it's like a brand new asset so uh in the next few days, if it goes significantly higher,
we can simply publish a proposal to incorporate this asset into the Oracle.
Or if the liquidity stays low, then we can simply wait until it gets more.
This process of incorporating a new asset in the contracts first doesn't mean that
that asset would be directly available for longing or shorting. There's still another step to add
this asset to the Oracle, which is the crucial step. So it's just a good way to kind of,
for a faster go-to-market strategy, I'd say,
while still considering the liquidity levels of a given list.
Amazing, Matos.
Thank you for the update.
I just want to add one more thing
that we've also enabled on the ui that i completely
forgot about mentioning is uh um uh our uh the built-in ai system on on the protocol is also
evolving it's um now uh pretty much better trained to answer uh the most common questions that
answer the most common questions that normally people have when they start interacting with
with knowledge and apart from that it can now it is now I would say mark market to where and it
it can provide analytical data for for us that are available on the platform. For example, how did Bitcoin perform in the last week or so?
What's the price trend for Bitcoin for the next few months?
Probably he would say that this is not a financial advice
and he will try to deviate from answering this question,
but he's pretty much aware with that info
and can be pretty helpful in decision making.
Because it's still something relatively new, we want to test it out,
how it works and how it goes along before we start pushing it forward
in the UI itself and to be more, I would say, like,
to feel more like an assistant that comes comes out in the contextually right moment, providing the contextually correct information.
But this is something that it's on the pipeline and it's just a matter of time before it kind of becomes a reality.
becomes a reality.
Speaking about numbers and about performance,
I would like to give the stage to Kamen,
who can actually give us more insights
about the analytical data on the protocol
and some of the trends we're seeing
in terms of how the market performs and
what are what are people actually doing in this uncertain uncertain uncertain times
come and please go forward hey guys hey guys nice to see you around uh glad to see that you're
joining our space today um first of all I want to start with what Ivan mentioned about the new app,
with the new usability of the app and everything that we tried to put into
so that you guys feel better on the app itself.
One of the major things that we've also changed,
not only the add-ons like take profit stop loss like the usability
management of positions the the easiness of transferring funds between accounts even to
ethereum also the statistics has improved as well you can see now on the stats page the overall protocol stats including volume including realized margin pnl
including the revenue and the buybacks historically but also you can see it month by month in terms of
in terms of positions in terms of leases and then a breakdown in terms of assets that have been used
by different people and now this this might be
interesting because now you have a clearer picture of what others are doing on the protocol you can
also find the utilization of the funds and different pools including quongs and shorts
and you can decide based on that info what to do with your funds, whether to put more funds or not.
On top of that, we've seen a month that has been a little bit slower
in terms of everything, actually.
It was a rapid shift of greens and then reds because of the tariffs.
But we've seen a steady growth in transactional volume,
reaching 122 million in terms of transactions,
which means around 8 to 9 million transactional volume
in the past 40, 45 days since our last call.
The current TVL holds a little bit below 3 million.
And this is mainly because we have seen an outfall of USDC
that have actually went into purchasing different assets so our current utilization is more than 95
percent which means current yield of more than 16 percent APY this is good and bad the good part is that now the owners actually earn a lot the bad
part is that we would need to find more USDC's in the future so that when the market turns it
actually would be beneficial to the ones that have taken quants in order to get long positions
or short positions now currently they are like probably a little bit more than 3 million of
ibc volume that has been performed in the past 30 days which led to approximately 800 000 of new
positions opened during the uh during march in april we have seen an upstick. In the 10 days of April,
we have seen an upstick of loans as well
due to the sell-off, I would say.
After the sell-off,
a lot of people went into different positions
with the alloyed BTC being the most favorable one currently.
So in terms of supply versus borrow,
we are at 1.6 million supplied against 1.45 million
of uh actually borrowed funds which gives us utilization of as i mentioned 95 percent with
above 16 apy the other thing that's interesting during these little crashes, I would say, because it wasn't like a very, let's say, multi-day thing of constant threats.
It was like a flash crash mostly.
There were almost no liquidations on the Novos Protocol.
There was no major assets that were involved in high liquidation percentages rather less than 0.2
0.3 percent of the total portfolio has been liquidated and this was mainly because those
positions were at the very far end of their liquidation trigger meaning that even a small
drop actually got them liquidated this is a good indication because this is what
exactly why we built novel because it makes sense to have a liquidation threshold that would actually
safeguard you in exactly this situation uh additionally because of the currently high yield
currently high yield and the model of rebuying our own token on the open market we have purchased
more than 2.5 million of nls during the month and the total currently reaches 11.1 million of nls
being purchased out or bought back from the revenue streams of the protocol. This also coincides with the historical realized P&L
of more than 1.8 million that people made on the protocol,
making it a really, let's say, favorable to trade on.
Hopefully now, if the market turns
and when the market turns around it would be even better
I think this covers most of things if you do have anything in particular to us please go ahead
amazing amazing I think the new starts page is much more informative. Pretty interesting there is that we do not have a total value locked
available because total value locked is something that we don't believe in in terms of metrics if
there is no adoption of these funds. For example, one can have a 40 million in terms of total value
locked and zero trading volume, which is, again,
not having those 40 million stale makes completely no difference.
But the thing that excites me the most about the stats page
is the actual breakdown per asset showing the current interest of people, what they're bullish on in terms of
asset class and assets itself.
And seeing Atom and Bitcoin in the first two, in terms of value of leases is something that is pretty neat.
And Atom is clearly the winner here, which for me, again,
it's a little strange because I would have preferred to,
let's say, doing a long position with derivative version of a FATOM, mainly due to the fact that the difference between prices or the
accumulated rewards that my position would have gained, staking rewards, would kind of offset my
my least interest but nevertheless people prefer using uh the native item token as a as a something
to leverage which which is interesting um so I guess this is from our end as you've already
people that have joined our spaces uh previously know that we prefer building rather than speaking a lot so
i would give you uh the stage if you have any questions just uh raise your hand we can put
you to this to the stage here or drop them in a in a comment so we can
we can address any uh any questions or anything that might be of interest for you
Okay, nobody is interested in having to clarify something on our end, so let's keep it short, keep it tight and back to building.
okay nobody is interested in
meet you guys again in a couple of weeks time when we will have more more to discuss there
are much there are a lot of changes that are also happening under the hood not only on the
development front we'll have a lot to discuss next time as well and hopefully we'll see you then
We will see you then.
Have a great weekend ahead.
Remember to touch grass and hopefully the week after will be green
as we want it to be all year end.
Bye, everybody.
Like I said, have a great weekend.
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Nolus 🔅
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