March 21, 2023
Welcome to the very first edition of our monthly newsletter - the state of Nuon. This series is specially curated to inform you about the latest product development, integrations, partnerships, and more!
The Nuon core team has been busy building with our heads down over the past few months. At the time of writing this report, the team’s busy taking care of all the final details for the Arbitrum launch. So here are some updates:
CoinFabrik conducted an audit of Nuon contracts over multiple iterations. The contract audit was one of the final big steps we needed to take before deploying on Arbitrum, and the audit is now complete.
Overall, the report recommended implementing best practices for input validation, overflow protection, contract ownership, admin controls, and improving documentation for complex functions. No critical vulnerabilities were detected.
The recommendations and other suggested medium and minor severity issue fixes, such as missing checks for fee setters and burnt tokens due to transfers to address zero were resolved.
What a crazy week and a half! SVB went under, and the canary in the coal mine, the USDC depeg. It all affirms the need to distance from censorship-prone, centralized stablecoins.
The world is ready for immutable, autonomous finance, which is why we heeded the vox populi and took the strategic decision to shift from USDC and support ETH as collateral. To that end, NUON is now 100% backed by ETH.
Our official partnership with Sushiswap on Arbitrum will be live soon! NUON-USDT pair on Sushi will be incentivized with delicious yield.
Don’t forget to bridge your tokens to Arbitrum to prepare for the golden age of NUON gains.
Note: Noun is currently in the guarded launch phase. NUON can be minted after our public launch on the Arbitrum mainnet.
We see some confusion regarding Nuon’s guarded launch on Arbitrum and the upcoming public launch.
In early February 2023, the protocol launched on Arbitrum, with limited access to pre-selected users. The purpose of the launch was to stress-test the platform and prepare for an optimistic public launch. After a month of launch, we are confident that the protocol is operating as expected. The upcoming launch will make the protocol public, meaning all interested users will be able to add collateral (ETH) and mint NUON.
More NUON yield is upcoming with a NUON-USDT auto-compounding vault on Beefy Finance.
Unfortunately, this is all we can disclose at the moment. But rest assured — the cogs for this partnership are already set in motion.
As the smart contract ecosystem expands, it's crucial to eliminate market failures resulting from obscure operational procedures and harmful collateral.
In this spirit of transparency, NUON has integrated Chainlink’s proof of reserve feeds, enabling us to verify that NUON remains fully collateralized, thus tightening network security.
Nuon is a proud Chainlink build partner, which allows us access to Chainlink services and technical support, allowing faster growth and scalability on the platform.
Crypto flat coins and why they are better than stablecoins
We're +6K NUONers strong on Twitter with a consistent flow of degens joining our telegram and discord channels.
This jump in community growth reflects the recognition and demand for NUON. And the months of preparation, building, and stress testing the platform will allow us to meet this incoming demand head-on.
With the upcoming Arbitrum launch, we expect a surge in NUON’s adoption. We’re also extremely excited about the composability and partnership potential that the Arbitrum ecosystem offers.
Join the community now — https://t.me/NuonFinanceBack to blog