Nolus is bringing some fantastic changes onboard. They’re about to add support for Bitcoin (BTC) and Ethereum (ETH).
These additions to this platform will give users more ways to borrow and earn. Nolus continues its mission of lowering risk for everyone involved. Let’s dive right into it.
What’s Nolus Doing?
Nolus will introduce BTC and ETH as base currencies in a few weeks. This means you’ll soon be able to borrow against these assets, create long and short positions, and earn extra money from connected liquidity pools. Whether you think prices will increase or decrease, with Nolus, you will still make a profit.
And the best part? Nolus doesn’t need you to lock up these assets, so you can close your positions whenever you’re ready – pay off your loan, and you’re good to go.
Short the rumor, Long the news 🔅
Starting today, you can leverage short stATOM on Nolus
Here’s what it means for you: pic.twitter.com/I3OgiwGVlg
— Nolus 🔅 (@NolusProtocol) September 11, 2024
These upgrades come right after Nolus secured more funding, pushing its total raised capital to $3.5 million. NLS, its native token, has $4.9 million in marketcap.
Earning with Nolus
Here is the thing: It has a much better system than regular DeFi platforms. Many DeFi platforms only allow you to borrow 75% of your collateral (money kept aside for security). Even at that, most users borrow half of that amount to avoid losing their money to the volatile crypto market.
But Nolus is different. It lets you borrow up to 150% of your initial deposit. They combine your collateral and loan into a smart contract. It creates a flexible system for users, making them more money. Nolus token NLS also provides extra rewards for its users.
Looks like @NolusProtocol ☀️ added short leases to their platform🦾
One 💡 could be to short $stAtom with 2.5x leverage (0% apr lease) on Nolus and long $dAtom– $atom High Leverage Strategy on @mars_protocol 🔴 for a delta neutral 3x droplet farming strategy earning net~21% apr. https://t.co/SRkkqNxX4G pic.twitter.com/xQnJsljoRw
— Integrated Dyno🧬🔀 (@fluffy_trex) September 12, 2024
Why Add BTC and ETH?
BTC and ETH are two of the biggest cryptocurrencies out there, and adding them to Nolus will open up many new opportunities. Users can now:
- Go long: Deposit ETH, borrow stablecoins, and use those to buy even more ETH if you think its price will rise.
- Go short: If you think the market is going south, borrow stablecoins and short ETH to repurchase it later.
- Hedge: Ensure that other trades in the market are safe by availing of these strategies as a hedge. This makes it worthwhile in both bullish (optimist) and bearish (pessimist) conditions.
More to Come
Nolus has more future updates since they aim to take up a more significant share of the Defi lending market. With higher earning potential and lower risk, Nolus is developing new DeFi products.
That’s great seeing @NolusProtocol keeps shipping whether it’s bull or bear🔥✨ https://t.co/DJ5osCs7HN pic.twitter.com/w3iXuF3dYI
— ⚛️ Cosmos Ecosystem ⚛️ (@CosmosEcosystem) September 12, 2024
Conclusion
Based on Nolus’s design and characteristics, it is clear that the project will help alter current DeFi lending systems. During Nolus’s development, it has been evident that it is working towards creating healthy novel approaches. For those who want to reform their DeFi approach, the new upgrades Nolus offers could be the key to better earnings.
Disclaimer
The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.
