The latest Solana project we’ve been researching has made it their mission to provide a range of automated DeFi tools and strategies through programmable assets.
Nova finance will give DeFi users powerful tools to mitigate downside and maximise returns.
Total value locked on Solana has exploded over the past 6 months and is currently sitting at around 10 Billion.
New platforms and opportunities within DeFi are appearing every day and Nova intends to help both new DeFi users and long-term DeFi users capitalize more efficiently by using their tools.
DeFi has redefined how financial services such as lending and exchanges work; with DeFi anyone can realise the true potential of their capital.
Access to DeFi is incredibly valuable, but it means very little if users are unable to manage their capital successfully.
Nova Finance are developing a suite of tools to improve the efficiency and profitability of DeFi users.
The first tool is a framework for programmable assets called “nAssets”:
The first Nova product using the nAsset framework are Portfolios. Experienced cryptocurrency investors can use Portfolios to design profitable and sustainable investment strategies.
A portfolio creator can set exactly how the portfolio should behave by placing assets into yield strategies and also by setting conditions for holding assets and when to exit.
The value in nAssets is that they can be programmed to carry out certain functions automatically:
There will be a range of nAsset programmable strategies available for portfolio creators to deploy within their portfolios. For example, you can pre-program the nAsset to take profit into USDC based on various conditions such as time intervals or asset price.
Nova gives the ability for experienced DeFi users to create portfolios with various pre-programmed strategies in place. Newer DeFi users have the option to skip the portfolio creation process and simply buy into existing portfolios created by experts.
During the planning process for Nova, the team studied 8 different blockchains in order to find the right chain to launch and scale from.
Solana was chosen due to it’s high throughput, low cost network, and interconnectivity with other Solana-based DeFi apps through Serum.
$Nova is the native token of the Nova platform and will provide a range of utilities:
- Voters to accrue a % of portfolio earnings
- Platform fees to be rewarded to $Nova Stakers
- Liquidity Rewards
- Token Burns / Buybacks
Nova have already completed a range of impressive feats including:
– Nova were crowned one of the winners of the Solana Season Hackathon
– Nova completed a Seed round in October 2021 with well known partners including Solana, Solanium, Animoca Brand and more.
– They also become a recipient of the highly competitive Serum grant – this will help fund the development of the Nova platform and maximize the project’s impact on the ecosystem.
Nova’s platform has the potential to unlock a limitless supply of new strategies for creative DeFi users to profit from the ever-expanding DeFi market.
Portfolios are just one of the many possible applications of programmable assets and we’re excited to see which other tools Nova will release as their platform develops.
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