Nostra (UNO)

Nostra is a permissionless non-custodial lending and borrowing protocol built on StarkNet

Basics

• Based in:
• Started in / Announced on:
• Testnet release:
• Mainnet release:

Audits & Exploits

• Bug bounty program can be found [insert here].
• From their docs (10-2022):

"Nostra is currently being audited by Runtime Verification. We are also planning to launch a bug bounty program."

Governance

Admin Keys

• From their docs (9-2022):

"In the early stages, risk decisions on Nostra will be taken by the team, and as soon as the governance system is up and running, the team will provide governance members with a set of options to vote for each relevant risk parameter."

Treasury

• From their docs (10-2022):

"This risk is mitigated through the creation of a protocol fund on Nostra. This fund is asset-specific and it receives a portion of the interest received on borrowed positions plus liquidation protocol fees. The proportion of interest paid into the protocol is called the "General Protocol Fee" and it is a parameter specific to each lending market. Setting the General Protocol Fee is the result of a trade-off between safety and growth. The higher the General Protocol Fee, the higher the pace at which Nostra accumulates funds to withstand insolvent debt but, on the other hand, the higher the portion of interest that lenders have to give up. Governance participants will be called to vote on the most appropriate General Protocol Fee to apply to each lending market."

Token

There is no token at the moment (10-2022). However, UNO, a stablecoin, is part of Nostra.

Technology

• Whitepaper or docs can be found [insert here].
• Code can be viewed [insert here]. "Nostra will be made open source at the same time it is released on StarkNet mainnet." (10-2022).
• Builds on forks of Curve, Aave and Compound. Deployed on StarkWare.

How it works

• From their docs (8-2022):

"Users depositing tokens into a lending pool on Nostra receive interest-bearing ERC-20 tokens called Nostra iToken. As borrowers repay debt with interest, the lending pool grows and so does the Nostra iToken balance, namely the amount of underlying tokens that can be redeemed in exchange for the deposit token.

In addition, Nostra provides the ability to deposit tokens to not use as collateral and without allowing these assets to be lent out to other users. These are called Nostra Token.

It is worth mentioning that deposited tokens can be enabled as collateral at any point of time, in which case new tokens are issued to the user. Nostra iTokens become Nostra iToken-c and Nostra Tokens become Nostra Token-c.

If users have outstanding borrowing positions, they can disable a token as collateral only if they have enough remaining collateral in other tokens for their health factor to stay above 1. Any position with a health factor lower than 1 is deemed to be "unhealthy" and becomes eligible for liquidation.

Nostra also tokenizes debt positions. These ERC-20 tokens, called Nostra dTokens, represent the borrower's obligations, and they are issued to users that open a debt position. In order to avoid borrowers sending their debt tokens to arbitrary addresses, debt tokens can be transferred to anyone, but this need to be approved by the recipient."

Fees

• From their docs (10-2022):

"Nostra will charge users various fees such as 'liquidation fees' and 'protocol fees' in order to improve the protocol’s financial stability."

Oracle Method

• Not clear which ones yet (9-2022):

"Oracles are used to retrieve price feeds in the StarkNet network. In the future, the oracle sources can also be adjusted via governance mechanisms."

Their Products

Nostra Swap

• Fork of Curve. From their docs (10-2022):

"The Nostra Swap exchange also supports trading all stablecoins in the form of Nostra iTokens; the yield-bearing tokens users receive when depositing and lending assets in the Nostra Money Market.

This design entails two main benefits:

1. Lenders in the Nostra Money Market can become liquidity providers, earning an additional yield on top of the supply APY collected from borrowers.
2. Traders can seamlessly integrate their market views through Nostra by leveraging the connection between the money market and the decentralized exchange.

Nostra is designed to be the liquidity layer on StarkNet, where the interactions between the money market, the swap market, and the UNO stablecoin create a positive feedback loop that maintains deep liquidity in the ecosystem and enhances yields for its participants."

UNO

• From their docs (10-2022):

"Pegged to the US Dollar, UNO is fully backed by high-quality censorship-resistant crypto assets, with deep liquidity across many market pairs and a stable peg.

Upon deposit of ETH into Nostra Money Market, it will be converted into iETH-c to be used as collateral to mint UNO, providing the benefit of compound interest while using the UNO stablecoin.

Upward peg risk: Increasing the use cases of UNO for borrowing and swapping should mitigate some of the upward peg risks

Downward peg risk: Deep stablecoin liquidity, over-collateralisation, and a robust liquidation mechanism with responsible parameters will mitigate the risk of downward pegging (e.g. caps)"

Roadmap

• Can be found [Insert link here].

Competition

• From their docs (10-2022):

"Unlike AAVE and Compound, Nostra is a StarkNet-native project. In addition to its basic use case, the protocol has several innovative features, such as being able to prevent collateral from being borrowed to minimize liquidity risk and the option to create up to 255 subaccounts to ring-fence assets."

Team, Funding and Partners

Team

• Full team can be found [here].
• Developed by Tempus

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