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Nuo Network is Asia's largest decentralized loan agreement

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Nuo Network has more than $2m in cryptocurrency reserves, making it the biggest loan deal in Asia

According to Businesstelegraphreports, Nuo Network has more than $2 million in cryptocurrency reserves, making it the largest loan agreement in Asia.

Nuo Network, a noncustodial loan agreement backed by ConsenSys Ventures, recently made it into the top five DeFi projects with dollar-locked value and became the largest loan agreement in Asia, according to DeFi Pulse.

Total lending through the platform has doubled in the past month, partly because of an increase in DAI's foreign exchange reserves, now close to $500,000, and an increase in the Maker stability fee. Mortgage applications currently offer loans with a small number of assets, including DAI, ETH, USDC, MKR, and WBTC. Nuo Network also recently enabled margin trading through Uniswap, a centralised exchange, and Kyber pools, a trading programme on a decentralised chain, with up to three times the leverage.

Nuo Network founder Varun Deshpande says Maker's recent move to raise stabilization fees has pushed DAI liquidity onto the Nuo Network platform as traders seek additional leverage.

"As the stabilization fee increases, more and more users want to be long ETH at 3 times leverage by getting higher loans from our reserves. This increases returns and attracts more lenders to bring additional DAI liquidity to the platform so that traders can sell," notes Deshpande.

"Nuo is unique in that lenders will be their money in a contract, the contract directly to the borrower to provide money for Kyber or Uniswap pool to trade the loan or deposit. This is the first on contract execution of margin trading and cross DeFi loans. The C2C pattern release huge amounts of liquidity, let all the deals are almost instant."

While Nuo currently offers encrypted mortgages and margin trading, the team aims to offer other debt products in the future, such asRaise funds again to doMaker CDPs And general securities and so on.