Redeemable & Streamable stablecoins. Borrow our yield-bearing USND stablecoin at an interest rate you choose yourself. Built for @Arbitrum. Go Slow.
Aquarium
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The Nerite Stack
🐚@LiquityProtocol V2 under the hood
🐚@yearnfi yUSND vault earns fees (borrower + liquidation)
🐚@arbitrum fast, cheap, secure transactions
🐚@balancer boosted pools
🐚@thetnetwork borrow against tokenized BTC
🐚 @0xprivacypools private & yield bearing
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The Nerite protocol is now live.
Borrow, Stream, and Earn with $USND.
Arbitrum Everywhere.
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Thank you to everyone who deposited in the first 24 hours of Nerite!
Nerite is now the largest Arbitrum native CDP.
We have some secret special rewards to send you all later today. Go slow.
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Introducing 🐚Shell Points🐚– Nerite's new loyalty reward system.
Normal points programs are boring. Shells are real tokens on @Arbitrum.
We're giving 1 million Shells to Nerite users every day, starting now. They're already in your wallet.
Full detailed blog linked below👇🔗
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New snail, who dis?
Nerite is snail themed because our motto is "Go Slow."
By going slow we make less mistakes, continually compound yield, and succeed long term together.
Arbitrum everywhere.
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Introducing Nerite:
And our discord is now open here too: discord.gg/5h3avBYxcn
Introducing Nerite: The friendly Liquity V2 fork for Arbitrum. 🐌
Nerite has the exclusive license from Liquity AG required to deploy the protocol on @Arbitrum.
TL;DR
The USDN stablecoin is issued by the Nerite protocol.
USDN is:
- Yield-bearing with sustainable sources of yield.
- Always redeemable for $1.00-worth of assets backing it.
- Can be borrowed at a custom interest-rate set by borrowers.
- Is a streamable super-token (via @Superfluid_HQ integration)
- Has tradable CDPs which use a familiar NFT Standard.
- Is built natively for @Arbitrum
Liquity V1 and LUSD have been rated as the #1 safest stablecoin protocol ever by Bluechip because the protocol is immutable and has a redemption mechanism. Arbitrum is rated as the most decentralized Layer-2 network by @l2beat. It’s a match made in heaven.
@LiquityProtocol V1 was able to achieve over $4.5 Billion USD in TVL from nothing extremely quickly, but it had some issues scaling long term. The Liquity V2 system that Nerite uses improved on the original design by allowing users to choose their own interest rate for borrowing stablecoins, making the stablecoin more sustainably yield bearing, and enabling a more diversified basket of high quality collateral (like rETH and wstETH).
Follow us @neriteorg for more information about how Nerite works, its features, and what to expect next. We’ll be publishing a full lite-paper in the coming days.
🐌🐌🐌
There is currently no governance token for Nerite. Please be mindful of scams.
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Introducing the Nerite – Go Slow Open Edition
100% of the fees from releasing this will go towards security audits and security monitoring tools for the Nerite Protocol.
Check the next post for the link👇
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Arbitrum Week continues at Nerite!
🐌5X boosted Shell Points for borrowers.
🐌Nerite has officially joined Arbitrum DAO.
🐌DRIP incentives, and more.
Read all the specifics in our blog below:
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Nerite is fully backed and over collateralized by 8 different assets.
Mint USND by borrowing against:
- ETH
- wstETH (Wrapped Lido ETH)
- rETH (Rocket Pool ETH)
- tBTC (Threshold BTC)
- rsETH (Kelp ETH)
- weETH (Etherfi ETH)
- ARB (Arbitrum)
- COMP (Compound)
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It's time to get BOLD on Arbitrum!
As part of our push to grow both @LiquityProtocol and Nerite, we are adding $10,000 USDC of liquidity incentives to a USND<>BOLD pool on Bunni, starting right now.
Even more incentives are coming soon.
Learn more in the post below 👇🔗:
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Introducing Nerite's BOLD Incentive Program:
Our friends at @LiquityProtocol support us massively, and we support them back.
A percentage of tokens from Nerite will go towards incentivizing BOLD/USDN liquidity, BOLD usage on Arbitrum, and more.
Learn more below👇
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These are all Liquity V1 forks. There are dozens of them, which are their heigh gained more than $850,000,000 in TVL.
V2 is even more powerful. Meanwhile friendly forks like Nerite are built to work together with Liquity and each other.
Get ready
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🚨Bunni, which is the largest DEX for USND liqudity, suffered an exploit on mainnet and unichain early this morning.
USND pools there have been frozen for safety.
All funds are 100% safe, but this may effect the USND peg because of how much liquidity is now frozen there.
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Liquity V2 is live on Ethereum Mainnet.
Nerite next.
Go slow.
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Preliminary Collateral Types that will be accepted in Nerite:
ETH
wstETH
rETH
weETH
ARB
This list is still subject to updates in the next couple weeks.
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Nerite currently has no VC investors and is entirely self funded by the dev team.
Nerite is for the people.
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Liquity V2 launches on Thursday the 23rd
Although we originally planned to launch within days, we have decided to spend an additional 2 weeks on a further security audit of recent changes we made to the Debt Limits System.
Go Slow. 🐌
Liquity V2 will be launching on Jan 23rd ‼️
Get ready to be $BOLD.
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It’s Arbitrum Week at Nerite! 🐌
Nerite is now the largest Arbitrum native CDP protocol by TVL.
This week Nerite is joining Arbitrum DAO, boosting Shell Points for $ARB depositors, and more.
Read all the details in our blog linked below👇
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Nerite issues $USND, the world’s first streamable, redeemable stablecoin.
Learn more about our launch's Liquidity Incentives campaign and future plans here:
nerite.org/writing/nerite-is…
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$0 secretly spent on shilling
$0 taken from VCs
$0 spent on bribes to Market Makers
$0 spent on bribes to Exchanges
Nerite is 100% community focused and 100% of protocol revenue goes to users and value creators.
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Nerite is taking over @basepaint_xyz for the day!
Come paint a collaborative NFT with us over the next 24 hours. It will be available for minting as an NFT tomorrow.
Go Slow 🐌
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$25,000 USDC incentives are now live on Bunni and Camelot for the next 2 weeks:
ETH/USND on @CamelotDEX: app.camelot.exchange/pools/0…
USDC/USND on @bunni_xyz (which rehypes to Gearbox for extra yield): bunni.xyz/explore/pools/arbi…
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Liquity V2 will likely be the most forked defi codebase ever.
Nerite will launch as soon as possible after the official Liquity deployment. Hopefully within hours.
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The scalability of @Arbitrum
The stability of @LiquityProtocol
The streaming abilities of @Superfluid_HQ
Thats the power of Nerite 🐌
Imagine getting your salary streamed to you.
Instead of $4,000 every other week, you get ~$0.0033 per second for 2 weeks straight.
Now imagine the stablecoin being streamed is yield bearing the entire time. Your salary just increased by the APY of the yield.
That's the power of @NeriteOrg and @Superfluid_HQ
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GM
Thanks for the feature, @arbitrum! ❤️🐌
If you're not happy single being in a relationship will not make you happy.
True happiness comes from being featured on the arbitrum apps portal
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Instead of spending our marketing budget on influencers we have to decided to buy snail pokemon ENS names.
Surely this is the right choice
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Our team learned a lot from working with @LiquityProtocol and forking their V2 protocol.
Here's a guide on how to fork Liquity safely and a list of important security considerations for others thinking of doing the same.
Link below🔗👇
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Liquity V2 is officially live. You know what that means!
Nerite is next.
Go Slow. 🐌
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Nerite Protocol Update:
Yesterday during the largest liquidation event in defi history Nerite handled several liquidations perfectly. Results:
- $0 of bad debt
- yUSND auctions were profitable
- USND supply down 4.7%
- 1 USND is redeemable for $1.00 of collateral.
Go slow 🐌
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BOLD is BACK on Arbitrum!
Provide BOLD-USND-USDC liquidity to our new 3pool on Balancer to earn:
- Swap fees
- Rehypothecation yield from Euler & Yearn
- Shell Points from Nerite with a 2x Boost
- DRIP incentives from Arbitrum DAO
Go slow.
Details below👇
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USND can be used across DeFi on Arbitrum, with many more integrations in the works.
It is currently available on @bunni_xyz and @CamelotDEX, our DEX launch partners.
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Liquity V2 is coming in a matter of days – before the end of the month.
Nerite will launch as soon as possible it's live.
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Get fixed rate, time based loans with USND with @useteller now.
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Nerite is a protocol which issues a yield bearing stablecoin launching soon on Arbitrum.
It's special because:
- Borrowers choose their own interest rate
- Yield is sustainable
- Stables are redeemable for $1.00 of collateral
- Stables are streamable
- Cute snails
- Much more
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Money should be real time.
Linearly stream the USND stablecoin natively on @arbitrum with @superfluid.
No wrapping. No fees. It just works.
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The home of internet native finance is @ethereum
The same way anyone can make a website, anyone can make an app on Ethereum.
We built the streamable yield-bearing stablecoin USND, backed entirely crypto – without needing anyone's permission.
We are Ethereum.
.@ethereum is the home of internet native finance
Banks won’t own the internet financial infrastructure anymore
It lives in smart contracts, written in solidity, powered by ETH
Since 2019, we've been building money that streams every second
We aren't just on Ethereum
We are Ethereum
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New Blog:
What are the differences between @LiquityProtocol V2 and Nerite?
Learn about all our new features and what makes Nerite special.
🔗 Link below:
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1. Absolute code freeze tomorrow
2. A final audit that lasts about 10 days
3. Wait for our friends at Liquity to launch first
4. Deploy the Nerite protocol
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Who is Nerite for?
1. Anyone who wants to easily borrow against ETH, tBTC, ARB, and more at custom set, low, fixed interest rates with no fees.
2. Anyone who wants to hold a simple stablecoin ($USND) that can also earn yield from our borrowers.
Degens to crypto noobs. Anyone.
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Nerite also uses @Api3DAO for oracles.
Bots pay to update oracle prices and compete to process liquidations, earning Stability Pool USND depositors more yield.
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SUP token rewards from our friends at Superfluid are now live for all Nerite borrowers and Stability Pool depositors.
Nerite is built with Superfluid under the hood, making USND a native money streaming stablecoin.
Learn more in our announcement post below👇
Go slow 🐌
.@NeriteOrg campaign just dropped.
Lock $USDN into the stability pool, get SUP flowing back.
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Fiat: interest rates set by bankers.
@Maker: interest rates set by Rune & MKR holders.
@letsgethai, @open_dollar, and @reflexerfinance: interest rates set by smart contracts & an algorithm.
@LiquityProtocol V2, and @NeriteOrg: interest rates chosen by each individual user.
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Our Security Scanning launch partner is @octane_security.
In addition to multiple audits, we used Octane for automated offensive security built into our CI pipeline to scan our codebase and summarize every PR.
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We're putting the finishing touches on Nerite this week:
- shining our snail shells
- finalizing token distribution strategy
- stocking up on calcium carbonate
- fixing final issues from the audit
- munching on algae
- updating docs
Go Slow 🐌
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We tried to give the Liquity team a larger allocation in Nerite (because they are awesome) but they said just put it all towards USDN/BOLD liquidity incentives.
Go slow. 🐌
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Start streams using the @Superfluid_HQ app to pay grants, subscriptions, payroll, and more natively.
Also earn SUP tokens from Superfluid Community rewards!
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1 month of Nerite
🐌 $7.2M TVL (including stability pools)
🐌 $2.35 Million USND minted by borrowers
🐌 $4,898 in fees generated total (all given back to users)
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Our Bitcoin launch partner is @TheTNetwork: Borrow against Threshold’s native tokenized Bitcoin (tBTC) with Nerite now.
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NERI is not currently live or available anywhere. Please be mindful of scams.
This is the final post in the thread.
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Everything you build for @LiquityProtocol on mainnet will work with Nerite out of the box.
We will always do our best to support integrations with anything already integrated with Liquity.
Study Forkonomics.
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In an abundance of caution Nerite has paused our UI until tomorrow, so we have time to read a final post mortem and review all the packages in the our App's dependencies.
Nerite users are unaffected.
We recommend going outside for a hike or to the beach today and going offline.
🚨 There’s a large-scale supply chain attack in progress: the NPM account of a reputable developer has been compromised. The affected packages have already been downloaded over 1 billion times, meaning the entire JavaScript ecosystem may be at risk.
The malicious payload works by silently swapping crypto addresses on the fly to steal funds.
If you use a hardware wallet, pay attention to every transaction before signing and you're safe.
If you don’t use a hardware wallet, refrain from making any on-chain transactions for now.
It’s still unclear whether the attacker is also stealing seeds from software wallets directly at this stage.
Excellent report here: jdstaerk.substack.com/p/we-j…
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If this post gets 25 likes I will go to the pet store tomorrow and buy more Nerite snails for the aquarium🐌
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Nerite uses @AragonProject's module governance system for directing 25% of protocol revenue, future grants programs, and more soon.
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✨Announcement: Final launch parameters are set.✨
Which means our docs are updated and ready for launch.
Have more questions? Please let us know so we can continually improve how we explain core concepts about Nerite.
Go slow. 🐌
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The Nerite takeover on Basepaint continues...
Cutest snails on the block!
Nerite is taking over @basepaint_xyz for the day!
Come paint a collaborative NFT with us over the next 24 hours. It will be available for minting as an NFT tomorrow.
Go Slow 🐌
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Nerite is also governance minimized, and only very limited settings can be updated in the future, like debt limits.
NERI is the future governance token for the Nerite protocol. It's used for directing a portion of protocol revenue, updating debt limits, and stewarding Nerite.
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USND-USDC LPs are doing quite well this week with Balancer reporting over 25% APY
This pool earns:
- 2x Shell Points
- swap fees
- rehyp USDC yield from Euler vault
- rehyp USND yield from Yearn USND vault
- ARB rewards from DRIP
Pool link below👇
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Nerite V1 Roadmap:
- beta launch
- full launch
- sUSDN (aggregated stability pools)
- more liquidity rewards for users
- managed troves
- money markets
- streaming dashboard
- ARB DAO gov power aggregation layer
- secondary NFT debt market
Liquity V2 Roadmap
- $sBOLD
- Borrowing against $sBOLD 👀
- Lending market integrations
- Yeild splitter integrations
- Arbitrum fork launch soon
- Many forks launch in March
- $LQTY bribe markets to pick up
- @beraborrow got $400M via Boyco
- $HYPE whales waiting on @felixprotocol
- Fork incentives to start flowing
- Yield aggregators to start showing the best borrow rates on the market
That’s for the next 60 days.
Bye.
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Our friends at Aragon have been cooking!
Nerite protocol governance will use Aragon's new modular framework. This will let us:
- adapt DAO features as we scale
- build custom access control systems
- quickly launch voting gauges for incentives
At Aragon, we believe the organizations of the future are unstoppable, modular, and effective—creating and distributing real value at scale.
Introducing the next generation of onchain organizations.
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USND is the Arbitrum Dollar:
- USND is backed by ARB, ETH, tBTC and other Arbitrum native assets
- Nerite Protocol can participate in Arbitrum DAO governance
- 1 USND is always redeemable for $1.00 worth of collateral
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USND is backed by ETH, LSTs, ARB, COMP, and tBTC.
The collaterals backing USND and their required Loan-to-Values (LTV) are completely immutable and can never be updated.
Only the debt limit for each can be updated, and only under certain circumstances.
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Nerite is changing money forever.
Making stablecoins streamable means you can linearly send money over time to anyone in the world, instead of just lump sums all at once.
Go Slow. 🐌
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Position managers, like @summerstonexyz, manage the interest rate for your loans on Nerite to potentially save on interest fees and prevent redemptions.
More of these are coming soon (days).
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Nerite has 3. important specialties:
1. Streaming Money
2. Redeeming Money
3. Cute snails
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Many more integrations are coming to Nerite soon.
Want to build something with us? Let us know!
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4,740,000 in SUP token rewards coming to Nerite users as soon as we launch.
Thank you Superfluid community! 🐌💓
Here's how the 50M SUP is being distributed in Season 2:
🥇 Superfluid Labs apps @SuperBoring_xyz @alfafrens_ : 12.4M SUP (24.82%)
🥈 @StremeFun : 7.48M SUP (14.96%)
🥉 @FlowStatecoop: 7.14M SUP (14.28%)
🏅 Growth Campaigns: 6.53M SUP (13.06%)
🏅 Superfluid Labs new apps: 5.67M SUP (11.34%)
🏅 @NeriteOrg : 4.74M SUP (9.49%)
🏅 @gooddollarorg : 3.06M SUP (6.12%)
🏅 @Giveth : 2.96M SUP (5.93%)
Claim your SPR S2 rewards here: claim.superfluid.org/
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I pledge allegiance
To the orbit of the United L2s of Arbitrum
and to the DAOs for which it stands,
one stabelcoin, backed by ETH,
10^18 divisible, with redemptions and stability for all.
anyone else feeling like new projects need to pledge allegiance to a specific L2/L1 to be successful?
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Thank you to everyone who made this launch possible. We are so grateful for the support of so many people.
The launch of $USND is just the beginning.
Go Slow.
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Optionally Rehypothecate USDC from the our USDC / USND pool on Bunni for extra yield with @GearboxProtocol vaults.
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The giga brain defi researchers are all saying Nerite is going to be massive.
Go Slow. 🐌
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It's been 1 week since Nerite launched USND, the first redeemable & streamable stablecoin.
🔹61 Troves have been opened
🔹Over $1.2M in liquidity has been pooled on Bunni & Camelot
🔹$6.1M in total TVL has been deposited
Thank you to everyone supported our succesful launch!
The Nerite protocol is now live.
Borrow, Stream, and Earn with $USND.
Arbitrum Everywhere.
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Nerite has teamed up with the mods of r/Ethereum to host an AMA about us, building defi protocols on ethereum for years, and anything else the community wants to ask!
Link below 👇🔗
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USND<>USDC and USND<>BOLD liquidity can now be safely removed from Bunni by LPs.
Swaps remain disabled on Bunni.
As you withdraw please consider adding your LP to our new pool on Balancer (link below).
Go slow and avoid rushing. 🐌
🚨 Exploit Update: The Bunni team has completed analysis of the recent exploit. The details are available in this post mortem blog post (link in comment).
Withdrawals have been unpaused, so LPs are now free to withdraw their assets. All other operations remain paused.
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Nerite is experimenting with @Tunnl_io to help get the word out about the protocol in the most transparent way possible.
Check out one of the first community write ups about Nerite here:
$2.4B liquidity on Arbitrum is ready to be sucked 👀
It's all about @NeriteOrg.
Nerite getting ready to launch $USDN, a yield-bearing stablecoin perfect for subscriptions.
Thanks to @Superfluid_HQ, users can enjoy real-time, seamless transactions, payments every second, sweet isn't it?
I want to emphasised that It's a licensed fork of @LiquityProtocol with no VC backers or governance tokens, ensuring community focus.
My main point in choosing a protocol is security of my funds, so:
$USDN supports diverse collateral, with yields from borrower rates and liquidation fees.
1 $USDN is always redeemable for at least $1 from the trove with the lowest rate.
Launch planned for the end of Q4 this year.
Follow @neriteorg for updates.
@CupOJoseph is a based dev, products with his involvement always worth attention, dive to know more 👇
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The first Liquity Friendly Fork is now live on Scroll
Nerite will most likely be the next one live in a few weeks on Arbitrum.
Congrats to our friends at Quill, well done!
📅 ...GO!
🔴 Quill Finance is LIVE! 🥳
1️⃣ Use $ETH, $wstETH, $weETH and $SCR as collateral.
2️⃣ Borrow $USDQ and choose your own interest rates!
3️⃣ Earn yield from Stability Pools by depositing your $USDQ.
Quill is powered by:
- @Scroll_ZKP's zkEVM technology 🌐
- @LiquityProtocol v2's robust structure 🦾
- @ambient_finance as our main liquidity avenue 💧
- @Chainlink & @PythNetwork as the source for reliable price feed ⛓️
Let's take a look at why @QuillFi's launch is awesome🧵
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How can the real yield on Liquity V2 be so high without inflation or emissions?
1. No value leak: most interest paid by borrowers goes directly to the stability pools.
2. 100% of borrowed BOLD is generating interest, only 58% is deposited.
Expect similar results from Nerite🐌
The APR's just got Bolder
The correct APR numbers are now visible on all frontends.
Those are paid out in $BOLD only:
- Sustainable and continuous
- 100% stablecoin
- Non dilutive
On top of that, SP depositors will receive incentives from 15+ forks.
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USND and Nerite TVL are now both live on DefiLlama!
Now tracking @NeriteOrg's USND coin on our Stablecoins Dashboard
USND is an over-collateralized, governance-minimized stablecoin native to Arbitrum and fully backed by crypto collateral
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When you post about Arbitrum you can earn ARB rewards from Kaito.
So if you post about Nerite, and mention that we are the largest Arbitrum-native CDP protocol, you might get some rewards.
Don't stop yapping.
Season 2 is here with 700,000 ARB up for grabs through @KaitoAI.
Sincerely, The Marketing Dept.
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The snails need your help! Today kicks off our token design contest.
Help us create an icon for $USDN, our upcoming stablecoin. Post submissions in the design-contest channel of our discord.
Submissions close in exactly 1 week.
Prize: $250 USDC or LUSD
Good luck & go slow! 🐌
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Nerite lets you set your own interest rate for borrowing $USDN, just like Liquity does with BOLD.
Check out this tutorial on how to optimize your interest rates.
Learn how to set your interest rate for borrowing $BOLD with this 5-min walkthrough.
piped.video/watch?v=F0UT9-bV…
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Now:
1. Use Liquity v2 and deposit BOLD in the stability pool, @CurveFinance, @pendle_fi, and @spectra_finance.
2. Earn sustainable yield.
3. Earn NERI tokens from Nerite (later).
Soon:
4. Deposit in Nerite Stability Pools to earn a multiplier for using Nerite AND Liquity.
Introducing the V2 Leaderboard
With Liquity V2, liquidity is bootstrapped jointly with 15+ friendly forks.
Part of the Fork tokens is allocated to further incentivize V2 LPs and SPs:
- SPs: 75% of borrowing interest + liquidation gains + fork rewards
- LPs: 25% of borrowing interest + swap fees + fork rewards
This allows $BOLD users to receive V2 fork tokens and participate in the upside of the several projects like (e.g. @felixprotocol on @hyperliquidx or @OrkiFi on @swellnetworkio )
The new V2 Leaderboard will help users keep track of their V2 activity and inform forks' allocation decisions.
Scores are normalized across buckets and capped at 7.50% , giving smaller depositors slightly higher relative weight.
Note ❕ : This is not a definitive nor binding list - each fork is free to adjust the weights and allocate rewards at their own discretion.
Check it out: dune.com/liquity/v2-leaderbo…
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If this tweet gets 10 likes I will post a time-lapse video of my Nerite snail aquarium tomorrow.
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Interest Rate Delegation is now live!
Give our partner @summerstonexyz the authority to update the interest rate you pay to borrow on Nerite to save money, prevent redemptions, and optimize your debt.
That's smart debt.
Borrow USND, but managed✨
Pick Summerstone rate management directly from the @NeriteOrg frontend.
Keep your interest low and avoid redemption risks.
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Nerite issues the USND stablecoin.
1 USND is always redeemable for $1 of the underlying collateral in the protocol.
That's how we ensure stability forever.
The reason @LiquityProtocol, @NeriteOrg, @felixprotocol, @ebisu_finance and all other liquity style decentralized stablecoins are just better than USDC:
Anyone can redeem 1 stablecoin for $1 of the underlying collateral with low fees at any time.
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No launch next week, but it's coming soon.
Nerite's top priority is always security and keeping everyone informed as much as possible.
Join discord for the most up to date info.
Thank you. Go Slow 🐌
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"150 hours of auditing liquity....
...this protocol is insane...
...we didn't make a single report"
Liquity is just built different. Nerite is built using Liquity.
A record-setting competition with @cantina_xyz and 882 participants.
Great to see Liquity V2 stand up to intense review ✨.
Thank you to everyone who helped push immutable borrowing to its limits 🙏🫡.
Onwards.
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𝕎ℍ𝔼ℝ𝔼 𝔻𝕆𝔼𝕊 𝕋ℍ𝔼 𝕐𝕀𝔼𝕃𝔻 ℂ𝕆𝕄𝔼 𝔽ℝ𝕆𝕄??
USND deposited in the stability pool earns:
1. 75% of all protocol revenue from the interest borrowers pay on their USND loans
2. 100% of all liquidation fees
3. Extra token incentives from partners like @Superfluid_HQ
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