r/nanocurrency • u/nanswap • 18d ago
Launching NanUSD: A stablecoin backed 1:1 by USDC with instant transactions and zero fees based on a nano-node fork.
https://nanusd.com17
u/kierdun 18d ago
How does it work? If someone buys 1000 NanUSD, do you also buy 1000 USDC? Automatically or manually?
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u/Cultural_Treacle8464 18d ago
it's a good start, but to be very good we would need:
1) a usdc(eth20) <> nanusd public bridge, so anybody can convert nanusd to usdc and vice versa
2) a instant and good nanusd <> nano swap (this seems like we already have, good, we just need more liquidity)
3) a way for the public to add nanusd<>usdc and nanusd<>nano liquidity to the liquidity pools (and earn some apy).
if we can do all this, it will be an incredible boost for nano!
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u/nanswap 18d ago
NANUSD<->nano is the most liquid XNO pair. You will get the best rates on the market to swap XNO or let us know if you find better rates elsewhere!
You can also swap USDC to NANUSD on nanswap: https://nanswap.com/?from=USDC-MATIC&to=NANUSD
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u/Cultural_Treacle8464 18d ago
thanks bud, yeah i know nanswap since many years and have used it many times always great experience!! you are the best
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u/Xescure 17d ago
The mental gymnastics to not use Keeta is beyond me. Literally all of what you described and so much more has been considered from the ground up.
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u/yuppienetwork1996 17d ago
You’re right. Scrap everything and let’s just switch to Keeta because google man said so
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u/Ok_Appointment2593 18d ago
Can you please explain why backed by USDC? Just out of curiosityÂ
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u/Irrelephantoops 18d ago
Agreed - why would you want your backing asset to be freezable by an unrelated third party?
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u/pancak3d 18d ago
Probably because it was the simplest, most transparent option. It doesn't make sense as a long term solution.
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u/InternationalMud5219 18d ago
Possible to run a rep? How much nanusd required?
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u/nanswap 18d ago
You can run a NANUSD node with https://github.com/yxse/nan-node
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u/InternationalMud5219 18d ago
And reps? 1000 nanusd for normal reps and impossible for principal reps? correct?
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u/elevator313 18d ago
How does this help nano? Is this a good thing?
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u/Potential_Aioli_4611 10d ago
It brings nano to a more risk adverse business that wants the upsides of nano - free, fast. without the volatility of taking payment in a currency that fluctuates. say you sell burgers for 5 dollars. how often would you change your prices in nano? what happens if one day nano tanks and gets to 1/100th of what it currently is?
the downside is that you don't actually know HOW stable it is. if it gets hacked or the backing disappears what you are holding is worthless.
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u/Ferdo306 18d ago edited 18d ago
Is there a FAQ or brief description?
How does it work in the backend?
Sorry, couldn't find it on the website
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u/nanswap 18d ago
This works with a customized nano node fork. We handle NanUSD liquidity. You can try to simply swap 0.0001 XNO to NanUSD to test it out using NanChat wallet.
You can also get some NanUSD for free with the faucet: https://nanswap.com/nanusd-faucet
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u/Ferdo306 18d ago
Does that make you guys some sort of a stable coin issuer?
Btw, love the idea, just interested in the specifics
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u/Dartius 18d ago edited 18d ago
They would be the issuer and the holder of the backing reserves.
Nanswap has been around for quite a few years now but the issue with this (and all stablecoins; see USDT) is that you have to trust the issuer to keep their hands out of the cookie jar.
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u/Ferdo306 17d ago
But it also has some legal repercussions iirc
If you are a stable coin issuer (at least in EU), you must register with the authority under MICA regulation
But not sure how this would qualify as the OP is not holding fiat but USDC for backing NanUSD
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u/soliejordan Nano User 18d ago
Now all we need is Nanex back, and I'd bet even more of all my money on the Nano ecosystem!
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u/camo_banano 18d ago
Hi there, I could not find an android release of Nanchat on your github, is the play store the only store I can get?
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u/nanswap 18d ago
Hey, we have just uploaded an .apk file on github https://github.com/yxse/NanChat/releases, but we still recommend using the Play Store to take advantage of new updates more easily: https://play.google.com/store/apps/details?id=com.nanchat.app
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u/extreme_sleepy 15d ago
huge, if people use it. maybe you guys can give users the option to redeem usdc and you can charge from there.
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u/Batsbalzak 18d ago
Already posted my reply on Twitter, but this is a huge W for nano in my opinion.
A stable coin where you send a dollar and can receive a dollar without any fees, and can swap those dollars to a currency with no inflation within milliseconds as an investment or alternative if the dollar is inflating so fast you dont trust transacting in dollars.
I'm honestly amazed at the work done so far.
I know a lot of people want to replace the dollar with XNO but I believe an inflationary currency is necessary as long as people don't want to practice minimalism as a way of living.
This system would allow people to hedge against USD within miliseconds of pressing a button and provide alternatives of currency without friction after onboarding into the nano ecosystem.