Syncord | Official News Channel
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Syncord is a DAO-governed platform that offers earning strategies for users boosted by multiple layers of risk-management. Receive rewards from IPO participation, Lending & Borrowing, and more in one spot.
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๐Ÿ‘‹Hey Nimbus Community,

If you are tired of long text guides but still keen to discover more about how the Nimbus Platform works, we've got some news for you!

We have prepared a video guide on Nimbus Staking for you to watch and learn the art of making the most of our 6 staking conditions!๐Ÿ˜Ž

Check out the guide ๐Ÿ‘‰here

Do you like this format? If so, put a like and weโ€™ll create more video guides on other functionalities for you soon!
โ€‹โ€‹๐Ÿ“ฐWhite hacker got paid the highest reported bounty fee of $1M so far for averting a bug crisis on Belt finance...
๐Ÿ“ฐ ~$80M worth of COMP tokens have been mistakenly offered to users as rewards...
๐Ÿ“ฐ Cream Finance lost $19M in a flash loan attack...

To prevent such instances from ever causing grievance to our community, we have built an ultra-reinforced three-layer security system for the Nimbus Platform.

Nimbus Platform security defense lines are as follows:

1๏ธโƒฃ For newly developed smart contracts โ€” two phases of testing via autotests and manual testing:
โœ”๏ธ First round of manual testing โ€” done by testers
โœ”๏ธ Second round of manual testing โ€” done by test managers
โœ”๏ธ Final cross-checking done by pen testers
2๏ธโƒฃ The smart contracts are reviewed by our primary auditors โ€” Chaitin or Hacken
3๏ธโƒฃ Then comes the Bug Bounty

While we are constantly working to keep Defence lines 1๏ธโƒฃ & 2๏ธโƒฃ active and effective, all Bug Bounty Hunters can come on board and help us with the line 3๏ธโƒฃ of defense: our ongoing Bug Bounties!

While you do that, your efforts can be rewarded with up to $10,000 for every critical vulnerability detected!

Join the program, now
๐Ÿ‘‰Here!
๐Ÿ‘1
Read Nimbus Statement regarding El Pais's recent false claims ๐Ÿ‘‰Here!
โ€‹โ€‹โœ‹Your weekly crypto digest is here

๐Ÿ“ˆ Despite China's recent ban of all cryptocurrency transactions, bitcoin not only didnโ€™t rush down but also returned above $50,000 for the first time since early September. One of the reasons could be attributed to the fact that the Chairman of the US Securities and Exchange Commission, Gary Gensler, said that the regulator does not plan to ban cryptocurrencies or impose harsh measures against digital assets. By the way, earlier, the head of the Fed, Jerome Powell, made a similar statement.

๐Ÿค‘ No surprise even the family office of billionaire George Soros has invested in the first cryptocurrency. According to the head of the Fund, bitcoin has even more long-term potential. Bloomberg believes that the fact that the Soros family office, which manages money for the billionaire philanthropist, now publicly has some skin in the crypto game adds to the legitimacy of the sector. It should also be noted that other major institutions seem to favor DeFi as well.

โœŒ๐ŸปFinally yet importantly, according to Bank of America, the digital asset industry could become โ€œone of the most exciting marketsโ€ in the coming years. The universe of digital assets with a capitalization of over $2 trillion and more than 200 million users is too large to ignore. Additionally, Bank of America believes that corporations may in the future be more willing to consider adding digital assets to their balance sheets for diversification.
โ€‹โ€‹Your Nimbus Team continues to work harder than ever to deliver results, and weโ€™re back with another sprint report.

Letโ€™s dive in!


โœ… Wrap Machine:

Earlier with the Wrap Machine, you could view specific details about the transaction only before you executed the wrap (ERC-20 to BEP-20 token transfer and vice versa). We're talking about the number of NBU or GNBU tokens inserted into the Wrap Machine, the gas fees, the number of tokens received after the transfer, etc.

Now, we have ensured that these details are displayed after the wrap has been made. Also, the transaction history with all the relevant details is saved and can be viewed every time you connect your wallet to the Nimbus Platform.

โœ… Revamped โ€œRoadmapโ€ section of the website:

Currently, the roadmap on the website shows dApps and products that have already been released, as well as the products that are in development โ€” in a separate section.

We are working on a new section called "Now in development," where you will be able to track the work of the Nimbus tech team on products that are being developed on a weekly basis.

Want to know what exciting products your Nimbus Team is working on?

Visit the Roadmap now ๐Ÿ‘‰ Here!

โœ… Analytics Page:
Weโ€™re also working on improving the data on the analytics page to show real-time numbers and values. Currently, it does hold some flaws since the data is collected via a third-party server. We have done the necessary research and found a more optimal solution โ€” to create our own novel code and implement it to show relevant analytics and data.

โœ… 405 minor infrastructure improvements were implemented

We'll be back with another sprint run soon โ€” hope you all have a great weekend!
Are you having trouble navigating your way around the Nimbus Platform? ๐Ÿง

If yes, weโ€™ve got you covered!๐Ÿ’ก

Down below, you can find all the guides on different Nimbus functionalities and dApps ๐Ÿ”ฝ

1๏ธโƒฃ Nimbus Staking Guide ๐Ÿ‘‰ Here and ๐Ÿ“ฝ Video Version ๐Ÿ‘‰ Here
2๏ธโƒฃ How to switch between the Ethereum and Binance Smart Chain networks ๐Ÿ‘‰ Here
3๏ธโƒฃ Updated Nimbus Swap Guide ๐Ÿ‘‰ Here
4๏ธโƒฃ Lending dApp Guide ๐Ÿ‘‰ Here
5๏ธโƒฃ Wrap Machine Guide ๐Ÿ‘‰ Here
6๏ธโƒฃ Peer-to-Peer Exchange dApp Guide ๐Ÿ‘‰ Here

If you still experience any difficulties interacting with our functionalities, you can always get in touch with our chat admin @Viktor_Nimbus_Support  or with Nimbus support, here ๐Ÿ‘‰ https://nimbushelp.zendesk.com/hc/en-us 
๐ŸคšHey Nimbus Community,

Weโ€™re here to announce our newest exciting educational venture โ€” The Nimbus Academy Proficiency Test Series!๐Ÿ˜Ž

All you have to do is choose the answers that you think apply from the given lists of options! Once youโ€™ve done that, youโ€™ll see the correct answers.This way, you can both have fun and test the knowledge youโ€™ve gained through the Nimbus Academy over the past 2 months!๐Ÿค“

Ready? Answer the questions below๐Ÿ’ช
Which term is described below?
Collections of assets locked in a smart contract. These assets enable decentralized asset exchange at DEX, act as backbones of decentralized lending, and so on.
Anonymous Quiz
10%
a) Pool share
21%
b) Staking Pools
52%
c) Liquidity pools
17%
d) Show me the answer
What is the size of the impermanent loss when the exchange rate in your pair grows by 1.5x?
Anonymous Quiz
20%
a) 0.6%
28%
b) 2.0%
15%
c) 3.8%
38%
d) Show me the answer
โ€‹โ€‹โœ‹Your weekly market summary,

๐Ÿš€ The crypto market is roaring once again with Bitcoin moving past $59K. This spike of optimism could be contributed to multiple factors. First things first, Australiaโ€™s largest pension funds Queensland Funding Firm QIC has said it may make small investments throughout the cryptocurrency sector. CDPQ โ€” Canadaโ€™s second-largest pension fund โ€” on the other hand, co-led a $400m funding round for crypto lending platform Celsius Network.

๐Ÿค‘ Secondly, it looks like a futures-based bitcoin exchange-traded fund is getting closer to approval in the US. To be more precise, the ProSharesโ€™ product is widely expected to receive accreditation on October 18. If approved, futures-based ETFs will allow investors to gain crypto exposure. By the way, would you invest in a crypto ETF?

๐Ÿง  Finally, yet importantly, the President of the Russian Federation, Vladimir Putin, said that cryptocurrencies could be eventually used as a means of payment. Even though, he claimed it was too soon to talk about using digital currencies for trading oil and other commodities that form the bulk of Russiaโ€™s exports. Who knows, maybe soon enough things will turn around.
๐Ÿ”ฅ๐Ÿ”ฅ 22,12% BNB APRโ€ฆ26,92% BUSD APR โ€“ the yields on Nimbus Lending are on fire!

This is 2X higher compared to the industry average!
๐Ÿš€

Combine these numbers with multiple benefits such as:
โœ… Lending on your own terms โ€“ no minimum deposits, withdraw at any time!
โœ… Overcollateralized loans โ€“ ensure that your assets are safe.
โœ… Nimbus's 3 layer audit system with top auditors, including Chaitin and Hacken, keeps smart contract security and integrity in check.

But note: the APR can change any time depending on the market conditions!โณ

So don't miss out and put your assets to work now
๐Ÿ‘‰ here!
Media is too big
VIEW IN TELEGRAM
How many of you here prefer Discord over Twitter and Telegram? Well, to those of you who do prefer Discord, we've got news for you!

We've created the official Nimbus Discord server so that you can have fun exploring and communicating with other Nimbus community members!

There's more! In celebration of the server's launch, we are announcing GIVEAWAY! 100$ worth of NBU to each of 20 lucky winners๐Ÿฅณ

๐Ÿ† To win:
1๏ธโƒฃ Join - https://discord.gg/zvVjU78f85
2๏ธโƒฃ Invite minimum 2 friends via the "Create Invite" button in โ€œโž•introduce-yourselfโ€ channel
3๏ธโƒฃ Fill in our short form to participate ๐Ÿ‘‰ Form!

On November 2 we will randomly pick 20 lucky winners!
โ€‹โ€‹โœ‹Happy Friday Nimbus community,

๐ŸคŸ๐ŸพThe DeFi industry has reached yet another milestone โ€” the value of assets used in the ecosystem reached $100 billion for the first time. It may sound crazy but lending on cryptocurrency platforms rose 14.9% from last week to $50.7 billion, according to the latest data. Cryptocurrency exchange transactions on DeFi networks, on the other hand, surged 8.6%. Finally, the number of Bitcoin used in decentralized finance rose 8% to 209,575 from 194,130 a week earlier, whereas the number of Ethereum used went up by 3.5%.

๐Ÿ™ŠThis spike of interest could be explained by the approval of the first U.S. bitcoin futures exchange-traded fund. The long-awaited ProShares ETF will offer exposure to bitcoin futures contracts โ€” agreements to buy or sell the asset later for an agreed-upon price โ€” rather than bitcoin itself. Thus, now anyone can get exposure to Bitcoin in his or her brokerage account. Yet, we find it important to mention that the ETF charges 0.95% a year. Would you invest in ProShares ETF that does not actually own Bitcoin?

Finally, on October 20, the PancakeHunny suffered a flash loan attack that targeted the Hunny TUSD Vault. As a result, the platform lost 388 BNB and 1.7 million TUSD (approximately $ 1.9 million). Curiously, PancakeHunnyโ€™s smart contracts were audited by Certik, one of the leading blockchain security companies in the industry, yet it fell victim to such an exploit.
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โœ‹Hey Nimbus Community,

We're excited to announce the launch of the Nimbus Affiliate Program!๐ŸŽŠ

Get rewarded for introducing your friends ๐Ÿ‘ฅ  to the world of DeFi via the Nimbus Platform:
โœ… 12% bonus when you stake NBU tokens
โœ… 10% bonus when your friends stake NBU tokens
โœ… Up to 0.15% from the token swaps made by your friends
โœ… One-time airdrops of up to 25% of the total amount of NBU staked by your network
โœ… NBU Staking rewards of 60% APY (versus a maximum of 40% APY for the non-participants)

2-step participation:
โœ”๏ธ Stake at least $50 worth of NBU at 60% APY
โœ”๏ธ Invite at least one friend whoโ€™d do the same

Already a member of the Nimbus Referral Program?
Then you can easily jump right into this new Affiliate Program with better rewards!๐Ÿ˜Ž

For more details, read our latest Medium post ๐Ÿ‘‰Here!
โ€‹โ€‹Free ETH and USDT loans?๐Ÿ‘€

Sounds too good to be true - but that's exactly what makes Nimbus Borrowing dApp so special: the lowest borrowing rates in the market!

There are even more benefits:
โœ… Customizable collateralization anywhere between 120% to 1000%
โœ… No more losing sleep๐Ÿฅฑover liquidation risks!
โœ”๏ธ Know the liquidation risk corresponding to the collateral level while borrowing
โœ”๏ธ Push notifications are triggered 10 days prior to the loan overdue date to keep you prepared - or when the collateral level drops to 130% (loan liquidation = 115%) for real-time risk mitigation
โœ… Stressed because you still missed your loan overdue date? Don't worry: we've got you covered!
โœ”๏ธ If your loan is past the overdue date, go to the 'Rollover' section, where you can view all the overdue loans and buy yours back.
โœ”๏ธAnd if the loan got liquidated, go to the 'Liquidation' section, where you can also โ€œbuy it backโ€.

๐Ÿ’กSince the level of liquidity provided to each borrowing pool affects the APR - the APR will certainly start growing from the current 0% - so be fast to take your loan! This way, you can have the fixed 0% for the entire period of your loan ๐Ÿ˜Ž

This means it's time to use your first-mover advantage and get your loans for free๐Ÿ‘‰ Here!
โค1
$100 worth of NBU Giveaway โ€“ can be yours!

All you need is a few seconds:
โœ… Join๐Ÿ‘‰ https://discord.gg/zvVjU78f85
โœ… Invite minimum 2 friends via the "Create Invite" button in "โž•introduce-yourself" channel
โœ… Fill in our short form to participate ๐Ÿ‘‰ Form!

The giveaway ends on November 2nd! Grab it before it ends!
โ€‹โ€‹๐Ÿ‘‹Hey Nimbus Community,

Most of you must have used Uniswap, Curve, or Balancer once ever since you ventured into DeFi๐Ÿ™Œ

Ever wondered what makes these DEXs different from traditional exchanges, or how do they ensure decentralization at large?๐Ÿคจ

Well, the underlying mechanism called the AMM or Automated Market Maker that powers these DEXs is doing all the magic.โœจ

Check the image above ๐Ÿ‘† to discover its meaning.
 
What's so good about AMM?
๐Ÿงฟ AMMs were created as a direct response to factors such as extreme slippage, latent price discovery that enabled market manipulation โ€“ most likely caused due to human activities. Since AMMs removed the need for manual involvement and involved liquidity pools, it also solved the problems mentioned above.  
๐Ÿงฟ In an AMM, token price changes automatically as the market moves. Moreover, even when the liquidity is low in a pair, an AMM allows the users to execute exchanges smoothly. However, during conditions of low liquidity, the price impact factor may be significantly high, hence while the exchange might happen almost instantly, the rate might not be optimal.
๐Ÿ‘‹Hey Nimbus Community,

Recently weโ€™ve talked about our new Affiliate Program in which you can reap 4 phenomenal rewards!

Havenโ€™t joined it yet? Then hereโ€™s all you need to do in order to activate your participation๐Ÿ”ฝ

1๏ธโƒฃ Go to land.nimbusplatform.io (yes, thereโ€™s a separate website for the Affiliate Program)
2๏ธโƒฃ Connect your wallet to the Affiliate Programโ€™s website
3๏ธโƒฃ Activate your participation by staking more than $50 worth of NBU (at the same website, not at the main Nimbus Platform website)

Thatโ€™s it! And youโ€™re already in!

P.S. See a detailed guide here but note we will keep updating it as the Affiliate Program interface is constantly improving