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Their Official site text:


1

nolus.io

The World’s

First DeFi

Lease

Whitepaper

nolus.io2

1 / Abstract

2 / Context

3-6 / Inefficiencies

Over-Collateralized Loans / Risk

of Liquidations 4

High Costs / Ownership 5

Complex Experiences / Missing

Out 6

7-10 / Nolus Protocol

Finance 8

Asset Management 9

Business Model

10

11-12 / Market & Clients

13-19 / Nolus DeFi Lease

How Does It Work?

14

Mitigation Of Risk

16

Competitive Advantage

17

19-29 / NLS Token

Utility

20

Value Accrual

21

Allocations

22

26-36 / Technology

Network Components

27

Token Issuance / Delegation /

Rewards

28

DeFi Lease

29

Lease (Borrow)

30

Interest

32

Lend (Stablecoins)

33

Supported Assets / DEX / Ramp

36

37 / Advisors

Contents

nolus.io

Abstract

1

Nolus Protocol is a Web3 financial

suite that offers an innovative

approach to money markets with

a novel Lease solution to develop

the DeFi space further

The Nolus Protocol

utilizes a lightningfast Layer-1 blockchain

build with Cosmos SDK.

It is a decentralized,

censorship-resistant

medium with little to

no additional cost for

transactions and no

custody over the user’s

funds

The Nolus DeFi Lease

provides up to 150%

financing on the initial

investment, where the

user retains ownership

over the digital asset.

The Nolus DeFi Lease

comes with lower

margin calls and total

costs, all wrapped in an

intuitive and easy-touse UI

The DeFi Lease defines a money market

between lenders looking to earn yield

on stablecoins, and borrowers, looking

to borrow more digital assets than their

current equity

To borrow assets, the borrower locks up

a down payment as collateral and can

leverage their holdings in a preferred digital

asset

nolus.io

Context

1. Decentralized Finance: On Blockchain- and Smart Contract-Based Financial Markets 2

2. Crypto exchanges are booming, for now

3. The Shift Toward Decentralized Finance

The global cryptocurrency market is projected to grow at a

CAGR of 11.2% in the 2020-2027 period

The vast number of new DeFi solutions has been а fundamental

driver to the global cryptocurrency market

In recent years, a massive influx

of retail investors entered the

crypto world while institutional

support grew exponentially.

The vast array of new DeFi

solutions available to users has

been fundamental in driving

significant improvements

to financial markets, adding

transparent, open and

immutable infrastructure 1

In 2021, exchanges reported a

notable increase in both signups,

and trading volume – some citing

between 100-200% increases

in their usual rate of novel

registrations 2

According to some strategists,

this is not due to COVID boredom

but rather a move away from

legacy financial systems to a

more general acceptance of

cryptocurrencies as a new asset

class 3

The increasing digitization across

industries, legalization, purchase,

sale, or trade of virtual currencies

in various developed countries,

and convenient access to online

trading Protocols through

smartphones all contribute

to market growth. We believe

that the global cryptocurrency

market will continue its robust

expansion in line with the above

Cryptocurrency Market Research Report - Global Forecast to 2026

GLOBAL CRYPTOCURRENCY

MARKET PROJECTION

2022

0

1,000

2,000

3,000

4,000

5,000

2020 2021 2023 2024 2025 2026

16%

16.67%

17.33%

18%

18.67%

19.33%

1,812

2,151

2,559

3,045

3,627

4,324

5,159

Market Size Market Growth (USD Million)

nolus.io

Inefficiencies

3

Our firm conviction is that the popularity of

DeFi solutions will only increase in the future.

As a result, current market participants will

increase their holdings and involvement,

while newcomers with limited or no financial

background will enter this nascent asset

class

However, there are many

obstacles that must be

tackled before the sector

reaches the conflicting point

of mass adoption

nolus.io

4

Inefficiencies OVER-COLLATERALIZED LOANS

✗ PROBLEM:

The industry suffers

from rather steep

over-collateralization

requirements, making

lending options

unfavorable. A proliferation

of locked-up collateral

holds back the potential of

the market because it ties

up otherwise useful capital

to manage counterparty

risk

✓ SOLUTION:

Nolus DeFi Lease provides

financing up to 150% on

the initial investment

thus reducing the level of

collateralization by a

factor of 3

RISK OF LIQUIDATION

✗ PROBLEM:

In both cases, where users

want to maximize their

gains via over-collateralized

loans or futures contracts,

they are exposed to a high

risk of liquidation that

could lead to loss of equity

✓ SOLUTION:

Nolus DeFi Lease has 40%

lower liquidation rates

compared to the market

average (all parameters

equal)

nolus.io

5

OWNERSHIP

✗ PROBLEM:

One can use leverage

to speculate with more

equity without the need for

over-collateralized loans.

However, most exchanges

that allow futures or

perpetual contracts do not

give ownership of the asset

✓ SOLUTION:

With Nolus, ownership lies

within the user

HIGH COSTS

✗ PROBLEM:

Effective interest rates vary

between 11% and 19% for

CeFi, while DeFi solutions

have variable interest

that can go even above

30%. Transaction fees on

Ethereum can reach 50% of

the transaction for smaller

amounts

✓ SOLUTION:

With Nolus, total costs of

financing and transactions

are low – the neverchanging interest rate is

locked at contract creation,

with little to no additional

cost for transactions

Inefficiencies

nolus.io

6

COMPLEX EXPERIENCES

✗ PROBLEM:

Complex onboardings,

concepts, and processes

deter users away. CeFi

solutions are way too

technical for the average

person to operate with

✓ SOLUTION:

With Nolus, the user

enjoys a quick and clear

experience wrapped in an

intuitive and easy-to-use UI

with simplified onboardings

and processes

Inefficiencies

MISSING OUT

✗ PROBLEM:

Retail users have limited

liquidity and are unable

to purchase more assets

today at the desired price

level(s)

✓ SOLUTION:

With Nolus, the price of the

desired asset is locked in

at the contract creation

date, and the customer

can use the asset’s price

appreciation in the future

to repay the initial cost

of the investment and

has full ownership of the

underlying asset

nolus.io

Nolus Protocol

7

Inclusive, intuitive, and easy-to-use

solution to empower mainstream adoption

Nolus Protocol aims to merge the

boundaries between TradFi and DeFi in

a holistic experience, leveraging various

financial instruments and the advantages

that decentralized finance offers

Nolus’ Key Features:

Asset Management

→ Manage, Swap & Ramp

→ Earn Yield

→ Stake

Finance

→ DeFi Lease

nolus.io

8

Nolus

Protocol

FINANCE

The DeFi Lease defines a

money market between

lenders looking to earn

yield on stablecoins, and

borrowers, looking to

borrow more digital assets

than their current equity. To

borrow assets, borrowers

provide a down payment

and can leverage it

When a DeFi Lease is

opened, the down payment

and the loan provided by

Nolus Protocol are locked in

a smart contract instance,

both acting as collateral.

The never-changing

fixed borrower terms of

interest throughout the

lease contract provide

predictability for future cash

flows and yield distributions

toward lenders

Nolus Protocol is designed

to work on a cash basis

model where actual yield

rewards lenders. Interest

from DeFi Leases will be due

for collection in specific

periods and, if not paid, will

be automatically deducted

from active DeFi Lease

positions. The principal

can remain unpaid for as

long as the user desires,

however in the event of a

downturn, a margin call will

trigger partial liquidations,

eventually liquidating it in

full if the downturn is severe

nolus.io

9

ASSET MANAGEMENT

Nolus provides a

seamless solution to

manage a plethora of

cryptocurrencies and earn

on idle stablecoins

Nolus sources its deposit

yields from the interestbearing DeFi Leases and

incentivizes lenders with

additional rewards by

releasing NLS tokens from

the Incentivization Pool.

Payouts are done from a

couple of unique revenue

streams

Revenues from the DeFi

Leases will average at

~13% APR. Lenders will

receive 11% in stablecoins,

leaving the Protocol with

revenue of 2% (stream 1).

Combining it with a swap

spread (stream 2) and a

small TX fee (stream 3), the

three streams buy back

NLS tokens from the open

market, actively refilling

the incentives pool and

creating a sustainable

model that will reward

participants in the system

as long as it is economically

active

Nolus

Protocol

nolus.io

10

BUSINESS MODEL

Nolus goal is to build a novel user

experience-driven automated money

market, creating substantial value for all

participants. The Business Model laid out

below shows how the protocol will achieve

its purpose

NOLUS TOKEN UTILITY

Reduced Interest

& Downpayment

MANAGE

LEASE STAKE

EARN

Lease

Contract

CLIENT’S OUTSIDE FUNDS

ERC20, CW20 Tokens,

USD, YEN, GBP & 100+

NOLUS WALLET

Cryptocurrencies,

Nolus Token & NFT’s

LENDERS

Private Individuals,

Businesses

NOLUS TOKEN HOLDERS

Early Adopters

& Investors

NOLUS TOKEN UTILITY

Higher Rewards

NOLUS TOKEN UTILITY

Rewards From

TX Fees & Incentive

NOLUS TOKEN UTILITY

Gas/Network Fees

← Swap Tokens → Reward →

Reward →

← Deposit Fiat or Crypto

Withdraw Fiat or Crypto →

1 Down payment →

4→ Release

3← Repayment

2← Lease

Stake →

Blockchain

Supply Stablecoins

Liquidity Pools

Nolus

Protocol

nolus.io

Market & Clients

11

Nolus Protocol is a practical, simple, and

cost-efficient solution for everyone

By creating a safe, reliable, and user

experience-driven environment for DeFi

to grow on the Cosmos еcosystem, the

Protocol will bridge the gap from the core

market of early DeFi adopters to the vast

untapped mainstream markets

NEW ENTRANTS CURRENT HOLDERS

Users who already own digital

assets can immediately receive

access to a high-yield instrument

and a place to fund their future

purchases. They will benefit

from a cheaper and less risky

way of financing compared to

any other option on the market,

thus increasing the opportunity

to diversify their portfolio and

increase their crypto wealth

Nolus offers simple, high-speed

onboarding to advance the

adoption of digital assets. Users

can transfer fiat from their bank

account to the Protocol in a

matter of seconds through any

bank card, SWIFT, SEPA, or ACH

transfer. Users can then swap

different digital currencies, earn

on their holdings and apply for

financing

nolus.io

12

Crypto-asset investments have

grown among institutional

investors in the past years. In

addition, in times of accelerating

inflation expectations,

institutional investors actively

search for new and more

efficient ways to hedge their

portfolios and diversify their risk

According to JPMorgan’s note

to its clients at the end of 2021,

“Institutional investors appear to

be returning to Bitcoin, perhaps

seeing it as a better inflation

hedge than gold” 3

With Nolus, institutional

investors will be able to fund

their diversification needs lured

by the decreasing real interest

rates (fixed nominal interest

rate provided by Nolus less the

increasing inflation percentage

expected)

Market & INSTITUTIONS

Clients

ADDRESSABLE MARKET

According to Research and Markets 4, the global cryptocurrency market

size is expected to reach USD 5.2tr by 2026, with a cumulative value

in transactions, exchanges, and wallets exceeding USD 2.2tr per year.

Adoption would be spread evenly between Europe, the Middle East,

and Africa (39.03%), Asia-Pacific (31.5%), and the Americas (29.47%).

Cryptocurrencies are already a mainstream asset class and are

expected to grow significantly over the next few years. Nolus, with its

diverse products (buy, swap, store, send, finance & earn), is positioned

to grow with the market and become a leader in the DeFi lending space

JAN 21

$11B

29% OF TOTAL

DEFI MARKET

$110B

20% OF TOTAL

DEFI MARKET

DEC 26

3. Bitcoin not gold is the new inflation hedge, says JPMorgan

4. Cryptocurrency Market Research Report - Global Forecast to 2026

5. TVL on DeFi Lending Protocols

10x

The Global DeFi market is growing

at a rapid pace. DeFi Lending with

20% is the second biggest segment

after DEX and is expected to

increase further 5

nolus.io

DeFi Lease

13

HOW DOES IT WORK?

Nolus DeFi Lease is a crypto agreement where the

Protocol provides financing towards the user to

purchase more units of the desired digital asset

than their currently available equity

Nolus DeFi Lease allows crypto users to obtain

a financial product that is flexible in terms of

duration and repayments. The user only needs to

provide a down payment to enter the contract and

use the product for as long as desired. No early

repayment fees, monthly charges, penalties, or

additional fees apply. Once the Lease is fully repaid,

all leased assets are released to the user

THE PROCESS CONSISTS OF

THREE EASY STEPS:

User applies for Nolus DeFi Lease

by choosing from personalized

parameters of the contract

1

User repays in fiat or crypto

whenever and however they

see fit

2

Nolus smart contract releases the

digital asset towards the user

3

nolus.io

14

STEP 1:

CONTRACT INITIATION

STEP 2:

REPAYMENT

It is entirely up to the

user to choose when and

how much to cover of his

principle or interest or both

Lease

Contract

The user

chooses how

many units to

buy

Interest based

on the client’s

Nolus holding

The user chooses

the amount of the

down payment to be

deposited

The smart contract closed automatically the client can continuhold his asset

As soon as the loan amount

is repaid in full, Nolus

Protocol releases the asset

from the smart contract

STEP 3:

ASSET RELEASE

As soon as the lease

amount is repaid in full, the

assets are released from

the smart contract

DeFi

Lease

nolus.io

15

EXAMPLE

The interest rate

(the only charge that Antony would ever incur)

is fixed during the contract duration and is a function of:

the amount of the down payment and its

ratio vs. the market value of the asset

the amount of staked Nolus (NLS) tokens

(Interest reduction incentive)

1

2

For example, we will name our

client Antony

Antony would like to purchase

1 BTC at the market price of

$50,000

Antony is willing to enter into

the contractual agreement with

$20,000 (down payment), where

the Nolus Protocol will provide

the outstanding $30,000 to open

a buy position for 1 BTC. If Antony

decides to use Crypto Lenders,

he would need to buy some

crypto for $20,000, collateralize

it and receive a $10,000 loan to

purchase more crypto

In this example, Nolus Protocol

provides 3 times larger exposure

for the user than Crypto Lenders

Antony does not need to choose

any repayment period. The

contract is indefinite and will be

closed when Antony repays in

total - in one hour, one day, one

month, one year, or 100 years

from the contract initiation.

Antony has no other costs to

worry about except interest

Let us assume that Antony

decides to enter the above

contract. Once the agreement

initiates, Antony is free to repay

as he pleases. Antony may

choose to repay on the next

day (full or partial repayment is

possible at any time) and will be

charged with one-day interest

only. No other fees or taxes

apply. He may decide to repay

his interest every month for six

months and principal for the

next 6/12/18/24 months. He may

choose to cover his principal in

tranches every week/month/

quarter. He may pay principle at

any desired future point in time

(year/two/ten)

In a nutshell, Antony has the

ultimate freedom to repay

according to his needs and

possibilities

DeFi

Lease

nolus.io

16

The user must maintain a margin between

the current total outstanding debt due and

the current price of the digital asset locked

in the Nolus Lease smart contract. At any

given time for the duration of the smart

contract, the following ratio must be true:

Current Loan

Debt Due

Current Price < Of Digital Asset

In the case of price appreciation of the digital asset locked

in the Lease smart contract, Antony can use the upside of

the price to repay the loan partially or in full

The digital asset price locked in

the Lease contract could also

depreciate. In that case, Antony

will receive system notifications

at 30%, 20%, and 10% off the

liquidation price and will be

prompted to repay part of the

debt to avoid partial liquidation

In that case, when a further

decrease in the price of the

digital asset occurs, the Lease

contract will execute a partial

liquidation of the position to

recover the loan’s balance to a

healthy level

Since there is no fixed repayment

schedule, the DeFi Lease would

have a constant liquidation

price throughout the contract if

interest is covered regularly. As

Antony (in the example above)

has contributed a down payment

(upfront payment) of $20,000

and obtained $30,000 in the

form of Lease (to purchase 1 BTC

for $50,000), the liquidation

price for the contract would be

reached when the price of 1 BTC

equals $30,000 (or 40% decrease

in the cost of the digital asset)

For comparison, if the client

provides $20,000 collateral to

the Crypto Lenders, the loan

available would be $10,000 (3x

less than Nolus), and liquidation

will be triggered at a 37.5%

decrease in the asset price

(compared to 40% with Nolus)

In short, the user gets 3 times

more for lower liquidation risk

If Antony decides to cover neither

the principal nor the interest for

a while, the daily interest amount

will be added to the liquidation

price attributed to the loan, thus

increasing it

DeFi MITIGATION OF RISK

Lease

nolus.io

17

Nolus ambition is to increase the inclusion

of financial services within the crypto

ecosystem. The Protocol is an instant

low-margin-call-risk worldwide financing

solution that requires no technical

knowledge and is more cost-effective

compared to any alternative

DeFi COMPETITIVE ADVANTAGE

Lease

nolus.io

18

PRODUCT

FEATURES

CRYPTO

LENDERS

MARIGN

& FUTURES

Financial

Background

Needed

Total Cost of

financing

NO

10%

YES YES

14.2% 18%

avg. across market

Liquidation*

drop in price of asset 38%

decrease

67%

decrease

26%

decrease

No

collateralization

No

futures contract

Financing as %

of collateral/

downpayment

Up to 150% Up to 50% Up to 125x**

Ownership of the

digital asset Yes

Margin Call Risk Very Low High Very High

Fees Interest Only

Application fee,

Administration fee,

Spread, Interest

Application fee,

Maker/Taker fee,

Daily interest,

Withdrawal fee

avg. across market

DeFi

Lease

* example for equal parameters across the market - loan of USD 10,000 and deposited collateral (or down payment) of USD 20,000

** increased leverage brings higher liquidation risk. For example, if 10x leverage is used, the liquidation of the position would be hit in case

of 4.5% drop in the price of the asset

nolus.io

19

STAKEHOLDERS

There will be four types of stakeholders

within the Nolus Protocol:

Investors Users who purchased NLS

tokens through buying on the

open market, IDOs or airdrops

The Nolus ecosystem has been

uniquely designed in a way to

incentivize NLS owners to stake

their tokens and maximize their

benefits

Lenders will get boosted yields

depending on the amount of NLS

staked, while investors will be

incentivized to stake to maximize

the value of their holdings

This methodology will kick-start

the Nolus ecosystem and its

underlying Protocol while also

serving as a growth lever for user

retention and adoption

The staking incentivization

mechanism will further ensure

that a sizable proportion

of the NLS token supply is

being delegated to validators

contributing to the network’s

consensus

Stakers Users who stake Nolus (NLS)

tokens to receive rewards for

sustaining the blockchain’s

mandatory security level and

decentralization

Borrowers Users who will benefit from the

financing options on the Nolus

Protocol

Lenders Users who will supply liquidity

to the Protocol’s Vaults in

exchange of lucrative rewards

NLS Token

nolus.io

20

The NLS token incentivizes users by granting

better interest rates for the Nolus DeFi Lease

REDUCED INTEREST RATE

If the user stakes NLS tokens,

a lower interest rate will apply

depending on the amount staked

DOWN PAYMENT

Staking NLS token makes the

holder eligible for special down

payment options

GOVERNANCE

The NLS token is a governance

token that allows staked token

holders to decide the future of

the protocol, including every

implementation detail

TRANSACTION FEES

All fees for processing and

validate transactions on the

network will be paid with the NLS

token

NLS Token UTILITY

nolus.io

21

VALUE ACCRUAL

ADJUSTED DEFI LEASE INTEREST

Staked NLS tokens will grant borrowers lower

interest rates when leveraging through DeFi Lease

positions. Reduced interest will be calculated

dynamically based on the staking duration. The

longer the staking duration, the lower the interest

for consequent DeFi Leases

LENDERS TIERED APR INCENTIVE

Lenders will have to buy and stake NLS tokens to

increase their rewards on supplied stablecoins or

tokens. The more users utilize the protocol, the

more NLS tokens will be bought to achieve higher

APR. Consequently, the token value will grow

proportionally to the Protocol’s Total Value Locked

LEASE REVENUE

The majority of the revenue will come from the

interest-bearing DeFi Lease contracts. Part of the

total operating income will be used to buy back

NLS tokens on the open market, which would

subsequently be added to the Nolus Incentives

Pool used to pay out Lender’s rewards

The protocol will generate revenue and bring value to the

NLS token. A list of accrual mechanisms will be put in place:

NLS Token

nolus.io

22

ALLOCATIONS

15%

Inflation

Staking Rewards

Lenders

Incentives

12%

Strategic

Partners

5%

Liquidity &

Bug Bounty

5%

Team &

Contributors

19%

NLS Token

20%

Token

Sale

24%

Community

DAO Treasury

Total Supply

1,000 MIL

nolus.io

23

STRATEGIC PARTNERS

LIQUIDITY & BUG BOUNTY

5% of the genesis supply is

reserved for strategic partners to

help develop the ecosystem and

further contribute to the growth

of the Protocol. These tokens are

subject to a 9-month cliff which

will begin at the TGE, followed by

24 months of linear vesting

4% of the genesis supply is

reserved to bootstrap liquidity

and incentivize pools on several

Market Makers. An additional 1%

will be allocated to a bug bounty

program. These tokens will be

liquid at the TGE

TOKEN SALE

20% of the genesis supply is

allocated to investors who

participated in one of Nolus’s

private rounds. Proceeds will

be used to fund protocol needs

in terms of offered products.

Additionally, part of the proceeds

would be focused on Protocol

adoption expenses and technical

completion. These tokens are

subject to a 9-month cliff which

will begin at the TGE, followed by

24 months of linear vesting

TEAM & CONTRIBUTORS

19% of the genesis supply is

reserved for the core that ignited

the Nolus Protocol and the teams

assisting the development. Part

of the allocation will be used

to help attract new talent and

reward members for their work.

The allocation is subject to a

15-month cliff which will begin at

the TGE followed by 36 months of

linear vesting

Allocations

COMMUNITY (DAO TREASURY)

24% of the genesis supply is

reserved for the community.

Nolus community governance

will determine how and when to

distribute these tokens through

various incentive programs. All

types of contributors can be

eligible for community token

incentives, including but not

limited to technical contributors,

community builders, and

educators. All Community tokens

will be vested linearly for 36

months starting at the TGE

NLS Token

LENDERS INCENTIVES

12% of the genesis supply is

reserved for the Protocols

Incentive pool, which will

distribute rewards to lenders.

The allocation will be liquid at

TGE, but the actual distribution

depends on the Protocol’s

growth

nolus.io

24

INFLATION (STAKING REWARDS)

150m NLS tokens (15% of the total supply) shall be minted in 10 years and

will serve as staking rewards to incentivize validators and delegators

on the blockchain. At the end of the first month of operations, 2.5% of

all tokens will be minted than the monthly percentage of newly minted

tokens thereafter will decrease by 0.05 p.p. per month compared to the

previous month until the end of year 1. In the following years, the amount

will decrease monthly by 0.04 p.p. in year 2, 0.03 p.p. in year 3, 0.02

p.p. in year 4, 0.015 p.p. in years 5 to 7, 0.0125 p.p. in year 8 and remain

constant until the end of year 1

Staking Reward Distributio

n

Y1 Y2 Y3 Y4 Y5 Y6 Y7 Y8 Y9 Y10

4.9

%

3.0

%

0.8

%

0.8

%

9.3

%

7.1%

15.3

%

11.8

%

26.7

%

20.3

%

26.7%

47.0%

62.3%

74.1%

83.4%

90.5%

95.4% 98.4% 99.2% 100%

NLS Token

Allocations

nolus.io

25


The table below shows NLS token release schedule by quarter based on

the vesting and unlocking structures

NLS Token

1000

900

800

700

600

500

400

300

200

100

0

Token Release in Millions

Q0 Q1 Q2 Q3 Q4 Q5 Q6 Q7 Q8 Q9 Q10 Q11 Q12 Q13 Q14 Q15 Q16 Q17 Q18 Q19-Q40

 Community (DAO Treasury) Token Sale Team & Contributors Inflation (Staking Rewards)

 Lenders Incentives Strategic Partners Liquidity & Bug Bounty

Allocations

RELEASE SCHEDULE

nolus.io

Technology

26

User interactions are handled

through the current most proven

and used wallet - Keplr9 as a

browser extension to execute

transactions on the Nolus Web

Application. Once the MVP phase

is completed, a proprietary

non-custodial wallet solution

will also be made available

for users to interact with the

business layer of the protocol

on both mobile and the web.

Key management functionality

will be implemented to secure

a frictionless user experience,

providing familiar means for

non-crypto natives to create

and access their wallets. User

keys will be split via a threshold

scheme into shares, secured

by a mixture of authentication

methods and user devices

OVERVIEW

The technological backbone

of the Nolus Protocol utilizes a

lightning-fast Layer-1 blockchain

based on Tendermint’s PoS 6

algorithm, built with the Cosmos

SDK 7

. The simplified creation

of a sovereign, horizontally

scalable blockchain with its

proprietary token economy,

cheap and fast transactions, and

access to a thriving ecosystem

of interconnected dapps and

services are some of the many

advantages that the Nolus

Protocol benefits from

Most of the application and

business logic is executed on

top of the current state of the

CosmWasm 8 smart contract

framework. Coded with Rust

and executed within the

isolated sandboxing model by

CosmWosm and Web Assembly

enforces robust security and

multi-chain compatibility

6. The leading BFT engine for building blockchains

7. The world’s most popular blockchain framework

8. Secure, multi-chain smart contracts

9. Keplr Wallet

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27

DEVELOPMENT

Kickstarted using Starport 10

and deployed on AWS to allow

rapid development and testing

of the smart contracts and

connectivity with the network

Regular purging will be

performed to keep it quick and

small in size

TEST

All network updates and changes

will be rigorously tested before

their production deployment.

The test network will have a

simple faucet to transfer NLS

tokens and a blockchain explorer

PRODUCTION

To facilitate the active development of the protocol and

at a later stage of the production release, three network

instances need to be operational

To be deployed on separate

servers and even separate

cloud providers. At a

minimum, twenty nodes

will be operating the

network at launch, and new

nodes will be connected

on the next stage of the

development

Technology NETWORK COMPONENTS

10. Every project deserves its own blockchain

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28

TOKEN ISSUANCE, DELEGATION,

AND REWARDS

The network native currency is the NLS token, and its

parameters would be encoded into the genesis block

After genesis, each proposed

and validated block issues

rewards for the validator node.

Each validator receives rewards

based on their stake. The

rewards are then distributed

to all delegators. Each token

holder will be able to delegate

tokens to available validators. The

validator has a more significant

stake in the network with

delegated tokens, thus creating

more substantial rewards. The

rewards are distributed to each

delegator based on their token

amount. The validator could take

a percentage fee on the reward

before distributing it to the

delegators

Technology

Validation rewards for the first 96 months are calculated by f(x)=-4.33275

x^3 + 944.61206 x^2 - 88567.25194 x + 3.86335×10^6 where x goes from

0.47 to 96 following the months from 0 to 96. From 97 to 120, an equal

amount of 103125 tokens will be rewarded each month until reaching the

total amount of 150m tokens.

For example, the tokens rewarded

for the second month are equal to

Delegation

Rewards

Commission

Validation Decentralised

Network

Validator Token

Holders

f(x)dx

1.46510417

2.46020833

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29

The DeFi Lease defines a money market between

a lender looking to earn yield on stablecoins, and

a borrower, looking to borrow more digital assets

than his current equity. To borrow assets, the

borrower locks up a downpayment as collateral

and can leverage his holdings up to 3 times in a

preferred digital asset

The Protocol sources its deposit yields from the

interest-bearing DeFi Leases and incentivizes

lenders with additional rewards above the initially

agreed interest by releasing NLS tokens from the

Incentivization Pool

Technology DEFI LEASE

Supply Stablecoins

Lender

Person

Interest →

Interest →

Incentives

Pool

Blockchain

Liquidity Pools

Borrower

Person

Spread →

TX FEES

SWAPS

Fee →

Interest →

Rewards →

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30

There is a Liquidity Providers’ Pool (LPP) instance per

denomination that serves all borrow requests and

repayments in that same denomination. LPP calculates the

total principal and interest due and keeps details of the

opened loans. Each LPP instance calculates a fixed interest

rate on a borrow request and a total liability amount. LPPs

do not deal with currencies other than the LPP native one,

LPN

All lease positions are created by the Leaser contract, which

acts as a smart contract factory. One Leaser is connected

to one LPP and, therefore, to one stablecoin currency,

the liquidity pool’s native currency, LPN. If a user wants

to borrow USDC, they need to ask for the Leaser contract

connected to the LPP with USDC as an LPN

Technology LEASE (BORROW)

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31

Lease

(Borrow)

Technology

Suppose the borrower has open liabilities that do not meet

the desired conditions set within the protocol. In that case,

the system needs to sell (partially or fully) the borrower’s

collateral to remain solvent. These conditions are defined in

two invariants:

If the current liability of the

position is greater than or

equal to the max liability,

then the invariant is broken,

and a market price alarm

notification message is

sent. Given that the healthy

liability is less than the

max liability of the Lease,

the liquidation amount is

either the lease amount

itself or the amount that

is enough to guarantee

a healthy position after

the liquidation event has

occurred. This liquidation

amount is then swapped

to LPN and is used as an

input to the repayment

algorithm. If an excess

amount is returned, it is

transferred to the Profit

contract

Opening a new Lease is made via the Leaser by providing

only the down payment. The maximum amount to be

borrowed is based on the down payment and the initial

liability percentage

Suppose the borrower has

an outstanding margin or

loan interest left after the

defined interest payment

period has passed. In that

case, a grace period begins

during which the user has

the chance to repay their

owed interest. If there is no

payment, the invariant is

broken, and the repayment

algorithm is conducted

using the leased amount

LIABILITY COVERED INTEREST COVERED

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32

Lease

(Borrow)

Technology

Nolus Protocol is designed to work on a cash basis model

where actual yield rewards lenders. Interest from DeFi

Leases will be due for collection in certain periods and, if

not paid, will be automatically deducted from active DeFi

Lease positions

The DeFi Lease interest rate is derived from the current

utilization level of borrowed funds. When a higher

proportion of lent funds are borrowed, the interest rate will

go up, and when the opposite is present, the interest rate

will go back down. The loan interest rate calculation is not

exclusively reliant on the borrower’s base utilization rate but

also consists of a more elaborate algorithm that considers

various factors such as overall asset capitalization, trends,

and asset volatility. These factors are more precisely

measured due to a sequence of historical data points that

further enhance the algorithm and are asset specific.

Ultimately, the goal is to define an asset risk framework

through key features contributing to its performance and

introduce them along with different optimal borrower

utilization levels and base interest rates for the different

assets

Additional parameters representing the environment’s

effect in terms of expected asset dynamics will be

considered as well

INTEREST

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33

There is a Liquidity Providers’ Pool (LPP) instance per

denomination (LPN, i.e., native currency of an LPP), serving

all lenders that provide liquidity in that same currency.

Upon deposits, lenders obtain an amount of CW20 interestbearing token or nLPN. Interest amounts are computed via

index-based interest accrual

Each nLPN represents a fraction of the deposited amount

relative to the total amount of the pool. The interest accrued

and paid by the borrowers enters the pool and increases

the nLPN price. Once a lender withdraws nLPN, the received

amount includes the interest accrued for providing the loan

to the borrowers

Technology LEND (STABLECOINS)

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34

DEPOSIT LPN AND MINT NLPN

WITHDRAW LPN (BURN NLPN)

Technology

Lend

(Stablecoins)

If a user wants to become a

lender in an LPP, they need

to have some LPN in their

wallet, for example, USDC.

Since lenders are

depositing to a pool, they

need a receipt token

back. It guarantees a pool

share and can be used to

withdraw the underlying

assets. The balance of this

receipt token is introduced

to the state of the LPP

smart contract initialized at

0 alongside an additional

parameter describing its

initial price. The price of

the underlying LPN tokens

is also specified as another

parameter

To withdraw LPN tokens, the wallet address needs to have

a positive amount of nLPN tokens. The request can be

called multiple times, and the amount can be withdrawn in

tranches

Afterward, the balance of the nLPN in the LPP smart contract

is decreased accordingly alongside the balance of the LPN

tokens. Should the user wish to withdraw everything, then

the rewards will be claimed and the user will not be a lender

anymore

If the balance of the nLPN

tokens is empty, then the

price of a single nLPN token

would be equal to the initial

derivative price (1 nLPN

= 1 LPN). Otherwise, one

needs to take into account

the newly deposited

LPN tokens and the loan

interest rate from the

borrowers

As time passes, the nLPN

to LPN ratio will increase,

which means one nLPN

token would increase its

price relative to a single

LPN token

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35

Technology REWARDS

Lend

(Stablecoins)

Each LPP instance regularly receives rewards from the

Rewards Dispatcher smart contract based on LPP instance’s

total value locked (TVL) and the cumulative TVLs of all

other LPP instances. The LPP keeps track of incoming and

outgoing rewards, as well as minting and burning lenders’

CW-20 tokens by maintaining a global amount of rewards in

uNLS per nLPN

Each new reward increases the global reward per nLPN.

When a lender deposits or withdraws/burns nLPN, rewards

accrued by that lender for the balance so far is calculated

based on the value of the global reward per nLPN. That

amount is added to the pending rewards balance of uNLS

for that user

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36

To secure a seamless experience,

the users could on and offramp directly from the Nolus

Protocol. The ramping feature

will be enabled in partnership

with a third-party provider by

embedding their widget into the

application

FIAT RAMPING

SUPPORTED ASSETS

IBC 8 provides seamless

bidirectional communication

(transfer of native assets)

with other Cosmos-based

blockchains. With the Axelar

9 gateway, the functionality

extends further, making

transfers available for all

supported EVM blockchains

DEX

Nolus Protocol will utilize

Interchain Accounts 10 to

permissionlessly access

application features of another

blockchain and carry out any

action native to that chain. The

complex flow of sending and

swapping assets to a specific

AMM blockchain or application

will be handled entirely by the

protocol’s smart contracts,

the latter being a dramatically

improved user experience where

all interactions occur solely from

the protocol’s UI

Technology

8. Inter-Blockchain Communication Protocol

9. Axelar - Permissionless Network for Cross-chain Applications

10. Interchain Accounts - Composability to the Cosmos Ecosystem

nolus.io

Advisors

37

Tyler

Schmidt

Co-Founder at Strangelove

Shane

Molidor

Chief Executive Officer

at AscendEX

Zaki

Manian

Co-Founder of Sommelier Protocol,

Co-Founder of Iqlusion

Jack

Zampolin

Founder at Strangelove Ventures,

Co-Founder of Sommelier Protocol

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38

The world’s most popular

blockchain framework –

Tendermint SDK

Secure, multi-chain smart

contracts –

CosmWasm

Interchain Assets

in One Place

Keplr Wallet

Inter-Blockchain

Communication Protocol –

IBC Protocol

Axelar - Permissionless

Network for Cross-chain

Applications –

Axelar

Interchain Accounts -

Composability to the

Cosmos Ecosystem

Cosmos Blog

References

Blockchain- and Smart

Contract-Based Financial

Markets –

Economic Research

Crypto exchanges are

booming, for now –

Financial Times

The Shift Toward

Decentralized Finance –

Forbes

Bitcoin not gold is the

new inflation hedge, says

JPMorgan –

Fortune

Cryptocurrency Market

Research Report - Global

Forecast to 2026 –

Research and Markets

TVL on DeFi Lending

Protocols –

Footprint Analytics

The Leading BFT Engine for

Building Blockchains –

Tendermint Core

nolus.io

Disclaimer

39

1. VOLATILITY OF CRYPTO ASSETS

THE VALUE OF CRYPTO ASSETS OF

ALL TYPES (INCLUDING CRYPTO

ASSETS CALLED “STABLE COINS”) CAN

SIGNIFICANTLY INCREASE OR DECREASE.

THERE MIGHT BE A SUBSTANTIAL RISK

THAT THEY LOSE THEIR ENTIRE VALUE.

THIS IS VALID FOR NOLUS TOKENS (NLS),

AS WELL.

You should carefully consider whether

purchasing, leasing, and holding crypto

assets are suitable for you in light of your

financial condition

2. RISKS ASSOCIATED WITH CRYPTO

LEASING FOR BORROWERS

Nolus DeFi Lease product only protects

you from negative balance. The collateral

you provide to enter into a crypto lease

may be partially or entirely liquidated due

to nonpayment of the lease, a drop in

price of the collateral, or other reasons.

Nolus does not protect you from market

conditions. You shall not receive any

“margin calls” and shall be required to

follow up on market conditions on your

own and provide capital to the smart

contract as necessary if you do not

wish for your positions to be liquidated.

The liquidation is automatic and is not

executed by Nolus Platform Ltd., but by

automated Liquidators acting on the

Nolus Network. Interest rates may be

subject to change and increase based on

market conditions and liquidity providers.

You should familiarize yourself before

entering into a DeFi Lease Agreement

with the concepts of “margin trading”,

“liquidation”, “leverage”, “collateral”,

“debt” and other financial concepts that

may apply - the list is not exhaustive

3. RISKS FOR LENDERS

In the case where you choose to provide

liquidity with your assets in the Nolus DeFi

pools - you may lose your entire capital

due to technical errors in the smart

contract, a significant drop or rise in

prices of the locked assets, nonpayment

from borrowers, or other unforeseen

reasons. Rewards may decrease in

quantity and/or value at any time to such

extent that lending is no more profitable

4.NO FINANCIAL PROMOTION

This document is for educational and

informational purposes only.

The contents of this document are not

a financial promotion. The information

outlined in this document may not be

exhaustive and does not imply any

elements of a contractual relationship.

None of the information or analyses

presented are intended to form the

basis for any investment decision and no

specific recommendations are intended.

Therefore, none of the contents of this

document serve as an invitation or

inducement to engage in any sort of

investment activity. This document is not

intended to be a prospectus, solicitation,

or offering for investment or the sale or

issuance of securities or any interests or

assets


5. PROTOTYPE STAGE

Nolus Platform Ltd. is a startup entity

without prior records. Тhe “Nolus Crypto

Lease”, “Nolus Platform”, “Nolus Network/

Nolus Protocol”, “Nolus Token”, “NLS” are

blockchain products at prototype level

under development currently.

The entire ecosystem is an experiment

without prior proof of concept, proof of

utility, or other records that prove the

feasibility of the project.

It may turn out that for legal, financial,

technical, operational, human resource,

or other constraints the envisioned

products will not be developed eventually

partially or to full extent.

It might turn out that the entire project

nature needs to be altered to comply

with international regulatory standards,

thus the products may have to become

centralized to receive licensing.

Nolus Platform Ltd. and its founders

do not promise any future results or

performance. They might terminate

operations at any time they meet

regulatory, technological, or other

obstacles.

No developer or entity involved in

creating the Nolus products will be liable

for any claims or damages whatsoever

associated with your use, inability to use,

or your interaction with other users of

the Nolus protocol, including any direct,

indirect, incidental, special, exemplary,

punitive or consequential damages, or

loss of profits, cryptocurrencies, tokens,

or anything else of value.

Nolus only provides software solutions,

which allow users to lease assets to

each other in a decentralized peer-topeer man free, public, and open-source

software. Nolus Platform Ltd. will not own,

operate, or control the Nolus Network/

Protocol. The sole function of Nolus

Platform Ltd. with respect to the Nolus

Network/Protocol is to issue NLS Tokens.

The Network will be run and operated by

a decentralized validator set

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40

6. NOT A FINANCIAL SERVICE

Nolus does not offer any regulated

financial services, nor any custody of

Clients’ crypto assets, nor services for

exchange between virtual currencies and

fiat currencies, nor securities services.

As of the time of the publishing of this

White Paper Nolus is not registered with

any Financial Regulator, as it is to our

knowledge not obliged under the current

British Virgin legislation to obtain such

license for its activity.

This White Paper expresses personal

beliefs about where the crypto market

is headed based on the free expression

rights of its authors. These beliefs are

not given as a financial consultancy.

The authors are not licensed financial

consultants.

Nolus does not provide any regulated

financial services or security services.

There are risks and uncertainties

associated with the provided services

and tokens that should be taken into

account

7. NOT A SECURITY

Nolus Platform Ltd. considers that the

NLS Tokens are not investment products

or securities and fall exclusively under

the “utility tokens” definition under

international standards. In the case

where the token is later on classified as a

“security” - Nolus Platform Ltd. shall hold

no responsibility for any losses arising

from that fact for anyone, who purchased

the tokens

8. RESTRICTED JURISDICTIONS

Nolus does not deal with individuals

or entities, whose origins come from

jurisdictions viewing crypto assets

services as “financial services” and/or

“securities services” (including but not

limited to the following countries – The

United States of America, Republic of

India, the People’s Republic of China and

others such).

Nolus does not deal with individuals or

entities that are blacklisted by FATF

9. NO GUARANTEE ON ACCURACY OF

INFORMATION AND COMPLETENESS

The information in this document is

given in good faith, but no warranties,

guarantees, or representations are made

by Nolus Platform Ltd. concerning the

accuracy, completeness, or suitability

of the information presented. Nolus

Platform Ltd. expressly disclaims all

responsibility, and Recipients expressly

waive any claim, for any direct or

consequential loss or damages of any

kind whatsoever (Whether foreseeable or

not) arising directly or indirectly from (i)

reliance on any information contained in

this document or any information which

is made available in connection with any

further inquiries, (ii) any error, omission,

or inaccuracy in any such information, (iii)

any action resulting from or (iv) usage or

acquisition of products

10. LIMITATION OF LIABILITY

In no event shall Nolus be held liable if

a license is subsequently required and

not obtained. Тhe product and platform

under development are at prototype

level and Nolus does not warrant/

undertake their actual future results or

performance.

This disclaimer applies notwithstanding

any negligence, default, or lack of care.

No regulatory authority has examined or

approved any of the information set out

in this document

11. NOT A FINAL VERSION

Nolus may update, modify, or correct

this document in its sole discretion,

without notice or incurring any obligation

or liability to any recipient hereof. This

document shall not bind, convey any

rights, obligations, terms, performance,

covenants, representations, or warranties

on behalf of Nolus to you, or create any

relationship between Nolus Platform Ltd.

and you or any other party.

This document is created by Nolus

Platform Ltd., a company registered in

British Virgin Islands under company

number 2088204 with physical address:

Trinity Chambers, Ora et Labora Building,

Wickhams Cay II, Road Town, Tortola,

VG1110, British Virgin Islands

Disclaimer