How to use Nord.Savings V2 (Avalanche)
Last updated
Last updated
Gear up to experience the power of NORD.Savings V2 on Avalanche Network
We are extremely thrilled to share that Nord.Savings V2 on Avalanche is now live! In this guide, we will go through each of the steps so that you can get a seamless experience of our product select Nord.Savings V2. Nord Savings V2 is a Tier-based Savings Protocol that aims to reward long-term $NORD holders.
Please follow this detailed guide step by step for each functionality to understand the dynamics involved. Enjoy and experience the power of NORD Savings V2 in the most exciting way. Remember to join the NORD community to drive DeFi adoption to the mainstream, as we are always excited to hear from the community.
Nord.Savings is supported by only Chrome & Brave browser and it works only on Desktop with Metamask & other wallet which supports WalletConnect feature.
You need to use Anyswap Bridge to transfer your NORD tokens from ETH network.
You can use Anyswap Bridge or Avax Bridge to transfer your USDT/USDC/DAI tokens to Avalanche network.
You are free to explore the mainnet through other wallets, similar to Metamask. In order to keep everything simple and hassle-free, we will discuss the process in this guide using Metamask Wallet.
If you are using any other wallet which supports WalletConnect, you have to switch to the respective network and follow similar steps for that wallet.
=> To connect to Avalanche C-Chain Mainnet , you will need to Add Avalanche Network to your Metamask. Please follow the below steps.
Go to the settings page on Metamask Wallet
Add a new network
Add below details on networks page and save.
Network Name: Avalanche Network
New RPC URL: https://api.avax.network/ext/bc/C/rpc
ChainID: 43114
Symbol: AVAX
Explorer: https://snowtrace.io/
Go to https://app.nordfinance.io
Now we will take you through the intricate process of how to employ deposits, withdrawals and claim process built into the UI structure of Nord.Savings V2.
Click the “Connect” button to get seamless access to Nord.Savings V2 Dashboard with Metamask Wallet.
Select Metamask option to connect with MetaMask wallet.
Select WalletConnect option to connect with wallet if you are using any other wallet which supports WalletConnect.
Scan QR code from the wallet App and connect to a particular account.
You can toggle the button located on top-right to switch between Avalanche network, Polygon and Ethereum network.
You will now be able to view the wallet balances for different tokens. All the balances including Vault APY and TVL will be auto populated and refreshed at every 2 minutes. You can manually refresh all the balances using the 'Refresh' button located on top-right.
Select the stable token amount and Nord token amount you want to deposit. The real-time calculator on right will show the rewards you will be earning with the tier you are eligible for. Please refer to this for different Tier, Bonus APY calculations, and the fee structure involved.
You can stake any amount of stable tokens and Nord tokens at any moment. Additional Nord will increase the tier and will display reward calculations based on that.
After clicking “DEPOSIT”, a popup message will appear where you can utilize the toggle button to select either infinite approval or normal approval.Go ahead by clicking “Yes and Continue”. You will have options to toggle Infinite approvals for both Stable tokens and NORD tokens.
Now you are ought to receive the Metamask popup message which will allow you to either “Confirm” or “Reject” the transaction for allowance approval. You will be asked for 2 approval transactions.
Once you have selected the option “Confirm”, the transaction will effectively take place. Within a matter of a few seconds, the initiated allowance approval process will commence.
When both the approval transactions are complete, you should receive a Metamask pop-up message for you to either “Confirm” or “Reject” the transaction for deposit.
Once you have selected “Confirm” the transaction will take place. Give it time to go through, you have now initiated the Deposit process. The given amount of Nord Token and Stable tokens will be deducted from your account.
When the transaction is complete, you should receive nToken in Metamask wallet and the same will be reflected on the Dashboard. nTokens are interest bearing tokens which accumulates the interest earned on stable coin deposits.
In the expanded mode, it will show your reward tier on top right along with the portfolio value and Nord Tokens earned at any moment.
To withdraw the stable tokens, you have to use a toggle switch at the bottom which opens the Withdrawal view.
You have to enter the amount of nTokens you wish to withdraw. To withdraw staked NORD tokens, you have to select 100% for nTokens. There's an unbounding period for the staked NORD tokens.
After clicking “WITHDRAW”, a popup message will appear where you can confirm the withdrawal order. Go ahead by clicking “Yes and Continue”
Now you are ought to receive the Metamask pop up message which will allow you to either “Confirm” or “Reject” the transaction for withdraw.
Once you select “Confirm”, the transaction will take place. Within a matter of seconds, you have now initiated the Withdraw process.
When the transaction is complete, you should receive withdrawn stable tokens in Metamask Wallet. The same will be reflected on the Dashboard.
If you have withdrawn 100% from the vault by withdrawing 100% nTokens, your staked NORD tokens will be released with an unbounding period mentioned below the NORD amount once the withdrawal transaction is successful.
Once the unbounding Period is over, you will be able to claim the unstaked Nord. While unbounding period is active, you are free to make fresh deposits with stable tokens and Nord tokens.
Congratulations on making it! We have now effortlessly concluded all the current functionality processes of Nord.Savings V2. We can’t wait to hear back the constructive feedback and valuable inputs which you think would make Nord one step closer to the community and enhance the user experience. We will soon be integrating new features on our platform. Until then stay tuned as we push through the latest technological updates, strategic partnerships, and community events. Nord Vikings have truly made this a reality. For any help or to report any issue, please feel free to write to us at contact@nordfinance.io
Cheers!
