Read the original proposal on Discourse.

TL;DR

• Proposal to whitelist NAOS Finance ($NAOS)
• Proposed co-investment is 100,000 BNT
• There are no apparent security concerns that would prohibit whitelist status.
• There is no reason to doubt the legitimacy of the NAOS Finance project.
• The benefit to Bancor is clear.

Token Address: 0x4a615bb7166210cce20e6642a6f8fb5d4d044496

Project Website: https://naos.finance/

Token Security

The NAOS token has a maximum supply of 300,000,000 tokens: broken down into the current supply of 210,000,000 tokens, and the 90,000,000 tokens which remain un-minted for now and will be used for liquidity mining. Of the 210,000,000 tokens, 10,517,863 are in current circulation. The contracts and addresses with the highest concentration of NAOS tokens are predominantly the team reserves (0x443280f88c82b1d598dc1c7a69c29cc09fa36744), the team distribution staging (0x6ce295e444439e590d7a55ba9c616c7813c2ae8b), liquidity for exchanges and private round investors.

Project

NAOS Finance is a DeFi lending protocol allowing lenders and corporate borrowers to facilitate permissionless and borderless transactions on the blockchain. Built on Ethereum, our platform allows users to tokenize real-world assets and subsequent lending. We’ve obtained financing licenses in four countries and operate compliantly and legally in top markets around the globe, maintaining safety as a top priority and fostering enhanced trust in the lending/borrowing process.

There are two main components to the NAOS protocol: Formation, which is our liquidity protocol, and Galaxy, which is our lending protocol. In addition to working with all major lending protocols for sources of lending capital, NAOS is designed from day one to be a self-sufficient lending protocol. Galaxy is the conduit between real-world assets and DeFi liquidity, and the protocol is designed to work behind the scenes. More details on our product roadmap can be found here.

We also submitted our first MIP6 application with MakerDao to fund our first real world asset. We are working with a US-based supply chain finance services company that services OEMs in the electronics and semiconductor industry, and works only with OEM-directed spend. The community greenlight poll (first go/no-go decision) on May 31st was 75% yes.

In the effort to emulate the traditional banking experience on-chain, we’re also working closely with partners in oracle, insurance and retail distribution to build a RWA based DeFi ecosystem.

The development team, advisors and investors are presented on the team tab on the NAOS website. NAOS Finance is backed by top tier strategic investors including Coinbase Ventures, Huobi, OKex, Mechanism Capital, Lemniscap, Maven 11, Hashkey Capital, Collider Ventures, CMS among others.

Tokenomics

The NAOS Token is a governance token that serves multiple purposes in ensuring the health and growth of the network. At a high-level, the token is intended to serve two key functions:

Governance: Vote and decide on important matters such as approving an asset’s onboarding, setting the interest rate on an asset, setting token the buyback strategy, determining the reward rate for different liquidity pools and determining the utilization of ecosystem funds.

Staking: We have allocated the largest portion of our token for our community to earn NAOS tokens by providing liquidity. What differentiates NAOS Finance from the other DeFi-centric protocols is that the staking pools are designed to fund real world asset lending.

More details on our Tokenomics can be found here.

Community and Communication

NAOS is active on Telegram and Discord. The NAOS team also operates an official Twitter account. Our community consists of 65% English speakers, 15% Chinese speakers, 8% Russian speakers, 4% Korean speakers, 3% German speakers and 3% French speakers. NAOS has a mailing address in Grand Cayman, and one team email:

• Mailing: 4th Floor, Harbour Place, 103 South Church Street, P.O. Box 10240, Grand Cayman KY1-1002, Cayman Islands
• Team email: team@naos.finance

Available Audits

NAOS has completed its first audit with Quantstamp, and we are in the process of putting up our code on Github.

Market and Trading Data

• NAOS token price at the time of writing is $0.63
• All-time high: $3.41 (13th May, 2021)
• All-time low: $0.185 (IDO launch, 30th Apr, 2021)
• 10,517,863 tokens in circulation
• 300,000,000 maximum supply
• The current market capitalization is $6,555,947
• The NAOS token is available on UniSwap (official), SushiSwap (Official), Gate.io (Official), LBank (Unofficial), Bilaxy (Unofficial), Hoo.com (Unofficial), Decoin (Unofficial) and Hotbit (Unofficial)
• The 24-hour spot volumes range from $14,736 (Sushi) to $105,004 (UniSwap) $656,978 (Bilaxy) to $1.79M (LBank)

Benefit to Bancor

We expect to generate swap fees of $10,000 based on expected trade volume of $5M, and we imagine Bancor to be the deepest pool. In addition to the fee, we're looking to work closely with the Bancor team to launch new derivative products, allowing the Bancor community to tap into a fixed yield money market-like product that is backed by real world assets. We will pick 10 voters, based on taking the total number of voters in order of votes received, dividing the total by 10, and picking the first voter in each group, for an airdrop of 100 NAOS tokens each. In that way, voters are treated equally regardless of which way they vote.