Nuo.Network, a non-custodial lending protocol backed by ConsenSys Ventures has recently cracked the top 5 of USD value locked-in DeFi projects, and is currently the largest lending protocol based in Asia, according to DeFi Pulse. The value of loans disbursed through the platform has now doubled over the past month, fueled in part by growth in DAI reserves which are now close to $500K and Maker stability fee hikes. The collateralized lending application currently offers borrowing in a handful of assets, including DAI, ETH, USDC, MKR, and wrapped BTC. Nuo also recently enabled the ability to margin trade with up to 3x leverage through Uniswap and Kyber pools.
Nuo Co-Founder Varun Despande told The Block that Maker's recent stability fee hikes have pushed DAI liquidity to the platform, as traders seek additional avenues for leverage.