Nuon is Live: A Guide on How to Mint and Buy $NUON
Nuon is live on Arbitrum Mainnet ✨
This article will explain how to use wETH as collateral to mint NUON, the world’s first flatcoin. Let’s get started.
If this is your first time interacting with a dApp, begin from Step 1. If you’re a degen, begin from Step 3.
Step 1: Setup Wallet
If you're new to DeFi, you will need to install and set up a non-custodial wallet that allows you to connect and interact with the dApp directly.
To set up a MetaMask Wallet, follow this guide here: https://support.metamask.io/hc/en-us/articles/360015489531-Getting-started-with-MetaMask
Step 2: ETH for Gas
All transaction fees on Arbitrum are payable in ETH, and you will need ETH to mint your Nuon tokens.
You can either buy ETH directly via a DEX, for instance, Uniswap (Arbitrum). Alternatively, if you hold ETH in a wallet on a different network, you can use cross-chain bridges to transfer ETH to Arbitrum.
(Please note, although all the mentioned links are enterprising cross-chain bridges, we advise DYOR before using the bridges. We have simply mentioned the links for your convenience and do not endorse any of them.)
Some centralized exchanges support withdrawing ETH to Arbitrum. Ensure you have selected Arbitrum One as the chain to withdraw to, not Ethereum.
Step 3: Connect to the dApp
- Go to https://nuon.fi/
- Click on ‘Mint Nuon’
- Once on the Mint page, click on ‘Connect wallet.’
Nuon supports a variety of web3 wallets, including MetaMask, Rainbow, Coinbase, and WalletConnect. Click on the wallet of your choice to successfully connect your wallet to the dApp.
Make sure you are connected to the Arbitrum Network. If not, MetaMask has automated the process of adding major chains like Arbitrum. To add Arbitrum, automatically go to your wallet, click on the network dropdown on the top, click ‘Add Network,’ and then click ‘Arbitrum Mainnet.’
Step 3 - Get wETH
Nuon can be minted on the Nuon Protocol by depositing cryptocurrency collateral. Currently, users can use wETH as collateral to mint Nuon. Support for more assets will be added shortly. If you don’t have wETH you can use Uniswap on Arbitrum to fund your wallet, or if you already have ETH, use it to wrap your ETH to wETH.
Step 4: Mint Nuon
Click on ‘Mint’ or go to https://app.nuon.fi/mint
- Select the amount of wETH to deposit as collateral.
- Choose your preferred collateral ratio.
The minimum collateral ratio (CR)* required to mint Nuon is 130%.
Collateral management is extremely vital while minting NUON, positions that are not properly collateralized are liquidated to protect the flatcoin’s peg. We advise you to read our docs and fully understand how collateral works on Nuon before making a transaction.
*Note: CR or collateral ratio is defined as the amount of NUON a user has minted and the amount of collateral they have locked on the protocol. For each collateral asset, the ratio is determined by comparing NUON’s peg price with the market price of the collateral (the platform uses chainlink oracle for collateral pricing).
Congratulations you are now part of a better world powered by sound money.
For all our stats 🤓nerds:
The Analytics page is currently a work in progress 🏗️ - once live, it will allow users to view the CR of the protocol, thus enhancing transparency.
Swap
Nuon support swaps on the mint page for a seamless, truly one-stop-shop experience. Currently, you can swap your NUON with USDT. To use the Swap feature, click on the ‘Swap’ 🔄 icon, which will open a small window to swap tokens with zero price impact.
Redeeming
To withdraw collateral, users must return their minted NUON, which is then burned.
Go to https://app.nuon.fi/mint and click on the ‘Redeem’ Tab.
Note: It is key to use the same wallet to deposit and redeem the collateral. The Nuon protocol registers the depositor’s wallet at the time of the transaction, allowing them to redeem their NUON by withdrawing their collateral back to the same wallet at any time.
Key in the amount of NUON you want to burn and click on ‘Redeem.’
Congratulations you are now part of a better world powered by sound money.
Thanks for participating.
Please join our community in our Discord and Telegram groups