With over 400% growth in the last year and rising interest, DeFi at large remains hampered by its complexity, its inability to draw liquidity from multiple blockchains, its slow transaction speeds and high fees. Built in Binance Smart Chain and Cosmos HUB, Source Protocol's limitless DeFi ecosystem has the remedy.
Summary
Source Protocol is a multi-chain and interoperable DeFi ecosystem with automated protocols designed for users to easily borrow against their crypto assets and generate passive earnings from lending, staking, yield farming, and more. The protocol is composed of a "DeFi Toolbox" where users can conveniently access the best that DeFi has to offer in one seamless hub committed to interoperability, security, solvency and sustainability.
Users of the Source ecosystem and feature sets benefit from competitively low fees on digital asset loans, high interest rates on lending and staking, a uniquely large variety of compatible chains and assets, and a safe, secure transactional environment.
"Source Protocol is creating an ecosystem to fuel unlimited DeFi participation from all corners of the crypto market."
Background
The Source team has a combined 30 years of experience in blockchain technology and cryptocurrency markets and its founders have been active since 2013. Through this experience, the team has come to recognize the benefits and drawbacks that various cryptos/blockchains have to offer. While many of these technologies are showing promise, it is undeniable that much of crypto's mainstream use is plagued by low transaction speeds, expensive gas fees, network congestion, lack of scalability, 51% attacks, centralized exchange hacks, minimal interoperability, and billionaire influencer tweets etc. A major lack of solvency and self-sustainability with prominent protocols has also become very clear. Evidence of this fact is arguably more visible due to the hype and what many would consider extreme over-valuations of “meme coins” and NFTs. This has created an irrational market lacking a significant presence of real utility and a dominant technology.
While Bitcoin has proven to be king in the store of value category, and Ethereum is the leader in smart contract capabilities, the slow transaction speeds of Bitcoin and Ethereum’s ever-increasing gas fees have hindered institutional development and excluded many retail investors from being able to utilize valuable DeFi dApps and products. That's not to say that DeFi doesn't have its own problems - ease of use, automation and UI inefficiencies in DeFi applications and services remain a barrier to entry for average market participants as well. This lack of scalability has culminated in a new “race to build the modern railroad,” with competing layer one blockchain technologies such as Cardano, Polkadot, Solana, Polygon, Avalanche, Binance Smart Chain, and Cosmos all trying to build the most efficient, secure, and affordable blockchains available.
From a business and economic perspective, the market will naturally seek out ecosystems that excel in these categories. For this reason, Source commits to building on, integrating with and implementing the most efficient, compatible, and adaptable tech as the space iterates and improves over time.
Source Protocol's Vision
Despite the challenges, Source embraces the evolution and benefits of various blockchain technologies to date. The team’s vision is to create a continuously evolving and all-encompassing DeFi solution that unites state of the art technologies in a multi-chain, interoperable and automated ecosystem fit for beginners and experts alike. Currently, fast transaction speeds, minimal gas fees, scalability, interoperability, ease of use, solvency, passive yields/rewards, NFT/Metaverse use-cases, and sustainable growth are the cornerstones that guide the systems and strategies behind Source Protocol. As the DeFi space grows and matures, Source's focus will remain on value creation design for our community and users, ensuring superior economic incentives and features are a high priority.
As a team of experienced finance professionals, developers and DeFi experts, we are dedicated to fostering financial sovereignty by utilizing the power of DeFi to make traditional financial services accessible, efficient and private. Together we’re building a new protocol for reliable DeFi lending, borrowing, earning and more, to support the next generation of individuals and institutions with complete ownership and control over their finances.
Overview
Source Protocol is launching a comprehensive DeFi ecosystem composed of several cohesive products across multiple chains, starting with Binance Smart Chain (BSC) and the Cosmos HUB. The core tenants of Source’s solution set include:
The Future of Borrowing, Lending & Earning Source Marketplace users can easily access instant liquidity, collateralize digital assets, and earn passive rewards from lending, holding and staking. Built on Binance Smart Chain (the largest transactional network in crypto) and the Cosmos Hub (the first proven interoperable web3 chain ecosystem).
Automated Participation in DeFi Yield Markets Holders of Source’s native utility token, SRCX, earn automated APY rewards (reflections) from a basket of blue-chip stablecoins and crypto smart contract lending positions, allowing users to participate in DeFi yield markets via one token.
Solvent, Self-Sustainable & Safe Ecosystem Source’s Dynamic Compound Liquidity Pool (DCLP) captures transaction fees that are automatically locked in auto-compounding liquidity pool smart contracts in Source Marketplace. This solvent growth mechanism continuously increases total-value-backing (TVL), overall liquidity and self-sustainability behind Source Marketplace.
Continuous and Automated Value-Backing Liquidity pools are used throughout Source Protocol's functions to create more value and security.
Ever-Increasing Solvency transaction fees are automatically sent back into the protocol creating solvent growth with each transaction.
Non-Custodial Lending earn APY without giving up control of your crypto in the Source Marketplace. Every transaction is done through smart contracts. You stay in control.
Learn more about Source, engage with the community, and get exclusive updates on launch, airdrops, etc at the links below:
Discord: https://discord.gg/zj8xxUCeZQ
Documents: https://docs.sourceprotocol.io
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