Source Protocol Gears Up to Fuel the Next Generation of DeFi
Tortola, British Virgin Islands — Source Protocol Ltd is launching a comprehensive DeFi ecosystem across multiple chains that enables users to easily borrow against their crypto assets and generate passive earnings from lending, staking, liquidity pooling, and more. Source’s first product suite, “Source 1.0,” will be introduced on Binance Smart Chain and their proprietary layer 1 smartchain, Source Chain, built in the Cosmos Hub. Focused on chain-inclusivity, security and solvency, Source plans to fuel the next generation of DeFi through their ever-evolving, all-encompassing ecosystem fit for beginners, experts and enterprises alike.
A Decentralized, Public, Permission-Less Network for Cross-Chain DeFi: Built in Cosmos SDK Hub, users and developers can utilize Source Chain — a fast, scalable, interoperable and efficient smartchain network — to create apps, smart contracts and tools for the new DeFi economy.
All of DeFi’s Benefits in One Token: Holders of Source’s first product, Source Token (SRCX), can earn automated DeFi market rewards in the form of “Echoes.” Echoes are distributed to Source Token holders block-by-block, originating from network fees and Source’s Dynamic Compound Liquidity Pool (DCLP), a basket of blue-chip stablecoins that are positioned in interest-bearing smart contract lending positions.
Multiple Networks in One Hub: Starting with Binance Smart Chain (BSC) and the Cosmos Hub, Source Protocol users will have the option to swap assets and engage in DeFi feature sets within an ever-increasing variety of crypto ecosystems.
Enabling Instant Liquidity: Source users can easily collateralize their crypto assets to borrow without credit and with no lockup periods.
Earn Without Giving Up Control: Using smart contracts, Source Protocol enables users to earn from lending, staking and liquidity pooling without ever giving up control of their crypto assets. Source Marketplace is non-custodial and allows participants complete retention and freedom over their assets.
Offering a Solvent, Self-sustainable and Secure Ecosystem: Source uses automated liquidity pool contributions derived from network fees to create more value and ensure higher security for its users. These mechanisms continuously increase Source Marketplace’s Total Value Backing (TVL), creating solvent growth with each transaction. Deploying on multiple chains will allow Source Protocol to support large volumes of liquidity and establish a position in the most promising, efficient and high-volume networks all within a single, non-custodial DeFi Marketplace application.
Source Protocol’s Vision for a More Inclusive Economy: As a team of experienced finance professionals, developers and DeFi experts, Source is 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.