Source Protocol Plans to Play an Integral Role in the Web 3.0 Economy
As blockchain technology and traditional finance begin to intersect, Source Protocol’s limitless DeFinTech ecosystem plans to be at the center.
Summary
Born out of the need for a simple, solvent and secure DeFinTech solution suite that benefits retail and enterprise users alike, Source Protocol Ltd will be introducing a smart chain ecosystem built to power the Web 3.0 economy over the course of 2022. Source users will be able to:
- Create and use scalable and secure applications on Source Chain, a decentralized, public and permission-less network for cross-chain smart contracts.
- Explore all DeFi has to offer in Source’s peer-to-peer money market, Source Marketplace, where you can instantly access competitive rates on lending, borrowing and staking your crypto assets.
- Simplify your DeFi experience and earn passive market rewards from Source Marketplace with Source Token.
- Unlock the potential of your business by seamlessly integrating Source Protocol’s DeFinTech infrastructure and enabling your customers to utilize next generation financial technology on the blockchain.
Focused on-chain inclusivity, security, and solvency, Source plans to fuel the next generation of the Web 3.0 economy through their ever-evolving, all-encompassing ecosystem fit for beginners, experts, and enterprises alike.
Background
The Source team has a combined 34 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 technologies have to offer. While many 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, over-hyped brands with unproven tech, etc. A major lack of solvency and self-sustainability with prominent protocols has also become very clear with recent liquidation crises, centralized or otherwise. 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 blockchain and crypto technology’s adoption continues to grow, slow transaction speeds, ever-increasing network (gas) fees, lack of scalability, and illiquid/custodial protocols have hindered institutional development and excluded many retail investors from being able to utilize valuable DeFinTech dApps and products. Combine all that with the fact that few tech firms are focused on building infrastructure that integrates with existing financial technology, and it becomes clear there is a large gap to be filled. 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 and smart contract technologies to date. The team’s vision is to create a continuously evolving and all-encompassing Web3 Ecosystem that unites state of the art technologies in a chain-inclusive, solvent, secure, and automated environment fit for retail and enterprise users alike. As Web 3.0 grows and matures, Source’s focus will remain on value creation for our community and users, ensuring superior security features, continuously audited, value-backed solvency, and economic incentives are a high priority.
As a team of experienced finance professionals, developers and DeFinTech experts, we are dedicated to fostering financial sovereignty by utilizing the power of blockchain and smart contract to make traditional financial services accessible, efficient and private. Together we’re building a new protocol for reliable decentralized lending, borrowing, earning and more, to support the next generation of individuals and institutions with complete ownership and control over their finances.
“Source Protocol is creating an ecosystem to fuel unlimited DeFi participation from all corners of the crypto market.”
Overview
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 smart chain network — to create scalable apps, smart contracts and tools for the new Web 3.0 economy.
All of DeFi’s Benefits in One Token: Holders of Source’s first product, Source Token (SRCX), 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 liquidity positions.
Multiple Networks in One Hub: Starting with Binance Smart Chain (BSC) and the Cosmos Hub, Source Protocol retail and enterprise 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.
DeFi-as-a-Service for the Enterprise: our team of blockchain and DeFinTech experts seamlessly integrate our platform with existing enterprise and institutional web/mobile applications, allowing them to bring their customers a full-stack, fully compliant, secure, and non-custodial banking experience.
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.
Learn more about Source, engage with the community, and get exclusive updates on launch, airdrops, etc at the links below:
Website: https://www.sourceprotocol.io
Documents: https://docs.sourceprotocol.io
Twitter: https://www.twitter.com/sourceprotocol_
Instagram: https://www.instagram.com/sourceprotocol
Telegram: https://t.me/sourceprotocol
Discord: https://discord.gg/zj8xxUCeZQ
