• Dapps:16.23K
  • Blockchains:78
  • Active users:66.47M
  • 30d volume:$303.26B
  • 30d transactions:$879.24M

Credit Scores for Digital Wallets: Sonic Blockchain Expands DeFi Capabilities

user avatar

by Giorgi Kostiuk

8 months ago


  1. Building the Framework
  2. A New Era of Financial Products
  3. Technological Innovations Driving Sonic’s Success

  4. Sonic Blockchain, formerly known as Fantom, plans to offer credit scores for digital wallets. This will enable decentralized finance (DeFi) platforms to offer traditional loan products like personal and payday loans.

    Building the Framework

    Sonic Labs began developing this credit scoring system in 2021. The system processes data from over 500 million wallets, 15 million loans, and 54 billion transactions, ensuring user privacy by eliminating the need for KYC. Sonic will reportedly be the first blockchain to offer on-chain access to wallet scores, allowing the development of decentralized applications (dApps).

    A New Era of Financial Products

    Sonic's introduction of credit scores opens DeFi to a variety of traditional loan products, including: * Personal loans * Payday loans * Credit-based insurance * Adjustable-rate mortgages * Buy Now, Pay Later services * Postpaid mobile plans. According to Andre Cronje, Sonic opens up financial services to users who previously lacked access due to the decentralized blockchain and the absence of traditional credit scores.

    Technological Innovations Driving Sonic’s Success

    One of the key features of Sonic’s blockchain is its fast transaction finality. On September 8, Andre Cronje revealed that Sonic’s testnet achieved transaction finality in just 720 milliseconds, significantly faster than competitors. The rapid finality and low latency create an efficient and user-friendly ecosystem where users no longer need gas funds in their wallets, and private keys can be replaced with standard authentication methods.

    The Sonic testnet went live on September 6, with the mainnet launch expected soon. Andre Cronje believes Sonic will become the fastest blockchain in transaction finality, promoting speed, scalability, and privacy.

0

Share

Other news

Investor Who Turned $300 into a Fortune with Dogecoin Launches XYZVerse

XYZVerse is gaining attention as a new altcoin, with growing interest from both the community and investors.

user avatarGiorgi Kostiuk

8 minutes ago

Steak 'n Shake to Start Accepting Bitcoin Payments on May 16, 2025

Steak 'n Shake will accept Bitcoin for payments starting May 16, 2025, highlighting the growth of cryptocurrency in fast food.

user avatarGiorgi Kostiuk

8 minutes ago

XYZVerse: A Cryptocurrency that Could Overtake XRP and Solana

XYZVerse ($XYZ) is gaining attention as a new cryptocurrency with the potential to become a major market player.

user avatarGiorgi Kostiuk

10 minutes ago

Binance's Zero-Fee P2P Promotion in Africa: Win Up to 150 USDT

Binance introduces a zero-fee P2P trading initiative in Africa, aiming to enhance user participation and grow its market presence.

user avatarGiorgi Kostiuk

11 minutes ago

Trump Secures 'Breakthrough' Trade Deal with the UK, Potentially Changing Global Trade Dynamics

The trade agreement between the U.S. and the UK opens new opportunities for American exporters, especially in agriculture and renewable fuels.

user avatarGiorgi Kostiuk

13 minutes ago

XYZVerse: 50X Potential in the Meme Coin World

Introducing XYZVerse — a new digital asset attracting attention from investors and the crypto community.

user avatarGiorgi Kostiuk

16 minutes ago

dapp expert logo
© 2020-2025. DappExpert. All rights reserved.
© 2020-2025. DappExpert. All rights reserved.

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.