• 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

a year 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

Rewards

chest
chest
chest
chest

More rewards

Discover enhanced rewards on our social media.

chest

Other news

ZKP's Commitment to Structural Stability Enhances ROI Potential

chest

ZKP emphasizes structural stability to drive ROI, ensuring sustained network demand and reliable operations.

user avatarFilippo Romano

Zero Knowledge Proof Invests $17 Million in Proof Pods to Ensure Network Stability

chest

Zero Knowledge Proof (ZKP) has invested $17 million in Proof Pods to enhance network stability and prevent failures during its presale.

user avatarEmily Carter

Billionaire Jon Yarbrough Allegedly Discloses Bitcoin Holdings

chest

Billionaire Jon Yarbrough has reportedly disclosed holding $324 million in Bitcoin, but this claim remains unverified as of January 16, 2026.

user avatarTomas Novak

Federal Reserve's Policy Shift During COVID-19 Crisis Revealed

chest

Federal Reserve transcripts reveal Jerome Powell's push for clear interest rate guidance during the COVID-19 crisis, advocating for explicit conditions before rate hikes despite inflation concerns.

user avatarKaterina Papadopoulou

Jerome Powell's Early Recognition of COVID Risks

chest

Jerome Powell's early recognition of COVID-19 risks and the Federal Reserve's response.

user avatarMaya Lundqvist

Fartcoin Exhibits Phenomenal Liquidity Retention

chest

Fartcoin has gained attention for its remarkable ability to retain liquidity during market stress.

user avatarLeo van der Veen

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.