• 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

2 years 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

AI Models Forecast the 2026 World Cup Champion

chest

Seven advanced AI models predict Spain and Argentina as top contenders for the 2026 World Cup champion.

user avatarZainab Kamara

Sam Bankman-Fried Seeks Presidential Pardon After Sentencing

chest

Sam Bankman-Fried, former CEO of FTX, has filed a request for a presidential pardon from President Trump after being sentenced to 25 years in prison.

user avatarSon Min-ho

Solana Enters Consolidation Phase Amid Bearish Sentiment

chest

Solana is in a consolidation phase after a significant selloff, with analysts predicting potential further downside amid bearish sentiment.

user avatarAyman Ben Youssef

Yuga Labs Successfully Rescues 68 Bluechip NFTs from Exploit

chest

Yuga Labs successfully executed a whitehat operation to recover valuable NFTs from an exploit targeting Flooring Protocol.

user avatarTando Nkube

Exploit Mechanics Uncovered in Flooring Protocol Attack

chest

The attack on Flooring Protocol exploited a vulnerability in its core accounting logic, leading to significant asset drain.

user avatarKofi Adjeman

China's Supreme People's Procuratorate Affirms Bitcoin as Property Despite Ban

chest

China's Supreme People's Procuratorate recognizes Bitcoin as legally protected property, sentencing a thief to nearly 11 years in prison for theft, despite an existing crypto ban.

user avatarNguyen Van Long

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.