• 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

Bitmain Executes Major Ethereum Acquisition Worth $105.5 Million

chest

Bitmain has executed a major Ethereum acquisition, acquiring 34,954 ETH for approximately $105.5 million, reflecting strong institutional confidence in the asset.

user avatarAyman Ben Youssef

PinLink Revolutionizes Infrastructure Ownership with RWA Tokenization

chest

PinLink introduces a dual-engine model that tokenizes physical infrastructure, allowing asset owners to generate income and AI developers to access decentralized compute power.

user avatarTando Nkube

KOSPI 5000 Breakthrough: Expert Analysis and Market Outlook

chest

Following the KOSPI index's historic breakthrough of 5000 points, financial experts urge cautious optimism while highlighting the need for careful assessment of valuation metrics and external risks.

user avatarNguyen Van Long

Factors Driving KOSPI's Historic Surge Above 5000 Points

chest

Several interconnected factors contributed to the KOSPI index's rise above 5000 points, including strong corporate earnings and foreign investment.

user avatarKofi Adjeman

KOSPI Index Surpasses 5000 Points in Historic Achievement

chest

In a landmark moment for Asian finance, South Korea's benchmark KOSPI index decisively breached the formidable 5,000-point barrier during early trading in March 2025.

user avatarSatoshi Nakamura

Uniswap Launches Continuous Liquidation Auction on Base Network

chest

Uniswap has officially launched its Continuous Liquidation Auction on the Base network, enabling developers to run onchain token auctions.

user avatarJesper Sørensen

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.