• 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

Bitcoin Hyper Attracts Investment Amid Market Downturn

chest

Bitcoin Hyper is gaining traction with significant investments from whales, raising $313 million in its presale despite the overall market decline.

user avatarLi Weicheng

Global Crypto Markets Retract Amid US Government Shutdown Fears

chest

The global cryptocurrency market has seen a decline of approximately 2% due to rising concerns over a potential US government shutdown.

user avatarLeo van der Veen

Backpack Exchange Token Launch Set to Transform Trading Landscape

chest

The Backpack exchange is set to launch its highly anticipated token, aiming to transform the trading landscape by combining a noncustodial wallet with a trading venue in the Solana ecosystem.

user avatarAisha Farooq

Ethereum Foundation Strengthens DeFi Security with SEAL Support

chest

The Ethereum Foundation has officially backed the Security Alliance SEAL to enhance security in decentralized finance.

user avatarTenzin Dorje

SUBBD Token Transforms Creator Economy through AI Integration.

chest

SUBBD Token has emerged as a significant player in the creator economy, addressing the challenges posed by centralized AI models.

user avatarBayarjavkhlan Ganbaatar

Bitcoin Bear Market Correction Signals Transition into Deeper Phase

chest

The current bear market for Bitcoin has entered a deeper corrective phase, indicating a transition from an early pullback into a more mature bearish stage.

user avatarMohamed Farouk

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.