Introduction
A Multi-Chain, Interoperable & Automated Smartchain Ecosystem Fueling Next Gen DeFi

Foreword

Beyond the fundamental blockchain technologies such as Bitcoin and Ethereum, technical expertise in the crypto space has limited adoption on a broader scale. There is an educational gap that prevents many non-tech savvy users from entering the space. If a protocol was able to create a secure and user-friendly ecosystem, rather than relying on one cryptocurrency alone, the potential benefits are vast. If this ecosystem was able to develop systems of automation and built-in solvent growth mechanisms, uphold strong security measures, and continually evolve with state of the art blockchain technology, it would be an exceptional addition to the crypto space. If proper levels of participatory automation were successful, it would have a significant impact on increasing adoption and daily use case for DeFi and cryptocurrencies. Similar to how DOS evolved into Windows, a DeFi cryptocurrency ecosystem has yet to bridge to a mass adopted application.

Summary

Source Protocol is a multi-chain and interoperable DeFi ecosystem with automated protocols designed for users to easily borrow against their crypto assets and generate passive earnings from lending, staking, liquidity pooling, and more. The protocol is composed of a "DeFi Toolbox" where users can conveniently access the best that DeFi has to offer in one seamless hub committed to interoperability, security, solvency and sustainability.
Users of the Source ecosystem and feature sets benefit from competitively low fees on digital asset loans, high interest rates on lending and staking, a uniquely large variety of compatible chains and assets, and a safe, secure transactional environment.
Source is creating an ecosystem to fuel unlimited DeFi participation from all corners of the market.

Background

The Source team has a combined 30 years of experience in blockchain technology and cryptocurrency markets and its founders have been active since 2013. Through this experience, the team has come to recognize the benefits and drawbacks that various cryptos/blockchains have to offer. While many of these technologies are showing promise, it is undeniable that much of crypto's mainstream use is plagued by low transaction speeds, expensive gas fees, network congestion, lack of scalability, 51% attacks, centralized exchange hacks, minimal interoperability, and billionaire influencer tweets etc. A major lack of solvency and self-sustainability with prominent protocols has also become very clear. Evidence of this fact is arguably more visible due to the hype and what many would consider extreme over-valuations of “meme coins” and NFTs. This has created an irrational market lacking a significant presence of real utility and a dominant technology.​
While Bitcoin has proven to be king in the store of value category, and Ethereum is the leader in smart contract capabilities, the slow transaction speeds of Bitcoin and Ethereum’s ever-increasing gas fees have hindered institutional development and excluded many retail investors from being able to utilize valuable DeFi dApps and products. That's not to say that DeFi doesn't have its own problems - ease of use, automation and UI inefficiencies in DeFi applications and services remain a barrier to entry for average market participants as well. This lack of scalability has culminated in a new “race to build the modern railroad,” with competing layer one blockchain technologies such as Cardano, Polkadot, Solana, Polygon, Avalanche, Binance Smart Chain, and Cosmos all trying to build the most efficient, secure, and affordable blockchains available.
From a business and economic perspective, the market will naturally seek out ecosystems that excel in these categories. For this reason, Source commits to building on, integrating with and implementing the most efficient, compatible, and adaptable tech as the space evolves over time.
Last modified 1d ago
Copy link