The Exactly Master Plan Updated
“The spectacular price increases and the billions sitting in digital wallets (and smart contracts) are worthless if they are based on speculation and not actual use.” — Vitalik Buterin
Exactly Protocol was founded with a clear mission: to make decentralized finance (DeFi) innovative and user-friendly. A cornerstone of this mission was addressing the challenge of fixed interest rates.
We understand that for the average user, the unpredictability of variable rates, fluctuating every few seconds, is a barrier. They need clarity and predictability. That’s why we’ve focused on ensuring that users can confidently borrow money, knowing exactly what the loan will cost them, with the convenience of fixed monthly payments. This approach is central to making DeFi accessible and practical for everyone.
With Exactly Protocol, users can deposit and borrow crypto assets at variable and fixed interest rates. Our new algorithmic interest rate discovery process considers the utilization rate of the variable rate pool and the multiple fixed rate pools. This approach is completely new for the fixed rate in DeFi; the previous protocols used the price of numerous maturity tokens that required a special type of AMM and many other challenges.
The Exactly Master Plan we wrote two years ago is almost completed in its first and second steps. We have over 2,200 GitHub commits, 1.000 Twitter posts, 50 Medium articles, and 16 audits on the implementation of the plan consisting of the following:
“We want to democratize access to financial services in a decentralized and efficient way in 3 (not) easy steps:
1. Low Volume and High Transaction Value: Decentralizing the time value of money. Build the Exactly Protocol to complete the DeFi credit market on Ethereum and to get product market fit from the “whales.” ✔️
2. Mid Volume and Mid Transaction Value: Decentralizing the protocol governance. Build the Exactly tokenomics, mint utility tokens to the community, and move to a DAO governance. ✔️
3. High Volume and Low Transaction Value: Build Exactly protocol with other white-listed pools to connect DeFi with CeFi, and receive more liquidity in these new types of pools with credit scores to reduce crypto over-collateralization for the end user.
Our endgame is to democratize access to financial services in a decentralized, non-custodial and autonomous way.”
It took us 16 months to build and audit the Protocol from scratch and launch it in Ethereum Mainnet on November 11, 2022 (the same day FTX went bankrupt). In March 2023, we launched the Protocol in OP Mainnet to reduce the gas transaction cost by 99%, and in July, we launched the EXA token to start the path to governance decentralization.
Exactly Protocol has seen significant engagement since launching on the OP Mainnet nine months ago, with over 30,000 users — primarily Whales and dedicated DeFi enthusiasts — completing over 100,000 transactions. In light of this success, our focus has shifted towards the ‘Exactly Master Plan’ update, which aims to broaden our reach to the end user. We are actively exploring and working on multiple distribution channels simultaneously to achieve this goal, demonstrating our commitment to expanding our user base and enhancing accessibility to our platform.
The Exactly Master Plan Updated
3. High Volume and Low Transaction Value: Let’s get DeFi to the end user.
3.1 Transform your Debit Card into a Credit Card with Exactly Protocol. Users can follow the following steps in our web app. Crypto Debit Card providers can also connect directly with the Protocol to improve their users' UX and transform all their debit cards into credit cards.
3.2 Launch the Exa App, a mobile-only self-custodial app with account abstraction that will allow the end-users to deposit and borrow on-chain, apply for the Exa Card, and receive cashback in esEXA tokens.
3.3 Allow white-listed pools to connect DeFi with traditional finance and receive more liquidity in these new pools with credit scores to reduce crypto over-collateralization for the end user over time.
With this update, our timeline for 2024 looks like this:
Our endgame is to democratize access to financial services in a decentralized, self-custodial, and easy way.
The Exa App will be available soon on your smartphone in 2024; stay tuned!
