RAI Finance furthers its Social DeFi Ecosystem and Changes Token Ticker to SOFI
Introduction: RAI Finance, Building the Ecosystem for Social DeFi
Dear RAI Finance community members and partners,
Since its inception, RAI Finance has aspired to innovate among the current DeFi protocols by pioneering social trading among its DeFi ecosystem. As a way to better align with our mission, we are excited to announce our token ticker will change from RAI to SOFI. We thank the community for their participation in the selection and vote process for the new ticker.
Why are we refocusing for the better?
The DeFi industry and its overall development were relatively stagnant before 2020. The proliferation of DeFi in the past year is what we believe to be an ideological shift. According to data from Defillama, DeFi’s overall TVL soared from 400 million in March 2020 to 165 billion in May 2021. After a small correction last may, DeFi’s overall TVL has reached new heights since July. As of now, the overall TVL has exceeded 220 billion USD. As a result of continuous innovation and aligned implementation of cryptocurrency policies, DeFi is positioned to experience more impactful growth.
In the middle of DeFi’s surge, liquidity mining provided the sustainable financial infrastructure to keep up with growth. As evidenced by popular DeFi protocols like Compound and Uniswap, liquidity mining has been considered to be the most effective way to drive traffic and promote value growth. However, high growth is unsustainable and the industry has been slowing down in recent months. In many ways overindulged by liquidity mining, the DeFi industry lacks innovation in its products, and DeFi protocols are overly homogenized and lack diversified usage.
Our mission at RAI Finance is to seamlessly introduce social aspects in DeFi to catalyze the next wave of user adoption for the industry. Social-driven adoption is historically the steepest part of the user adoption curve, therefore we would like to contribute to this by evangelizing the concept of “socialization + DeFi” to support social trading and convert new users. This is precisely why we are highlighting our focus and brand.
What is the progress of RAI Finance’s “Social” features?
We launched our Beta Pro test version in August 2021, which includes unveiling the Social Trading System (STS) and enhancing the user wallet function. The overwhelming interest (3000+) highlighted the demand for Social + DeFi products as evidenced by the test users and the community.
As of October 2021, we have officially launched the global public test campaign of the Beta 2.0 which is deployed on the Ethereum Rinkby test network. It has successfully attracted thousands of users to participate, garnering over 3,000 social trading portfolios created during the public test.
In RAI Finance’s Social Trading System (STS), users can create unique investment strategies, and diversify investment returns by analyzing investment portfolio strategies from other “investment managers” alike.
The Social Trading System (STS) will further attract and aggregate users from the RAI Finance ecosystem, and create more user stickiness from social trading. Our goal is to defend against potential industry downturns and reinvigorate the value of DeFi in the crypto space. We will continue to grow social trading by integrating with more public chains in the future such as deploying to the main network.
As part of the new refocus as a DeFi protocol based on social trading, RAI Finance is changing its token ticker from RAI to SOFI, which was voted from a list by the community earlier this month.
SOFI is a combination of Social + DeFi, which signifies our belief and recognition that social trading will be an essential element of DeFi in the future. We look forward to pioneering a more open, fair and socially engaging financial world.
In addition to the ticker change, RAI Finance has also updated its Logo. The new Logo’s main colors are purple and white, and the overall image is inspired by the initial “S” from “social.” Moreover, our design of the square frame and its two interior lines depict the close interaction between DeFi and socialization. In summary, we believe our new logo represents innovation and social-centric development in our DeFi ecosystem.
Since its inception, RAI Finance has aspired to expand DeFi to more users by pioneering innovative products and developing a social DeFi ecosystem. We are ecstatic to start a new chapter in DeFi through social trading. Aligned with our new token name (SOFI) and logo, we believe that RAI Finance is positioned better than ever before to make a lasting impact as one of the leaders in DeFi and Web 3.0.
Follow the RAI Finance public channels for future updates
▪ Official Website: https://rai.finance
▪ Medium: https://medium.com/rai-finance
▪ Twitter: https://twitter.com/RaiFinance
▪ Telegram: https://t.me/RaiFinance
▪ Github: https://github.com/RaiFinance