What are the major issues in DeFi?
With exponential growth in TVL volumes worldwide and promising initiatives, DeFi has expanded rapidly. Despite their initial stages, current DeFi platforms face several challenges:
Fragmented DeFi landscape:
- Users must register on multiple platforms to access DeFi services. The need to switch between different platforms creates a frustrating, complicated user experience.
- Additionally, some leading platforms are working with other service providers to provide an all-encompassing user experience (e.g., Dex collaborating with a DeFi lending platform). Despite this, the current framework for cross-chain interoperability does not offer a seamless user experience.
Ingenious or Primitive UI/UX Interface:
A DeFi platform should be simple enough for retail adoption rather than requiring a high technical sophistication. An intuitive design enhances user experience, but current DeFi products focus more on functionality than on user experience. In addition, crypto wallets are poised to become the storefront of the DeFi Universe, which makes it essential for every platform to support multi-currency wallet integration.
High Transaction Fees:
DeFi platforms based on layer 1 architecture suffer from high transaction charges, hindering their mass adoption. A fundamental principle of cryptocurrency is reducing the costs of any financial transaction by eliminating intermediaries. Unfortunately, the proliferation of DeFi platforms has resulted in a surge in transaction charges due to the rising demand for resources.
What is Spherium Finance?
Spherium Finance is an all-in-one DeFi platform that empowers the financial ecosystem by bringing together the current dispersed Decentralized Finance landscape. Spherium employs forecasting, investing, lending, and borrowing principles and offers a single platform for multi-asset, cross-chain swaps, bridges, and crypto financing solutions.
Spherium intends to provide DeFi to institutions and users and develop a platform for decentralized, cross-chain, and interoperable protocols to bridge the gap created by the multitude of blockchains and token-facilitating projects.
In addition to establishing a comprehensive cross-chain ecosystem, Spherium will open up all options, including DeFi, NFTs, Metaverse, P2E, DAOs, and future technology, to equip the world’s unbanked population.
Which solutions is Spherium Finance providing?
Spherium offers a transparent, decentralized, cross-chain, user-friendly one-stop platform that maximizes returns and minimizes complexity. The Spherium ecosystem builds on DeFi’s predecessors and offers the best solutions to problems faced by traditional finance. The following products and services are available as part of Spherium’s Phase I deployment:
HyperSwap: A Decentralized Asset Swap based on an automated market-making mechanism. With application layer protocols, it reduces transaction costs while maintaining the security of the settlement layer, and it supports integration via an exhaustive Cross-Chain Swap platform.
Hyperbridge: A comprehensive platform that enables interoperability between blockchain applications to help project owners, various blockchains, and investors and removes barriers and communication channels between the blockchains and their communities. Hyperbridge is compatible with four major EVM chains:
- Ethereum
- Binance Smart Chain
- Avalanche
- Polygon
With multiple security layers, Hyperbridge will keep your liquidity locked almost hack-proof.
HyperLaunch: An Indigenous Incubation and Grant Program that will onboard enterprising projects onto the Spherium cross-chain DEX. We are building a cohort of 50 groundbreaking projects and assisting them with DeFi-centric solutions.
HyperLend: A decentralized borrowing and lending protocol powered by money markets allows investors to lend and borrow digital assets at interest rates determined by supply and demand. It facilitates direct interaction between lenders and borrowers.
Spherium Wallet: A Decentralized Wallet that can be used with other Spherium products and services. The wallet has an in-built cross-chain token swapping, staking, and lending and borrowing functions.
Spherium Token: The native utility token for the Spherium ecosystem is $SPHRI. This will primarily govern the Spherium ecosystem, with proposals and voting rights determining its future.
