[PRESS RELEASE – Singapore, Singapore, 11th November 2021]
Platform Primed To Merge DeFi Lending With Sol ID Credit Ranking System
Innovative lending solution, Soda Protocol, is now live on the mainnet. Following the community’s successful Alpha DevNet test conducted over six weeks, Soda Protocol’s capital-efficient lending platform is taking its first steps towards integrating lending with a “credit rating” system on the Solana blockchain network.
As part of the mainnet launch, Soda Protocol is embarking upon a liquidity provision campaign, Soda Sparkling, which will allow users to deposit funds into the platform’s lending pools in return for liquidity provider rewards. To pay tribute to the launch, Soda Protocol also revealed a retroactive airdrop plan depending on the time-weighted supply and borrow amount for community members.
Per Colin Iliad, a Soda Protocol Co-Founder, “Soda Protocol is our attempt to improve capital efficiency for the entire DeFi ecosystem. We will start from a basic lending protocol and introduce a special mechanism including a credit system to provide a liquidity pool and leverage tool for other protocols in the ecosystem, to make the liquidity on-chain have a better “flow” (be used better).”
Built by blockchain and DeFi industry veterans, Soda Protocol aims to create value for the entire Solana ecosystem while breaking DeFi’s boundaries with high scalability. The platform serves three core areas, including lending, on-chain credit system, and composability modules. Soda Protocol has already entered into strategic partnerships with strategy platform Francium and Slope Finance who offers the first cross-platform wallet on the Solana chain.
The team behind Soda Protocol has developed a long-term plan to help DeFi and Web3 grow stronger over time. In keeping with its development pipeline, the platform will launch staking pools around the corner, empowering users to stake SODA tokens and generate additional rewards in the process.
Soda Protocol is a smart lending protocol with a credit system. Linked to the innovative Sol ID credit system, the platform aims to challenge the current DeFi models. Soda Protocol is designed for DeFi users, DeFi protocols, and DeFi institutions. It offers many features, including basic lending functions, a credit rating system, lending market for NFTs, liquidity provider (LP) tokens, and synthetic assets.
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