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Evan Luthra
Sep 26, 2022
by Evan Luthra

Source Protocol: A Secure DeFi Solution Built to Power the Web 3.0 Economy

Source Protocol

Table of contents

  1. What is the Source Protocol?
  2. Key Components of Source Protocol 
  3. Vision
  4. Source DeFi Suite
  5. Source For Builders
  6. Source For Users
  7. For the Enterprise
  8. Source Token (SRCX) 
  9. Source Airdrop
  10. Roadmap
    1. SRCX Fair Launch on 6.6.2022 √
    2. SRCX Exchange Listings
    3. Source One SRC1 Launch (developed and awaiting audit)
    4. ​Source One Market Launch (developed and in beta testing)
The need for a simple, secure and solvent DeFi solution in tech has given birth to a product that benefits both enterprise and retail users alike. This product is the Source protocol, which is introducing a smart chain ecosystem that is built to power the Web 3.0 economy. 

What is the Source Protocol?

Source Protocol is a comprehensive blockchain technology suite used for the easy development of decentralized applications by individuals, developers and enterprises. This protocol's ecosystem includes a full DeFi suite, a rewards program for its members and white-label integration capabilities with existing Web 2.0 platforms that are online. Simply put, Source Protocol is an ecosystem that houses a broad-spectrum technology that transforms web tools that are centralized and other financial instruments into decentralized ones.

 

Built by Source Protocol Ltd, Source is an important part of a larger ecosystem to fuel an always evolving global economy. The Source chain is a public, permission-less and interoperable blockchain network for enterprises, developers and individuals to create and use scalable apps, smart contracts and tools for the propagation of Web 3.0 technologies, DeFi, NFTs, etc. 

Key Components of Source Protocol 

  • High-speed transaction finality

  • Integration with Source Protocol’s Binance Smart Chain Ecosystem and Decentralized Money Market, Source One Market

  • Guardian Validator Nodes for enhanced network security

  • Secured on-chain governance

  • Open-source

  • Source-Drop (Fair community airdrop and asset distribution for $ATOM and $SRCX holders)

  • Interoperable smart contracts (IBC)

  • Ease of use for developers

  • Permission-less Modular Wasm + (EVM)

  • Affordable gas fees (with an average of $0.01 per transaction)

  • Highly scalable infrastructure

  • This is a sustainable growth model that is built for enterprise involvement and mass adoption

    • Vision

    Source is created out of a strong belief in sovereignty for all. The project is looking to build a new blockchain-powered ecosystem that will enable the next generation of individuals, developers and enterprises to complete control and ownership of their assets. 

     

    Source DeFi Suite

    • Source Swap — Interchain DEX & AMM for a permissionless listing of SOURCE-based tokens, native Cosmos SDK assets, cw-20s, and wrapped BEP-20 assets. Built on SOURCE.

    • Source One Market — This is a peer-to-peer, non-custodial DeFi marketplace for borrowing, lending, staking, and more. 

    • Source Token (SRCX) (BEP-20) —This is the first automated liquidity acquisition and DeFi market participation token built on Binance Smart Chain. 

    • Source One Token (SRC1) (BEP-20) — This is a governance and incentivized earnings token that powers Source One Market.

    • Source USX (USX) (BEP-20) — Source One Market stablecoin backed and over collateralized by a hierarchy of blue chip crypto assets and stablecoins.

    • Source Launch Pad — Empowering projects to seamlessly distribute tokens and raise liquidity. ERC-20 and BEP-20 are capable.

      • Source For Builders

      With the use of Cosmos SDK & the Tendermint Consensus, builders will be able to ensure high throughput and fast smart contract execution. Deploying these contracts will be cheap too as this deploys 35,000 times cheaper than gen-2 blockchain networks. There is also the point about scalability as developers can deploy apps in numerous coding languages using the powerful CosmWasm Contract Framework

      Source For Users

      Users will enjoy solvency & sustainability with Source as there will be automated liquidity mechanisms to create a continuous self-funded, solvent and liquid network. Users will also not have to worry about their security and governance as there will be the use of Guardian Nodes to protect governance infrastructure and against malicious proposal tracking mechanisms. Source also reduces complexity. The products in the protocol are all geared towards lowering DeFi’s barrier and encouraging mass adoption and participation.

      For the Enterprise

      White Label DeFi Integration: With DeFi-as-a-Service (DaaS), Source will be integrating its tech stack with banks, OTC brokerages and traditional fintech, metaverses and more. The source is also creating partner network exchanges, digital asset custody providers and OTCs to streamline the user experience of enterprises with their Enterprise Onboarding Programs.

      Source Token (SRCX) 

      SRCX is Source Protocol’s automated DeFi market rewards token. It is used for liquidity acquisition and participation in the DeFi market. The source is developing its One Market and smart utility token on the Binance Smart Chain (BSC). The chain's speed, reputation, the volume of transaction and affordability (network fees) makes it a great starting point for this. 

      This development is in conjunction with the development of Source's proprietary layer 1 smart chain, Source Chain (SOURCE). While a Cosmos SDK chain that has the capabilities of the cosmwasm smart contract will be used as the foundation of the Source Protocol ecosystem. Important architecture for the ecosystem to build from will be provided by the volume of the BSC added to the IBC capabilities and the Cosmos interchain's interoperability.

      Source Airdrop

      The Source airdrop is a Community-Driven Fair Airdrop of Source tokens to Cosmos Hub and supporters of Source tokens. This drop has been designed with care to give maximum benefit to members of the community who hold the Source token, $SRCX (this is Source Protocol’s Automated DeFi market rewards token) and also stake the Cosmos Hub (ATOM). To earn rewards from this, the user needs to hold their SRCX in a MetaMask wallet and the ATOM should be staked/delegated to a validator that they trust via their Keplr wallet. 

      Roadmap

      • SRCX Audited by Techrate √

      • SRCX and SRC1 Audited by Certik

        • SRCX Fair Launch on 6.6.2022 √

        • Nomics metrics listing (click here) √

        • Coingecko.com metrics listing (click here) √

        • Coinmarketcap.com listing (click here) √

          • ​The marketing campaign for SRCX initiated √

          • Luna PR (activated) √

          • Source Affiliate Reward Program (click here) √ 

            • SRCX Exchange Listings

            • Pancakeswap DEX (Live) √

            • LBank Exchange (Live) √

            • Coinsbit (Live) √

              • P2PB2B (Live) √

              • IndoEx (Live) √

              • it (Live) √

              • CoinTiger (Live) √

              • Bitmart (Live) √

                • Source One SRC1 Launch (developed and awaiting audit)

                • Airdrop SRC1 to SRCX holders

                • SRC1 metrics site listings

                • SRC1 exchange listings

                  • ​Source One Market Launch (developed and in beta testing)

                  • Marketplace Audits (in the process)

                  • Lend and borrow against your crypto assets

                  • Mint stablecoin USX in Source One Market

                  • SRCX is available for supplying collateral

                  • SRCX Yield Echo rewards to be activated

                    • Follow us on: News
                    Source Protocol
                    Source Protocol: A Secure DeFi Solution Built to Power the Web 3.0 Economy
                    Evan Luthra
                    Evan is a tech-obsessed thought-leader who has spoken at 100s of conferences around the world. He has extensive knowledge and experience in mobile apps and his company, EL Group International, has developed and delivered mobile apps for major Fortune 500 companies. He has also received an honorary Ph.D in Blockchain for the impact he has made in the industry from launching Blockchain Schools to Blockchain Coworking spaces and having spoken at 50+ Blockchain events. As a highly accredited Angel Investor, Evan believes in stepping out of his comfort zone and exploring the power of conceptualization, innovation and execution.

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