Soda Protocol is a lending protocol integrated with credit system Sol ID. Soda aims to break the boundaries of the current DeFi schemes with high scalability and increase the overall on-chain capital efficiency. Provide liquidity and data for protocols and institutions. Accrue value of on-chain behavior and optimize capital efficiency for users.
Soda is a native decentralized lending-borrowing protocol on Solana. Soda aims to provide a lending-borrowing market for all the valuable popular assets and emerging assets. Soda also established an on-chain credit rating system based on address historical behaviors. With these fantastic features, Soda will be the easiest to use and most secure DeFi platform.
Before you lend & borrow in Soda, you have to connect your wallet first.
1. Click the “Select Wallet” button.
2. Choose the wallet you prefer to use.
3. Approve the connection in your wallet. They recommend keeping at least 0.1 SOL in your wallet before lending & borrowing to make sure the transaction is successful.
1. Choose the asset you want to deposit on the Markets page and click “Supply”.
2. Enter the amount you want to deposit and click “Supply”
3. Approve the transaction in your wallet and wait for the response. You can see your total and each asset’s supply balance on the Dashboard page once the transaction is finished.
1. Click the asset you want to deposit on the Markets page, enter the amount and click “Borrow”.
2. Approve the transaction in your wallet and wait for the response. Once the transaction is finished you can see your total and each asset’s borrowing amount on the Dashboard page.
Repay & Withdraw
Click the asset you want to repay/withdraw on the Markets page and follow the same pattern as lend/borrow. (Remember the lend/borrow interest start to accumulate once you deposit/borrow)
Soda Club-Bug Hunter & Laser Eyes
In order to maintain a vigorous community atmosphere and further enhance community autonomy, we encourage users to actively participate in the protocol construction. Different roles will be assigned to those active users according to the following conditions. You will get a tag that represents your efforts and contributions to Soda.
1. Bug Hunter will be assigned to those who have reported a bug with details (approved by dev). 2. Laser Eyes will be assigned to those who submitted a good suggestion about our product design. 3. Bullisher will be assigned to those who are active and love to help others. 4. OG roles will be assigned to active users according to, but not limited to their contribution to bug finding, product design, and channel moderating. They prefer to select OG from Bug Hunters, Laser Eyes, and Bullishers.
New to Solana?
Before you start your adventure on the fastest blockchain alive, there are two things you may want to finish first:
1. prepare a wallet.
2. transfer your asset to the wallet.
Prepare a Crypto Wallet for Solana
We recommend Phantom Wallet. You can check more details on the following websites. (Important: Never show your private key and recovery seed phrase to anyone!)
Prepare Your Tokens
1. Through Exchange
If you are holding fiat, you can register on FTX and buy crypto tokens on the spot market.If you are holding crypto tokens on the other chains (ETH/BSC), you can deposit your tokens on FTX.You can withdraw your crypto tokens on FTX to your Solana wallet address.
2. Through Bridge
You can also transfer your tokens from other chains (ETH/BSC) to Solana through the cross-chain bridge.Currently, you may choose between Ren and Wormhole.
Sol ID is an on-chain credit rating system which provide a foundation for application credit loan, airdrop options and governance and maximize the value of users’ historical behaviors.There are many scoring factors in Sol ID credit rating system, and the key factors are total deposit interest and loan interest generated and the amount of historical liquidation.
Users with higher credit score will enjoy the increased the maximum LTV, mining incentives and governance voting weight and obtain reduced liquidation lines, fines and service fees.Sol ID hopes to start from Soda and become an open protocol for industry use. Any other platform can query user behavior statistics and scoring model results.
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One of Coinworldstory's longest-tenured contributors, and now one of our news,ico,hyip editors, Verna has authored over 6900+ stories for the site. When not writing or editing, He likes to play basketball, play guitar or visit remote places. Verna, to his regret, holds a very small amount of digital currencies.