Published 6 Days ago! Oct 12th
Edit decided to share whole article not just link.
Article Preview below!!!
EXACTLY! What I envisioned and thought when I first made my move on the score / credit names
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Defi Score — — The Future of Cryptocurrency Lending
Defi Lab
Oct 12 · 3 min read
Credit scoring has always been an important part in the traditional financial world. Traditional financial institutions or credit bureaus investigate and analyze the financial situation and other historical data of an individual, and then give an overall evaluation of the credit status of the individual, and that score will directly affect the pricing of financial services he/she could get. "
Credit score is now widely used. Every borrowing behavior that takes place in the world has been recorded. Good credit behavior can help us get better products and rates. However, this is not yet happening in the crypto world, even cryptocurrency lending is becoming more and more popular in the field of Decentralized Finance (DeFi). As the leader of DeFi, MakerDao has 1427,691 ETH locked in Dai’s mortgage assets, worth nearly $250 million, and DAI’s total supply is also close to $76.9 million.
At present, the mortgage rate of cryptocurrency lending is generally over 100%. For example, the mortgage rate of MakerDao is nearly 318% and the stability fee is 16% (the stability fee means the annual interest rate when you pay ETH to borrow Dai in Maker system), so the threshold requirements are too high for the majority of borrowers.
The intention of Projcet Defi is to serve people who have not been covered by traditional finance. Defi helps both traditional financial institutions and cryptocurrency lending institutions to control risks through more advanced tools, while lowering the threshold for individuals to use these financial services. Therefore, Defi has developed the world’s first personal credit system for the blockchain industry — “Defi Score” — for the cryptocurrency lending business.
Defi Score Ver. 1.0 is already launched, copy the link to the Browser/Safari to query your “Defi Score” :
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Defi Score evaluates users’ credit level through authorized data and transparent information that’s available on the blockchain. Better credit behavior and a more frequent and stable account status will help users get higher “credit score”. Based on Defi Score, users with good credit level can obtain better conditions in cryptocurrency lending business, such as lower mortgage rate or interest rate.
When cryptocurrency lending companies embed Defi Score in their services, they could attract more users with the more favorable terms. Defi Score can also be combined with other businesses, for example, users with good credit can enjoy benefits Defi system with other partners, such as commission discounts etc.
With the increasing number of participants and data accumulation, Defi Score will evolve and truly be the next “Sesame Score” of the blockchain industry, and effectively promote crypto lending business.
Defi is actively cooperating with cryptocurrency leading companies and projects. By establishing the credit system for any individual, encouraging good credit behavior and reducing credit risk, Project Defi is working to establish the credit system in the field of DeFi, and ultimately build a more open and fair financial market, serving both traditional and crypto finance users.
Full article in link below!
https://medium.com/@DefiLab/defi-score-the-future-of-cryptocurrency-lending-7ac193b9451
***FYI*** and yes I own the 3 worded too ( defi / Credit / Score )......Picked it same day i got defi // score KING