ShuttleOne Plans to onboard Three Active Platforms, Approves $15 Million in Loans

·3 min read

ShuttleOne, an operating system for financial dApps, has reiterated its stance of enabling businesses to easily access credit via a blockchain-powered system, a post on September 28 reveals.

Introducing ShuttleOne

Using their infrastructure, the platform creators explain, businesses can quickly set up DeFi services, tapping on ShuttleOne's compliant and liquid ecosystem while also accessing reliable business data.

Businesses and government institutions in the real economy that can utilize the ShuttleOne platform are those primarily engaged in banking, legal, accounting, cross-trade, and Fintech. In all, ShuttleOne says it can extend services to 13 industries, allowing them to tap, among other benefits, faster financing, efficient blockchain-based remittance, and utilize an unbiased credit scoring system.

The ShuttleOne ecosystem comprises the ShuttleOne Network—which allows for seamless access to credit and remittance--, Visage Protocol—digitizing documentation, and ShuttleOne Analytics—which aids businesses with data-driven business decisions and operations.

Linking DeFi with the Real-World Economy, Processes $40 Million in Loans

The platform aims to be the underpinning layer for financial dApps combining properties of blockchain with artificial intelligence. This way, the protocol adds, it can effectively layout a decentralized lending and payment platform using digital assets, eliminating the fragmentation common in traditional finance.

As of late September 2021, ShuttleOne had availed its services in over 80 countries globally. It has already served government institutions, including The Port Authority of Singapore and Crimsonlogic's logistical flagship product Calista. Besides institutions, ShuttleOne works with leading eCommerce giants and SMEs.

ShuttleOne has processed $40 million of digital assets in loans from their engagements, approving over $15 million less than a year. This way, as per their objectives, the protocol has linked the real economy with DeFi, highlighting the advantages of merging finance with emerging technologies like blockchain and artificial intelligence. ShuttleOne has said it plans to onboard three more projects with an active user base.

SZO Utility Tokenomics and Roles: A Review

The ShuttleOne ecosystem is tied together using the SZO utility token that secures the network for holders and liquidity providers besides regulating incentives.

There are 230 million SZO tokens compliant with the ERC-20 standard in Ethereum. ShuttleOne has also clarified that it won't be crowdfunding via a private sale or IDO.

Instead, emissions would be from protocol's activities. Tokens would either be acquired either as rewards or purchase from the second market. SZO has been tokenized in the Binance Smart Chain (BSC) as wSZO and Tezos, both are wSZO (wrapped version of SZO is tradable). At the same time, the wrapped version in the BSC is available for trading at PancakeSwap and Dodo Exchange.

ShuttleOne has set an annual inflation of five percent—additional tokens which will be added to circulation. Nonetheless, the protocol also has a scarcity-enhancing mechanism to prop demand and indirectly support prices.

The SZO token incentivizes liquidity provision. Holders who channel liquidity to ShuttleOne's liquidity pool using stablecoins--DAI, USDC, or USDT--will receive SZO as a reward whenever a loan is approved. Liquidity providers who seek to supply liquidity for longer will receive more SZO rewards. SZO holders who finance trade cargo and other businesses supported by the protocol are rewarded with extra coins.

The protocol also says SZO token holders have access to above-rate interest rates generated by real-world assets deposited as loan collaterals. Furthermore, since SZO is a utility token, it is used as a means of payment by merchants and all users leveraging the platform's rails via its banking, Fintech, accounting, or cross-trade partners.

Merchants who access ShuttleOne's products for services such as on-chain risk management or seek credit, for example, pay fees denominated in SZO. For every approved loan transaction in the ShuttleOne ecosystem, the platform says a token will be burned.

Image Soured from Pixabay

See more from Benzinga

© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting