ShuttleOne–a multi-chain DeFi platform–, operations actively demonstrate the efficacy of NFTs in finance, a post on September 27 reveals.
ShuttleOne Incorporates NFTs in Operations
As per the creator, the platform–which aims to link the real-world economy with trustless DeFi solutions– integrates elements of NFTs for efficiency and faster dispensation of finance. By collateralizing real-world assets, which exist as unique assets in the blockchain, the protocol points to the diverse use of NFTs transcending art. Through the ShuttleOne platform, asset owners in the real world can access finance, unlocking the liquidity of otherwise illiquid assets via a transparent blockchain where all data and agreements are traceable and immutable.
By focusing on finance and aiming to link facets of the real-world economy using stablecoins, ShuttleOne plans to eliminate the fragmentations that exist as a limitation in traditional finance. Using their solution, the creators of ShuttleOne said they would hasten loan approval times enabling Small and Medium Enterprises (SMEs) to scale and stay competitive in the market. Through their protocol, SMEs will be timely bridged with resources pooled from permissionless DeFi solutions. As a decentralized lending platform, SMEs can be granted faster financing as they convert their real-world assets into collateral, which rewards liquidity providers, creating a virtuous cycle.
By leveraging on the transparency of the blockchain for a trustless lending protocol rewarding liquidity providers and concurrently resolving challenges faced by businesses and even government institutions, ShuttleOne is rolling out a solution whose positive impact is being felt in the physical world.
ShuttleOne Links SMEs and Institutions with DeFi Solutions
ShuttleOne aims to provide services to several finance ecosystems in the real world, ranging from accounting, legal, cross-trade, banking, and Fintech. Through their B2C, B2B, and B2G models, partnering businesses can easily integrate the platform’s DeFi solutions without necessarily possessing any blockchain background. Using these rails, integrating businesses and government institutions can access faster financing—unlike the case in traditional finance where existing clients with a financial history are preferred, cross-border remittance services, and a credit rating system riding on blockchain’s properties.
The protocol says it serves businesses and institutions, including The Port Authority of Singapore, Crimsonlogic’s logistical flagship product Calista, and leading eCommerce platforms. Besides, they expect to integrate three more platforms boasting thousands of daily active users. By late September 2021, ShuttleOne had processed over $40 million in loan transactions, approving $15 million, which were dispensed to borrowers.
A Breakdown of ShuttleOne’s SZO Utility Token
Central to ShuttleOne is the SZO utility ERC-20 token existing on Ethereum, the Binance Smart Chain (BSC), and will later integrate with Tezos in October. There are 230 million SZO tokens, and the team has set a five percent annual inflation. The purpose of the SZO token is to regulate incentives within the broader ShuttleOne ecosystem and secure the platform’s funds. Liquidity providers who supply stablecoins such as USDC, USDT, and DAI to ShuttleOne’s liquidity pool will receive SZO tokens as a reward, distributed per block.
Also, SZO is a currency. Therefore, merchants who engage with the platform, accessing any of its financial products via partners in Cross-Trade, accounting, or banking, pay fees in SZO. As a strategy to induce scarcity, the protocol will automatically burn SZO tokens. The platform will take an equivalent amount of SZO out of circulation for every approved loan transaction, propping prices and drawing value investors/traders.
As a result, the token can only be acquired through rewards for liquidity providers or purchasing in external markets. The SZO token is available for trading at PancakeSwap and Dodo exchange running in the Binance Smart Chain (BSC) as a wrapped version (wSZO).
