SyncDAO is creating opportunities for a new breed of crypto entrepreneurs
Sydney, Australia, Oct. 01, 2021 (GLOBE NEWSWIRE) — (via Blockchain Wire) DeFi is back on the rise and with it comes a new wave of users looking to create passive income opportunities from their crypto assets.
Cofounder of SyncDAO Paul Holland saw the biggest hurdle with DeFi mass adoption would come from a flaw in its design of cutting out the middlemen. This means there are currently no rewards for those who spend the time training and introducing new users to the ecosystem. “We created a prototype yield generating platform called GrowUSD and saw first hand the extensive amount of time it took for power users to show their family and friends and take them through all the technical steps required to come on board. My cofounder Rossco Paddison and I had a lightbulb moment when saw the clear path of how DeFi could get to mass adoption would be in rewarding these users for their time”.
To ease some of the technical hurdles users experience when trying to learn how to use each DeFi platform, SyncDAO is developing an app that allows the user the ability to particulate in yields offered by multiple protocols through SyncDAO’s Perpetual Vaults. This reduces the learning curve of a new DeFi users to one platform and one token, the Perpetual Vault Token or PVT.
To create opportunities for entrepreneurs, particularly financial influencers and in future those in the financial sector, SyncDAO created a permissionless customer service and marketing opportunity with an autonomous referral rewards program that supports affiliates to help their friends and family get involved in DeFi and receive an ongoing reward for their efforts.
Given the accelerated adoption of DeFi users with the growth of projects built on the Ethereum, Polygon, Cardano, Solana and Avalanche blockchains, it is anticipated the DeFi sector could see Total Assets Locked of $1Trillion or more by end of next year making the market opportunity very attractive.
According to PWC, global assets under management hit US$111.2 trillion by the end of 2020, and are anticipated to rise to $145T by 2025. Cryptocurrency investment and specifically participation in DeFi will contribute to the rise as once the mainstream market sees the returns offered by DeFi and the ease of use offered by SyncDAO, there will be a migration from traditional banking to the ability to ‘be your own bank’ using SyncDAO vaults as a savings function.
The DeFi movement has come from finding alternatives to the offerings of traditional finance and a collective mission to level the playing field for the 4 Billion underbanked and unbanked. Besides the lending protocols in Compound and Aave, decentralised exchanges, derivatives and asset management players, along with the continued rise of Stablecoins have lead to the further acceleration of the space in 2021.
The referral rewards have been a feature seen in centralised exchanges and centralised yield aggregating platforms but not something that has been offered by DeFi Yield Aggregators. “By creating a way for referrers to earn an ongoing income for introducing new users, SyncDAO is creating entrepreneurial opportunities and helping to pave the way for the DeFi movement to become mainstream” Holland says.
Clayton Roche of UMA, advisor to SyncDAO says “Everyone in DeFi gets message requests from others asking how to use it. It takes time to teach them! SyncDAO provides everyone an incentive to teach their friends how to use it.”
SyncDAO is a Decentralised Autonomous Organisation (a DAO) founded by Rossco Paddison and Paul Holland. SyncDAO aims to bring DeFi to the mass market by incentivising referrals to its easy to use platform that offers the best of DeFi yield generating protocols via its Perpetual Vaults. SyncDAO is launching the first Perpetual Vault in November.
HOW PERPETUAL VAULTS WORK
The process of working with the Perpetual Vaults is easy. Users mint Perpetual Vault Tokens and deposit these into the high interest vaults. They can choose to earn interest in Stablecoins or may instead choose to be paid in a volatile currency like Ethereum, giving them the ability to continually dollar cost average into a blue chip asset that may appreciate over time.
Through the SyncDAO affiliate smart contract layer, anyone can be rewarded for referring new users to the Perpetual Vaults. These rewards will be a percentage of the interest earned on the deposits made by their referees. This is all managed in a permissionless manner through fully audited smart contracts on the Ethereum blockchain.