DeFi is currently one of the fastest-growing industries in the world right now. In fact, there is a massive upsurge in the number of projects relying on this relatively new term. As a result, there is a lot of diversity around the ecosystem.
Overall, DeFi has become an umbrella term encompassing a lot of new opportunities with potentially huge strides. To give an example of how much DeFi has grown over the few years let’s look at the TVL values of this and the previous year.
The total value locked in DeFi has grown over 5000% in the last 12 months since June 2020. Numerically speaking, the value has gone from $1.13 billion to $66.89 billion. It had reached an all-time high of $86.18 billion in May 2021.
Moreover, as things stand, it’s doubtful that we see this run slowing down anytime soon. But we can’t deny the fact that the market is still at its early stage. So, there is scope for improvement.
The three problems that DeFi faces right now are:
- High Complexity – Most of the DeFi projects available in the market are too complex for an average person to use on a day-to-day basis. Moreover, with the goal of mass user adoption, there’s a need to simplify the entire user experience.
- Value of Sustainability – Projects that evolving or solving just one aspect of a problem don’t always create sustainability or longevity. Moreover, short term thinking means people approach DeFi with maximum gain mentality.
- Education Gaps – Majority of the users don’t have the necessary knowledge of buying/selling/investing in the DeFi markets which increases the risk of getting hurt in the highly volatile space.
However, a new project, SyncDAO, aims to solve all three of these problems.
Overview
SyncDAO is a platform providing non-custodial solutions enabling users to create unstoppable cash flows from DeFi returns. This platform’s ecosystem consists of some important players having specific roles.
- Users – This group of people use perpetual wallets for great returns. They want to build cash flows, savings plans, dollar cost averaging tools for supporting their financial goals.
- Affiliates – The affiliates help users extract the most out of the product. Through this job, they earn a living from helping people get into DeFi. Overall, the affiliates become a decentralized customer service desk to help users throughout the process.
- Governors – The platform relies on a DAO to operate in the midst of the complex rules and systems. Through this, more people can access this product from more places in the world compared to a traditional finance company.
Technical Architecture of SyncDAO
The first version of SyncDAO consists of:
- Deposits in stablecoins with the option of receiving PVT as receipt.
- Stake PVT in the user portal receiving cash flow of stablecoins.
- The interest generated divides into two parts: 80% to the nominated address as cash flow & 20% reinvested and compounding.
The launch product also includes the affiliate layer. What this means is, users can invite friends to benefit from cash flows of perpetual vaults. Moreover, users can get rewards for that for a lifetime.
The affiliate portal allows users to generate a tracking link to share with others and to nominate an address for commission payments initially paid in the same currency as deposited by the user.
Also, the DAO established along with the platform will have a governance token so that SDG holders can submit proposals, vote, and direct the development of the Vault strategies and DAO.
Team and Advisors
The team of SyncDAO consists of more than 12 full-time members:
- Rossco Paddison: CEO – He is a business management speaker and has seen the crypto space since 2016. He has also co-founded Mosendo which is a Money/Crypto transfer app in 2019.
- Paul Holland: COO – He is a marketing expert with over 30 years of experience. He is also the CMO at Mosendo.
- Roman Tsavorsky: CTO – He is the technology expert of the platform and has co-founded various tech software companies including Ally Inc., Implicit Labs, Mobie.Inc.
- Sam Higgins: CMO – He is a marketing and strategy expert of the platform.
- Priyanka Rao: Chief of Growth – She has been in the entrepreneurial game and wealth creation space for over 10 years.
There are several advisors from various fields to help the platform move ahead:
- Josh Meier (Latitude)
- Kyle Chasse (Master Ventures)
- Corey Billington (Latitude)
- Tom Howard (Power trade)
- Clayton Roche (UMA)
- Vinny Lee (CRT Capital)
SyncDAO Governance Token (SDG)
SyncDAO is a DAO established to bring user adoption to Defi products by aligning incentives between users, affiliates, and governors of the SyncDAO protocols and ecosystem. The token doesn’t have any inherent value. However, it allows you to vote on proposals put forward to the DAO.
Moreover, SyncDAO governance token holders are strategists voting in new strategies maximizing vault performance.
SyncDAO Tokenomics
The total supply of SDG tokens is 2,000,000,000 (2 billion). Regarding Tokenomics, the platform has provided a detailed overview:
| Product Usage 1 | 200,000,000 | 10% | Unlocks over 12 weeks to product users. |
| Product Usage 2 | 800,000,000 | 40% | 3-month cliff then unlocks over 4 years to product users. |
| Builders | 150,000,000 | 7.5% | Unlocks over 8 years to incentivize developers. |
| Affiliate | 150,000,000 | 7.5% | Unlocks over 8 years to incentivize affiliates. |
| Team | 250,000,000 | 12.5% | 6-month cliff then unlocks over 30 months. |
| Advisors | 50,000,000 | 2.5% | 1-month cliff then unlocks over 24 months. |
| Angels | 225,000,000 | 11.25% | 2.5% unlocked at TGE. Balance unlocks over 9 months. |
| Presale | 100,000,000 | 5% | 10% unlocked at TGE. Balance unlocks in 3 equal amounts at the end of months 1, 2 & 3. |
| Public | 20,000,000 | 1% | 20% unlocked at TGE. Balance unlocks in 2 equal amounts at the end of months 1 & 2. |
| Reserve | 55,000,000 | 2.75% | Unlocks over 9 months. |
SyncDAO Roadmap
The project has completed its Proof of concept and quantstamp audit. They are currently developing their perpetual cashflow vault, affiliate dashboard, governance interface and product usage rewards.
They are also preparing up for their IDO and Launchpad Token Generation Event.
Moving on, the project will develop Perpetual Dollar Cost Averaging Vault, Layer 2 deployment and Perpetual Piggy Bank Vault.
Final Thoughts
SyncDAO, although doesn’t have a finished product yet, holds strong merit. The project has strong backing from major companies like Master Ventures, MantraDAO and Convision.. It also has a detailed objective over a long-term plan. The project aims to simplify the usage of DeFi infrastructure for the majority of the population. Suppose the project doesn’t have any significant kinks, and the IDO and TGE events went smoothly. In that case, SyncDAO has a solid potential to become one of the major names in the DeFi space and especially in its particular segment.
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