SOFA Hosts AMA On The Future Of Defi Settlement

(MENAFN- PR Newswire) Creating a secure, transparent, and scalable foundation of digital asset clearing on-chain.

HONG KONG, Aug. 30, 2024 /PRNewswire/ -- SOFA , a decentralized and non-profit DAO developing a decentralized clearing protocol, was joined by Mr. John Cahill, COO of Galaxy Digital Asia, to discuss the project's long-term value-proposition as an industry-wide settlement system, and its secure suite of on-chain structure products. The panel was moderated by the Real Moonlight Show on Binance Live.

SOFA was established to lay-out the foundation of a digital clearing and settlement ecosystem for handling any financial assets on-chain, including RWA and tokenized assets. Developed by experienced professionals with long institutional backgrounds, SOFA aims to democratize innovative product access to the average user on-chain, while ensuring blockchain's innate security benefits to offer a fully asset-secure and transparent workflow from end-to-end. By leveraging the innate security benefits of smart contract vaults, execution and counterparty risks can be removed seamlessly, so users can focus fully on what they are trading, rather than who they are trading with.

"We believe that the blockchain offers the ideal use-case to handle the clearing & settlement needs of financial assets. Smart-contract vaults serve as the ideal asset custodian solution on-chain, offering full decentralized access, data immutability, and clear auditable records that are critical to any institutional settlement system. SOFA has already laid the initial steps to be the first crypto structure products protocol that is fully on-chain, and we are excited to expand our use case to the rest of the ecosystem, including TradFi, to elevate DeFi into its next growth stage," said Augustine Fan , Founding Partner of SOFA.

Backed by founding DAO members including HashKey Capital, OKX Ventures, Galaxy Asia Trading Ltd and supported by other reputable builders, SOFA positions itself as the "Android" of DeFi, encouraging interoperability between different DeFi protocols to establish a clear, robust, and industry-wide benchmark for digital asset clearing. The project is currently live on Ethereum mainnet and Arbitrum, and expansion plans for additional EVM chains in the future.

Since the successful launch in June, SOFA has experienced robust growth with a solid community following. The team remains hard at work to establish high-level partnerships with various leading CeFi and DeFi institutions to achieve its long-term mission. Furthermore, the project undertook the unconventional route of a 100% fair token launch ($RCH), with no pre-sales, pre-allocations, nor insider benefits whatsoever. All protocol revenues will be used to burn $RCH tokens, ensuring that users will be the ultimate benefactors from the long-term value accrual of the protocol. This ensures complete and full interest alignment between the project builders and users, with a common goal towards long-term sustainability.

About SOFA
SOFA is a decentralized, non-profit, and open-source DAO dedicated to developing a trustless, DeFi ecosystem capable of atomically settling financial assets on the blockchain. The organization's first protocol will focus on crypto structured products, enabling seamless execution between depositors and market makers through a ready-made dAPP and standardized vaults. SOFA is supported by a number of leading DeFi builders and crypto platforms, and more information can be found at .

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SOURCE SOFA

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