What SupremeX is
SupremeX is a lending project based on decentralized financial ecosystems through smart contracts, which enables transparency, verifiability, the largest TVL, and the fundamental DeFi use cases.
Traditional lending system requires creditworthiness or income verification, even when collateral such as housing is provided. It also requires blind trust in institutions, such as banks, which leads to a slow and non-transparent approval process.
Our purpose is to let the user borrow funds efficiently. This is done with no credit checks on OkExChain, where we launch coins. At this point, we would like to introduce our SL Token, a governance token designed to be a fair launch distribution for the community.
Who we are
We are a team of researchers, developers and designers from Harvard, UPenn and UC Berkley.
Why we found SupremeX
Traditional borrowing, except for borrowing amongst acquaintances, usually goes through a financial intermediary institution, (such as a bank.) There are several problems with borrowing through centralized institutions:
Firstly, there are a lot of requirements. Most countries have not implemented bank accounts or cards. In developing countries, around 2 billion people do not have bank accounts nor have the access to bank loan services.
Secondly, the audit process is not transparent. Back in the old days, under the same conditions, 2 different people will be guaranteed the same loan approval rate. One person may have an established relationship with their loan officer, while another may be applying for the first time. Though banks have become more regulated, it is impossible to predict precisely how much an applicant will be approved for.
Finally, we aim to avoid the leakage of personal information. Depending on the institution you apply through, there is a potential your personal information could be leaked. Another key point is that P2P platforms, and even banks, have the risk of bankruptcy and liquidation. If the account holders put their funds in a P2P platform or bank, it is not guaranteed that the funds will be available. These platforms and bank can potentially face bankruptcy or liquidation. In this case, account holders risk losing all their money.
The Significance of a Decentralized Lending Platform
DeFi has coded the lending rules into smart contracts. All deposit and borrowed funds can be verified on the chain. The rules about liquidation are also transparent. Once the contracts are deployed, no one, not even the creators, can modify it. Nor take the funds and scam exit.
LP and borrowers are completely anonymous, and the deposit/ borrow function can be implemented without registering an account or KYC. Everything is run by smart contracts to achieve accessibility, transparency and fairness. This is the real potential of blockchain.