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November 23, 2021

DefiSpot Announces Roadmap and IDO

The DefiSpot Twitter released an in depth look at what its platform will look like as well as details about it's utility token $SPOT. The simplified user interface is geared towards ease of use for the masses while using THORChain on the back-end.

What Will DefiSpot Look Like?

DefiSpot will bring a “CEX-like” user interface with fiat on-ramps aimed at making the on-boarding process for global adoption of DeFi easier.

A “decentralized version of Coinbase” built on top of THORChain will allow users to leverage the world of cross-chain native swaps, synthetic assets, lending and more through a simplified UI/UX. 

As THORFi continues to grow and develop, DeFiSpot will provide both veterans in the DeFi space and new users a simplified way to access it's many features.

The DefiSpot token ($SPOT) will be the core utility token and set to IDO soon. It will be used for governance, reward distribution, and providing liquidity in RUNE:SPOT pool.

Roadmap Highlights

  • Fiat on-ramp: Users will be able to complete their first fiat to crypto transaction within minutes without ever having to leave the DefiSpot platform or complete KYC. This will be critical for mass adoption and bringing in new users
  • Cross-chain swaps: Users will be able to swap native assets across chains without having to trust any centralized 3rd parties 
  • Synthetic assets: Fully backed and secured assets that can be sent anywhere in the Cosmos ecosystem
  • Cross-chain lending: Users can lock liquidity units and borrow against assets from any THORChain liquidity pool. Liquidity units are yield generating, so users can use yield to pay back debt automatically
  • DefiSpot Wallet: Self custodial multi chain wallet available for both mobile application and web browser extension

Going Forward

$SPOT IDO is planned sometime before the end of the year on Thorstarter. Stay tuned to the DefiSpot Twitter and Discord for the official date of the IDO and launch of the platform. 

Check out DefiSpot’s medium post for more detailed information about what's in store for the near future!

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