XADE: The future of banking

Decentralized Finance, or DeFi, started getting into the picture when everyone lost trust in traditional banking systems. People needed a more secure, transparent, and trustworthy solution that focused on something other than a central authority. Hence DeFi quickly managed to create a large user base and became popular amongst many.

In this blog study, let's understand the problem with traditional banking, and the existing DeFi ecosystem and explore "XADE," which aims to solve problems of both and become the future of banking.

Problems with Traditional Banks

The banking system is one of the fundamental pillars of the society we live in today. It's an integral part of the current financial system. Still, there are several flaws that we should not ignore.

• Inefficiency: Traditional banks are plagued with inefficiencies that often lead to remarkably high fees, long settlement periods, and paperwork.
• Transparency: Traditional banks are often criticized for lacking transparency. This is partly due to the system's complexity, making it difficult for individuals to understand how it works and where their money goes.
• Less independent and over-relied on humans: Another problem with the traditional financial system is the need for more independence and the over-reliance on humans to make decisions. This can lead to a number of issues, including bias, inefficiencies, and human errors.
• Single points of failure: The system has many single points of failure. For example, in 2008, the failure of Lehman Brothers, a central investment bank, caused a domino effect that led to the global financial crisis.

These problems make the current financial system fragile and untrustworthy. We have witnessed many severe experiences caused by the inability of central authorities to control the financial system.

Problems with the current DeFi ecosystem

Many consider DeFi the Future of Finance, but it has recently deviated from its vision of replacing the traditional banking system. Most DeFi Protocols aim only at quick wealth creation with unsustainable economics and incentives at their core. They fail to solve the real problem and operate in a closed economy with no real-world connections while having a tedious user experience that is difficult to understand and use.

User Experience

The entire user experience of DeFi is tedious, irritating, and difficult to understand. Remembering or managing complex wallet addresses and seed phrases, navigating across multiple DeFi protocols, ramping fiat to crypto, and so many other things makes someone confused and makes them leave the ecosystem. Many platforms feel like they are only made for 'nerds' and not regular people who want to use them to simplify their life. Also, many DeFi protocols lack a native mobile application despite the fact that there are approximately 6 billion mobile users.

Real World Utility and Connections

Most DeFi protocols do not provide important utilities that are essential for a financial system to work efficiently:

• A real banking service like taking a loan.
• A secure savings account.
• Getting insurance, etc., while operating in a closed economy without connections to the real world.
• Severely limiting the sustainability and scalability of the space.
• Making them unfit to replace traditional banks.

Introducing: XADE

XADE is a decentralized finance (DeFi) platform that aims to solve the problems of traditional banks and DeFi protocols. XADE provides all traditional banking services with the user experience of a digital bank in a manner so seamless that your grandma can use it without even realizing that they have entered the world of DeFi.

Current Statistics

XADE is doing incredible on all fronts, whether it may be user acquisition, user transactions, or partners. Let's briefly look at what XADE has achieved till now:

1. XADE has over 10,000 active users across mobile and web platforms.
2. XADE is close to a $1M transaction volume
3. XADE has announced partnerships with over 50 partners and planning to bring more onboarded

How XADE Solves the problems of DeFi and traditional banking?

XADE is 100% non-custodial and decentralized. It doesn't require any central authority, like banks, government, etc, to govern itself. XADE solves the problems of traditional banks and DeFi protocols by providing a seamless user experience, real-world utility, and connections to the traditional financial system. Let’s briefly discuss each one of them in this section.

Seamless User Experience

The primary thing that separates XADE from the rest is its user experience. As we know, most of DeFi solutions today have a terrible user experience and are difficult to operate. Also, many functionalities are different from the traditional systems many people use today. Hence many newcomers are afraid to use such platforms. XADE provides a seamless user experience that is easy to understand and use. Users can create a non-custodial wallet, deposit funds, send payments, and get a savings account, all in a few simple steps.

Real World Utility

Unlike many DeFi protocols that seem to deviate from their original cause, XADE provides features and functionalities that would fulfill users' real-world needs.

XADE provides real-world utility by offering various banking services, including savings accounts, loans, and insurance. These services are connected to the traditional financial system, so users can use them to manage their finances in the real world.

Connections to the Traditional Financial System

XADE has partnered with more than 50 partners. These partners connect XADE to the traditional financial system. Such partnerships allow XADE to offer its services to a broader range of users and to provide them with a more seamless experience.

How does XADE work?

XADE uses three DeFi protocols under the hood. All three of them are built in-house by the team itself. They replicate real world banking services in the most sustainable and efficient manner possible.

1. RemmiteX: The RemmiteX Protocol powers XADE payments. It allows users to send payments to mobile phones using several stablecoins and utilizes fiat ramps internationally and instantly with near-zero fees. This eliminates the need for users to deal with complex addresses and seed phrases.
2. SabeX : SabeX Protocol powers money markets for XADE. This allows a depositor to earn stable savings yield programmed to be more than the regional inflation rate. In contrast, borrowers can take secured loans against variety of tokenized assets such as bonded or RWAs tokens using XADE’s innovative fixed rate model.
3. DeriveX: DeriveX Protocol powers derivatives for XADE and allows users to trade perpetual futures of more than 5,000 assets, including stocks, crypto, forex, etc. With 10x leverage, short selling and close to zero fees and instant settlements with maximum capital efficiency.

Looking at the future…

XADE is currently live with payments and card services, with many new features and services launching very soon. The team has a detailed roadmap planned for the future. Here are the most important updates the XADE team intends to bring shortly.

• A savings account specifically created to beat inflation
• Borrow against multiple real-world assets
• Get a card to spend globally
• Pay bills, subscriptions, and spend across more than five thousand E-commerce brands.
• Trade long or short with almost guaranteed liquidity and the highest level of security on the prices of stocks, cryptocurrencies, commodities, currency, and other assets.

Apart from this, here is a full roadmap shared by XADE

Conclusion

XADE is a DeFi platform that aims to solve the problems of traditional banks and DeFi protocols. XADE provides a seamless user experience, real-world utility, and connections to the traditional financial system. XADE is still under development, but it has several future possibilities.