BITSAVE
Updated 175 days ago
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- Crypto / Web3
- Defi
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The Savings Protocol for Web3 Finance.
Bitsave Contracts went live on Algorand Testnet https://x.com/cryptosmartnow/status/1625067326457405446?s=20
Bitsave Initial setup
Bitsave is a savings protocol that helps users save and earn in Cryptocurrency without losing their savings to Market volatility.
This SaveFi protocol utilizes the multichain function of omnichains to help user save their crypto across different chains in the Bitsave dApp, we're currently on Algorand Testnet and on Zetachain's testnet.
We've seen newbies lose their savings like school fees, house rent, college funds etc to Crypto, we understand that people hear about crypto and want to immediately rush in.
With Bitsave, newbies and oldies alike can protect their funds from market volatility, while still earning interest in crypto, a protocol that works based on maths and economic formulas to set rates and pay interests.
Users typically save in a Fiat-Backed stable coin (we don't want a Terra situation :confused:)
Users earn interest in a volatile token, typically the native token of the Bitsave Protocol.
They can create a savings plan and make unlimited deposits to their savings plan, e.g, "Rent, School fees, Vacation" etc.
Savers pay a $1 fee per savings plan they create;
A saver can Create a Savings plan and deposit USDT or xUSD or any fiat backed stable coin.
They aren't depositing into a pool like DeFi protocols which a hacker can get access to.
What happens in the Bitsave Protocol is, when a user is creating a savings plan, they're giving parameters for a child contract to be created under the Bitsave Protocol Parent contract which holds their funds.
This makes it such that every user's savings deposit is tied to their wallet so that in case of an exploit, the hacker wouldn't have access to user funds, except they have access to their wallets.
Bitsave isn't just another product, it's a new value chain, The web 3 space is used to DeFi, and now we're introducing them to SaveFi.
Bitsave got awarded the "Most Impactful Solution" in the Algorand Mega-Ace Hackathon this May.
https://twitter.com/cryptosmartnow/status/1654615351722663936?s=20