Not Your Keys, Not Your Crypto:
Sonar´s role in the rise of DeFi
2022 has been quite a year for the crypto space! With money being thrown around wildly, the boom of the previous years was due for a bust. We’ve seen billions of dollars wiped out from the market through bad management and a Wild West attitude that, to a certain extent, still guides this space.
Yet the past few months have also seen decades worth of innovation, game-changing projects and companies that are building the foundations for a Web3 future.
From chaos comes clarity, order & innovation
The recent FTX and Luna fiascos are considered as some of — if not the — most devastating, chaotic and impactful collapses in the financial world´s recent memory. In particular, FTX was mainly caused by bad management of clients’ funds and the lack of adequate collateral backing. This has led to thousands of companies, funds and people suffering major irreversible losses.
This takes me back to my school years when we learned about the difference between evolution and revolution. Evolution is a smooth gradual improvement or change (which can take anywhere from decades to millennia). Revolution is chaotic and tends to be marked by events like wars, protests and financial collapses, but it can induce sudden change within the span of days or weeks.
We’re currently looking at a revolution.
What’s driving the sudden interest in DeFi solutions?
During the last quarter of 2022, we’re witnessing a fascinating and logical phenomenon: following the dramatic collapse of Luna and FTX — as well as a reduced trust in centralised platforms, DeFi solutions are suddenly being sought after at a record rate.
Non-custodial wallet addresses are on the rise and we’re seeing a sudden outflow of crypto assets (from centralized exchanges into decentralized platforms or wallets). “Not your keys, not your crypto!” is resurfacing as the latest trend.
This doesn’t mean the end for centralised exchanges. FTX doesn’t define their future and they’ll still be an integral part of the crypto market. However, the return to the grassroots mentality — and original idea of the first decentralized cryptocurrencies — is a welcome respite. It’s also certainly wonderful news that stands out from the bearish year of 2022.
Where Sonar comes in
Sonar’s multichain, state-of-the-art, non-custodial Web3 wallet is in a fully-functioning alpha stage — and we fully expect to proceed to semi-open beta testing phase soon (note: Join our Live Demo Thursday December 8th and follow Sonar’s website, community and social media for updates ). Our entry into the market couldn’t come at a better time.
From the get-go, Sonar Wallet will support all EVM chains as well as the first non-EVM chains (like Solana and NEAR protocol). It will support internal DeFi swaps, simplifying the process for the new generation of adopters. With months of updates, testing, redesigns and refinements — as well as ongoing security testing — this launch is just a taste of Sonar´s current and future plans.
Loyal supporters will finally start getting their hands on what was just a dream 12 months ago. Together with our beloved community members, we’ll continue to build, test and refine our tools to the highest standards.
A word about our competition
As builders in such a new innovative space, we’ve got room for almost immeasurable growth. And it’s understandable that with different projects popping up everywhere, we do (and will) have competitors.
However, the DeFi market is in its infancy stage (image below) so rather than compete, we can collaborate in order to provide the most seamless, most accessible way to welcome Web3 newcomers. In doing so, we hope to push the DeFi market beyond this relatively small bubble and expedite the projected growth over the next years.
There’s more than meets the eye with Sonar
Our wallet is only part of the Sonar suite, and the tools it comprises are only scratching the surface of the Sonar ecosystem. This is an ecosystem that’s built to enable a seamless multichain experience for end-users whilst providing the foundations for facilitating dApp development and interoperability to the builders of the space.
There isn’t a better time than today to get this product to market. From chaos comes clarity, and clarity shows us that a more decentralised future is near, here to stay and here to grow. And Sonar is paving the way for more human-centric experiences — for all Web3 users.