Swerri: The DeFi protocol from Africa to simplify crypto in the world
Cryptocurrency is not a very new term, neither is it an open book more so in Africa.
However, that is quickly changing with mass adoption picking up and entities from different areas across the globe embracing the new dawn with the recent one being a crypto trading platform sponsoring the upcoming 2022 FIFA World Cup in Qatar.
The mention of cryptocurrency in most African countries, if not all, evokes a perspective of a con game perhaps because of one’s past experiences with scammers.
That part is not entirely true, neither is it false totally. And that is where Swerri comes seeking to impact cryptocurrency at the global stage.
Dubbed ‘The Simple Crypto’, Swerri is a Decentralized Finance (DeFi) Protocol issued on the Polygon blockchain and combines the power of DeFi in crypto and the functionalities of a decentralized exchange allowing you to trade, convert or send crypto to a phone number or wallet address.
Too fast? Let’s take it slowly then. We shall be doing a series of articles on Swerri in the coming days to give an understanding of what the protocol is and what it seeks to solve, starting with a slight introduction in this edition.
Swerri performs the functionalities of other DeFi protocols but has a closer card to the chest: The Swerri circles.
Swerri circles will enable members to join together and invite friends to take part in DeFi, by trading, lending, and borrowing to access cryptocurrencies. Members will be able to guarantee their friends if the loan request is of higher value than the crypto they hold for a period of between 1–3 months.
While DeFi protocols allow their communities to borrow the equivalent of what they have in their wallet and nothing more, Swerri brings a different perspective to the crypto game.
It allows one to form circles in which members within the circle can act as guarantors just like it happens in credit unions to give one the chance to borrow more than what they hold in their wallets.
This is the ultimate game-change in Swerri. Who would have thought of credit unions in crypto?
Africans and Asians are more into social capital and that is what has seen credit unions bloom in the two continents and Swerri aims at bridging that gap in the crypto world to give the technology a new perspective.
Already, cryptocurrency thrives on communities and Swerri has so much emphasis on communities and social capital.
Let us digest that before we delve into how to become a member of the Swerri party, the Swerri Token and its utilities, Swerri circles in depth, and more!
