CreDA Now Live on Elastos Smart Chain: A Glimpse of the Future for Trusted Web3 Crypto Credit Scores

CreDA
4 min readJul 8, 2022

After initially launching a full deployment on Arbitrum One, CreDA is pleased to announce expansion into the Elastos Smart Chain (ESC). CREDA token, staking, cNFT minting and synchronized Crypto Credit Scores are all now live.

How does CreDA on Elastos benefit me?

  • Crypto Credit Score — Once you connect your wallet or DID to CreDA.app, the protocol will analyze your entire on-chain transactional history and present you with a credit rating out of 1,000. The higher the number the stronger your credit rating.
  • cNFT mint — Once minted, your non-transferable “Soulbound” cNFT provides access to your personal Crypto Credit Score.
  • CREDA tokens — You will be gifted a number of CREDA tokens based on your calculated credit score when you mint your cNFT. They will be “locked” and can be unlocked through LP staking.
  • Unlocking CREDA — In the Vault, users providing liquidity for CREDA on Glide Finance can unlock CREDA tokens. Once unlocked, CREDA can be traded or used to upgrade your cNFT (dependent on qualifying conditions).
  • Mining pools — Initially there are four mining pools; ELA, GLIDE, FILDA and USDC tokens are supported assets for mining CREDA. Mined CREDA tokens will be locked and released through Glide Finance LP, staked on CreDA.app.
  • CREDA Cross-chain bridge — CREDA tokens can be moved between ESC and ARB via our bridge.

Why Elastos Smart Chain?

Elastos is a Web3-champion, composed of users, developers, thought leaders, and project teams developing the next generation of the digital universe. DIDs, verifiable credentials and personal data security are major pillars of Elastos. DIDs are used by CreDA to bind wallets to identities, allowing the protocol to produce comprehensive credit histories for addresses across Ethereum and EVM blockchains with support planned for all blockchains and off-chain data.

The Elastos Smart Chain is an EVM sidechain with low gas fees and fast transaction speeds. This allows CreDA users to obtain their credit score and cNFT quickly and easily. Once users have their Crypto Credit Score they will be able to use it to enjoy many benefits.

What can I do with my cNFT?

CreDA cNFT holders will, in the future, gain access to:

  • Their real-time Credit Score/Profile.
  • Minting tokens (and NFTs) directly onto their cNFT to use as a form of collateral, mining tokens and demonstrating proof of ownership.
  • Free claimable CREDA tokens.
  • Increased saving rates on DeFi platforms.
  • Reduced borrow rates on DeFi platforms.
  • Reduced collateral rates; under collateralized to zero collateral loans.
  • Improved liquidation thresholds.
  • Increased DAO weight bonus.
  • Additional rewards, memberships, and access across partner platforms.

cNFTs are also upgradeable to unlock greater privileges.

(Benefits are subject to qualifying parameters. The higher your score the more benefits you qualify for.)

Cyber Republic (Elastos DAO) Support

Following a funding request for assistance with the ESC deployment, CreDA was awarded 40,000 ELA which were added to the liquidity pool for ELA/CREDA on Glide Finance. Trading is now live on both Glide Finance (ESC) and Sushi (Arbitrum). The CreDA bridge is also available to enable users to move their CREDA assets between the two networks.

What’s next?

CreDA launching on Elastos Smart Chain is a homecoming of sorts. Initial beta-testing for CreDA occurred on ESC before Arbitrum One became the genesis network for CreDA Crypto Credit Scores. Now, with Crypto Credit Score synchronization available on Ethereum, Arbitrum, BNB Chain and Elastos, the stage is set for CreDA’s next chapter on Elastos — To provide the trust framework for the Elastos ecosystem through Credit DAO.

A Tiger in your Crypto Credit Score Tank?

To give a warm welcome to CreDA on Elastos Smart Chain, a Tiger NFT prize and 100 $CREDA will be awarded to one lucky cNFT holder!

To qualify for the chance to win, all you have to do is mint a cNFT on ESC by the end of July. A prize draw will determine the winner in early August. Good luck, and don’t forget that minting a cNFT only costs a tiny ELA gas fee.

Interested in partnership? Want to stay in the loop? Join CreDA’s communities and get in touch:

Twitter | LinkedIn | Telegram | Discord

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CreDA

CreDA is the world’s first decentralized credit rating service based on users’ on-chain data