What is Xade and Why do you need it?

6 min readJun 11, 2022

TLDR:

Xade is the only DeFi powered alternative to banks by creating a hybrid solution between Traditional Banks and DeFi Protocols which provides all banking services on chain with the user experience indistinguishable from a digital bank powered by our own in-house DeFi Protocols in a manner so seamless that your grandma can use it without even realising that they have entered the world of DeFi.

Banks are the pillars of the traditional financial system and the human society but have been operating in an inefficient, opaque with multiple single points of failiures which has shown to be fragile multiple times throughout history

The Traditional Financial System faces 5 major issues:

Inefficiency: The traditional financial system is plagues with inefficiencies which often leads to very high fees, long settlements periods and alot of paperwork.

Opacity: The traditional financial system is often criticized for its lack of transparency and opacity. This is partly due to the complexity of the system, which can make it difficult for individuals to understand how it works and where their money is going.

Lack of autonomy and over-reliance on humans: Another problem with the traditional financial system is the lack of autonomy 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 failures: The trad-fi system has many single points of failures; For example, in 2008, the failure of Lehman Brothers, a major investment bank, caused a domino effect that led to the global financial crisis.

The Solution “De-Fi” :

After the 2008 economic crisis, there was a vision to create a global permission-less financial system independent of all banks. That vision took the shape of Bitcoin.

Bitcoin laid the founding stone for Decentralised Finance or DeFi which is the term given to the movement of creating an alternate financial system which is global ,permissionless ,decentralised and autonomous while working with maximum efficiency independent of all banks by leveraging blockchain technology.

The Problems with DeFi:

DeFi is touted by many to be the Future of Finance but has recently deviated from it’s vision to replace the traditional banking system while most of the De-fi Protocols only aim at quick wealth creation with unsustainable economics and incentives at their core without solving a real problem and operating in a closed economy which has no real world connections while having a tedious user experience which is very difficult to understand and use.

Today DeFi faces 2 major hurdles:

User Experience

The entire user experience of DeFi is tedious, irritating and difficult to understand. Whether it is remembering those complex wallet addresses or seed phrases to ramping your fiat to crypto and bridging it across multiple chains to navigating across DeFi protocols which have a poor user interface made for ‘nerds’ while being difficult to understand and nearly impossible to use for the 6B mobile users in the world since most DeFi protocols dont have a native mobile application.

Another major issue with the user experience of DeFi is paying high gas fees for every move they do on chain in the networks native token and get exposed to its price volatility even if they are dealing in some other token such as stablecoins on their chain.

The problems in DeFi has been explained in this medium article: https://medium.com/geekculture/why-great-user-experience-eludes-defi-fde11974d2c6

Real World Utility and Connections

Most DeFi protocols do not provide a real banking service like taking a loan, a secure savings account, getting an insurance etc. while operating in a closed economy with no connections to the real world severely limiting the sustainability and scalability of the space making them unfit to replace traditional banks.

Introducing XADE:

To solve the problems of traditional banks and decentralised finance and to bring back DeFi to its original vision of replacing traditional banks we decided to create a super mobile application which provides all traditional banking services with the user experience of a digital banks in a manner so seamless that your grandma can use it without even realising that they have entered the world of DeFi and the technology underneath powered by our in-house DeFi Protocols.

Introducing Xade: The Super Decentralised Bank which provides all traditional banking services powered by in-house DeFi protocols in a manner so seamless that your grandma can use it without even realising that they have entered the world of DeFi through our super mobile application.

Xade is currently live on Polygon POS mainnet and 5 testnets including Shardeum, Polygon zkEVM, zkSync, Sei and Ethereum.

What can you do with the Xade super mobile application:

Create your own non custodial wallet with your social media accounts or connect your existing wallet or import your wallet
Add multiple layers of security such as face id, passcodes, pins and much much more
Deposit Funds from 10+ Fiat Ramps, Xade P2P, or from your existing wallet
Send Payments to any email address, decentralised identities, mobile numbers and more irrespective of the fact whether the recipient has a wallet or not in a 100% gasless manner in fiat backed stablecoins such as USDC
Get a savings account created specifically to beat inflation by financing real world loans
Speculate on prices of stocks, crypto, commodtities,forex and more with 10x leverage by going long or short with almost guranteeed liquidity and maximum security

and soon you can…

Get a card to spend globally
Pay your bills and spend across 5k+ ecommerce brands all through your Xade app

while earning rewards in form of Xade Tokens for every transaction.

How does Xade work?

Xade is powered by our in-house innovative DeFi protocols which are created specifically to replicate real world banking services in the most sustainable and efficient manner possible.

RemmiteX: RemmiteX Protocol powers payments for Xade which allows the users to send payments through multiple stablecoins backed by fiat currencies with fiat ramps globally and instantly with close to zero fees to mobile numbers so the users won’t have to deal with those complex addresses and seed phrases.

SabeX : SabeX Protocol powers money markets for Xade which allows a depositor to earn a stable savings yield programmed to be more than the regional inflation rate, and borrowers to take secured loans against variety of tokenized assets such as bonded or RWAs tokens using our innovative fixed rate model

DeriveX: DeriveX Protocol powers derivatives for Xade and allows a user to trade perpetual futures of 5000+ assets including stocks, crypto, forex, and etc. with 10x leverage, short selling and close to zero fees and instant settlements with maximum capital efficiency.