INTRODUCTION

Spherium Finance is an all in one DeFi platform that empowers the financial ecosystem by unifying the current scattered Decentralized Finance landscape. Spherium utilizes the principles of forecasting, investing, lending and borrowing to provide a single platform for multi-asset, cross-chain swaps, bridges, crypto financing solutions, and cross-chain interoperability.
Spherium is set to make DeFi accessible for Institutions and Users alike, all the while developing an umbrella of decentralized, cross-chain and interoperable protocols to bridge the gap created by a plethora of blockchains and token facilitating projects.
Spherium is not just orchestrating a comprehensive cross-chain ecosystem but will also unlock all possible sub-sections in the space of DeFi, NFTs, Metaverse, P2E, DAOs and further upcoming technology built on the model to equip the unbanked population of the world with a means to attain financial freedom.

What are the major issues in DeFi

With exponential growth in TVL volumes worldwide and promising initiatives, DeFi has expanded rapidly. Despite their initial stages, current DeFi platforms face several challenges:

Fragmented DeFi landscape:

  • Users must register on multiple platforms to access DeFi services. The need to switch between different platforms creates a frustrating, complicated user experience.
  • Additionally, some leading platforms are working with other service providers to provide an all-encompassing user experience (e.g., DEX collaborating with a DeFi lending platform). Despite this, the current framework for cross-chain interoperability does not offer a seamless user experience.

Ingenious or Primitive UI/UX Interface:

A DeFi platform should be simple enough for retail adoption rather than requiring a high technical sophistication. An intuitive design enhances user experience, but current DeFi products focus more on functionality than on user experience. In addition, crypto wallets are poised to become the storefront of the DeFi Universe, which makes it essential for every platform to support multi-currency wallet integration.

High Transaction Fees:

DeFi platforms based on layer 1 architecture suffer from high transaction charges, hindering their mass adoption. A fundamental principle of cryptocurrency is reducing the costs of any financial transaction by eliminating intermediaries. Unfortunately, the proliferation of DeFi platforms has resulted in a surge in transaction charges due to the rising demand for resources.