Roughly $1B worth less then 9 months ago, DeFi boasts now $11-14B locked. While still the Wild West, time is now for more mature projects. Spherium aims to focus on user friendly interactions, on Islamic DeFi, and on services to the unbanked. Digital Asset Live Editor-in-Chief talked Ilya Dobrovitsky, Spherium Founder.
Q1: DeFi landscape is getting more populated. What is it Spherium offers that others might not have?
A1: There are many aspects of the project that are totally innovative and unique. Our project has been geared towards solving certain very obvious problems inherent currently within the defi space.
Here are some solutions:
- Transparency and Accountability – To a large extent, today’s defi space is like a Wild West. There is a ton of amazing experimentation that is happening, but the flip side of this coin is that a lot of these experiments are done by totally anonymous people, making projects that have no clear governing structure and no accountability. A very easy example to bring forth is the SushiSwap catastrophe. At Spherium, we are solving this by creating a very clear company structure complete with a Supervisory Board which acts as an overseer of our financial product on the market.
- Further, there is as of now, no clear way for the Islamic community to enjoy defi. This lack of a Shariyah-compliant product separates the 1.8 billion Muslim population from the financial advancements of the rest of the world. Once again, we are solving this with our Amanah product which will be a Shariah-compliant defi wallet application.
- AML/KYC – this goes into my past statement that the defi space is like the Wild West. Currently, anyone can use a product like Uniswap. In fact, there is virtually no attempt on behalf of the developers in a lot of defi products to institute a clear AML/KYC policy. We are solving this by clearly integrating this aspect into our platform from the very first launch of our product.
- HyperSwap – the HS is a technological accomplishment of our team. It’s an improved, and more powerful swap mechanism. It builds on the experimental products of our predecessors, while creating a new and improved standard for traders.
Q2: Your token offering partially targets the world of Islamic Finance. Why did you decide to concentrate on this sector of DeFi specifically?
A2: There were three reasons why I decided to support the Islamic Finance aspect of Spherium.
- I have always found Islamic Finance to be interesting. I always thought that making a product within Islamic Finance would allow for innovation and would allow us to create something unique.
- My team is very passionate about this. Many of the most important members of my team are observing Muslims. I felt that they have a deep connection and passion to their religion, and in my opinion, true passion is the life-blood of a great product. As a startup founder, passion is what I want to see in my team’s approach, so pursuing this course made total sense.
- Diving into the Islamic Finance niche is allowing us to find space for a real disruption and to help change the status quo. As a startup founder, true disruption is what we live for. Again, based on all of this, pursuing this course made total sense.
Q3: How do you suggest paving the way for Islamic finance into the DeFi sector?
A3: First, you have to have great intentions. Intent is everything. Our intent is to bring to market a remarkable product that alleviates the stress and problems of millions of people. This intent is supported by the deep faith and passion of my team. I would say that’s a great start. Secondly, you have to have a team with deep qualifications and knowledge of the subject. I believe we have this. Not only do we have great developers, we have the input of our Board, composed of business and finance leaders, as well as the input of thought leaders from the Islamic Finance space.
Q4: What are your general target market niches?
A4: Banking the unbanked – there are currently 1.7 billion people who have no banking set up. We feel that our product, with its accountability and solid base, will allow anyone with an internet connection and ability to study crypto, to have a clear and solid banking and investment option. Further, obviously the Islamic finance niche, that’s another 1.8 billion people. Lastly, anyone who wants to experience the exhilaration of the defi financial experimentation, but who also wants to know that there is a great company behind the product and that this entity is guaranteeing a high-level of product and experience.
Q5: Startups tend to launch one product only while you are introducing an ecosystem. What is the reason?
A5: Our purpose to bring inclusivity to the defi space. We want to give a chance to the unbanked and to the Islamic community. Both of these demographics have been neglected in the advancements of the defi space. We want to change this, and so our offering is reflecting this approach.
Q6: What are the different parts to your ecosystem? How do you envisage the user experience to be once you launch all?
A6: This question can lead to an extremely long and broad discussion so I will simply try to give a succinct summary. The Spherium ecosystem, once fully launched, will combine a safe and non-centralized banking option, while including in itself most of the modern defi financial advancements. It will further have a version for Islamic banking, and the enitire package will be launched in a streamlined application. Basically, whether you are looking to do Islamic banking only, or if you want a savings account, to try investing through a liquidity pool, to speculate with synthetic tokens, and more, all options will be available. These options will be safe, solid, and streamlined.
Q7: What is Spherium short term (1-3 years, mid term (3-5 years), and long term (5+years) perspective?
A7: Short term, we would like to launch our beta version and then improve it. This version will mostly include the HyperSwap and the launch of the SPH token. However, I must note that we are planning on developing multiple products at the same time. At the same time, we have an excellent research team, and so the project and our products are constantly evolving into something better.
Q8: How can you guarantee your success with the ever growing competition in the DeFi sector?
A8: It’s important to look at what we are offering. Our Islamic banking product is being created by true thought leaders and stars from this space. Further, our Board, which is composed of experts from the cefi space and business, is giving us ideas on how to create a product that is built in a solid way, while still retaining and encouraging innovation and experimentation of the defi space. Basically, we are stabilizing the defi offering and making it run smoothly and safely. Is there a market for such a product? I absolutely believe there is. I think creating a streamlined product in a totally experimental space will encourage many hesitant people to come into the sector, and I think that ultimately, our project will help to make the current defi innovations into a new financial standard.