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Topics Covered
Current State of the Savvy DeFi Platform
Future Opportunities for Savvy DeFi
The Founding Team and Their Expertise
Suggestions for Strategic Growth and Marketing
Quick Notes🏃♂️
The team behind Savvy brings a blend of banking, technology, and software development expertise, positioning them well to drive the platform's growth.
Savvy is building a decentralized credit protocol that stands out by eliminating liquidation risks.
By doing this, it allows borrowers to maintain exposure to their collateral.
The protocol has to face the same UX experience issues that plague all of DeFi
Thus, Savvy has the opportunity to educate users to keep them on their platform and interested.
Savvy can potentially expand its community which will not only drive users to the protocol
But could also improve the current product and drive new product iterations.
Additionally, the team has garnered support from the Arbitrum Foundation to build Savvy.
Savvy has a ton of untapped potential and it will be exciting to watch the project grow.
Full Analysis📝
Innovating Credit in Arbitrum's Ecosystem
DeFi applications are the backbone of Layer 2 protocols.
Recently CryptoJeter has focused on DeFi applications within the Sui ecosystem (Link).
But Arbitrum is also creating a lot of value in the DeFi segment as well.
Currently, the total Arbitrum ecosystem has nearly 3 billion dollars of total value locked according to DeFi Llama.
Projects driving this value include GMX, Pendle, and Balancer.
This week, we will dive into one of Arbitrum’s DeFi platforms, Savvy DeFi.
Savvy DeFi is a decentralized credit protocol.
The protocol eliminates the risk of liquidation while providing immediate liquidity to borrowers.
Most importantly, Savvy allows borrowers to maintain exposure to their choice collateral.
Unlike the names above listed projects, Savvy has nearly 550 thousand dollars of TVL.
The lower TVL shows how early the project is in its development,
Thus making it a perfect time to learn about Savvy.
Savvy’s differentiated approach offers a new range of unique decentralized credit solutions.
Savvy DeFi Simplifies Asset Strategy for Web3 Users
Before using the Savvy DeFi platform, have your ARB bags already ready to use
Additionally, have some Ethereum in hand on the Arbitrum network to execute the transactions
Savvy’s users may have to bridge assets from different networks or purchase them.
Bridging assets takes more than a few minutes to execute which can drive attention elsewhere.
This is no fault of the Savvy DeFi team or product,
But it is an inconvenience and could take more time than expected to execute lending or borrowing.
Thus, Savvy may be more appealing to a web3 native audience instead of new market entrants.
After users get their bags, the process is standard to using other DeFi platforms.
Users connect their wallet using an in-site connect wallet button.
Currently, Savvy enables users to connect Metamask, Coinbase Wallet, and WalletConnect.
These are the most common wallets in Web3.
Thus, it is very easy to log in and use the Savvy DeFi Platform.
After connecting with their wallets, users can deposit a collateral
Then they can choose a strategy that suits their desires.
Certain strategies may be more aggressive than others and offer different returns.
Currently, Savvy has strategies for USD stablecoins, Bitcoin, and Ethereum.
The stablecoins that are currently producing the highest yield are LUSD.
Once the strategies are chosen, users go through a two-part approval process.
This is very helpful as it ensures Savvy’s users are 100 percent confirmed in their transactions.
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User Experience and Product Expansion is Key
Like many DeFi products, Savvy has the opportunity to improve upon its user experience.
Savvy currently seems to be a consumer-focused application instead of an institutional one.
If this is the long-term strategy, the platform should be progressively easier to use.
As mentioned above, it is challenging and time-consuming to not only switch to Arbitrum
But also bridge assets to do so and/or purchase from a third party to bring the liquidity to Savvy.
Thus, Savvy has a role to play when educating users.
One thing that could be helpful is to have a video/interactive experience with user instructions
This experience should not only explain the end-to-end process of use
But also flag things that may take time.
For example, if someone has to bridge an asset to Arbitrum,
The video can say “Set a timer for 15 minutes to let your transaction complete”.
By doing this, Savvy can increase the stickiness and trust of the users.
Savvy also has the chance to increase its product suite.
As mentioned earlier, the current yield strategies focus on stablecoins, Bitcoin, and Ethereum.
It would make sense for the strategies to expand to other assets like Solana or Arbitrum.
Additionally, as the utility of the platform continues to increase,
Savvy can bring more assets on the platform like RWAs.
By expanding the assets, Savvy has the opportunity to not only penetrate different markets
But also be a project that provides a differentiated user experience.
Thus, Savvy can connect with new communities and drive new value to the protocol.
Savvy DeFi Founders Blend Experience to Build the Future
The team at Savvy DeFi is balanced in skill set.
Savvy’s founders are Roman Giler, Glupta, and Ramsey Khadder.
Roman has a wide range of experiences such as being a Private Banker at JP Morgan.
Prior to joining JP Morgan Roman cofounded Lettuce Pay which was acquired.
At the beginning of his career, Roman was an account executive at AT&T.
Glupta is a multiple-time founder as he’s built many technology consultancies.
Prior to Savvy, he built Okaya which enabled him to launch hundreds of products yearly.
Additionally, Ramsey has a ton of technical experience.
He has spent time as a software developer at Stripe and Microsoft.
Ramsey also previously worked with Glupta at EliseAI.
The founding team has skill sets that compliment each other.
They have chemistry from prior experiences and once you meet them…
You can feel their passion for not only their own project
But how they believe Savvy will advance the core principles of decentralized technology.
Thus, the product which will drive significant value of the project if successful.
Unlike many crypto projects, Savvy is solely a community backed business.
In a prior CryptoJeter article, we dove into how the project leveraged Fjord Foundry to raise funds.
However, Arbitrum recently gave Savvy a grant as a part of its Short-Term Incentive Program.
As a part of this program, 200,000 ARB was given to Savvy DeFi to distribute to its community.
This relationship that Savvy has with Arbitrum can potentially lead to more funding to build.
Savvy Can Harness Community and Innovation to Drive Protocol Growth
Savvy is a burgeoning project within the Arbitrum ecosystem.
Arbitrum recognizes its potential and Savvy is all-in on building on the network.
Users might explore Savvy for its unique DeFi experience.
Savvy has much room to grow its product suite which will be able to fill user’s needs.
Plus, in Web3, it usually pays to be an early user of new technologies.
The Savvy team has the opportunity to capitalize on the curiosity of Web3 users.
The team is already focused on not only building the best product
But also incentivizing users to use it.
Savvy should continue to build community and influence users to use the product.
During the bull market, Savvy has the opportunity to run real-life activations.
These activations will not only gather and activate a strong in-person community
But also be great tools for broad social engagement such as memes and other posts.
Thus, showing the personality of the ecosystem could drive more usage on the platform.
Savvy can continue to not only engage and invigorate its current community
But also expand into new communities to build products for the masses.
Ultimately, Savvy has an awesome opportunity to drive growth to the protocol.