SoilCoin

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Discover SoilCoin's fundamentals and latest news.

This content was generated by Whalee (BETA), an AI crypto assitant that analyses cryptocurrencies. Informations can be incomplete and/or erroneous. Please always double check and DYOR.

What is SoilCoin?

SoilCoin (SOIL) is a fully regulated DeFi protocol that bridges the gap between traditional finance and the crypto world. It is a blockchain-based lending protocol where established companies can obtain financing, and crypto investors can lend their stablecoins to earn yield derived from Real World Assets that exist off-chain.

How is SoilCoin used?

SoilCoin (SOIL) is a cryptocurrency used in the Soil protocol, a blockchain-based lending platform that bridges traditional finance and the crypto world. The protocol allows established companies to obtain financing and crypto investors to lend their stablecoins to earn yields derived from Real World Assets that exist off-chain.

To interact with the Soil protocol, users can choose a lending pool based on their preferred return and duration. They then deposit their stablecoins (such as USDC) to start earning a passive income. Additionally, if users hold the Soil token, they can lock their coins on the protocol to boost their total yield (APY) in the lending pool. The yield generated on stablecoins comes from the interest paid on loans extended to companies, specifically Small and Medium-sized Enterprises (SMEs), by private debt fund managers. These loans are fully collateralized by Real World Assets and closely monitored.

How do I store SoilCoin?

To store Soil (SOIL) tokens, you will need a digital wallet that supports the token. Here are the general steps to follow:

  1. Choose a Wallet: Select a reputable digital wallet that is compatible with the Soil token. You can opt for a software wallet, hardware wallet, or a cold storage solution. Ensure the wallet supports the blockchain network Soil operates on, which is Polygon.

  2. Create or Access Your Wallet: If you already have a compatible wallet, access it. If not, create a new wallet by following the wallet provider's instructions. Make sure to securely store your wallet's private keys and recovery phrases.

  3. Get Your Wallet Address: Once you have your wallet set up, obtain your wallet address. This address will be used to receive your Soil tokens.

  1. Transfer SOIL Tokens: After purchasing SOIL tokens from an exchange, transfer them to your wallet address. Be cautious when entering the address to avoid any errors.

  2. Secure Your Wallet: Always keep your wallet and private keys secure to protect your SOIL tokens from unauthorized access.

By following these steps, you can safely store your Soil tokens in a digital wallet.

How to buy SoilCoin?

To buy SoilCoin (SOIL) tokens, follow these steps:

  1. Create a Free Account on a Crypto Exchange:

    • Choose a reputable exchange such as Coinbase, Binance, Gate.io, or MEXC.
    • Register by providing necessary information, including your email address and a secure password.
    • Complete any required identity verification steps.
  2. Choose Your Funding Method:

    • Exchanges offer various payment methods, including:
      • Credit or debit card transactions (Visa and Mastercard supported).
      • Bank deposits via SWIFT.
      • Peer-to-peer trading.
      • Third-party payment channels.
  3. Buy Soil (SOIL):

  • Navigate to the exchange's Buy & Sell section.
  • Select the cryptocurrency you want to buy, which is Soil (SOIL).
  • Choose the order type:
    • Market Order: Buy at the current rate.
    • Stop Order: Buy at a specified price.
    • Limit Order: Buy at a specific price or better.
    • TWAP Order: Breaks down large orders into smaller segments.
    • Reverse Order: Assume the contrary stance of a currently active position.
  1. Transfer SOIL to Your Wallet:
    • Once purchased, you can hold the tokens in your exchange account or transfer them to a personal cryptocurrency wallet.
    • Consider using a wallet like Metamask, which supports multiple assets and blockchains.

Remember to research the exchange's reputation, fees, and supported currencies before making a purchase.

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History of SoilCoin

The history of SoilCoin (SOIL) is marked by its inception as an Ethereum-parallel cryptocurrency, utilizing smart contracts and distributed applications (dApps) on a global computer network secured by blockchain technology. The Dagger algorithm is employed for its consensus mechanism.

SoilCoin was launched on September 10, 2015, and initially operated as a Proof of Work (PoW) cryptocurrency. However, it is now considered a defunct project, with no active markets or exchanges listing it. Despite this, the project's concept and vision continue to be relevant in the DeFi space.

Soil aimed to bridge the gap between traditional finance and the crypto world by creating a debt marketplace where established companies could obtain financing, and crypto investors could lend their stablecoins to earn yields derived from Real World Assets that exist off-chain. The project's focus on regulatory compliance and its alignment with upcoming transformative changes in the EU's legal framework, notably MiCA (Markets in Crypto Assets), underscored its commitment to a secure and compliant financial ecosystem.

The project's team, comprising experienced professionals from both the crypto and traditional finance realms, brought diverse expertise to the table. Key figures included Mateusz, the founder of Nextrope, a distinguished blockchain house, and Nick Motz, an experienced investment professional and entrepreneur.

Despite its promising start, SoilCoin's development status is currently listed as defunct, indicating that the project is no longer actively maintained or supported.

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How SoilCoin works

SoilCoin (SOIL) is a cryptocurrency that operates on a blockchain-based lending protocol. Here's a detailed overview of how it works:

Key Components
  1. Debt Marketplace: SoilCoin is a platform where established companies can obtain financing, and crypto investors can lend their stablecoins to earn yields derived from Real World Assets that exist off-chain.

  2. Stablecoin Lending: Investors can deposit their stablecoins (such as USDC) into lending pools, which are then used to provide loans to Small and Medium-sized Enterprises (SMEs). These loans are fully collateralized by Real World Assets, ensuring a secure investment environment.

  3. Yield Generation: The interest paid on these loans generates yields for the investors. Additionally, if an investor holds the SoilCoin token, they can lock their coins on the protocol to boost their total yield (APY) in the lending pool.

  1. Regulatory Compliance: SoilCoin is fully compliant with current regulations and aligns with upcoming transformative changes in the EU’s legal framework, notably MiCA (Markets in Crypto Assets).
Technical Details
  1. Blockchain: SoilCoin operates on the Polygon blockchain, which involves transaction fees that vary based on network conditions and transaction complexity.

  2. Smart Contracts: The protocol utilizes smart contracts to ensure secure and transparent transactions.

Team and Expertise

The SoilCoin team consists of experienced professionals from both the crypto and traditional finance realms, ensuring a balanced and capable approach. Key team members include Mateusz, the founder, who has a background in blockchain and entrepreneurship, and Nick Motz, the Chief Investment Officer, who has extensive experience in the credit sector.

Investment and Security
  1. Risk Reduction: SoilCoin's multichain Guarantee Fund reduces risk, fortifying the protocol’s safety and boosting confidence for lenders.

  2. Collateralized Loans: All loans are fully collateralized by Real World Assets, supported by a wide range of legal documents, ensuring a secure investment environment.

User Interaction

To interact with the SoilCoin protocol, users choose a lending pool based on their preferred return and duration, then deposit their stablecoins to start earning a passive income. Users can also lock their SoilCoin tokens to boost their yields.

Overall, SoilCoin provides a secure and regulated platform for investors to earn yields on stablecoins backed by Real World Assets, bridging the gap between traditional finance and the crypto world.

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SoilCoin's strengths

The token SoilCoin (SOIL) has several strengths that contribute to its potential success:

  1. Regulatory Compliance: Soil operates within a fully regulated framework, ensuring transparency and compliance with transactions. This compliance aligns with upcoming transformative changes in the EU’s legal framework, notably MiCA (Markets in Crypto Assets).

  2. Real World Asset (RWA) Backing: Soil's lending protocol is backed by Real World Assets, which provides stability and makes the platform more approachable to those who do not trust intangible digital assets. This RWA backing ensures that loans are fully collateralized by assets such as registered pledges on shares and assets, mortgages on plots and assets, personal guarantees, and more.

  3. Security Audit: Soil has undergone a security audit by Hacken, ensuring robust security for its users.

  1. DeFi 2.0 Integration: Soil integrates the strengths of decentralized finance with traditional finance (TradFi), bridging the gap between the two worlds and reshaping corporate debt and fixed-income investments.

  2. Deflationary Tokenomics: Soil's tokenomics are designed to focus on sustainable growth, with a total supply of 100 million tokens and a deflationary model in place.

  3. Yield Tokenization: The $SOIL token captures the protocol's profits and increases in value as the protocol scales. Users can earn rewards by supplying their $SOIL tokens into the protocol and enjoy increased yields on stablecoins by locking their $SOIL tokens.

  1. Multichain Guarantee Fund: Soil's multichain Guarantee Fund reduces risk, fortifying the protocol’s safety and boosting confidence for lenders.

These strengths position Soil as a secure and regulated platform that bridges the gap between traditional finance and the crypto world, offering a unique investment opportunity.

SoilCoin's risks

SoilCoin (SOIL), a cryptocurrency token, is part of a DeFi protocol that bridges traditional finance and the crypto world. While it offers a unique approach to secure returns on stablecoins backed by real-world assets, it is not immune to financial risks. Some of the key risks associated with SoilCoin include:

  1. Default Risks: The protocol's lending mechanism is exposed to the risk of defaults by borrowers, which can impact the returns on stablecoins. To mitigate this, Soil has established a multichain Guarantee Fund to counter default risks and offer peace of mind to lenders.

  2. Market Volatility: The crypto market is known for its fluctuations, and SoilCoin is not exempt from these risks. Market downturns can affect the value of the token and the yields generated from lending.

  3. Regulatory Risks: As a fully regulated DeFi protocol, Soil must comply with existing and upcoming regulations. Changes in regulatory frameworks, such as the EU's MiCA, can impact the protocol's operations and the value of the token.

  1. Smart Contract Risks: The protocol relies on smart contracts to manage lending and guarantee funds. Any vulnerabilities or bugs in these contracts can expose the protocol to security risks and potential losses.

  2. Liquidity Risks: The liquidity of the token and the lending pools can be a concern, especially if there is a sudden influx of withdrawals or a lack of new lenders.

  3. Competitive Risks: The DeFi space is highly competitive, and SoilCoin faces competition from other lending protocols and yield-generating platforms. If other platforms offer more attractive returns or better risk management, it could impact the adoption and value of SoilCoin.

It is essential for investors to carefully evaluate these risks and conduct thorough research before investing in SoilCoin or any other cryptocurrency.

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Did SoilCoin raise funds?

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SoilCoin’s team

  • Jakub Bojan: Chief Executive Officer, experienced in business development through M&A activities, business integration, and organic growth, with a focus on DeFi and a passion for high-altitude mountaineering.
  • Mateusz Mach: Chief Technology Officer, recognized for his technological prowess, a Forbes 30 Under 30 laureate, and a bestselling author, with a background in blockchain and fintech.
  • Nick Motz: Chief Investment Officer, experienced investment professional and entrepreneur with over ten years of experience in the credit sector, focused on democratizing access to private credit through DeFi.
  • Mike Maciuk: Chief Marketing Officer, skilled in developing successful marketing strategies, with a diverse background in marketing, entrepreneurship, and technology, and a co-founder of fintech lending company Flexee.

Whalee AI

The fundamental analysis assistant for crypto value investors.

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