Decentralised Finance (DeFi) services are built with only crypto experts in mind, so other people miss out on these services. These unusually aren’t cost-effective for users because all DeFi products must pay Ethereum gas fees, which are excessively high due to scalability issues and users pay additional fees (on top of gas) for their services. The highly volatile nature of cryptocurrencies can result in significant price fluctuations. Users can experience substantial gains, but they also face the risk of substantial losses. This volatility can make it challenging to use cryptocurrencies for everyday transactions and as a store of value.
What did our client do?
Stablecoins are one aspect of the DeFi services which can charge users in excess of 5%-19% on an annual basis for services when all fees are taken into account. They created a software that was an improved cryptocurrency model, promoting financial inclusivity. This model is unique to anything that’s out there; it’s designed to continuously maintain its value so it can succeed when Bitcoin fails. This well-designed stablecoin model boosts confidence in the market, drives increased investment, and spurs innovation and expansion in the industry, enabling secure and easy transactions for users. With an interest rate of zero, this solution can be monetised for a variety of use cases.
How did we help?
Our dedicated team translated the experimentation, trial and error, and advancements of our client into a tangible R&D claim that met HMRC’s standards and resulted in a fantastic payout. What stood out to us in this claim was the unified purpose of creating financial inclusion by minimising price volatility and creating a user-friendly interface. This represents the concept behind R&D incentive; supporting innovations financially to create a better, brighter, more efficient future.