Has Andre Cronje Borrowed Elements From SIL Finance?
The Defi space is home to hundreds of projects, which can sometimes lead to naming issues. With two versions of SIL making waves, there is some confusion to take into account. Sushiswap’s sil and SIL Finance are two very different concepts.
Picking the Right SIL/sil
It is unfortunate when two concepts come to market with the same name. Finding a unique brand is challenging in the cryptocurrency space. The recent growth of DeFi as an industry has made this process even more complicated than before. The industry needs many improvements, and some of these upgrades share acronyms with new projects coming to market.
In the past two weeks, there has been some confusion regarding the SIL brand. It refers to SIL Finance, a new DeFi platform in development since late 2020. However, there is also Sushiswap’s Single-Sided Exposure Impermanent Loss Mitigation or sil. It is crucial to distinguish between the two.
SIL Finance Came First
When issues like these arise, it is always crucial to determine which of the two came first. In this case. SIL Finance — the Sister in Law DeFi project — has a clear advantage, as its domain has been around since late November 2020, and the whitepaper has been unveiled on December 30 of last year.
What SIL Finance brings to the table is a solution to composting LPs for liquidity mining, a compounding interest mechanism, and the Matryoshka Mechanism to issue SIL tokens to liquidity miners. Introducing a solution for DeFi enthusiasts who only have half of the liquidity mining pair’s assets can usher in a new era for decentralized finance.
Moreover, having the option to half the risk for users who provide liquidity is a big step forward…