A Full Spectrum Review of Spectral in 2022
Spectral's 2022 was quite a year, we closed a Series B, the Open Beta was released, access to the API was granted, new Spectronauts came on board and the community grew to the size of a town!
Oh, what a year 2022 was. And certainly not the year we were expecting: A land war in Europe. Soaring inflation. Ethereum fluctuating between $3,700 and $885, and the fall of Luna, 3AC and FTX, despite the Merge, which finally did happen and was apparently already priced in.
Amid the mad churn of all things DeFi we like to think Spectral offered a little perspective. So please indulge us for a look at the year that was, and unwrap the following treats:
Introducing the MACRO Score and way to build new DeFi tools
The MACRO Score was first introduced on August 31st in Open Beta. Connecting a wallet (or multiple wallets) to the Spectral App generates an on-chain creditworthiness assessment score in the form of a non-fungible credit token (the NFC). The data science and contract teams are constantly tweaking and upgrading the model, but don’t take our word for it, sign up for our Beta API access and see for yourself.
Closing our Series B round and Scaling Up
In May we closed our Series B round, raising an additional $23mm from our investors (an earlier funding round raised $6.75mm). The funds allow Spectral to continue building its Scoracle network, refining our models, and hiring marketing, design, operations, product management, and engineering expertise.
New users continue connecting their wallets
More than 41,000 users have connected their wallets to Spectral’s app.
The Spectral Community grew from a handful of beta testers to a horde!
Our Discord seems crowded all of a sudden! Under the watchful, merciful eyes of Kato | Spectral aka Karl, our community has grown from a few creditworthiness-assessment-obsessed individuals to a Spectralite community the size of a small metropolis.
Become a Spectronaut?
- As the Spectral community begins to grow, we’re hoping to recruit active community members for special assignments like moderation, community building, and onboarding. Interested? Ping Kato#3113 in our Discord server.
Exploring the broader context of credit, credit intelligence, and credit scoring
A project as ambitious as ours requires understanding what’s at stake. We took a deep dive into the history of credit, credit intelligence, and credit scoring with a three-part series, and have written about the potential impact of creditworthiness assessment on financial inclusion. Learn about our mission, goals, inspiration and predecessors:
- How web3 creditworthiness can create financial inclusion
- The History of Credit, Credit Intelligence, and Credit Scoring
Making the (other) Rounds
Our team has traveled all over the world connecting with the web3 and finance communities. This has been particularly important in a year in which so much has happened to unsettle potential users. We held our first offsite in New York City in October 2022.
Our vision for 2023 and beyond…
We are incredibly grateful to our community and investors for their support in 2022 and can’t wait to share some of the exciting partnerships and new products and features we’re cooking up. Want a sneak peek? Lending pools might be interested in tapping into our API to create MACRO Score-powered lending tranches for different risk profiles. We’re also expanding what the Scoracle network is capable of. Data science is our forte and we’ve created a powerful tool for mining on-chain data.
Need on-chain insights? Running a financial DAO? Thinking about creating new asset class? Wading into the world of NFT-based reputation systems? We’re always looking for strategic partners. Click the button below to get involved.
