In the last two months since launching Dala through Wala (a zero-fee mobile financial platform), we have seen Dala grow virally (over 100k Dala wallets created) and consumers adopt it as a payment mechanism (over 2.5 million Dala transactions). Now that we know consumers in Africa are ready for crypto, we are building the first decentralized financial system so emerging market consumers can earn, save, borrow, and transact with Dala.

It is official! We have proven the value of Dala as a payment mechanism and shown the blockchain community that consumers in Africa will adopt crypto if existing barriers are removed and the experience is seamless. What is next you might ask? Dala is building the first decentralized financial system designed explicitly for emerging market consumers. It is not enough for consumers to have the ability to transact with Dala. We must enable opportunities for consumers to earn in Dala, save with Dala, borrow in Dala, and lend in Dala.

Our plans to revolutionize the way consumers engage with finance are detailed here in the new Dala whitepaper.

We have taken a multi-stage approach to revolutionizing the way in which consumers engage with finances. The first step was to prove the value of Dala as a payment mechanism (which has now been done). The second step is to access better, decentralized financial services only available in the Dala ecosystem. From here, we will expand the global Dala ecosystem through an incentives model that attracts more consumers and enterprises. Let’s get into the details!

STEP 1: MEDIUM OF EXCHANGE

The base function of Dala is to enable instant, borderless, micropayments which provides major value to emerging market consumers who currently rely on expensive mobile money, bank, and cash transfers. Today, Dala is being used for purchases and remittances in South Africa, Zimbabwe, and Uganda through Wala, a zero-fee mobile financial platform.

In Dala’s first 60 days of use:

- 100K+ Dala wallets were created by users in Uganda, South Africa, and Zimbabwe.

- 2.5M Dala transactions were processed including peer-to-peer (P2P) payments, purchases for value-added services like airtime and electricity, and rewards.

Consumers in Sub-Saharan Africa are purchasing Dala, spending Dala on value-added services (airtime, data, electricity, TV, etc.) and sending Dala to friends and family in-country and across borders. This growth and engagement exceeded all expectations and has demonstrated how the deep expertise behind the design and development of Dala is leading to adoption that is unparalleled in the crypto world. Now that the Dala cryptocurrency is in use and has proven its ability to serve consumers with zero-fee, instant payments, it is time to expand the ecosystem with decentralized financial products and services.

STEP 2: BUILDING A DECENTRALIZED FINANCIAL SYSTEM

As a medium-of-exchange, Dala provides immense value. However, a medium-of-exchange is just the first step. This next phase is focused on transitioning Dala from a payments platform to an entire economy with opportunities for consumers, merchants, and enterprises to save, lend, borrow, and earn. Cryptocurrency is devoid of the barriers of the traditional financial system that is currently plaguing emerging market consumers. Through Dala, more competitive, and more tailored services will be available just by enabling access to an open network and global economy. This unique approach necessitates an equally unique technical approach that goes beyond the limitations of any single blockchain to become a cross-chain asset.

By bringing together the best protocols and blockchains we can deliver the best financial system. Through a multi-chain strategy, Dala will take advantage of the top blockchains, starting with Stellar for payments and Ethereum for smart contract capability.

“We are thrilled to be partnering with Dala and enabling low-cost instantaneous payments for emerging market consumers,” said Stellar Director of Partnerships, Lisa Nestor. “This is the first step to financial inclusion and creating a decentralized financial system. Given Dala’s track record with its alpha launch, we believe this is something that will truly revolutionize the financial system and are excited to be a part of it.”

A core set of decentralized financial services are being built to drive immediate engagement in the Dala financial system. These protocols will enable consumers to earn, save, borrow, and transact with Dala:

• Kopa: Decentralized and trustless lending. Kopa is a Dharma Protocol relayer dApp that will enable consumers to obtain Dala loans offered by Dala holders worldwide. Through Kopa, more efficiency will come to the lending market while those with Dala will be able to earn additional Dala through repaid loan interest.

Soko: Decentralized and trustless marketplace for digital products and services. Soko will enable any enterprise, small business, or entrepreneur to offer their existing or new services to anyone who wants to consume or relay them to their consumers. Products and services can range from financial instruments like a 24-hour insurance cover to utility products like airtime and electricity.

• Kazi: Decentralized and trustless marketplace for microjobs. Kazi will enable any organization to offer earning opportunities to users in the Dala network. The Kazi protocol defines a procedure for defining, administering, and fulfilling microjobs using a set of smart contracts and standardized interfaces.

Through a multi-chain strategy, decentralized protocols, a growing ecosystem, and a consumer first approach, Dala will become the decentralized financial system serving emerging market consumers.