Borderless Zprávy

https://preview.redd.it/w2iavm03onmb1.jpg?width=1234&format=pjpg&auto=webp&s=731cb7db67afb7355cae39b8c79046024e120476

Pera is an open-source, self-custodial wallet that allows users to store, buy, and swap on the Algorand blockchain safely.

The Foundation’s role is to foster the growth and adoption of the Algorand ecosystem with the necessary tools, support, and infrastructure for success.

Pera Algo Wallet is a critical component of the ecosystem’s infrastructure, so we have stepped in and accepted the responsibility of stewarding it forward.

The aim is to give Pera the support it needs to continue to serve our amazing ecosystem.

Pera’s Core engineering team will stay on to maintain and build the product along Pera’s CTO, Yigit.

Pera will be overseen by the Algorand Foundation's EVP of Ecosystem Growth, Min Wei, and Principal Architect, Bruno Martins.

Bruno brings a wealth of experience in wallet architecture, mobile applications, applied crypto, and e2e messaging encrypted systems.

It’s important to say that we will continue to support and promote all wallets in the Algorand ecosystem: Defly, Exodus, Fireblocks, Ledger, MyAlgo, Daffi Wallet and more.

We believe that the ecosystem is at its strongest with a diversity of wallets.

Pera will be stronger than ever before. If you are an existing Pera user, wallet services and customer support remain in place. There is no need to take any action following this announcement.

Tune into our Spaces at 12:00pm EDT and to explore new ways to engage users of Pera Algo Wallet https://twitter.com/i/spaces/1MnxnpPjPZdGO/peek

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Source: https://twitter.com/AlgoFoundation/status/1699445629800595592

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The Foundation is exploring opportunities to support or invest in other wallets as well but the goal for the wallets (Pera) is to eventually become their own self-sustaining projects.

Source: https://www.prnewswire.com/apac/news-releases/singaporean-digital-private-debt-platform-kilde-raises-usd-1-115-000-seed-round-301842299.html

Short version: Kilde provides investors with access to private debt deals. In partnership with the Algorand Foundation, they are also working on SafeBay, a regulatory-compliant infrastructure that bridges off and on-chain fixed-income capital markets. Interestingly, Safebay is formed as a DAO, so there will be a token(sale). The launch is planned for Q3

Safebay pitch (Algorand APAC Accelerator) : https://youtu.be/CaraH7Vd6vI

Website: https://www.safebay.finance/

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Kilde provides accredited and institutional investors with access to meticulously evaluated private credit deals, offering the potential for annual returns of up to 13.5%. To date, Kilde investors have realised a yearly return of 11.9%, with a track record of 0.0% historic defaults. Investors can also take advantage of monthly coupons and have the flexibility of penalty-free early redemption every three months, ensuring a range of beneficial options.

The recently secured seed funding will enable Kilde to accelerate its growth trajectory and further develop its proprietary technology. With this capital injection, Kilde aims to enhance its platform's features, scale its operations, and expand its market reach. In addition, the investment round also empowers Kilde to drive the development of Kilde's newest flagship project SafeBay.

Radek Jezbera, CEO of Kilde, said:

"We are thrilled to have secured this seed round funding, which reflects the confidence of our investors in our vision and business model. To date, we have witnessed a surge in interest in private credit investments in 2023 from the family offices and HNWIs. Greater liquidity from investors allows us to focus on larger deals and negotiate better terms."

According to Prequin, private credit has grown in step with the expansion of private equity over the past decade. It offers a range of strategies and access points for investors of all types, with more than US$1 trillion in outstanding allocations as of April 2022.

Jahn Karsybaev, Managing Partner at Big Sky Capital, said:

"The past three quarters have proven to be the most conservative for investors. Robust solutions like Kilde provide diverse investment opportunities regardless of market conditions. We see tremendous opportunity in technology-enabled solutions with a focus on long-term plays. Furthermore, Kilde's executive team's ability to execute on defined strategy is second to none."

At the same time, Kilde has announced the development of a new treasury management system called SafeBay. This system, built on blockchain technology, is designed to help blockchain-native companies manage their short-term financial assets. With SafeBay, Kilde aims to provide a full range of credit products compliant with industry regulations and can operate on the blockchain.

In partnership with the Algorand Foundation, SafeBay will establish a regulatory-compliant infrastructure that bridges off and on-chain fixed-income capital markets. This approach lays the groundwork for a secure and compliant financial ecosystem. Safebay is planned to launch to the public in Q3 of 2023.

Bjorn Holta, Director at SafeBay, said:

"Real-world-asset tokenisation presents a compelling application in the form of collateralisation. This function, which has proven successful in traditional finance's credit markets over decades, holds great potential when transferred onto the blockchain. By doing so, we can facilitate the development of a DeFi yield curve alongside the digital assets community. This advancement will create investment and arbitrage opportunities that can ultimately drive widespread adoption of Institutional DeFi."

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Amongst KILDE’s previous investors are Purple Ventures, Tesla Capital and Dubai Fintech Ventures, a joint venture between Visa, Mashreq Bank, and DIFC

Source: https://www.kilde.sg/post/kilde-hits-us830k-total-funding-with-pre-seed-round

We all witnessed the fall of Terra Luna. And yet here are with Borderless Capital gambling on a decentralized stablecoin startup:

https://twitter.com/borderless_cap/status/1639000689744531476

And you know what happens next? Well, if that stablecoin depegs and people lose money, then I guess VCs who pushed this will blame the foundation somehow. Then if they don't get what they want, then I will let you guess the rest of the story ...

Furthermore, a little background on decentralized stablecoin by Emin Gun Sirer:

https://twitter.com/el33th4xor/status/1523968918934728709?lang=en

And a published research paper on algorithmic stable coins:

https://dl.acm.org/doi/abs/10.1145/3419614.3423261

https://twitter.com/arul_1111i/status/1639370633430589442

My opinion on the points he made in his tweet.

His first point on Adoption. Basically, most of Borderless Capital's investment portfolio companies in the Algorand ecosystem are highly speculative in nature, such as Gard. However, there are investments they made that have more real world use cases, such as Koibanx, Quantum Temple, etc. For these less speculative assets (and more geared towards real world use cases), adoption will need patience based on loads of factors. But here I am going to discuss a lot more on the speculative ones.

One thing is for sure is that if you are a speculative asset and you want adoption during a bear market (when investors in general struggle for liquidity and run away from high risk assets), then you'd better build an innovative project that stands out from the competition in the entire crypto sphere; an example of such an innovative platform is C3 protocol. If you don't offer something special to the people outside of Algorand, then don't expect adoption from them, cause they would rather look elsewhere, where there are better products.

Furthermore, the entire crypto industry represents barely less than 0.5% of the whole economy and there's a shortage of web3 developers relative to the total developers. And those that decide to make the leap into web3, they go for Ethereum, Polygon, etc most of the time, cause it's just more mature in a lot of ways -- but that doesn't mean that the underlying blockchain is better. So for adoption, one needs to onboard the other developers. And this takes time, education and patience. Blockchain is not an easy to grasp technology even for developers. For instance, I know a friend with a PhD at the intersection of Machine Learning and Cryptography, and yet he sees public blockchains in a bad way. He sees it in a bad way, not because he understands it, but because he doesn't want to learn to understand it and its applications. And if a public blockchain wants to receive global adoption, then it surely needs to reconcile its public nature with privacy. And this will take patience, since FHE, MPC and Threshold Cryptography aren't ready yet to be deployed in a decentralised setting.

His point on governance and leadership. At some point, Arul pointed that a CEO of a foundation should be elected by the community via votes:

https://twitter.com/arul_1111i/status/1637215580309602305

Well, I don't object to that since it represents the true meaning of decentralisation. However, in the case of Algorand, the ecosystem is nowhere near mature enough for such things to happen. Maybe in a few years time, if Algorand wins, then yes. But not now. Also, such things is prone to a lot of issues. For instance, those with a lot of weights (such as Borderless Cap) can manipulate such an important event. Hence, the elected Foundation CEO is likely to be the pawn of the whales that elected him/her. Additionally, the elected CEO may not do what is good for the ecosystem, but will take decisions based on what will make them reelected next time. So Algorand is nowhere near ready nor mature enough for such a move. It is still a nascent ecosystem.

His point of Funding. I think that if you have an innovative product that people want and you are a hardworking, proactive and talented team -- not just hoping for money from the Algorand Foundation and if you don't get, then you are mad and start spreading FUD -- then your chances of raising capital from top VCs in the crypto sphere is higher. For instance, look at Limewire, or C3, whose investors are top investors such as Two Sigma Ventures, Jane Street, Jump, Golden Tree, etc.

Finally, considering the lack of web3 developers, if the Foundation's Treasury were to go into investing into the ecosystem, then I would rather see that funding go to a team that has a proven record of delivering an innovative product, while showing proactiveness. Or An example of such a team is AlgoFi, Reach, Milkomeda, Tinyman, C3 guys, etc. Or a team whose pitch is bulletproof.