Project Galapago is setting its sights on becoming the first-ever peer-to-pool NFT lending platform on Algorand.
Our goal? To completely change how NFTs are used in finance.
For this ambitious task, we’re asking for an ALGO grant for the first milestone of our project.
We’re all about fairness. That’s why we’re only going to propose one milestone each quarter.
This way, more projects can compete for grants in each xGov Grant batch.
What we’re planning is groundbreaking. We want to create a fully decentralized platform where people can use their NFTs (or NFT & crypto) to get instant liquidity. This will unlock new possibilities for liquidity in the Algorand ecosystem.
With our platform, the value of tokenized assets will be taken to the next level.
Our vision is to open doors that have stayed closed until now.
alandia (a peer to peer NFT lending market) was really awesome to use and its definitely missing now in the ecosystem to make NFTs more liquid. NFTs are also a pretty big part of the ecosystem imo, lots of great communities and algorand is a great place to mint NFTs on and build utility around them! so it would be great if another NFT lending market could launch
regarding the first milestone: you had a testnet that worked pretty well, what are the additional 880000 ALGOs for if its not for the audit which seems to be milestone 2?
Thank you for raising this important question. I appreciate your recognition of our successful testnet deployment, and I’m keen to clarify the use of the additional funding we’re requesting in our proposal.
Our lending mechanism, namely peer-to-pool, is quite distinct from the traditional peer-to-peer lending model, such as that previously offered by Alandia. The most crucial difference is that Project Galapago offers instant lending, eliminating the need for a direct match between lenders and borrowers. For this to work, an initial liquidity pool needs to be established on a decentralized fashion. A significant portion of the funding we’re requesting will be dedicated to this initial liquidity provision.
In addition to this, we foresee a need for further development to enhance both frontend and backend coding for an improved user experience. For instance, we’re aiming to offer multiple wallet supports from the frontend to maximize user flexibility. These enhancements require careful planning and execution, hence the need for additional funds.
Security is paramount in our industry, and we’re committed to conducting comprehensive audits before our mainnet launch. We’ve allocated this to our second milestone as a way to give more projects a share of the funding in this round.
The unique nature of our project, merging DeFi and NFTs into an instant peer-to-pool lending platform, makes it more complex and costly to develop, not to mention we also provide crypto and NFT combined collateral options. However, I’d like to emphasize that even with these considerations, the total cost of our first and second milestones combined is still lower than comparable proposals offering similar functionalities (peer to pool instant lending).
I’d like to reiterate our commitment to delivering a unique, secure, and user-friendly platform. The requested funding will enable us to make significant strides in accomplishing these goals. We’re excited about the potential of Project Galapago and encourage everyone to support us in bringing this transformative solution to the Algorand ecosystem. We believe that with your support, we can make a substantial contribution to the growth and diversification of the Algorand platform.