xGov-42 Project Galapago Instant NFT Lending

Governance xGov Proposals
1

Author Jack Hui (@jack-jackhui)

Category dApps

Focus DeFi

Open-Source Yes

ALGO Requested 1255000

Abstract

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.

Link for details

3 Likes
2

Thanks Adri!

Dear Algofam,

We’re excited to introduce you to our project, Project Galapago, and highlight why we believe it stands out and merits your valuable votes.

We’re pioneering a peer-to-pool instant lending model for NFTs(and Crypto), aiming to redefine how they are used in finance. Unlike the peer-to-peer model, which can be slow due to order matching, our model provides immediate liquidity, tapping into the vast potential of the Algorand ecosystem.

Our proposal not only stands out because of its innovative approach but also its readiness. We’ve been working on this concept for over a year, and we already have a working testnet version that came through the prestigious Algorand Foundation APAC accelerator program. This means our project is ready to hit the ground running and start delivering benefits to the Algorand community much sooner - by the end of 2023.

Moreover, we’ve carefully budgeted our project to make efficient use of funding. Our proposal requires significantly less funding for the same NFT instant lending capabilities than other proposal. This efficiency underlines our commitment to delivering a high-quality, robust platform that will benefit the Algorand ecosystem without the need for substantial expenditure.

In this diverse and thriving community, we believe that diversity is a strength. In a truly decentralized environment, having a multitude of development teams and dapp players promotes innovation, resilience, and sustainability. We’re proud to be part of this vibrant ecosystem and eager to contribute to its growth and success.

However, as a new player, we need your support to bring our innovative project to life. We’ve invested significant time and effort into this project, proving our commitment and capabilities. Now, we need some kick-start funding to launch on the mainnet and start delivering the benefits of our unique NFT lending platform to the Algorand community.

We ask you to take a moment to review our proposal, consider the innovative approach, readiness, and financial efficiency it represents, and cast your vote in support of new players and new ideas. Together, we can continue to enrich this wonderful ecosystem that we are all a part of.

Thank you for your time and consideration.

Warm Regards,

Jack

Co-founder and CEO

Project Galapago

2 Likes
3

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?

4

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.

1 Like