Community Update # 5

Community Update # 5
Community Update #5

GM Florence family

The new version of our Protocol has now been running for over a month without any fault. In streamlining how the protocol works, we introduced a new overarching token that will serve as the base currency (unit of account) for all Lending Vaults of the protocol: the Florin Token ("FLR").

We have also created a new FLR staking pool that will in time enable the farming of our Medici Token (MDC) in order to achieve a healthy distribution for our future community & governance purposes. You can find more info on this new version live on our website and read up on how it works through our docs.

Meanwhile, we continue to build the TVL.  To date, €3.75m of real-world loans have been underwritten and are fully deployed in our new vaults and we have another €1m loan in the funding pipeline. This diverse & performing portfolio of SME loans has been funded with institutional funding support from NewForm Capital, 3CC, and was sourced by our partners Caple & SwishFund who have worked with us over the past months to iron out the practicalities of the funding & the administration thereof.  The latest two loans are:

  • A €1m loan to Noordijk, a regional construction company that is vertically integrating with a thriving building materials wholesaler.
  • A €250k loan to the Stelder Group, a provider of real estate maintenance services with nationwide operations in the Netherlands.

With our new protocol architecture in place, we are working hard to put the final touches to the front end, UI & UX (any feedback welcome) whilst we seek to secure additional whitelisted funding in order to grow the TVL in the run-up to public launch. Check out a sneak peek of our new UI below:

As always, we invite you to explore our protocol, and website and reach out to us with any questions or feedback.