Hey Lobo, how are you?
Pact has raised money in the past that helped us build out the most robust DeFi sweet on Algorand, with many additional features over our competitors. To be straightforward, VC interest in Algorand has essentially vanished and from a business standpoint it becomes difficult to operate and push new features when the revenue streams are just not sustainable. Obtaining this grant would help us to continue building out things like our Governance platform (which we were rejected from applying for this quarter and are only allowed retroactive).
Additionally, while I have looked through some of AlgoFis source code, there are many elements that seem to not fully be there/disjointed. We would ensure something that people really could pick up and run with should they feel fit, and build up Algorands open source repository for new interested parties.
Not wanting to support the projects further is a choice for all xGovs but it will have real impacts on the direction and are ability to continue to execute and how we allocate our time/resources. We are 100% committed to Algorand, but we also run a business and personally, id like to focus more on building us up here, rather than going full guns on crosschain as others in the eco have begun.