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.