I really love all the project we work with. Truly. But my favorite project in #crypto at the moment is doing its #IDO soon so I wanted to share a bit: Acumen Network @acumenofficial building on #solana.
A 🧵on why I like it so much and why I think it‘s just what #DeFi needs:
A 🧵on why I like it so much and why I think it‘s just what #DeFi needs:
https://twitter.com/dexlab_official/status/1480102792669065216
1/ Acumen has set out to use the power of #DeFi to bring #microfinance to underserved segments of the world, starting in El Salvador.
Microfinance means giving out very small loans to people who otherwise don’t have access to financing to start a business or keep it going.
Microfinance means giving out very small loans to people who otherwise don’t have access to financing to start a business or keep it going.
2/ Famously the inventor of microfinance, Muhammad Yunus, received the nobel prize for peace for his invention and the effect it has on communities if done right.
This isn‘t to say it can‘t be criticized. Lot‘s can still go wrong and some microfinance is exploitative.
This isn‘t to say it can‘t be criticized. Lot‘s can still go wrong and some microfinance is exploitative.
3/ However, I think it truly stands out in the #crypto sphere because this is, if done right, a truly positive impact on the world and it is a 100% fit with #DeFi.
The #crypto angle actually makes this use case better and gets cheap loans to those who need them.
The #crypto angle actually makes this use case better and gets cheap loans to those who need them.
4/ #Acumen will have three products:
a) the StableDapp (to go live in Q1) is its main product. It is a dapp where users can stake stablecoins and receive an uncorrelated (ie it does not fluctuate with #crypto lending demand) yield generated from real life #microfinance loans.
a) the StableDapp (to go live in Q1) is its main product. It is a dapp where users can stake stablecoins and receive an uncorrelated (ie it does not fluctuate with #crypto lending demand) yield generated from real life #microfinance loans.
5/ The great thing is that users will be able to keep using a part of their staked coins as collateral in the #solana ecosystem while accumulating yield.
b) In order to facilitate this, the lending dapp (which was the first such product live on solana, but was just an MVP then)
b) In order to facilitate this, the lending dapp (which was the first such product live on solana, but was just an MVP then)
6/ is there to enable borrowing and lending across the #solana world.
c) Finally, #Acumen will build a cross-chain swap that ensures assets from all main chains can be used to power #microfinance via #DeFi in real life.
It is a truly aspirational project with great potential.
c) Finally, #Acumen will build a cross-chain swap that ensures assets from all main chains can be used to power #microfinance via #DeFi in real life.
It is a truly aspirational project with great potential.
7/ I reached out to #Acumen early on and got to know the team a little through numerous interactions. Not face2face as they need to retain anonymity of some of their team members because regulators can‘t get their act together, but enough to say a few things about them as well.
8/ The team is quite young and the journey so far has not been without hiccups. But they have a really great goal set for themselves, they are working tirelessly and they have achieved a ton of things along the way. They have truly surpassed expectations so far.
9/ Among the achievements over the last few months are: cooperating with the El Salvador small business association to have a ground force for the loans in El Salvador, being recognized as an authorized lender by the central bank and forming a fully legal #DAO.
https://twitter.com/acumenofficial/status/1481666695093702664
10/ Those are just a few of the achievements and even those leave most #crypto projects in their dust when it comes to (potential) real-world impact. The team truly wants to help their home economy and I think they have a shot at achieving it, which is truly amazing in itself.
11/ Being a fully legal #DAO means that #Acumen will be able to actually take ownership of real-life assets if loans default. But more importantly - they obviously don‘t even want to let it get there. Instead they aim to make their loans more affordable than alternatives.
12/ By using #DeFi, which allows users to keep earning from and using the assets they lock up in the #acumen stabledapp, they will be able to provide much cheaper loans than otherwise. They are truly using #DeFi for good.
That may not be the most hyped, sexy use, but it is real.
That may not be the most hyped, sexy use, but it is real.
13/ Over the past few months the team has grown from just 2 guys with an idea to over 10 people forging ahead with achieving their vision. They completed a small fair launch where people got token for usage of the platform (less than 5% of supply) and they are now doing the #IDO.
14/ In the process, old token holdings were snapshotted so that everyone from the fair launch will still receive their token when the #DAO token goes live.
A word on fundraising here: From all the fundraises I have seen, this is one of the very few where usage of funds is clear.
A word on fundraising here: From all the fundraises I have seen, this is one of the very few where usage of funds is clear.
15/ They aren‘t greedy, they are financing a #microfinance organization and have hardly paid themselves. They are even considering to use any excess funds from raising for token buy-back & burn (not sure I have seen teams do that). Aside from that they chose wise #tokenomics.
16/ There are a total of 19m #Acumen $ACM token and the vast majority will be earnable by using their project. Plus these are shaping up to be true governance token in a fully legal #DAO.
#crypto price action is mostly hype and little short-term impact from fundamentals.
#crypto price action is mostly hype and little short-term impact from fundamentals.
17/ In the long run though I have always seen those projects do the best where devs are focused and truly want to achieve their goals, not just hype some idea and stop working.
Hype is just a short term driver and value ultimately gets recognized. I like where #acumen is headed.
Hype is just a short term driver and value ultimately gets recognized. I like where #acumen is headed.
18/ To be really clear:
- I am an early supporter and I have been a part of their fair launch. I hold token.
- I have never actually seen the team, I have had numerous calls but always anonymous for the main devs, so I can’t be 100% sure on anything
- I am not a part of the team
- I am an early supporter and I have been a part of their fair launch. I hold token.
- I have never actually seen the team, I have had numerous calls but always anonymous for the main devs, so I can’t be 100% sure on anything
- I am not a part of the team
19/
- not only is this not financial advice, it is also not meant to say that I think this should rise in value or anything, my interest here is a different one.
I simply love the vision of what they are building. I think there are many risks and execution will be tough.
- not only is this not financial advice, it is also not meant to say that I think this should rise in value or anything, my interest here is a different one.
I simply love the vision of what they are building. I think there are many risks and execution will be tough.
20/ But I think #DeFi and #Crypto need this project to succeed.
It is a positive (!) real-world usecase of DeFi that makes total sense.
It may or may not be a good investment, but my main motivation is:
I want them to succeed in their mission and help. Maybe others do too.
It is a positive (!) real-world usecase of DeFi that makes total sense.
It may or may not be a good investment, but my main motivation is:
I want them to succeed in their mission and help. Maybe others do too.
21/ Final words: sometimes I wished other investors would see this angle more clearly.
Good guys, working on a good cause & using #crypto for it.
How one can be any less than super excited about that is beyond me. If you really love the space this is the kind of vision to back
Good guys, working on a good cause & using #crypto for it.
How one can be any less than super excited about that is beyond me. If you really love the space this is the kind of vision to back
22/ #IDO Whitelist is open. Again, not even an opinion in terms of “investment”, certainly not advice, but I want to support them achieving their goals.
https://twitter.com/acumenofficial/status/1481645551447773188
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