Bancor Smart Tokens Provide Solution to The Issue of Liquidity 362

There are many facets to the notion of liquidity. Liquidity may be defined as the ability to convert an asset into cash readily on demand. If this definition seems myopic, you can see it as an asset that can be sold or bought at its fair price. Therefore, liquidity signifies that there are no premiums or discounts attached to an asset when selling or buying it. This makes it easy to enter and exit the asset at will.

For any tradable asset, liquidity is paramount. Liquid markets are smoother and deeper when compared to illiquid markets, which can put traders in a place from which it may be difficult to navigate out. For instance, Bitcoin has experienced significant growth within nine years of its existence. In 2009, there were only 50 Bitcoins but today, there are over 13,000,000 bitcoins in circulation. Virtual currencies or cryptocurrencies have witnessed waves of illiquidity. What are the factors that influence liquidity?

  • Exchanges: The increasing number of cryptocurrency exchanges has provided opportunities for more individuals to trade in cryptocurrency. The increase in volume and frequency of trading has contributed to enhancing liquidity.
  • Acceptance: The acceptance of cryptocurrencies at online shops, brick and mortar stores, bookings, etc. has contributed to its usability while reducing its volatility. Coins become more liquid when frequently used as a means of payment.
  • Regulations: Both direct and indirect regulations have played a crucial role. The position of cryptocurrency in each country is different – banned in certain areas, allowed in others, while in dispute elsewhere. Because of the increasing presence of cryptocurrency in the form of exchanges, ATMs, casinos, transactions in shops, financings, etc. these clarified regulations will continue to influence liquidity.
  • Awareness: Many people are practically unaware of what cryptocurrency is all about and how it works. In the midst of these are prospective investors, buyers, and traders of digital coins. Lack of clear guidelines by relevant authorities and limited knowledge has limited engagement to devotees to this moment, but as this changes, so will liquidity via increased volume and acceptance.

Then, How can one technically solve the issue of liquidity facing cryptocurrency? Below we will explore a solution provided by Bancor for addressing the challenges of liquidity faced by cryptocurrencies, conventional tokens, and community currencies. According to Bancor, the issue of liquidity can be addressed through the use of Smart Tokens, by programming tokens to be autonomously convertible for other tokens within the same network. This is achieved through the use of Connectors, which are modules in a token’s smart contract that hold balances of other tokens they are connected to.

What is the Bancor Protocol Smart Token all about?

Let’s begin with the Bancor Protocol which is the standard for what Bancor calls Smart Tokens. The method is as follows: A Smart Token is programmed with one or more connectors, which are modules in their smart contracts. Each connector holds a balance of another connected, the connected token, which can be deposited by the Smart Token creator. These balances are used by the Bancor Formula to calculate the exact price of a Smart Token in any of its connected tokens. The Smart Token can be bought and sold by depositing or withdrawing the calculated amount from its connector balances. For example, if a Smart Token has one connector which holds a balance of Ethereum, that Smart Token can be bought by sending Ethereum to the Smart Token’s contract, or sold by sending Smart Tokens back to the contract and receiving the corresponding amount of Ethereum in return.

If you haven’t heard of smart contracts, these are computer programs which run on the blockchain, meaning they are unchangeable as long as the underlying blockchain is operational. In the case of tokens, smart contracts allow for the programming of certain features, issuing policies and other attributes, directly into the token’s governing software. Bancor uses this ability to program Smart Tokens to buy and sell themselves from users, in exchange for any of their connected tokens, at an algorithmically calculated rate according to the open-source Bancor Formula. This allows Smart Tokens to be plugged into a network architecture, and continuously liquid to every other token in the network, according to a mathematical price which balances buy and sell volumes in the network (more on the formula below.)

The Bancor Protocol recommends a new solution to the issue of liquidity for cryptocurrencies by using an asynchronous price-discovery model, which is enabled by these balances holding Smart Tokens. The most unique characteristic of this solution is the fact that you can buy or sell Smart Tokens anytime, directly through their smart contracts (Bancor also offers a simple Web App user interface) without the need for an exchange or even matching buyers and sellers, as has been the case for decades. Does this sound like crypto magic to you? Let’s explain how it works.

  • Firstly it’s important to understand that Smart Tokens are money that themselves hold money, in their connector balances. What this means is that the smart contract that operates the Smart Token owns a minimum of one other token balance. This is the Smart Token’s initial liquidity “plug in” to the network, and from where the Smart Token can withdraw other tokens to sellers, and collect other tokens from buyers.
  • Secondly, the supply of a Smart Token can be dynamic, and handled by its smart contract directly. When a Smart Token is purchased by sending one of its connected tokens to the smart contract, these tokens are added to the connector balance and new Smart Token units are created and sent to the buyer. This means that a Smart Token’s supply is growing as demand for it is growing. Thankfully, so is its connector balance, so as you’ll see below, its price is also increasing. This means that increased supply does not mean inflation or dilution for Smart Token holders, since price is a factor of demand, not constrained by a traditional fixed supply. Similarly, when a Smart Token is sold, it is simply sent back to its smart contract, which withdraws the corresponding amount of connected tokens from the connector balance and returns them to the seller, and the sold Smart Token units are destroyed and removed from circulation. Price however, is still decreasing, thanks to the Bancor Formula which takes this decreased connector balance into account. You can liken this mechanism to when tokens are issued by initial coin offering smart contracts in exchange for other tokens like Ether.
  • Thirdly, is the realization that Smart Tokens calculate their own prices vis-a-vis other tokens they are connected to. This is according to the Bancor Formula which holds the ratio constant between a Smart Token’s total market cap, and its connector balance. As buys and sells add and subtract tokens from the connector balances, the price of a Smart Token will fluctuate to keep this ratio, configured by a Smart Token’s creator (and called the weight), constant. This ensures that buy and sell volumes strive for equilibrium, as a Smart Token’s price is rising when it is being bought, and falling when it is beind sold. Just as you’d expect with supply and demand principles, only here the supply can adapt to the demand, and price is calculated as a mathematical function between the Smart Token and its real-time connector balances. .

One may be thinking if all of this functionality is required, given the fact that price discovery and liquidity is already obtained via trading activity in traditional exchanges. Is there a reason for a different solution? The answer to this question is yes. This is because exchanges can be seen as “matchmakers” between individuals or parties with different wants. A particular trade comprises of two opposing transactions, one where each party is selling what the other party wants to buy. The situation where a particular party needs to find another party with opposite wants is the sole reason why currencies and other assets face liquidity risk. With this constraint, it is impossible for smaller scale currencies, such as loyalty points, community currencies, and other relevant credits, as examples, to become consistently liquid.

Additionally, people who provide liquidity such as market makers and traders are logically looking for ways to take full advantage of profits. This connotes that liquidity comes at a price or cost with the current exchange solution, allocating value to middlemen. This is why BancorSmart Tokens are unique, allowing currencies to enjoy automated and continuous liquidity, and with no added fees. The contribution or partaking of market makers and traders in their convertability isn’t compulsory, but optional for both parties. In fact, Smart Tokens may be regarded as a token with a built-in not-for-profit automated market maker for itself, being operated by its open-source smart contract.

A Bit About the Bancor Token Generation

This decentralized liquidity network Blockchain project raised approximately $153 million in Ether within three hours. Bancor was one of the most successful token launches of 2017. The token generation event took place on June 12, 2017, attracting more than 390,000 contributions in Ether, a world record in the market at the time.

Bancor’s BNT is the Bancor Network Token. According to the company, in the next two years, there will be a host of new features available to Smart Tokens, including security upgrades such as delegated account recovery, the ability to purchase them with a credit card, enabling communities without a token to easily create one without technical knowledge, and moving to a fully decentralized backend and front-end architecture, as well as taking the liquidity network completely cross-blockchain. Finally, we will see the launch of Bancor Grants, helping local communities build capacity towards launching and maintaining a local Smart Token for their economy or network, and subsidizing the BNT needed for qualifying communities to connect to the Bancor Network (via their Smart Token’s connector balance, which will be held in BNT.) Since launch, Bancor has activated their token, launched and activated Relay Tokens for over 20 ERC20 tokens which are now convertible via the Bancor Network, launched their Web App on desktop and mobile, and deployed a portable widget to enable users to convert Smart Token’s from anywhere on the Internet. This attribute alone safeguards users and enables them to convert their tokens remotely and in a decentralized fashion.

BNT holds Ether (ETH) as its connected token, making it possible to convert any token within the Bancor Network into ETH, instantaneously and without the need for matching buyers and sellers. This is groundbreaking in the blockchain world, with Bancor pioneering an autonomous technology that a technical solution for instant liquidity and eventually also the instant creation of intrinsically liquid cryptocurrencies.

What are the Benefits of Bancor Smart Tokens?

Smart Tokens bring about several benefits when compared to the traditional token model, which include:

  • No Extra Fees: Unlike the traditional token and exchange models, the only compulsory fee that is paid for converting Smart Tokens is the blockchain platform fee, which in the case of Ethereum is known as gas.
  • Continuous Liquidity: Because selling and buying are carried out through smart contracts, you can always convert Smart Tokens from/to their connected tokens, regardless of the volume of trading done.
  • Foreseeable Price Changes: The Bancor Smart Token allows for the pre-calculation of price changes according to transaction size, since each transaction itself will result in a change to the current price by adding to or subtracting from connector balances. This price predictability leads to relatively more stable prices.
  • No Spread: The same price is calculated for buying and selling Smart Tokens since the calculation of these prices is done formulaically by the non-profit smart contract, not by other buyer and seller offers, traditionally known as an order book.

In Conclusion

Bancor has discovered a way out of the historic challenge of liquidity without needing a counterparty to buy or sell a token. This is attainable through a smart contract, currently on the Ethereum network, which keeps a balance in another connected token at all times, and uses a simple formula to continuously recalculate the exact rate at which a Smart Token is convertible for any of its connected tokens, and as such, for any other token in the network. This innovation replaces traditional labor-based solutions, in the form of market makers and exchanges, both for-profit actors, with a technical solution, in the form of a non-profit smart contract that will always buy and sell Smart Tokens thanks to their built-in liquidity mechanism. This autonomous solution could offer a step-function improvement in efficiency, decentralization, accessibility, transparency, and stability for the emerging cryptocurrency economy – if Bancor can pull it off

 

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Blocktrade Raises €4.5M Prior to Public Round of BTEX Token Sale 4244

Blocktrade, the gamified asset marketplace for everyone, has announced the close of its exclusive Blocktrade Exchange Token (BTEX) sale round, which ran from May 5th to 18th and followed a sold-out pre-sale round earlier this year. A total of €4.5 million worth of BTEX has been raised from over 1400 community members in 42 countries.

Christian Niedermueller, CEO at Blocktrade, said: “We are grateful for the overwhelming response and participation by Blocktrade VIP members to this exclusive token sale round. This show of enthusiasm points to the appetite amongst crypto users today for an accessible and engaging digital asset trading platform. We now look forward to continuing to enhance the experience on offer to Blocktrade’s ever-growing community.”

The BTEX token will enable users to engage in the Blocktrade gamified universe and wider ecosystem. BTEX holders will be able to access in-house and third-party games hosted on the Blocktrade platform, and use the token to unlock level fast passes, physical rewards, NFT avatars, token airdrops, trading bonuses, live chat and priority support, deposit and withdrawal discounts, and additional APY on staking. Token holders will also be able to utilize BTEX to access alternative payment options within partner ecosystems.

This announcement closely follows the platform’s launch of Blocktrade 3.0, the dawn of a new gamified universe which merges gaming elements with crypto investing. Blocktrade 3.0 introduces NFT avatars and a sophisticated level system to transform the way users learn about and engage with digital assets. Blocktrade’s native BTEX token is at the core of this ecosystem.

Blocktrade 3.0 is equipped with 50 unique levels, leaderboards, and challenges. Users advance to higher levels by passing a series of progression thresholds and earning BTEX tokens and XP points along the way. The universe blends innovations in gaming with disruptive Web3 technology, driving interactivity on the platform and empowering users to better navigate the crypto landscape with easy-to-digest education.

As part of its commitment to users, Blocktrade prioritizes security and regulatory compliance. The platform is fully transparent, with over 5,000 class-B shareholders, and regulated to EU standards. It is registered as a VASP with the Estonian, Italian, and Slovenian regulators.

About Blocktrade

Blocktrade is a state-of-the-art digital asset platform that enables the seamless buying and selling of cryptocurrencies with no trading fees. The platform offers a wide range of cryptocurrencies, a user-friendly interface, multiple payment options, saving plans, and exceptional customer support.

Established in 2018, Blocktrade has emerged as a leading player in the digital asset industry due to its unyielding commitment to security and regulatory compliance. The platform is fully transparent, with over 5,000 class-B shareholders, and regulated to EU standards. It is registered as a VASP with the Estonian, Italian, and Slovenian regulators and operates in full compliance with AML 5 guidelines.

VIMworld Announces Millions in Reward Tokens for Active Users 5045

VIMworld, the leading blockchain-based NFT utility platform, is thrilled to launch a major upgrade to its rewards program. With this latest platform update, users can look forward to an array of new rewards for their actions within the VIMworld ecosystem. With new Leaderboard categories, expanded Leaderboard rewards, monthly giveaways on Gleam, and enhanced transparency in rewards distribution, VIMworld aims to enhance user engagement and provide even greater value to the community.

New Leaderboards

The highlight of this upgrade is the addition of new Leaderboard categories, enriching the competitive spirit within VIMworld. The previous category of Top Trader has been separated into Top VIM Trader, Top EGGs Trader, and Top Companions Trader for the most active users on the Marketplace. Each of these new categories will have dedicated Leaderboards for both VEED and BNB cryptocurrencies. This exciting change means that instead of two trading-related rewards, users now have a total of six rewarding categories to compete in, effectively tripling the available rewards.

Leaderboard Rewards

With these new Leaderboards, VIMworld unveiled updated monthly $POWA payouts for the new Leaderboard categories. Users will have the opportunity to earn significant rewards based on their performance and achievements in the Leaderboards. The new rewards structure aims to incentivize active participation and trading activities within the VIMworld platform. The table below outlines the monthly $POWA payouts for the all Leaderboard categories:

Monthly Giveaways

To reward additional actions on social media platforms, VIMworld launched a month-long giveaway with 1 million VEED in prizes spread across 20 winners. Anyone can enter by following official social media accounts, joining the VIMworld Discord, completing a survey and referring friends. Enter into the May giveaway until June 16 at Gleam.

Reward Visibility

To provide greater transparency and visibility, VIMworld has introduced a new feature within the Dashboard Rewards section. Users will now find a detailed, itemized list of all their VEED rewards. This comprehensive breakdown will showcase the specific sources of VEED rewards, including Companions, Blessings, and other means. This enhancement ensures that users can easily track and understand how they are earning VEED within the VIMworld ecosystem.

VIMworld 101

To get started, users can purchase a new SmartNFT in the Arcade or a pre-owned one from the Marketplace, with a variety of tiers and treasures. With a VIM in hand, users can expand their opportunities to play and earn further by purchasing Boxes in the Store, which contain unique and rare EGGs. Purchase an Incubator and a C-tier or higher VIM to match to start the hatching process which is now available for all users to enjoy.

VIMworld’s new upgrades add more ways to have fun and earn rewards, making it one of the most exciting platforms out there! Interested users can visit VIMworld, join the Discord or check out the Vision Video to learn more. VIMworld’s upcoming releases, which include games, decentralized finance (DeFi) features and greater multi-chain compatibility are just around the corner.

Access VIMworld now

VIMworld is a revolutionary non-fungible token (NFT) ecosystem that creates a space where entrepreneurship and play combine and thrive. At the heart of VIMworld are the VIMs, distinct and unchangeable digital assets that provide an unalterable system of verification. VIMs can incubate Companions from EGGS, which allow users to win instant jackpots, add unique abilities and stack gaming boosts, making VIMworld the ultimate NFT play-to-win-and-earn platform.

To connect to VIMworld and explore all features, download our purpose built crypto and NFT wallet, Nufinetes compatible with Apple and Android devices or desktop of choice. This comprehensive multi-chain wallet can be used across multiple popular blockchains, allowing users to interact with dApps, view NFT collections and store tokens in a secure, slick environment.

Unveiling the All-New BYDFi App: Beyond Expectations with Enhanced Features and User-Friendly Interface 5257

BYDFi, the most user-friendly social cryptocurrency exchange for individual investors, is delighted to announce the launch of the upgraded BYDFi mobile application. The latest version of the app introduces a range of attractive features and enhancements, aiming to elevate the user experience and provide enhanced convenience for traders and investors.

The upgraded BYDFi app offers the following key features:

  1. Trailing Stop in perpetual contracts: Traders can now utilize the Trailing Stop feature to effectively manage their positions in perpetual contracts, maximizing potential profits and minimizing losses.
  2. Automatic Margin Call functions in perpetual contracts: With the implementation of Automatic Margin Call functions, traders can rest assured that their positions will be closely monitored, receiving timely margin call notifications to prevent liquidation.
  3. Sell Crypto Fast Function: Users can now enjoy fast transactions. This function allows users to convert their cryptocurrencies into fiat currency quickly. Currently EUR, CAD, GBP and AUD are provided.
  4. Enhanced security with Withdrawal Address Whitelist Function: The new Withdrawal Address Whitelist Function enhances security by allowing users to specify trusted withdrawal addresses, providing an additional layer of protection against unauthorized withdrawals.
  5. Convenient sign-in methods: BYDFi now offers additional sign-in methods, including Google and Apple accounts, providing users with more flexibility and convenience when accessing their accounts securely.
  6. Ticker Widget Tools: Users can conveniently add it to their phone’s desktop and track the cryptocurrencies that interest them. This feature provides real-time market and trading pair tracking, making it easy to stay informed about your preferred cryptocurrencies.
  7. Stay informed with Push Notification Function: Users can now receive personalized push notifications for activities, transactions, and system updates, ensuring they stay informed about important developments.
  8. Expanded trading news content: BYDFi app users will have access to an expanded range of trading news content, keeping them well-informed about the latest market trends and insights, empowering them to make informed trading decisions.

“We are thrilled to introduce these exciting new features on our BYDFi app,” said Michael Hung, CMO of BYDFi. “Our aim is to provide individual traders with a seamless and enhanced trading experience, enabling them to BUIDL their dream finance. The upgraded app reflects our dedication to innovation and delivering top-quality service to our valued users.”

The upgraded BYDFi app is now available for download on both iOS and Android devices. Traders can experience the enhanced features by updating their existing BYDFi app or by downloading it from the official app stores.

About BYDFi

BYDFi is a cryptocurrency trading platform for individual investors. BYDFi has been offering professional, convenient, and innovative trading solutions to global users since 2020, including spot trading, lite contracts, perpetual contracts, and copy trading.

With the slogan “BUIDL Your Dream Finance” takes cryptocurrency trading to a whole new level. BYDFi aspires for its platform to afford users autonomy and leave a permanent imprint on the sector’s progress.

BYDFi: https://www.bydfi.com

Blockchain Pioneer TSG Global and Telecom Leader CloudPhone Collaborate for Transformative Identity Verification in Cloud Communications 5224

In a key industry advancement, CloudPhone and TSG Global, Inc. are joining forces to disrupt trusted number identity management (TNID) within the fast-growing CPaaS and UCaaS industries. The collaboration harnesses blockchain technology, providing secure, unalterable identity verification and addressing unique challenges brought about by the rise of UCaaS and CPaaS.

CloudPhone and TSG Global will merge their technological prowess to devise a groundbreaking solution, ensuring user identity authenticity while decreasing fraud risk. Utilizing the decentralized blockchain, the partnership aims to redefine the telecom industry’s trusted identity management in CPaaS and UCaaS, offering a transparent, tamper-proof system that enhances user control over personal data and aids service providers in streamlining identity verification processes.

TSG Global’s cutting-edge blockchain platform will be integrated with CloudPhone’s robust cloud telephony infrastructure, enabling efficient and secure identity verification. This leads to improved user onboarding, authentication, and access management, enhancing customer experience and security across the board.

“Our alliance with TSG Global is a landmark step in delivering the most advanced and secure telecom solutions, setting a new industry standard for trusted, transparent identity management,” said Bob Hertz, CEO of CloudPhone.

Industry experts and technology enthusiasts have shown great interest in the strategic partnership, expecting this significant announcement to create substantial buzz and spark discussions about the potential of blockchain technology in telecom.

“Teaming up with CloudPhone allows us to tackle telecom industry challenges head-on with a revolutionary solution that empowers users and service providers to operate securely,” added Noah Rafalko, CEO at TSG Global.

About CloudPhone

CloudPhone, a leading CPaaS solutions provider, is dedicated to delivering innovative, secure, and customer-centric communication solutions. https://cloudphone.com/

About TSG Global

TSG Global, a trailblazer in blockchain technology, focuses on creating secure and efficient data management solutions offering unprecedented trust and accountability. http://www.tsgglobal.com/

Swell invites stakers to join Voyage to the DAO 5472

Swell is launching Voyage, a bootstrapping campaign in which the liquid staking protocol will progressively decentralize the decentralized autonomous organization (DAO).

All stakers are invited to join the Voyage and descend into the depths of the ocean to collect valuable pearls. The pearls are primarily earned by staking and providing liquidity and will eventually be redeemable for governance power in the Swell DAO.

By rallying the Ether staking community around Swell, Voyage also aims to help reduce the dominance of any single player in the liquid staking market and preserve the qualities of decentralization that make Ethereum valuable.

Joining Swell on Voyage are some of the top names in decentralized finance (DeFi), including Aura, Pendle, Olympus, Tokemak, Alchemix and more, plus popular nonfungible token communities such as Miladys and EVMavericks. Members of these communities who held the relevant assets on the date of a snapshot will be able to collect a bonus of extra pearls for joining Voyage.

Daniel Dizon, founder and CEO of Swell Labs, said: “The launch of Swell’s Voyage marks an important step towards the maturity of the protocol. We are honored to be joined by our closest allies across LSDFi and look forward to welcoming many Voyagers before eventually enshrining their rights in future protocol governance as citizens of the Swell DAO.”

Since launching in late April, Swell has become one of the fastest-growing liquid staking protocols, amassing more than 13,000 ETH from 4,100+ unique depositors. All early stakers and liquidity providers have already been collecting pearls ahead of the launch.

About Swell Network

Swell is a noncustodial Ethereum liquid staking protocol that makes it easy to stake ETH and access DeFi strategies. The protocol is backed by some of the biggest names in DeFi, including Framework Ventures, Maven 11, Apollo Crypto, Mark Cuban and more.

Sort Raises $3.5M in Seed Funding to Spearhead Power Tools for Blockchain UI Development 5351

Sort, the platform simplifying Web3 app development, has raised $3.5 million USD in a seed funding round co-led by Lemniscap and The General Partnership, with participation from Alliance DAO, Punk DAO, Orange DAO, Blizzard Fund, Parasol, Red Rooster Ventures, and a number of angels from Coinbase, Gemini, and Snyk.

The funding will go towards expanding the Sort team, advancing the platform’s product suite, and expediting the launch of ‘Sort applications’, the full-stack for writing a UI for a blockchain contract. Today’s announcement serves as the latest milestone in Sort’s mission to onboard the next million developers to the Web3 ecosystem, by creating a platform easy enough for anyone to use, irrespective of skill level.

As a platform for Web3 UI components, Sort is building a user-centric development platform that allows developers to integrate data from smart contracts directly into their decentralized application with only a few lines of code. Users can start with a contract address and get access to a complete developer toolkit for that contract, or simply cut and paste HTML/Javascript code directly into their front end application to see live blockchain data. All data is served in real-time, including push notifications for any contract event.

Before Web3, data was the product and API keys were used to gate access and create revenue, but in the Web3 era, revenue is generated from contract transactions such as coin swaps or NFT transfers. Sort empowers contract authors to entice builders to use their contracts and drive transaction activity, enabling anyone in the contract author’s community to build applications on the contract for free. Using Sort, users can seamlessly query real-time contract transactions, logs, events, function results, and NFT data. The platform also plans to leverage ChatGPT and LLMs to formulate SQL queries for populating UIs.

Sort can be used as a complete backend as a service for decentralized applications, with no additional infrastructure needed. Applications can be hosted on decentralized platforms such as IPFS and Arweave, and access read-only disposable API keys, eliminating the need to manage servers or hardware.

Jason Zucchetto, Co-founder of Sort, said: “Closing this seed round signifies a significant seal of approval for our solution suite from a range of global investment heavyweights. We’re energized at the prospect of supercharging decentralized application development, while working closely with developers to extend more cutting-edge tools to the global community. The funding will give us ample financial runway to expand our product portfolio, add firepower to our team and drive mainstream dApp adoption.”

Roderik van der Graaf, Founder of Lemniscap, said: “Historically, writing decentralized applications has been extremely difficult, requiring intricate design skills and advanced technical know-how. Sort is on a mission to greatly simplify the art of Web3 app development, helping new swathes of ecosystem participants to realize their Web3 visions. The Sort founders are major industry advocates for democratizing dApp development – a vision we at Lemniscap wholeheartedly endorse.”

Anthony Kline, Partner at The General Partnership, said: “The world has already benefited heavily from the power and elegance of blockchain, but the quality of developer tooling has not kept pace. We’re proud to be investing in Sort’s seed round – a team at the forefront of developer tooling, Web3 app development, and the needs of the ecosystem. We’re particularly excited by Sort’s growth pipeline, and their potential to onboard the next million developers to the blockchain.”

About Sort

Sort is a developer platform for Web3 UI components and the easiest way to build Web3 applications. Sort will bring the next million developers to Web3 by creating a platform easy enough for any developer to use. Users can start with a contract address and get access to a complete developer toolkit. By making Web3 development easy and fun, the next wave of web3 applications will take flight via Sort. For more information, visit https://sort.xyz/

About Lemniscap

Lemniscap is an investment firm specialising in investments in emerging crypto assets and blockchain startups. Since its founding in 2017, Lemniscap has funded multiple investments in the crypto blockchain space, on the core belief that blockchain technology will upend traditional business models, resulting in profound changes in the world economy. The Lemniscap team consists of talented people with backgrounds in financial markets, PE/VC, technology and entrepreneurship. For more information, visit https://lemniscap.com/.