The world has changed so much in 2 years. Who am I kidding? It changed a long time ago!
And with TradFi being so wonderfully slow as it is (sorry TradFi, it’s true – we ALL know it’s true!), things haven’t sped up quite as much as one would expect. It still takes 3 – 6 business days, mind you, to get your bucks across borders. 3 -6 days!
It does seem that AllianceBlock has pulled off a feat here. DeFi Startup Funding! So if you’re stuck in a country that’s not home, you can still possibly access funding for your startup idea, even when things are still all so strange in the beginning. Fundrs specifically designed the platform for people in your shoes!
It might be a strange country right now, but with a funding platform that specifically targets migrants … who knows what you could do to turn things around! Who knows!
Fundrs Launches First Two Projects
As we get closer to the official listing and token launch of dua Token on Fundrs, we are getting to know the team behind the project.
Earlier this month, we launched Fundrs, our peer-to-peer funding platform, on Avalanche and Ethereum Mainnet networks. This release marked a key milestone for AllianceBlock, fulfilling the vision of a participatory funding platform based on reputation and merit that started our journey in 2019.
Alongside the release, we have also pre-listed the first two projects launching on the platform — dua Token and Bonq. You can access the platform here. In this Fundrs update, we will deep dive into dua and their token designed and targeted for globally-fragmented communities.
dua Token is set to be the first project to be officially listed and launched on Fundrs! It is the first utility token to support the new economic system around globally-fragmented communities. So what is the dua Token, and how will it enable this new economic system?
Today, migrants and their relatives are more disconnected and underserved than ever. Existing social networks fail to provide a platform that unifies virtual connections and financial services. No platform solves the pain derived from the lack of personal identification or financial access.
Currently, 1.4 billion people cannot access financial services, and 1.1 billion people have no way to claim ownership of their identities. This lack of access limits their potential for growth and economic prosperity. Hence, there is an urgent need for a social and economic support system built with first principles to help create a thriving virtual economy where people identify, connect and transact without intermediaries and central authorities.
User Experience Is Crucial
Issued by the dua Foundation, DUA, and its applications will help users, businesses, and creators originating from these communities to:
User experience is crucial when planning to onboard the next 100 million people to Web3. Thanks to an in-built non-custodial wallet, dua.com users can create and own their decentralized identities, get rewarded for in-app activities, and connect to DeFi without leaving their app.
“Today, dua.com comprises a team of 50 people supporting over 5 million users across the globe. dua Token just hit 100K MRR after 14 months since we introduced our Premium subscription. We crossed 2.2 billion user interactions within the app and hit over 10 Million matches between our users. With the help of the dua Foundation and our partners, we aim to reduce the gap, remove the issues created by migration, and enable millions of people worldwide to access tomorrow’s digital and financial services.” Ardit Trikshiqi — Chief Payments Officer at dua.com
The app — dua.com — has undergone impressive organic growth since its inception in 2020. During its two-year run in stealth mode, it reached over 1 million installs and raised $5 million in Seed and Series A funding.
More recently, dua AG (the Swiss-based company owning dua.com) completed the acquisition of a German dating app that provides users a space to socialize and make new connections based on real-life interactions. The acquired app is one of the biggest dating brands in German-speaking countries. It has over 7 million installs and 4,5 million registered users. In 2015, it completed a Series A investment with a total of $14,5 million capital raised.
The app and its unique experience for hyperlocal matchmaking is part of dua’s portfolio of apps. Dua’s long-term vision is to be the most influential community app in the world.
Earn And Spend Within The DUA Ecosystem
DUA is an ERC20 token designed to incentivize and reward users for actions and activities across the dua ecosystem. It acts as a unit of value exchange. The system allows users to earn and spend their tokens for services inside the platform.
DUA creates a wide ecosystem of services where different economic agents can participate and create value by engaging with the app and each other.
Some examples include:
DUA’s mission is bold and clear, and their listing and token launch on Fundrs as the first project elevates the bar for upcoming startup launches. This is a culminating moment for both teams working towards the goal of bringing DeFi and inclusive financial products to the masses.
We will share more updates as we get closer to the Fundrs listing and the first capital-raising rounds of the dua Token. In the meantime, you can find more information about the project on their website.
As we’ve previously discussed, rALBT is necessary to participate in the first capital-raising rounds of Fundrs. rALBT is the reputation token that underpins the merit-based system in Fundrs, which means rALBT is locked to the wallet it is minted in, and you can’t buy, trade, or transfer the token. Currently, the way to earn rALBT is by staking ALBT on Fundrs.
With dua Token launching on the Avalanche network, Funders can stake their ALBT on Avalanche — with cheaper transaction fees and faster operations. rALBT minted on Ethereum can also be bridged to Avalanche in the Funder Dashboard. Please note that bridging rALBT transfers all of the tokens across networks. Check out this article for a full guide on how to stake ALBT to generate rALBT.
Over 21.1M ALBT has been staked on Fundrs, with up to 43.5M rALBT claimed so far. Stake ALBT and earn rALBT on the Funder Dashboard in Fundrs.
For users who still have iou-rALBT in their wallets, please be advised that they need to exchange their iou-rALBT to rALBT on the Funder Dashboard. iou-rALBT will expire soon, so make sure to exchange for rALBT as soon as possible.
rALBT received from this exchange can be used for participation in capital-raising rounds. With the dua Token listing coming up, now is the best time to exchange iou-rALBT!
While the launch of Fundrs may have been one of our biggest milestones to date, the dua Token listing will see the Fundrs platform truly come to life! We couldn’t be more excited to welcome dua Token as the first project to benefit from Fundrs’ revolutionary participatory funding model, and we’re looking forward to sharing more about the next listings in the pipeline!
If you haven’t done so already, make sure you’re subscribed to our Telegram channel so you can join the conversation as we inch closer to the dua Token launch.
Are you interested in integrating Fundrs or want to talk about the potential to launch on the platform? Reach out to our business development team here.
About AllianceBlock
AllianceBlock is bridging the gap between decentralized and traditional finance by remedying issues in both spheres and linking them more closely. They see the future of finance as an integrated system in which the best of both worlds can work together to increase capital flows and technological innovation.
They are building this future by bridging traditional finance with compliant, data-driven access to new decentralized markets, DeFi projects and ecosystem-scaling tools such as funding and interoperability. As such, they are building a next-generation financial infrastructure that aims to provide regulated financial entities worldwide with the tools they need to access the DeFi space seamlessly.
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