[DIS] Palmyra: RWA Lending on Nervos

CKB Community Fund DAO
41

Hi Matt and the CKB Community,

Apologies for not replying to this sooner. We are currently preparing a more detailed response to this; including addressing questions you and the community have about the funds already received as well as the milestones as well.

I appreciate your comment regarding the pace of start ups and the pivots that are required along the way. Our response should address this and provide a precedent for future proposals as well.

Thank you for the support and will be providing that response shortly.

Sam

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42

Hi Matt and the CKB Community;

Update on ZenGate’s Collaboration with the Nervos Community

Last year ZenGate was approved for a grant from the Nervos Community Fund DAO for our proposal to develop real-world asset (RWA) lending solutions on the CKB blockchain. The total amount of the grant was 5,966,943 CKB, of which 596,694 CKB was received as a 10% down payment.

It has been approximately a year since the grant was approved and the initial payment made. A status update and reassessment is far overdue. Over the past year, we have witnessed tremendous growth in the RWA industry along with new opportunities that presented themselves unexpectedly. Our team has acted accordingly by shifting our priorities and timelines as necessary to ensure we remain at the forefront of the industry.

Market feedback from our platform’s users shows that traceability and compliance solutions are in exceptionally high demand. Thus, we have shifted our focus to capitalize on this, lengthening the timelines for the other components of the platform. The highly anticipated lending module remains the long-term strategic goal of our roadmap, but we are unable to commit firmly to any dates at this time.

Since we are unable to adhere to the conditions and timelines outlined in the original agreement, we believe it is best to return the down payment and consider the current grant to be null and void. To show our appreciation to the community for their support, we have returned a total of 656,363 CKB to the Community Fund DAO, which is 110% of the initial down payment we received. You can view the transaction here.

We still firmly believe that CKB offers many strong technical solutions and we will continue to explore innovative ways to integrate this technology to benefit the tens of thousands of farmers currently being onboarded to our RWA platform. We intend to revisit the grant program in the future when we are in a better position to give more firm commitments and realistic timelines.

ZenGate was founded with the belief that blockchain technology can enable trust and transparency in ways that have never been possible before. We know that with the Nervos community, we are in good company. Thank you all for your trust and support towards our efforts, and thank you for believing in the transformative potential of the technologies that we are building together.

Sam and the zenGate team.

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43

hi @Sam_zenGate - thank you for your message to communicate the situation on your end and for your diligence in this.

I know there was a lot of excitement in the community about this integration, so it is unfortunate things didn’t work out as planned, but that is how things going in early-stage technology!

Glad to see your team iterating and being responsive to the environment and you are all still involved in the Nervos ecosystem and keeping up with the progress of CKB!

Here’s to whatever comes next :clinking_glasses: wishing your team the best in the new endeavors!

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