Since the inception of Florence Finance we have made incredible progress and are only getting started! We have a lot in store for Florence. But lets start by taking a look at all that we have achieved so far and what lies on the horizon for Florence.

The journey so far…

$3 Million Seed Round: In 2021 Florence Finance successfully secured $3 million in funding during its seed round, providing the capital required to kickstart and scale the platform’s development. Notable funders included Big Brain Holdings, Bixin Ventures, New Form Capital, Focus Labs and Nothing Research.

MVP Launch: The Minimum Viable Product (MVP) of Florence Finance was launched in 2022, providing users with an initial look and feel of the platform’s capabilities and providing a primitive proof of concept allowing for feedback and adjustments.

First $1M Loan Written: Achieving a significant financial milestone, Florence Finance successfully facilitated its first $1 million loan, marking a noteworthy level of trust and progress for the Florence team.

Florence V2 Vaults: The platform introduced the second version of its vaults, featuring a new design and improved functionalities. We added an additional vault that included new loans that we had written, further proving the model we had created works. This is the design you see today and we still have 2 vaults, however we have now written a total of $5.4m in loans with $4.4m of those loans still being active and earning interest.

Arbitrum Migration: To enhance scalability and user experience, Florence Finance migrated to the Arbitrum layer-2 scaling solution, taking advantage of its lower fees and faster transaction times compared to the Ethereum mainnet. We also benefit greatly from the thriving DeFi ecosystem that Arbitrum has.

Duke Dash Incentives: Florence Finance launched the “Duke Dash” campaign, offering incentives such as Florence points and tiered rewards to actively engage our user base and promote platform loyalty as well as attracting new users. This has been a huge success with over 55,000 Duke NFTs minted, attracting almost 9,000 new unique vault depositors.

FFM Token Launch: The FFM token was officially launched, acting as a tool for governance, platform utility, and community rewards, further aligning user incentives with the platform’s growth. In order to distribute FFM tokens to the community we held a public sale of the FFM token, this sale was a huge success and sold out in less than 10 seconds and raised ~$1m for the project to extend runway and use for the inital LP of the FFM token on Camelot and Uniswap.

For the future…

CEX Listing: Soon to come, we aim to get the FFM token listed on centralized exchanges (CEXs), which will provide greater liquidity, accessibility, and exposure to a wider market of potential users.

Florence V3: Looking towards the future, Florence Finance continues to evolve and we are currently working on the third iteration of the platform, Florence V3. This promises to bring further innovation, features, and improvements to UI/UX but also to increase the funding base and the security thereof in order to enable further integration and composability with the greater DeFi ecosystem.

Governance: Ultimately we envisage Florence as a decentralized co-operative lending platform where participants (token holders & lending partners) take an active role to co-operate through digital ledger technology to decentralize credit creation. We have purposefully left the Governance for last, as we believe we need unity of vision/mission in the building phase. You should rest assured however, this project is being built for the community that engages with it. The tokenomics already reflect this, and over time the governance & incentives will too.

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