A few fessons for RWA Tokenisation

dual LLC, customer segmentation, what are the real pain points for the existing market?, security vs. non-security offering

"Our core product allows investors to own, invest, and manage real estate more efficiently and effectively than traditional markets do." 
                                      -- Jerry Chu, CEO at Lofty.ai

In a dynamic exchange between Sunny, Victor, and Jerry, the transformative potential of real estate tokenization emerges as a catalyst for revolutionizing investment strategies. At the helm of this paradigm shift stands Lofty AI, under Jerry's visionary leadership, pioneering the fractionalization and tokenization of real estate assets. This transcript unveils the journey from conventional real estate practices to innovative tokenization methodologies, spotlighting Lofty AI's pivotal role in democratizing access to lucrative investment opportunities. As the dialogue unfolds, readers are immersed in the intricacies of tokenization processes, legal compliance frameworks, market segmentation strategies, and future growth prospects, shedding light on the disruptive force reshaping the investment landscape.

Highlights from the Transcript:

1. Identifying Market Pain Points: Jerry elucidates Lofty AI's genesis, rooted in user feedback that exposed the inefficiencies plaguing traditional real estate investment, sparking a transformative pivot towards tokenization.

2. Tokenization Mechanics: Through ingenious utilization of dual LLCs and smart contracts, Lofty AI streamlines property tokenization, empowering investors with direct ownership while safeguarding against legal risks.

3. Navigating Legal Terrain: Jerry navigates the intricate legal landscape, delineating the nuanced distinction between securities and ownership tokens, and emphasizing stringent adherence to regulatory standards such as KYC protocols.

4. Targeted Market Approach: By strategically targeting traditional real estate investors seeking autonomy and control, Lofty AI captures a significant market segment, driving substantial transaction volumes and fostering organic growth.

5. Future Trajectory and Hurdles: Jerry maps out the trajectory towards broader adoption, emphasizing the critical role of feature parity, investment flexibility, and strategic partnerships with blockchain platforms like Algorand.

6. Innovative Collaborations: The strategic alliance with Algorand underscores Lofty AI's commitment to delivering a seamless user experience, leveraging blockchain technology to optimize processes and augment utility within the ecosystem.

Through a nuanced exploration of these insights, readers gain profound insights into the disruptive potential of real estate tokenization, poised to democratize investment access and redefine traditional wealth accumulation strategies. As Lofty AI continues to spearhead innovation in the real estate sector, this dialogue serves as a beacon illuminating the transformative power of blockchain technology in reshaping conventional investment paradigms.

Pivot from Real Estate SaaS for Real Estate Investment Diversification to Tokenisation

Sunny

Lofty AI stands as the pioneer in real estate tokenization, enabling staking of ALGO tokens against real estate and facilitating automatic market making for tokenized properties. It’s an honor to welcome Jerry to discuss the innovative concepts of fractionalizing and tokenizing real estate. At NameFi, we tokenize domain names, which are among the first digital assets, and we see significant synergy with real estate tokenization. Both sectors involve tokenizing real-world assets, presenting common challenges related to trust agreements and enforcing real-world actions through on-chain ownership.

Jerry, it’s great to have you here. To start, could you explain what Lofty.AI is and share the story behind founding the company? Following that, we would appreciate if you could explain the concept of fractionalization and what it means for real estate investment to our audience.

Jerry

Thanks for having me here. We started Lofty AI, which is why our domain has ".ai" in the name. Originally, we were working on a completely different concept—a SaaS product that we sold to real estate investors to help them identify the best neighborhoods for investment and property acquisition. However, we noticed a significant number of users were churning from that product. In response, we reached out to understand their processes, their valuation of the product, and their reasons for discontinuation. We consistently heard similar stories from our users. Many had full-time jobs with high incomes, which they used to invest in real estate for diversification, a practice observed among wealthier individuals and often encouraged by their families.

Our initial assumption was that 90% of the effort in real estate investing was simply finding the right properties to buy, and the rest would be relatively straightforward, requiring only about 10% of the time and effort.

However, our discussions revealed the opposite.

Users would identify promising neighborhoods, make offers, but then face challenges. They often got outbid, or when they won the bid, the mortgage company's appraisal would value the property lower than their offer, leading to loan rejections.

Deals frequently fell through during the contingency period due to unforeseen issues discovered during inspections.

This resulted in users making 20 to 30 offers over three months without a successful close, leading to significant frustration.

Many felt that real estate investing required too much time and effort, which they couldn't commit to alongside their full-time jobs.

These experiences led to our "aha" moment. We realized that in addition to identifying investment neighborhoods, we could streamline the process by enabling direct investment. Users could simply buy a house without worrying about the usual barriers. We quickly developed a prototype, launched the first property, and it resonated well with our prior SaaS users. Many returned to try the new platform, and their positive feedback on their investment experiences confirmed we were onto something significant.

Currently, we no longer use AI in our process.

Real Estate Tokenisation Marketplace and Dual LLC Onchain Operation

Sunny

The domain names like .ai and lofty.ai underscore the vision of fractionalizing real estate and integrating it with future technologies. You've also shared your experience running a SaaS company and the challenges retail investors face with slow, opaque processes in traditional real estate investments. My question is: How do you digitalize and then tokenize real estate to enhance user experience? Jerry

The way we tokenize properties on our platform is straightforward; we operate as a pure marketplace. We don't own the assets ourselves, nor do we sell them to our users.

Instead, anyone can use our platform to tokenize their property and list it for sale. In real estate, ownership under one's personal name carries risks. For example, if someone were to slip on your driveway and sustain injuries, they could sue you since your name is on the deed. As a result, all your personal assets, including cars, stock portfolios, and savings accounts, would be at risk. This is standard in the United States.

Many people, especially real estate investors, opt to own properties under an LLC to mitigate these risks. The LLC owns the property, and the investor owns the LLC. This structure provides liability protection while allowing the owner to control and benefit from the property legally.

For instance, if someone were injured on the property, they could only sue the LLC, not the individual. The LLC's only legal asset would be the house, protecting the owner's other personal assets. If the owner lacked insurance and faced a significant lawsuit, the worst-case scenario would be losing the house, but their other assets would be secure.

1. Our process involves the property owner transferring the deed from their personal name or another LLC to a new dual LLC we create for them.

This new LLC differs in that it has no fixed manager or owner. Ownership is determined by whoever holds the tokens, verified through a smart contract. This makes the structure legal and verifiable in court.

The transfer to this dual LLC is done through a quick claim process, which is generally completed within two weeks and involves a traditional title company at a cost of about $200.

Once the title is transferred to the new dual LLC, we mint tokens that represent ownership of the LLC, and these are given to the seller. Essentially, the seller has transferred the property into an LLC they control without actually selling it, thus not triggering capital gains taxes or other assessments.

2. They then list these tokens for sale on Lofty.

Our platform operates as a marketplace, where other users can decide whether to buy based on the listed price and property attractiveness. Interested buyers place bids, and our smart contracts facilitate the exchange of tokens for USDC.

This peer-to-peer transaction ensures that no funds pass through Lofty's accounts.

By buying and selling these tokens, users are essentially trading ownership in the dual LLC that owns the property. Since the LLC owns nothing but the property, this is akin to directly owning the property through a commonly used LLC structure.

Victor

Thank you, Jerry. The information you shared about using a specialized LLC for tokenizing real estate at Lofty AI is intriguing. Could you elaborate on the legal structures you considered, especially how they compare with other models like the trust used by Fabrica land? How does your LLC model ensure legal compliance across different jurisdictions, and does it require separate recognition in each state?

Jerry

We can't take too much credit for this because it largely stems from the efforts of the states that pioneered this model. The dual LLCs were first formed in the state of Wyoming*, which is notably innovative in this regard. Interestingly, Wyoming is credited with inventing the original LLC, the traditional LLC structure, which is relatively recent, being only about 40 years old. However, Wyoming has been involved in this kind of legal innovation for some time, and they created this structure toward the end of 2021.

By default, these LLCs should be recognized in most, if not all, states because they are essentially traditional LLCs. The only difference lies in how ownership and management are recorded. Should there be a state that does not recognize this format, it automatically defaults, legally, to a member-managed traditional LLC, which essentially achieves what we are aiming for with the dual LLC.

Therefore, there's no need to engage lawyers to persuade various states to accept this structure; it's inherently an LLC, which is universally accepted. If any state has issues with the smart contract management and ownership structure, then it simply reverts to a member-managed LLC. That's how it functions.

Wyoming Vs. Delaware

A Wyoming dual LLC refers to a specific business structure where one Limited Liability Company (LLC) is formed in Wyoming and then another LLC is formed in another state, often Delaware. This structure is commonly used for asset protection and tax optimization purposes.

Wyoming is known for its favorable LLC laws, offering benefits such as strong asset protection, privacy, and low fees. Delaware, on the other hand, is renowned for its well-established corporate laws and business-friendly environment, particularly for larger corporations.

By forming a Wyoming LLC and then registering it as a foreign entity in Delaware, businesses can take advantage of Wyoming's benefits while also benefiting from Delaware's prestige and legal framework.

This setup can provide enhanced asset protection, flexibility in business operations, and potential tax advantages, depending on the specific circumstances and the advice of legal and financial professionals.

Why are real estate tokens not securities?

Victor

There's a clause in the agreement stating that it will default back to a member-managed LLC if a state does not recognize the structure. Could you elaborate on how this works? Jerry Not in the operating agreement itself, because remember, the operating agreement is private. It’s an agreement between the owners of the DAO and its members. The reason it defaults to a traditional policy is due to the legal recognition of LLCs formed in one state by other states. Wyoming pioneered this approach. Legally, these entities default to member-managed LLCs if the dual aspect is not recognized in another state. Victor Regarding management, there's a crucial issue about securities registration with the SEC. The traditional legal 'Howey Test' determines if an investment requires SEC registration, as exemplified by a case involving land used for orange cultivation where income from the oranges led to its classification as an investment expecting gain. Given that there’s an investment with expected gains and management involved in your model, how do you address securities compliance? Do you apply any specific regulations to ensure compliance? Jerry

Ultimately, given the current state of industry regulations, the definitive answer must come from the SEC themselves. However, based on their guidance, current laws, and some previous case law formed through litigation in the court systems, these should not be considered securities. Both us and our lawyers are fairly confident in this assessment, primarily because it boils down to management. Specifically, it depends on who manages and controls the asset that generates the profits.

LLC ownership can be traded and is not considered a security by default. The reason for this is presumably because the government wants to promote small businesses and avoid imposing additional burdens on owners. For example, if you open a restaurant under an LLC with three friends, you aren't required to register it as securities. Similarly, if one of your friends decides to cash out years later, that transaction is not considered a securities transaction. This principle is very common in real estate as well. Many people own assets with partners, and these transactions are never considered securities because it comes down to the management aspect.

If a group of people, no matter the number, has managerial control over how the asset performs and is managed, including decisions on delinquent tenants, when to sell the house, and at what price, then generally, that is not a security.

Consider the landmark case where land with orange groves in Florida was considered a securities offering because the person making the offering did all the work. Investors could own a portion of the land and receive a portion of the proceeds, but they were passive investors without any control over operations. The offeror had all the control and say, which is why it was deemed a securities offering.

Anytime you have an LLC where you are the general partner managing all aspects and simply telling people to invest money for a return, that arrangement makes the LLC ownership a security.

However, in our case at Lofty, we are not involved in the transactions. We don't sell the house because we don't own it or legally control any aspect of the property. All owners collectively make management decisions. They may use third-party real estate agents for advice on listing prices or professional property managers for day-to-day operations such as maintenance and repairs. However, even these property managers must consult the owners about significant decisions, like roof replacement, and provide options and costs. Ultimately, it is the token holders—the actual owners—who make the final decisions on such matters, exercising their rights through a governance system that requires a 60% supermajority for any action to be approved.

Therefore, these are not considered securities because the token holders are in control of the asset, and any revenue, profits, or losses depend on their efforts, not on the management by a third party. That is the key distinction.

Victor

That’s very interesting and inspiring. I ask this from the context of Namefi exploring opportunities to fractionalize domain ownership. We've been hesitant to implement this ourselves and are considering collaborations with other platforms, mainly because fractionalization could potentially introduce more stringent regulatory challenges, particularly in advertising and compliance. Does Lofty face any restrictions on who can access your token offerings? For example, do you require KYC? Are your offerings limited to qualified investors within the US, or are they available to international investors as well? What are the regulatory requirements for owning a fractional share of property on the Lofty platform? Jerry It's important to distinguish between securities laws and other regulations that we must follow. In our case, these are not considered securities based on existing laws, so we do not fall under securities regulations. This allows us to offer our platform to essentially anyone, much like a marketplace similar to eBay, where there are no restrictions on who can participate.

However, this does not mean we are exempt from other regulations. Particularly in real estate, we are subject to the oversight of Office of Foreign Asset Control (OFAC) and Financial Crimes Enforcement Newtork (FinCEN), which are the U.S. entities responsible for regulating money laundering and enforcing sanctions. We strictly adhere to these regulations, and consequently, all owners must complete Know Your Customer (KYC) procedures. This is because one cannot anonymously own real estate in the United States; even if ownership is through an entity, the entity’s owners must be registered, allowing for traceability back to an individual.

Regarding staking, which we offer as a feature where users can lend their assets to others on the platform, KYC is not required for lending out USDC. The only restriction we enforce is an Internet Protocol (IP) block on individuals from sanctioned countries.

In summary, we are not governed by securities law because our offerings are not classified as securities, but we do strictly follow anti-money laundering policies and related regulations. Sunny Thank you, Victor. Your question leads us into the use of Dual LLCs and something we've not discussed previously: how Fabrica Land has digitized trust agreements rather than using a Dual LLC format. As NameFi, we're keen to explore fractionalization further. I really respect Jerry's product design approach, which seems to embrace a decentralized-first principle, circumventing security laws since it's not classified as a security. My next question is: Who are the primary users of Lofty AI right now, and what is your go-to-market strategy?

Jerry

The way we conceptualize our target market is by focusing primarily on actual real estate investors. Simply because a property is tokenized or digitized doesn't automatically attract individuals who were previously uninterested in real estate investment. There's a small subset of people who might be swayed, but generally, this is not a significant portion of the market.

Our core product allows investors to own, invest, and manage real estate more efficiently and effectively than traditional markets do.

Our target audience consists of traditional real estate investors.

We offer them the familiar investment process they appreciate, but without the usual hassles and at a typically lower cost due to reduced intermediary involvement. This enhanced experience is our selling point.

Within the real estate investor market, we segment our audience into three categories.

1. At the top, we have institutional investors or individuals of high or ultra-high net worth. These investors generally access funds managed by major operators like BlackRock or Blackstone, focusing on passive income generation rather than active management of the properties. Therefore, they are not our primary target audience.

2. The second segment includes individuals who are not necessarily ultra-high net worth but have some capital to invest. These investors are looking for exposure to real estate but prefer not to manage the properties themselves. For them, Real Estate Investment Trusts (REITs), available on the stock market, are more suitable. REITs offer a diversified portfolio managed by professionals, providing liquidity and a passive investment approach.

3. The third and our target segment consists of real estate investors who are neither institutional nor merely seeking exposure. These individuals reject REITs for specific reasons and prefer direct ownership of rental properties, which they might manage themselves or through platforms like Airbnb. They seek control over their investments, transparency about how their money is performing, and prefer to be actively involved in management.

Interestingly, while this group might seem smaller, they represent the majority of the single-family rental property market in the U.S., which has an annual transactional volume of approximately $1 trillion. Only 30% of this market involves institutional investors; the remaining 70% comprises individuals or groups who manage properties independently or with small, informal partnerships.

This segment is Lofty's primary audience because our platform caters specifically to their needs, enhancing traditional processes and introducing new mechanisms for generating yield. They find significant value in our offerings, exhibit high retention rates, and are typically the most substantial investors in terms of dollar amounts on our platform.

First principle thinking about using NFTs to create values for existing users

Sunny

Thank you, Jerry. I appreciate the clear segmentation of your customer base and the detailed market insights for your target audience.

At Namefi, we are also exploring how to tokenize real-world assets, including both fungible assets like treasury bills and non-fungible assets like domain names and real estate. However, it seems that the market has yet to fully realize the potential of NFTs in delivering real-life use cases and value. What are your insights on this issue, and when do you think will be the turning point for truly unlocking the power of NFTs, especially considering that the current ecosystem for non-fungible tokens has not fully developed yet?

Jerry

I think this goes back to what I mentioned earlier: when entering a market, it's crucial to first determine if there's a demand. Take real estate as an example. You already know there's a significant market of people interested in buying and selling real estate for investment purposes. Applying technology to enhance certain aspects of this market for existing users creates value.

Ultimately, if you don’t solve a genuine problem, you won’t achieve mass adoption. That’s just a fundamental principle of business.

A common mistake is to focus solely on the technology—like NFTs or fractionalization—and assume that because the technology is innovative, it will automatically attract a larger user base and spur interest. However, that's not typically how consumer behavior works. Initial hype and marketing might draw a flood of users, but most will likely churn if their actual problems aren’t being addressed.

For instance, consider the sneaker market, which is vibrant with people who collect and trade sneakers, including at conventions attended by both youths and adults. Some sneakers can be extremely expensive and are highly sought after in limited editions. Here, there’s a clear, passionate market. Implementing NFT technology to streamline aspects of this market could lead to strong adoption because the demand is pre-existing.

Conversely, in areas like NFT gaming, despite the buzz, many gamers are indifferent or even opposed to integrating NFTs into their gaming experience. This sentiment isn't hypothetical; it comes from firsthand observations. Simply adding NFT components to games doesn’t guarantee success, as seen in the market where many NFT or crypto-based games fail to retain users or achieve the viral growth seen in many indie games.

This leads to my point about adoption versus liquidity. Poor liquidity often stems from a lack of market interest or adoption. Conversely, when a product is widely adopted, like certain cryptocurrencies, there is substantial liquidity. This is evident in some meme coins and NFT collections that, despite their high costs, can sell rapidly, sometimes within the same day. This demonstrates how effectively applying tokenization and fractionalization technology depends on understanding and meeting market demands.

Traction and GTM in Real Estate Tokenisation

Sunny

Yes, understanding real pain points and customer needs is crucial. How does the innovative human-software interaction you've developed help solve these issues? Specifically, what is the current traction in the tokenized real estate market?

Jerry

Although we are not the only players in the market, I must admit I'm not fully aware of the market's cumulative size. However, I can speak for Lofty.AI specifically. We have tokenized over $30 million worth of real estate so far.

Including secondary transactions, our total transaction volume has exceeded $60 million, which is double the market count for the properties themselves.

This demonstrates significant interest and liquidity in a relatively new space. Adding other participants in the space, I'm quite certain the figures would reach into the hundreds of millions. Compared to the traditional real estate market, this might seem small, but for a new technology, these numbers are quite substantial.

The liquidity and interest are definitely there, which is further reinforced by how we've grown at Lofty. Remarkably, we haven't relied much on advertising; most of our growth has stemmed from word of mouth. I frequently engage with our users through calls, gaining insights into their experiences and learning how they discovered Lofty. Often, they'll share stories of family members or friends who've recommended our platform. For example, one might tell me how his brother-in-law first used Lofty and praised it during a family gathering, which prompted him to try it as well. Such endorsements are vital; they suggest we're addressing a real need.

Another intriguing aspect is our ability to convert traditional real estate investors. These are not just tech enthusiasts or blockchain aficionados; many are seasoned investors unfamiliar with blockchain technology. They might be older individuals who don't usually use technologies like two-factor authentication. Yet, they own substantial real estate portfolios and have been investing traditionally for decades. Converting such users—who see the clear benefits of our platform compared to traditional methods—is a significant indicator of our success. Many of them have become so convinced by the advantages of using Lofty that they choose to list their own properties on our marketplace.

Every single listing we've had, averaging about one per week since last August, has come from an existing Lofty user. This feedback, combined with the organic referrals we receive, convinces me that we're on the right path.

Our main challenge now is distribution; many people simply aren't aware of us yet. If I could, I'd sit every person in the country down for five minutes to explain what we offer.

I'm confident that if we could achieve that level of awareness, we could be ready for an IPO the next day.

#BNTO, what does the blockchain industry need to do to enable the next trillion dollars of real estate assets to be transacted onchain?

Victor

Jerry, your growth driven by user recommendations is impressive and indicative of strong product-market fit and a continuing flywheel effect at Lofty. You mentioned having tokenized $30 million worth of assets and estimated the entire industry at around $100 million, which is still small compared to the vast real estate market. What are the main challenges or barriers that need to be addressed for the market to expand from $30 million to $300 million, and eventually to trillions? Specifically, in the context of our topic 'greening the next trillion dollars on chain' under the hashtag #BNTO, what does the blockchain industry need to do to enable the next trillion dollars of real estate assets to be transacted on chain?

Jerry

$500 million is my estimate. It's a great question. It really touches on knowing your market well.

Do you have a large market?

And do you solve a significant problem?

If so, there's no reason for the market to continue using traditional methods, right?

Generally, people are logical and will adopt better methods if available.

The stock market is a prime example.

Long ago, people traded physical stock certificates. You could even buy them directly from companies by mailing a check to their investor relations department, which would then send you the certificates. Most people didn't have brokerage accounts; they kept a drawer of stock certificates from various companies to manage their portfolio. Today, most trading is digital. People use apps like Robinhood or Fidelity; everything is done online—logging in, monitoring, trading. When technology offers feature parity with traditional methods but is more efficient, people will generally switch to the new technology.

However, if there isn't mass adoption yet, it's typically because the new technology lacks feature parity*. There might be aspects of the product that solve a problem and are beneficial, but it still has drawbacks making the traditional methods preferable under certain circumstances. For example, leverage is crucial in real estate investing. Otherwise, it's not very exciting—real estate appreciates by about 4% nationally on average. What makes it attractive are the tax benefits. If you earn a 5% yield on a Treasury account, you don't keep all 5% due to taxes. But with real estate, you can offset your income with depreciation and operating costs, resulting in no tax liability on the 5% yield. Adding leverage can significantly increase your returns.

"Feature parity" refers to a state where two or more products, typically software applications or hardware devices, have the same set of features and capabilities. Essentially, it means that regardless of the platform or version, users can expect consistent functionality and performance across all versions or variations of the product. This term is often used in software development when ensuring that different versions of an application, such as desktop, web, and mobile, have the same features and capabilities, thus providing a consistent user experience across all platforms. Achieving feature parity can be important for ensuring customer satisfaction and usability, as users expect similar functionality regardless of how they access the product.

Currently, at Lofty, obtaining mortgages is challenging. Some properties have them, but they lack flexibility. We have users who want maximum leverage, while others prefer all-cash investments due to risk aversion. This diversity creates issues when all become owners in the same DAO because the property is either leveraged or not, making it impossible to satisfy everyone. We're considering 'synthetic mortgages' to allow investment in the same DAO without leverage or with as much leverage as one could qualify for. If there's a default, only the investor taking the risk faces liquidation. The conservative investor isn't negatively impacted, and their tokens remain safe.

This flexibility and the ability to leverage within the marketplace are what we're planning to build. Currently, if you invest in real estate traditionally, you're likely to use a mortgage. On Lofty, if you're involved in a cash-based deal, you don't have that option. The lack of leverage deters some people from using the product extensively.

This is a clear example of the importance of feature parity.

Once we can confidently say that everything you can do in the traditional real estate market can be done on Lofty—and done bettert. It's not just our claim but also the users' consensus. Then, if the product is well-distributed and known, there's no reason we couldn't capture the entire traditional market share. That's our vision and goal.

Algorand Ecosystem and Web2-comparable UX offering

Sunny

Jerry, could you explain your decision-making process in choosing to partner with Algorandt? Also, as Lofty.AI is the first in the world to support staking $Algo tokens against real estate, could you discuss how you came to implement this feature?

Jerry

Our decision was purely business and technical. I've mentioned previously that we continually evaluate other blockchain platforms to optimize user experience. Catering to a demographic that might be older or more traditional—real estate professionals, for instance—requires a simplified process. Telling them to sign up, then halfway through direct them to download a third-party wallet, or instructing them to buy Ethereum on Coinbase, bridge it to a Layer 2 platform, and wait several minutes is not feasible. This kind of experience disrupts user conversion; they drop out during the process.

From the beginning, we aimed for a user experience comparable to Web 2.0 apps, where databases are highly efficient and infrastructure is robustly developed.

Users expect a seamless signup and a swift transaction process. For instance, they want to click a button to buy something and see immediate results without excessive transaction fees. Asking someone to pay $50 for a token and then an additional $10 in transaction fees is not viable. Therefore, we needed a blockchain with low gas fees and quick transaction settlement without the need for bridging assets.

We chose a Layer 1 blockchain that offered both low gas fees and fast transaction times. At the time of our launch, Algorand was one of the few that met these criteria, which is why we opted for it. Ultimately, our users don't care about the underlying blockchain as long as it delivers a seamless experience. Our focus is purely on core user experiences when it comes to blockchain technology.

Additionally, we recently announced that users can now stake USDC or $Algos in our marketplace's liquidity pools for the Automated Market Maker System, enhancing utility for those in the Algorand ecosystem. This update is particularly beneficial for those who prefer not to undergo KYC verification, aligning with the ethos of Web 3.0 and cryptocurrency, where users may seek participation without revealing personal information.

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