Morpho Blockchain

French student beats Facebook with $18 million crypto project

In 2005, Mark Zuckerberg fulfilled his dream with Facebook thanks to an initial investment from the Accel Partner Fund. It’s only been a year since he left Harvard and moved to Silicon Valley. Prize total: $12.7 million. Register for a student project.

Seventeen years later, two Frenchmen have fared better. Under French Tech, Paul Frambot, who studies Blockchain at Télécom Paris-Polytechnique, started with CNRS Research Director Vincent Danos. To create a Morpho. In less than 18 months, they developed a protocol that allowed more than 100 investors Wakes up $18 million. Their app was only active for a month.

“Morpho has the potential to become essential”

To gather such a large number of venture capital investors, reputable funds were needed. And for once, in the world of decentralized finance, Morpho could not find a more prestigious position than Andreessen Horowitz (A16z) and the variable fund. Coinbase Ventures, from the cryptocurrency exchange of the same name, has also trusted the French.

to give you an idea, Paul Frapbot is only 21 years old. His project launched him during his third year of study at the prestigious French school and could prove essential to the cryptocurrency and DeFi ecosystem. Morpho is a DAO (Decentralized Autonomous Organization) that has developed an optimization protocol for Better manage your lending activity On Synthesized Cryptocurrency Exchanges and Aave.

Lending is a booming cryptocurrency business, adding a banking dimension to the decentralized system. With the Morpho Protocol, the ability to lend money at an interest rate is guaranteed. Basic process So that DeFi projects can be funded without going through fiat currencies. So we understand every French technology issue.

“There is a huge interest rate gap between what lenders offer and the rate at which borrowers can actually get a loan.”, noted Paul Frabot in a press release. The protocol is an algorithm that runs directly Peer to Peer Price Negotiation. “In the future, instead of selling your company’s shares to fund a project, you can use them as collateral and borrow Ether or Stable Coins.”Paul Frabot added.

Aave and Compound naturally evolve on the Ethereum Blockchain, and the Morpho product is building on it as well. In all transparency, the two French say they have no plans to release them Income to cash flow through On their request (already more than 30 million dollars in one month). But in the future “On the day the community decides, we will charge a fee.”said the student. “Morpho has the potential to become essential” It ended up being said by the representative of the American Alternative Fund.

At a time when centralized cryptocurrency exchanges (CeFi) such as Coinbase and Celsius are facing very difficult situations in terms of financial health, the crypto world has not put DeFi in the spotlight. Therefore, it is not for nothing that Morpho, like many players, managed to increase the capital. promising.

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