Humble DeFi and Pact Fi are pleased to announce the completion of a merger, creating a DeFi powerhouse that draws upon the unique value each company brings. With this merger we are positioned to take the #1 spot in the Algorand DEX space, with sights on expansion to make ourselves a house hold name in DeFi. Leveraging shared expertise, a mutual extensive product line, and reducing duplicate work, we can create a stronger company and more robust, healthy DeFi ecosystem.
With this integration we will largely adopt Pact’s branding & product line, while integrating features such as permissionless farms from Humble. In addition, Humble’s team will take over the new entity, with Andrew Kotulak taking the spot of CEO alongside Nicholas Shellabarger as CTO. With their previous roles as Head of DeFi & Head of Engineering at Humble, this transition will be led by very familiar faces.
“This merger is a big win for the Algorand ecosystem. Leveraging two amazing products and consolidating our resources, we are in a great position to bridge the gaps in Algorand DeFi and show the world what we are made of. Look out.” — Andrew Kotulak, CEO
We also want to extend our gratitude to the parties who worked tirelessly over the course of this transition to be sure it was a success and a value add to the ecosystem. Our Investors, the Algorand Foundation, and both parties teams played a pivotal role in ensuring the transition went smooth. A very special Thanks to Giles & the Algomint Team for jumping in to assist during this time — it did not go unnoticed. Their dedication to the success of the entire ecosystem can’t be understated.
What Comes Next?
We will be calling on all of Humble’s current users to migrate LPs to their respective Pact LPs. We will also be winding down the Algorand side of Humble’s UI, removing the add LP options and only allowing for withdrawals. This will be a slow roll out as we our conscious this is mid-governance period. We are requesting that users migrate their LP by October 14th, however we will keep up our UI until November 1st, migrating to a more simplified UI for withdrawals only. Furthermore, Algorand DeFi Rewards will be distributed through Pact LPs, starting at the upcoming quarter. Permissionless farms will be the first priority, ensuring these are back up and accessible for our users.
From a community standpoint, we will retain Pacts socials, redirecting Humble community to tune in there to stay up to date. There will be a transitory phase, and we will do our best to make this as smooth as possible.
Our initial focus will be integrating Humble products into Pact with a renewed focus on revenue and sustainability, and a special focus on community. We will be refreshing our UI/UX and setting the stage for the expansion of our product line. There are many strategic moves we think would bring great value to the ecosystem, and some of the ideas we have for future product direction could include:
- Focus on Stable Liquidity & Key LP Pairs.
- Multi-Chain
- Token Generation Event (TGE)
- Token Governance
- Concentrated Liquidity (clAMM)
- Much, much more!
We look forward to the years to come, and want to reiterate our commitment to Algorand, our long term supporters, and to making DeFi a future for all. We are excited for this new chapter to begin, and have some exiting things to share over the coming quarters and beyond!
Want to join our community and have a chance to win our next contest or get the Alpha before it drops? Check us out:
Website: https://www.pact.fi/
Telegram: https://t.me/pactfi
Twitter: https://twitter.com/pact_fi
Discord: https://discord.gg/5vyzGHh4ez
