Closing Statement

Chiel Ruiter

— 2 min read
Closing Statement

Since our launch in 2021, Florence Finance built and successfully operated a Real World Asset (RWA) lending protocol geared toward the SME lending space.

Post failure to acquire a Binance listing the decision was made to wind-down the project. We have ensured that third-party Vault investors can claim their principal and accrued interest from treasury and that liquidity in the DEX pools remaines available for trading FFM, we have kept the Website & D-App live through March 2025 (i.e one more month post dissolution decision/announcement) post which which we took down the frond end. Remaining funds can now only be recovered by interacting with the protocol directly on-chain.

Florence Finance was founded on the conviction that Real World assets and use cases would drive the next wave of crypto adoption, and we remain optimistic that this will eventually be proven correct. However, in this cycle, speculative use cases have continued to dominate, and our SME focus has not attracted enough on-chain / yield farming attention to grow TVL to a sustainable, cash-generative level.

Below are a few highlights of our project:

  • Built, audited, and operated an RWA/SME lending protocol
  • Funded over EUR 10 million in real-world loans through three reputable lending partners (SwishFund, Caple, and Avellinia)
  • Generated over EUR 550,000 in total interest, distributed to Vault participants
  • Issued over 60,000 Duke NFTs to holders and attracted more than 10,000 third-party Vault investors
  • Deployed the protocol on Ethereum, Arbitrum, and Base networks, briefly reaching a 100M+ FDV after TGE and listing on Ascendex

The Florence Finance project has certainly had its ups and downs and as Project Lead and as a Team we have endeavoured to communicate them openly and transparently best we could. Post the merger failing, I believe the decision to wind down the project in an orderly fashion was the right one. We have endeavoured to make the process as smooth as possible and I want to thank our committed team, trusted ambassadors, investors and loyal community again for all they have done over the last four years to contribute to the above. It has been an honour to work and build with you all.

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