Humble DeFi, the one-stop-shop DeFi platform merges with Pact Fi to form a strong powerhouse in the Algorand DEX space. Both FinTech platforms are going to merge their expertise to offer better services for customers of Algorand DEX ecosystem. Algorand Foundation shared this update on the official X account.
@HumbleDefi and @pact_fi are merging to form a powerhouse in the Algorand DEX space.
With their combined expertise, extensive product lines, and a shared vision, they’re set to lead the DeFi landscape beyond Algorand.
Pact’s branding and product line will continue while… pic.twitter.com/ASJvPzEhK3
— Algorand Foundation
(@AlgoFoundation) August 12, 2024
With their combined skills, a wide range of DeFi products and shared vision, both FinTech firms are determined to lead the DeFi space beyond Algorand. With this merging, both Humble DeFi and Pact Fi have secured the #1 spot and strengthened the Algorand DEX space.
Algorand DEX Majorly Adopts Pact’s Branding and Product Line
Pact will keep the legacy of the branding and products but will add the key features from humble i.e., permissionless farms. As per the official announcement, Humble will take over the new entity with Nicholas Shellabarger will be working as the CTO and Andrew Kotulak as the CEO. Both have already served as Head of Engineering and Head of DeFi respectively. So, this transition will be headed by familiar faces.
Andre Kotulak, the Chief Executive Officer (CEO) shared his views on this transition. He considers it a big win for the Algorand DEX space. He says that by combining two great products and integrating resources, we are well-positioned to close the gaps in Algorand DeFi.
Futuristic Plans of Algorand DEX Space
Algorand DEX will ask all of Humble DeFi user to migrate their LPs to the Pact LPs. Moreover, the Algorand side of Humble’s interface will be phased out, by removing the option to add LPs and only allowing withdrawals. Moreover, the changes will be gradually rolled out over time to keep the users well-informed and confident.
