Gab. | Solflare

Last year I started @DefundsFinance . About a year later, we sold the technology. At first glance, that probably sounds like an odd decision. It certainly wasn't the original plan. Here's why. The idea behind Defunds was simple: financial infrastructure will eventually move on chain. From the beginning, the goal wasn't to tokenize an existing fund or build another DeFi protocol. It was to build the infrastructure that would allow investment funds to exist natively on chain, giving institutions and asset managers the ability to offer regulated investment products with the transparency, composability and efficiency that blockchains make possible. Over the past year I spoke with fund managers, exchanges, financial institutions and many people across the industry. Those conversations changed how I think about the problem. The biggest surprise was that technology stopped being the hard part. Regulation became the hard part. As Brazil's regulatory framework evolved, it became increasingly clear that bringing a product like this to market would require much more than good technology. It would require governance, compliance, operational structure and regulatory readiness that naturally favor established institutions. That realization forced me to rethink what success actually meant. I never started Defunds because I wanted to build another startup. I started it because I wanted this technology to reach the market. Once I looked at it through that lens, the answer became obvious. If the technology had a better chance of succeeding inside an institution already prepared for this environment, then selling it wasn't giving up on the vision. It was probably the fastest path to achieving it. At the same time, another part of my career kept growing. Most people here know me because of blockchain, but I've been developing and trading quantitative strategies since 2017. In August 2022, that became my full-time professional focus through PatrInvestments. Since then, we've surpassed a 105% cumulative return and recently raised more for a new investment vehicle. Because of that growth, my priority going forward is clear: building PatrInvestments into the asset manager we've always envisioned. That doesn't mean I'm leaving blockchain. I'll continue contributing to open source security audits, staying active in the Solana ecosystem and following what I believe is the most promising infrastructure for on chain capital markets. I'm also closely following the evolution of tokenized securities in Brazil, including the initiatives being developed by B3, Anbima and CVM. I still believe the real opportunity isn't tokenization itself. It's what happens when traditional and on chain assets share the same infrastructure and the same liquidity. That's the future I'm waiting for, and when that environment exists in Brazil, I expect I'll be building in this space again. So, what happened to Defunds? The technology is now part of an important institution in the Brazilian crypto industry. Because of an NDA, I can't share the institution's name or discuss the transaction in more detail for now. I hope I'll be able to do that in the future. Looking back, I don't think the original thesis changed at all. Only the path to get there did. To everyone who followed the project, challenged ideas, found vulnerabilities, participated in audits or simply believed in the vision, thank you. Also thanks to co founder @Mattonweb3 without all his efforts would be impossible to make it happen. I genuinely believe this isn't the end of Defunds' story. It's simply the beginning of a different one. For me, the next chapter is clear. Building PatrInvestments while continuing to follow, contribute to and believe in the future of on chain financial markets.

From a @solana feedback community to a global network state. @islanddao evolved when its members realized: The strongest ideas, projects, and relationships are built by spending real time together. Today, IslandDAO brings builders from around the world into the right environment, with the right people, enough time, and everything needed to grow, collaborate, and create something meaningful. Yes, there’s a pool. But the real value is what begins there and continues long after people leave. See you at V5 in Florianópolis🏝