The Origin Of Paribus
As a relative newcomer to the DeFi scene, Paribus has already developed a strong community inspired by the project’s vision to pioneer a new type of lending and borrowing platform within the Cardano ecosystem. What seems to have captivated the community’s imagination so fervently is the concept of being able to bring liquidity to otherwise illiquid digital assets such as NFTs.
The team recognized the huge value and importance of NFTs and the challenges of it being a highly illiquid market. It seemed strange that you could tie up thousands of dollars in an NFT and be left holding the bag, unable to do anything with it or leverage it in any meaningful way other than selling it on.
“We realized NFTs are growing and this trend is bound to pick up steam; however there wasn’t a fair, decentralized, and scalable lender aside from P-2-P lenders — which we thought wasn’t sufficient, thus we decided to press ahead.”— Deniz explained
One of the unique characteristics of the cryptocurrency space is that it actively embraces innovation and problem-solving. Time and again you’ll hear similar stories of how the space has enabled growth and development of ideas, provided that the innovators want to be proactive rather than just critiquing from the sidelines.
Although Paribus could have collected much more funding in pre-seed/seed rounds, Paribus decided to keep the raise amount reasonable — bearing in mind their tokens should be in the hands of masses, not a handful. An allocation was carved out to finance the initial efforts and start building its MVP via private token sale. The fact is Paribus could have raised funds and built a decentralized service with equity raise, however, tokenization of the project rather than raising capital through releasing shares is truly a testament to its vision as they believe in handing over Paribus as a DAO to the people once its ripe and mature.
“The route of tokenizing our project was one we considered carefully. We came to the conclusion that it would make most sense for us, as we wanted to build a community and not just another tech company. With a token raise, not only do you distribute the tokens to more holders, thus allowing for a more decentralized distribution of PBX, but it also grows a broad and inclusive community. While we did have initial seed and private investors, we want the power of the community to help shape Paribus long-term goals.” — Wilson Davis, COO
Paribus has grown and developed organically from the very beginning. From the first principles of identifying a need and then addressing the best solutions possible, they have continued to drive forward the horizons of possibility in this space. It’s appropriate therefore that they settled on the name, Paribus. They gave it a significant amount of consideration so that it would encapsulate and convey the ethos and values of their work together.
“Our name was inspired from a quote from Alfred Marshall, a 19th-century economist. The quote goes “…a complex question, studying one bit at a time, and at last combining his partial solutions into a more or less complete solution of the whole riddle. In breaking it up, he segregates those disturbing causes, whose wanderings happen to be inconvenient, for the time in a pound called Ceteris Paribus.” That phrase “ceteris paribus” is Latin for “all other things being equal.” We believe that it is important to have a strong name that connects our users to have an intuition about what type of company we are. We’re adding together the pieces of what makes a truly superior borrowing and lending platform, one step at a time, and will continue adding as we iterate and grow.” — Deniz, CEO
In an incredibly short space of time, Paribus have managed to successfully launch the PBX token, grow a loyal community of early supporters, launch native staking, and be on the verge of launching its MVP. Each step is followed in rapid succession which promises to make 2022 a very exciting year ahead for Paribus with support from its community and its friends at IOG.
ABOUT Paribus
Paribus is a cross-chain borrowing and lending protocol for NFTs, liquidity positions, and synthetic assets, powered by Cardano.
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