Over the past week, as you may very well be aware, the Terra money network collapsed along with the value of the native currencies, $LUNA & $UST. The Terra blockchain was frozen recently as possibilities for paths forward are assessed.
Angel Protocol’s product & vision remain intact and will find new life.
Our biggest priority is making whole $4.1M of charity funds that are currently stuck in $UST now that it appears the ‘peg’ will not restore. We are seeking help here, so please reach out via email if you’d like to support, personally or through organization, foundation or investor connections.
When it was clear hope for $UST was lost at the end of the week, we moved quickly to preserve as many unlocked funds as possible.
In the meantime, Angel Protocol’s runway was devastated. We have enough to proceed short term, and we’re evaluating options for raising additional funding going forward. We are working with builders across the ecosystem to determine a path forward, whether that involves creating a new chain altogether or moving to an existing ecosystem as one.
Fortunately, there are many options to carry forward our social impact vision.
We’ve been communicating with charities throughout this process, and have received overwhelming solidarity and empathy despite their personal losses. It is very clear the need for sustainable funding streams for NGOs remains, and we will continue to work to solve this challenge.
For our loyal $HALO holders, please rest assured you will not be forgotten. We will work off a snapshot of the blockchain to compensate holders when a suitable home is determined for our rebirth.
Thank you for your belief & investing in social impact
To sum up – Over the past year:
- $6.4M was raised for charity
- 100+ businesses joined a giving pledge
- 165+ charities were onboarded to Web3
- Our vision has merit.
Angel Protocol will regroup, learn from this painful experience, and continue with greater resolve than ever before.
Our hearts go out to the many impacted by this collapse. You are not alone. We feel this pain personally and professionally, among our friends and family.
We still believe Angel Protocol solves a critical challenge for nonprofits, the impact space, public goods funding, and reducing inequality. We will continue to keep you all updated as our future plans take shape.
Thank you Angel Family, we’ll continue to build together
The Angel Protocol team