The launch of Alvara Protocol’s testnet is the most significant milestone yet on the platform’s roadmap for democratizing fund management through DeFi
London, U.K., May 16, 2024 (GLOBE NEWSWIRE) -- Alvara Protocol, a decentralized platform that utilizes the ERC-7621 (Basket Token Standard) to create and manage funds on the blockchain, today announced the official launch of its testnet, marking the most significant milestone yet in its development of the ultimate DeFi-based system for fund management.
With the testnet now live, users will have the opportunity to explore the platform firsthand in a sandbox environment that allows them to interact with the protocol, provide feedback, and help shape the future and impact of Alvara on both the DeFi and TradFi industries.
“We value the insights and suggestions from our community as we strive to refine and enhance our product, preparing an eventual mainnet that can serve both retail and institutional use,” said Alvara Co-Founder Dominic Ryder. “Decentralized fund management is a key driver in the ongoing mission to create a financial system that truly belongs to the people, and we look forward to the help of our community in building the best tool yet for a new, individual-centered, and decentralized world of finance.”
All Alvara Factory and Basket Token Standard smart contracts have undergone thorough audits by industry-leading cybersecurity firm Quill Audits, and additional audits and comprehensive pentesting will be conducted in anticipation of the mainnet launch. Also as part of the testnet launch, Alvara is migrating all its contracts to the Sepolia test network as Ethereum’s Goerli testnet will soon be deprecated. Users will need sepETH for gas fees and contributions to a basket (BTS) on the platform.
Alvara Protocol democratizes the world of fund management, providing an innovative tokenized fund factory that leverages decentralized finance, maintaining transparency, increasing liquidity, and providing a more cost-efficient solution than traditional hedge funds and exchange traded funds (ETFs). Built on the newly developed ERC-7621 token standard, Alvara provides an innovative tokenized fund factory that paves the way for anyone to become a fund manager. This unique ecosystem maintains complete transparency, allowing other investors to confidently contribute to the fund. For more information about Alvara Protocol, please visit https://www.alvaraprotocol.io.
About Alvara Protocol
The Alvara Protocol is a decentralized platform that utilizes the ERC-7621 (Basket Token Standard) to create and manage funds on the blockchain. Alvara offers a comprehensive fund Factory and Marketplace, with a transparent leaderboard showcasing the performance of every BTS created. ALVA and veALVA tokens assume crucial roles in driving the ecosystem’s growth and governance with veALVA holders wielding significant influence over the substantial ALVA reward stream. Removing traditional barriers, Alvara fosters a democratic meritocracy in crypto investing, enabling full lifecycle fund management, from creation to ownership transfer, within its seamless framework. For more information about Alvara Protocol, please visit https://www.alvaraprotocol.io.
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