Common Wealth aims to redefine the very essence of financial empowerment and inclusivity. In a rapidly evolving digital landscape. So this platform stands at the forefront of the blockchain revolution. Offering a myriad of innovative solutions that aim to democratize access to wealth and opportunities.
In the first week of August, Common Wealth will launch a beta version and it will be open for 7 days. The idea is that testers can provide feedback. So, one of its most important achievements is its recent compatibility with ZKSync, a leading L2 blockchain in the crypto industry.
Common Wealth is Getting Faster and Cheaper to Use
The NFTs on their platform will stay working in Ethereum but they will work in a way to make them operable with the platform and have good utility. But, why did Common Wealth choose ZKSync? It’s the cheapest L2 solution and has the best adoption and the largest TVL. It has 1M active wallets and 250k daily active users. Zksync has 70 projects in development at the moment. In this video, you’ll find more info:
Building in zksync has allowed Common Wealth to implement plans that they could not build on Ethereum before, in a short period. This will allow a substantial improvement in how users adopt the platform. It will also allow users to have a level of automation and integration, as well as more privacy and a much lower cost of operation compared to Ethereum.
However, Common Wealth had to manage third-party providers to improve the UX in Web3. Also implementing zksync has taken a lot of research time. So, the team is optimistic about launching the platform by October/November, as the roadmap has it. There is no exact date so far.
Common Wealth had a very strong synergy with zksync to develop this migration from the business development and technical side. On the other hand, The Common Wealth Team is aware that ZkSync’s ecosystem is in progress and the ZKSync team has been very transparent with what they are accomplishing. However, there are indeed things that are pending. For example:
- When the oracles are integrated.
- When the liquidity providers are active with liquidity on-chain.
- The rest of the on-ramp and off-ramp infrastructure will be operative too.
Are you ready? pic.twitter.com/jWInqO1PIy
— Common Wealth (@joincommonwlth) July 31, 2023
So, Common Wealth feels very confident about the partnership with ZKSync and wants to maintain a good relationship with them. So, stay tuned for any other development updates on their Twitter and Telegram channels. In their latest testnet, there are some topics in development:
- Automation interface between web2 and web3.
- Communities pieces pending to be integrated.
- Chainlink integration. (Launched in August/September)
- Dashboard view.
On the other hand, here are the accomplishments:
- Authentication system.
- Integration with non-custodial wallet.
- Aspects of different funds.
- Live market data.
More About the ZKSync – Common Wealth Partnership
The Learn2Earn section and rewards won’t be available for the beta launch. So, Common Wealth wants to boost the interaction with its community by making these funds available. For example, be able to add to a calendar and make them remember when they can vote for staking governance for example.
Then, users will be able to see deeper information about the funds by watching the live tokenomics data from the marketplace.
You can get in with your wallet, Metamask and Coinbase wallet are compatible, and invest or increase your participation at any time. To invest, you can do it with a credit card or a USDC deposit. They have plans to have more compatible coins in the future. About the credit card option, Common Wealth is thinking of having different on and off-ramps depending on the place people are. In some places, people will be able to buy with Paypal, others with Stripe, and so on.
Then, you have a confirmation fee step. Common Wealth is taking a 10% management fee, which is refunded before any carry fees are taken. So, once the project has enough tokens to break even in the funds, you will be repaid any management fees you’ve paid, so the platform can calculate carry and staking fees. That’s a big difference between Common Wealth and VC Funds. Within 12-15 years, VC Funds take 2% a year, which means that you will lose between 24-30% of your investment before the carry fees are applied. However, in Common Wealth, you get your fees back.
Fund transactions take approximately 3 minutes to confirm. When it does, users will receive an NFT which you can immediately trade completely or partially in Opensea. With 4 clicks, you can participate in Common Wealth’s funds very easily and securely. The dApp also works on mobile.
Say goodbye to FOMO and hello to opportunity. With Common Wealth, retail investors can invest in private VC deals that were once out of reach. We are radically leveling up the playing field. Welcome to All Street. pic.twitter.com/9by0Qbqngy
— Common Wealth (@joincommonwlth) July 25, 2023
Common Wealth and Crypto Regulators
Common Wealth is aware that filling the regulatory gap for dApps and its ecosystem partners is a very important part of their goals to get a sustainable adoption. And can be a truly decentralized and automated technology service.
As a result of the different moves in the US for crypto regulators, Common Wealth decided not to get into that market yet. However, they are registering in Europe via the MICA Law as a virtual asset service provider.
Also, this platform is not like a regular DeFi protocol. It’s a Web3 investment platform, so every country will have its regulations about classifying commodities vs. securities. So, to confront this aspect properly. Common Wealth is working on a layered legal structure – think collectives rather than partnerships – and so, by adding architecture, automation, and decentralization, Common Wealth can serve different regulations in different parts of the world.
Another important feature that the platform is implementing is the insurance for these funds so there are no problems in the future. The team had the idea of launching their own insurance fund. That way, the funds’ assets will protect the community and its investors.
- About receiving an NFT when you invest in a fund, how does it work for people with no crypto experience? Are you going to give another receipt type of mechanism?
There will be a registration form on the platform which provides giving an email address. So all your investments will automatically generate a receipt and will be sent to your email. The idea is to make things as easy as possible for people with no crypto experience and users will be able to see your investments in your dashboard portfolio.
Another important feature the platform is developing is that if you did not provide a wallet when you invested in a fund. The platform will automatically create a non-custodial wallet for you in the background, so the platform will never have access to the keys of that wallet.
All these features are supported by ZkSync, which is one of the few L2 blockchains that focuses on end-user usability. These features are aligned with the mission of Common Wealth.
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