Howdy!
I would like to be a more discerning wine drinker, but I can’t tell what notes are in a glass. When I want to appear to be a wine expert, I fall back on the fact that red wine always tastes like cherries.
The blockchain is a wine-related technology.
DVIN is a wine tracking system
The afternoon was scorching hot as I sat with David Garrett, Jana Kreilein and the co-founders dVIN’s wine tokenization platform. Garrett explained in detail how wine and spirits retailers track data differently.
“I’ve been sort of obsessed with data,” Garrett confessed.
Garrett explained that in the more consolidated spirits industry companies have access pretty extensive business information on alcohol purchasing behavior. It’s not the case with wine. There are a lot of diffused flavors and aromas. “tiny players” come together to produce, import, and sell the product — with only a rough idea of where and when the wine is being consumed.
“A lot of [wine producers] are still keeping inventory on clipboards or Google Sheets,” Garrett said. “What that means is that while your Seagram’s guy knows the depletion report for the CVS on the corner, the winemaker, as soon as the wine leaves the winery, it’s gone, they have no idea.”
Garrett and Kreilein aim to solve this issue in part with dVIN. This platform, which uses NFTs based on Solana to reward consumers for sharing data with producers of wine, is a way to do so. DVIN is launched today for platform members and will be available to the public on Friday. This was revealed exclusively by the team at Lightspeed.
DVIN is a system that pairs wine bottles and digital corks. The bottle of red was attached with an NFC tag in the product demonstration I did for dVIN. As soon as I placed my phone close to the bottle, dVIN’s website opened, allowing me to see the digital cork, along with information about it. A button on dVIN lets consumers burn their digital cork to get a tasting token, NFT. “soul-bound,” Or, it is non-transferable.
Garrett, who began his career as a software developer before moving to the wine industry two decades ago has been thinking about the data problem in the wine industry since 2010. “couldn’t think of a centralized way to [solve] it,” He added that there was no practical way of bringing wine bottles and customers together in a shared database.
In essence, wine producers will pay the VIN payouts and consumers are incentivized to burn digital corks. This is done to gain access to valuable data on consumer behavior. DVIN Labs earns money by taking a portion of the digital cork sales and listings.
I am initially sceptical about dVIN’s ability to attract users. Luxury wine and some launch partners of the platform (Madlads, Jupiter, etc.) do not strike me as sharing a similar clientele.
Garrett, who has admitted to being a thief “kind of the opposite of a degen,” According to a spokesperson, the platform is a better bet for the soon-to come digital-native buyers of wine.
“They want transparency, they want experiences more than stuff … they want a direct connection to the brands that they love,” Garrett said. He also noted that dVIN — which he hopes can follow an adoption pattern similar to airline miles — is “not in a hurry” When it comes to building a company, there are many factors that need to be considered.
“We are the most boring project in blockchain, and we’re boring because we have a 25 year horizon,” Garrett said. “We don’t expect to take over the world tomorrow.”
Zero In
According to data provided by Blockworks Research analyst Ryan Connor, Solana now surpasses Ethereum in the 30-day trailing decentralized exchange volume.
Essentially, this means Solana has sustained its higher volume for an entire month — a feat that would have been all but unthinkable a year ago around this time. The data cited by Connor do not include the huge amount of trading which occurs on Ethereum layer-2s.
Matthew Sigel is the VanEck digital assets research head. He posted this chart.
The Pulse
Real-world Assets (RWAs), a new investment option that is more stable and tangible in the world of blockchain, continue to be hot topics. Huma Finance launched PayFi to boost global payment funding with instant liquidity.
The traditional payment systems (think of credit cards and trade financing) are slowed down by high costs, delays and compliance problems. The systems are too slow and clunky to meet today’s demands. Cross-border payments, for example, often require prefunding of accounts, which ties up capital and causes delays. According to a recent blog post, PayFi solves these inefficiencies by using blockchain and stablecoins to enable instant settlements and financing for RWA transactions.
PayFi has already attracted industry leaders like Solana. Arf has implemented on-chain solutions for cross border payments. @raincards offers USDC-backed corporate credit cards for Web3 Teams. @zeebuofficial also uses on-chain settlements for telecom roaming invoices.
PayFi offers new uses, including instant RWA settlements which reduce the settlement time of real-world asset and DePIN finance, which covers the cost of infrastructure by using its future value. The second idea is to allow projects to finance their current infrastructure with expected future earnings. This will speed up adoption. Huma also introduced the PayFi Stack, an open framework that helps build and support compliant payment financing solutions, ensuring they meet regulatory and industry standards.
On X @edithyeung congratulated Huma Finance for their launch as well as their partnerships with Solana Stellar Circle. @zengjiajun_eth remarked, and @ynonestop remarked. “PayFi” It’s a new buzzword that is set to be a major term in Web3. @neriah12345 agrees that PayFi will have a major impact on the way real-world asset management and financing is done. @wisdant, co-founder of Huma Finance, expressed his excitement that PayFi is the next frontier for real assets. He emphasized its potential to boost Blockchain’s impact.
One Good DM
A message from David GarrettCo-founder of dVIN:
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