Recap: MetaFinance and Bagels Finance’s AMA
Host: Thank you for being here Daniel, please introduce yourself.
Daniel: Thanks for having me here and good afternoon all friends of Bagels Finance, my name is Daniel. I’m the tech lead of MetaFinance. Before blockchain, I have 20 years of experience in banking and traditional finance(tradfi). With sheer interest I entered the blockchain space in 2013, and have been working with multiple blockchain and DeFi projects since then. So I have the privilege to witness the development of the entire crypto industry.
Host: What is MetaFinance? What’s its mission? As we see protocols like UNI, CRV, or YFI are already there, why MetaFinance?
Daniel: First, the mission of MetaFinance is to build an one-stop service hub of DeFi so users are able to complete everything they need to get done in one place. Users are able to get access to the best yield and exclusive early stage investment opportunities. Put it this way, we are dedicated to assembling various DeFi components just like Legos, putting them together to make a DeFi complex. Product-wise, we have already launched MetaBoard, MetaPool, MetaDAO and MetaTrigger.
So why us if there are already UNISWAP, Curve, or YFI? First, we believe that DeFi is gonna be a gigantic market and dominance by a few protocols is not gonna be the future. We need continous innovation. Second, we envision that DeFi will eventually need an aggregator not just for yield, but to connect protocol-to-protocol for users to simplify their user journey. That’s why we are trying to build MetaFinance as a plugable, multi-protocol-friendly complex. This is a completely different value proposition MetaFinance is offering to its users and communities
Host: I heard that MetaFinance has been around for more than one year and a V2 is on the way. Would you please introduce it?
Daniel: Yes, it has been a year since we launch. We have been continuously updating our product while accumulating a large community user base. The №1 priority for MetaFinance is always ‘security’. I think all of you guys have heard of the O3Swap exploitation. I think this is a wake up call to the DeFi dev community as a whole. In MetaFinance, we always get new functions audited and run on testnet first to mitigate any potential security risks. I will give you a brief introduction of our V2:
MetaFinance V2 is in a way supplementary to V1 but bringing many new handy functions. We are expecting a launch in Q3 or Q4 this year. Some new features include:
- New VI and UX. You will see a completely different user interface of MetaFinance soon.
- MetaDEX. A liquidity aggregator deployed on multiple blockchains. This is an unprecedented product as MetaFinance will come out with a better algorithm to make sure the availability of better exchange rate, AMM, order book, liquidity pool and governance reward. It provides almost all functions needed for a project in trading and liquidity provision.
- Stablecoin Yield Aggregator: A yield aggregator enables users to deposit stablecoin with self-compounding feature.
- Update of our tokeneconomics: we will further clarify the $MFI as our governance token, and $MFS as the reward token within MetaFinance. Think it as $AXS and $SLP if it helps you to better understand the dual-token system.
- More community educational contents: we are launching a program to better assist buildup of crypto communities by supplying more educational content, and closer connection between the community and MetaFund.
- DID: A decentralised identity based on NFT. V2 will attempt to apply DID in non-collateral lending &borrowing.
For more information please visit：https://metapool1.medium.com/metafinance-v2-preview-d388badc616d
Host: Tell us more about the next steps of MetaFinance?
Daniel: Sure. You may have noticed roughly what we wanna do and where we are now. Let’s go back to the general agenda of DeFi. There’s a saying that ‘DeFi is eating the world’, just like 20 years ago when we talked about ‘software is eating the world’. This cannot be done without continuous innovation and cross-protocol interoperability. Not just cross-chain but cross-protocol on the same blockchain. We need more of that. So one big thing MetaFinance is going to do is to make MetaFinance more protocol-to-protocol-friendly. That’s why we are planning to work with excellent projects like Bagels Finance as they can bring more innovative components to us. NFTs, on-chain ETF, leveraged yield farming, we are keeping our door open.
Host: What do you think about cross-chain interoperability and on-chain derivatives?
Daniel: We’ve seen great development in high-speed blockchains as supplement or as alternative to Ethereum EVM. However, fragmentation of liquidity is becoming a bigger head-ache as we cannot tell anyone to stop moving. Liquidity is moving everywhere in pursuit of better yield opportunities. That’s why cross-chain interoperability is becoming more important.
To tackle this issue, MetaFinance has already deployed on ETH, HECO, and BSC. So we also have the same demand for cross-chain asset bridge solutions. We are in touch with many teams and solutions, including Andre Cronje’s solutions, Poly Network and so on. But we have to consider the security and decentralisation first. So very likely we are going to adopt Anyswap.
In terms of derivatives, as the external environment is changing constantly, we see great opportunity for on-chain derivatives. I believe the Dokodoa protocol in Bagels V2 will be a great innovation to integrate cross-chain interoperability and leveraged derivatives together.
Host: The final question. How to engage the community and how can a project to grow securely?
Daniel: I think the key is in transparency and communication. There is a natural gap in information between the dev community and the general community. The more transparent the project is, the better understandings the community would have in the project. That’s why we are always keeeping the community updated and involved. Our MetaDAO feature allows community members to utilize governance tools like Snapshot to participate in the decision making directly. Basically we are trying every mean to connect with the community and making the bond stronger.
Apart from community, I think building relationships within the DeFi project community is just as important. Talents from everywhere provide constructive inputs in tech development, security, and product design. Through communicating with them, we would manage to have a thorough idea about what we need to fix and what we need to do. Bounty program is another initiative wo are considering to involve community users to involve in the project. They are excellent complement to the project’s prudence and third-party security audit. No good community, no good project.
About MetaFinance
MetaFinance aims to create a decentralized financial complex by combining different decentralized products in a legoesque way, with four core products: metaaboard, MetaPool, metadaao, MetaTrigger, community-based Dex, derivatives, NFT and more will follow. MFI is a governance token that carries the value and equity of MetaFinance. A version of MetaFinance V2 will be available from 2021 Q3.
About BagelsFinance
Bagels Finance is a leveraged Yield farming cross-chain aggregation protocol deployed on Heco/BSC/Ethereum Layer2. The Bagels platform integrates various mainstream liquidity mining strategies and grants users a maximum of 10 times leveraged mining income.
Learn more about MetaFinance:
Linktree: https://linktr.ee/MetaFinance
Official Website: https://metapool.finance/
Twitter: https://twitter.com/MetaFinance_MFI
Telegram: https://t.me/metafinanceglobal
V2 Introduction: https://bit.ly/3itdAdF
Contact: service@metapool.finance
