Recap: MetaFinance v2 online conference
Moderator: Could you please share more about why we did this rebranding? What benefits it may bring to the community?
Daniel: Sure. As I explained in previous AMAs, MetaFinance was started as a side project. We completed proof of concept and went straight into developing the DAPP and that’s the Metapool we know today. However, as the user base grew quickly, many newly joint community members were complaining about the difficulty for starting. They couldn’t find the basic information about MetaFinance easily, which led to much confusion. And the UI and UX in general aren’t so friendly for newbies in DeFi. Also there are some historical issues remain like Metapool or MetaFinance for branding. So we believe it’s time to do the rebranding. As the industry grows, we grow.
I think the benefits of the branding is quite obvious. First, there will be a significant UI improvement. We now have a stand alone landing page to give newcomers the basic idea of who we are. Second, we established a wiki of MetaFinance so you can find most of the FAQs there. It saves heck of time for community educationers. Finally, this design appeals more to the beginners in DeFi and is now above the industry standard in terms of aesthetics. So much easier for new communities to join.
Moderator: We also acquired a new domain. Just out of curiosity, how much did it cost? As you mentioned that we are doing this for the community, would you please share more about your view on the importance of community on DeFi?
Daniel: That one costed about 100k USD believe or not haha. Not a small amount I know, but we received community donations including myself and the dev team. A few dude made a good fortune through NFTs (Punks and Pengu if you are curious) so it’s not that ‘big’ amount after all and didn’t actually costed the DAO treasury.
Of course community is important and I have stressed that point for many times. A DeFi without community involvement is no difference to a tradfi institution. You see new products come and go, many got easily forgotten after one week or two. Why is that? Because they don’t have a community attached to it. A product, sooner or later, will become outdated but with the input from community, you are talking to an ever growing group of audience and you know towards which direction the product should evolve. Check all successful DeFi projects, this is the same one trait they all share.
Moderator: Would you please tell us more about the AnySwap partnership? Why is it important?
Daniel: Sure. For those who don’t know, AnySwap is one of the top cross-chain liquidity solutions out there. It’s an ecosystem project of Yearn Finance, or YFI, by DeFi legend Andre Cronje. So in a way it’s kinda like we are endorsed by YFI after all our effort. Hooray!
As we all know that MFI is deployed on multiple blockchains, that means our liquidity is fragmented across all 3 blockchains, which is not that much a good thing considering you would like to maximise your efficiency of fund using. Currently we are using Hoo Exchange for cross-chain transfer. Despite it works well for now, Hoo is a CEX and there might be some down time or even black swan incidents. To mitigate any potential risk, we now have AnySwap as the decentralized solution to this problem. You can now safely transfer your MFI across blockchains without worrying about being unable to withdraw.
Moderator: $MFI is about to go halving. What would be the impact?
Daniel: Halving means the emission rate of MFI is going to be reduced to half of what it is now. That means the future incremental circulating supply will be decreasing. We have already witnessed quite a few halvings like Bitcoin, Litecoin, and Monero. The price usually go up due to the expectation in dropping circulating supply. However, that is also subject to the market cycle in general and it may not kick in immediately. My advice will be planning ahead and keeping an eye on the market.
Moderator: Tell us more about the progress of MetaDEX? What’s your opinion in the DEX/SWAP landscape in general?
Daniel: Sure, the dev team is in touch with the UNISWAP and Paradigm team on TWAMM algorithm. TWAMM is a new AMM algorithm that involves ‘time’ as a factor. It divides one order into many small orders instantly and apply AMM to it, which helps significantly reduce price impact and gives better rate. If things go well, MetaDEX may be the first DEX aggregator out there to implement TWAMM algorithm.
There are definitely many swaps and DEXs out there. I believe it is still early for decentralized exchanges in general, but at the end of the day it comes to two factors to define whether or not a project can be successful. First is fund utility efficiency. Second is the community support. High fund utility efficiency gives you an edge over other swaps in terms of attracting sophisticated players, while community support means you actually have active retail users around you. Having either side would at least make your project work. Having both? Then you’d be the champion.
Moderator: Regarding DID, what importance does it have? How about the NFT badge? What would be its value?
Daniel: Different from traditional Internet, you don’t have an account and password for blockchain. Instead, all you have to identify ‘yourself’ is a wallet address. Despite its always good to have anonymity, many use cases do rely on user profile, like non-collateral lending, or royalty program. So DID is basically a way to give you a profile on-chain without compromising your anonymity. How does it work? Basically we can tell your behavior from on-chain activity. How many yield farmings you are participating? How much balance do you have? How long would you hodl a token for? Through these activities we will be able to profile you without knowing who you are. That’s why we start experimenting DID. We start from our supernodes and nodes as they are the most trusted in our community so it’ll be easier to verify the results. We will start the experiment from airdropping NFT badges to them.
Currently there is NO VALUE in the NFT badge, it’s simply an acknowledgement or endorsement for supernodes and nodes. In the future we may commence non-collateral lending with these NFT badge holders but there is no speculation value in the badge at the moment. The future value is completely in the hand of you, the community. CryptoPunks start from 0, YFI starts from 0, what makes them valuable is totally the empowerment of community.
About MetaFinance
MetaFinance aims to create a one-stop DeFi service hub so users are able to get everything they need in DeFi done in one place. Experience optimal yields, exclusive blockchain project investment opportunities, and top-notch DAO governance in MetaFinance. Our governance token $MFI is now available in PancakeSwap, Uniswap and Hoo.com exchange. Anyswap is used as a cross-chain tool.
Learn more about MetaFinance:
Official Website: https://metafinance.com
Linktree: https://linktr.ee/MetaFinance
Dapp: https://metapool.finance/
Twitter: https://twitter.com/MetaFinance_MFI
Telegram: https://t.me/metafinanceglobal
V2 Introduction: https://bit.ly/3itdAdF
Contact: service@metapool.finance
