Multichain - MULTI

MAJOR MELD NEWS – Mainnet TIMELINE, Testnet Progress & Multichain Updates!

YouTube video

Foreign Ation welcome back to the DAP Central YouTube channel I’m your host here Fareed and as a part of today’s video I’ve got a long laundry list of updates surrounding the development of the Melt protocol now if you guys are not aware Ken oling who is the Melt CEO recently

Had an Ama or an ask me anything Twitter space hosted by Matt on Twitter if you guys are not already following this team on Twitter I highly recommend that you go ahead and do so and I’m gonna go ahead and leave their link to Twitter down in the description below now as a

Part of this update not only did they talk about their recent public test net which was just released they also talked about their progress when it comes to c2f or crypto to Fiat the status of their Emi license the bank manager nfts and their ongoing multi-chain operations

Now what I want to do as a part of this video is briefly run through a laundry list of these topics and then I’m going to turn you guys over to a recording so you guys can actually hear this information coming directly from Ken in

Mat in real time now before I jump into that if it’s you guys first time stopping by the YouTube channel my goal here is to provide you guys in the community with the latest news tutorials and reviews surrounding the top projects and builders on the network which

Includes the Melt protocol that said if you guys appreciate this type of content please make sure to tap that like button if it’s your first time stopping by consider subscribing and if you have any questions for me then make sure to leave those comments down below I’m also a

Brand new single stake pool operator operating the official dap Central stake pool which has just crossed over 2 million Ada and delegations and we’ve just recently minted our very first block if you guys want to support the channel consider delegating with the stake pool ticker d-a-p-p that said let’s go ahead and

Jump straight into this laundry list and I’m going to turn you guys over into the recording which just took place yesterday on March 8th of 2023. so the first thing I’m going to start off with is going to be the test net and it’s updates and its recent progress so

They first kick things off by highlighting the fact that they will not be releasing 500 testnet codes per day for users looking to gain access to the public test net now two days ago they did make an announcement basically highlighting the fact that there would be onboarding 100 users per week but

That has been bumped up to 500 users per week now the reason why they’re using codes in the first place is to prevent users from creating multiple accounts given the fact that on the mail test net right now there is an automated process or an automated faucet providing users

On the platform with tokens so if they didn’t have this gate on we could potentially see people jumping onto the test net creating multiple wallets therefore draining a lot of the assets from the faucet if they weren’t actually using the platform as expected now on in terms of additional updates surrounding

Their test net Ken did confirm that all melt smart contracts have been deployed and they’re actively working on their liquidation bot they’re also performing security and load testing and one cool thing that was mentioned here as a part of the testnet integration was the support for Jed if you guys are not

Familiar with jet this is going to be a brand new over collateralized algorithmic stablecoin that just landed on cardano at the beginning of February that said we’ve seen jet gain over more than 12 million dollars locked on cardano and what the Mel team is looking to do now is add this particular token

To their test net now they’ve already got iusd which is going to be a synthetic representation of a US dollar from the Indigo protocol incorporated into their test net on top of that they’re going to be closely working with dexes which include Wing Riders and the minswap platform in order to optimize

The liquidation process now following the updates on the test net they briefly switched gears and talk about the impacts of Celsius and the recent FTX Fallout in summary they basically talked about custodial risks mismanagements of funds and their impacts within the broader and crypto space after that they talked a little bit

About their genius loan which will be a self-repaying loan feature coming from meld and what Ken basically mention here is that this particular feature is still on track and it’s going to be built using the existing smart contracts with a specific configuration on top of that we should be seeing the introduction of

The genius loans on the test net within the next 30 to 60 days so if you guys have been waiting patiently for this particular tool make sure to sign up for the test Nets you guys can get access to it as soon as it’s released after that they talked about their multi-chain

Operation and some of the progress that they’ve made on that front now if you guys are not aware other D5 protocols including Ave are now also going multi-chain Ave is going to be a lending and borrowing protocol operating on the ethereum network which is going to be an

Evm compatible chain and they’re going to be migrating or incorporating the polygon and BSC networks as well so it does look like Mel is going to be taking a similar stance if you guys are not aware meld will be building natively on cardano but they will be also launching

Their own meld subnet or side chain and they’re also going to be supported on a few other blockchains now as a part of this update here Ken confirm that melt successfully connected a metamask wallet to their own test net or sidechain on the avax platform so this is not

Actually running as an avax protocol but it’s running using the Avalanche subnet feature so I want to make that clear this is going to be a side chain very similar to what we’re seeing with the world mobile token and their isi chain or their Aya Network being built using

The S Cosmos SDK now this new melt side chain as I mentioned will run as a subnet on Avalanche and the tokenomics have been finalized for this nude sidechain as well Ken briefly also touched on the transaction throughput which he mentioned right now is currently at 2 000 transactions per

Second on this side chain so that’s going to greatly outweigh what we’re seeing right now on cardano without Hydra but hopefully as we begin to get more layer 2 scaling Solutions on cardano we’ll begin to see these numbers increase as well now after they talked about the transaction throughput they

Actually talked about the transaction cost and so Ken stated that transaction cost on the official meld side chain came out to one penny when the actual value of the Mel token was twenty dollars if you guys are not aware the Mel token right now is trading at about

A penny and a half and so it’s got a quite a long ways to go until it hits 20 therefore basically stating indirectly that the um side chain transaction fees are quite negligible until the actual value of the mail token increases dramatically so again a lot of really good news

Surrounding the transaction throughput and transaction cost when it comes to using the brand new meld side chain now in terms of adoption they did also mention that this meld token right which is going to be the native token for this protocol will be made available on ethereum polygon cardano the Melt side

Chain the Avalanche Network and then after that they’re going to be aiming to Target the binance smart chain and ZK sync He also mentioned that the token contracts will be deployed on all of these different chains and that all of these tokens or all of these networks will be supporting the official native

Meld token so they’re not going to be wrapping assets or providing W melt or anything like that like we currently see for example with Bitcoin coming onto ethereum where it’s wrapped in unwrapped so a lot of really solid news and positive news there in in closing they

Did also mention that on the side chain that the note operators will be able to basically earn meld rewards and that all of the transactions fees will be paid using meld on the side chain now following that Ken did also talk about bridging Solutions which he mentioned

That they’re going to be using or collaborating the multi-chain platform now multi-chain is going to be a bridging platform bridging across a lot of different ecosystems within the crypto space and as a part of the 25 days of meld which took place during the month of December we saw melt officially

Partner with the multi-chain app now with that what we are going to be able to see is that the minting and burning mechanisms will actually not be occurring on the bridge itself if you guys are not familiar with how minting and burning Works normally this is done on the actual Bridges themselves but

Over the course of the last few years we’ve seen that that has become a soft point or a point of contention when it comes to exploits and so hackers and people that are looking to take advantage of liquidity on Bridges know to actually Target the bridges themselves and so knowing that meld is

Actually going to be using the meld Dao or the decentralized autonomous organization with a multi-sig wallet and if you guys are not familiar with what a multi-sig wallet is it’s basically a wallet that requires multiple inputs or multiple signatures from different parties for a transaction to be

Confirmed so meld the meld Dao will actually be managing all of the funds and all of the minting and burning occurring for the token across all of the supported chains now that said don’t worry the Mel tokenomics will remain the same with a total of 4 billion tokens

The team has been adamant in stating that they’re not going to be adding any new additional Supply therefore potentially deflating or excuse me decreasing the existing value of any tokens that may already be in circulation very lastly can highlighted a Brand New Concept that I personally

Had not heard about and this was the insurance of the actual bridging platform so the bridging transactions taking place so in summary he basically mentioned that they’re working with a partner right now and this has not been finalized just yet but this will basically allow for any transactions which occur through the multi-chain

Bridge to be insured and again this would basically come into play or into effect in case there was an exploit and you would have bridged assets into a separate ecosystem or a separate Network moving right along they also talked about the bank manager nfts in which they confirmed that the vending machine

And the website should be ready by the end of the month of March the nft should be available on the test net within the next two weeks and the nfts will be made available on the mainnet following their thorough testing on the test net for about two to three months now this two

To three month minting window will be adjusted if the number of nfts have not been claimed and again keep in mind that there’s going to be a total of 42 000 of these nfts available for claiming if you delegate it to the Melt ispo for at

Least one Epoch you will be eligible to claim this as long as you use the same exact wallet that you use to delegate during their ispo in closing on the bank managers Ken confirmed that any leftover nfts will be used by the marketing team for different campaigns in the near

Future after that they talked about the Melt app in which they gave us some status updates and confirmed that they’re finalizing all of the smart contracts for the Melt app and that all of the core features and functionality have now been ironed out the team is also working on quality of life features

And adding new actions into the meld wallet following that he also highlighted the fact that the team is working on supporting or adding support for new blockchains and that the wallet is going to be set to be released on the mainnet in may now this marks the first

Ever time that the Mel team has announced any kind of main net date and in the past what they basically stated is that they only want to talk about the mainnet once things have been ironed out on the test net and so do keep in mind that while they did mention that this

Would be launching in in May if there’s any Black Swan events or any big issues that pop up between now and then we could potentially see this being delayed now the smart contracts when it comes to this launch here on cardano are going to be audited by the vacuum Labs team which

Is a pretty reputable team in the carnano ecosystem now they’re going to be verifying The Lending and borrowing smart contracts as well as all of the smart contracts surrounding the Melt app Wallet when it comes to the evm side of things that audit is going to be taking

Place by certic which is also a reputable platform on the evm side of contracts and they’re going to be verifying the smart contracts surrounding the Mel token and the Melt wallet now moving right along I want to talk a little bit about the Emi license and their crypto to Fiat updates that

Were mentioned as a part of this update so it says here that the team has now implemented a tech stack for the implementation of their c2f services and then on top of that the team is now working on a mobile development platform or the mobile development I should say

Of the Android and iOS applications now there are no issues in close site for the Android application however we did recently see that the uni swap application was banned from the Apple iOS store for at least one year due to the fact that it supports crypto that

Said the melting is a little hesitant into putting any more time developing a iOS native app due to this concern and so we will have to wait a little bit to kind of see exactly how that plays out but it does look like on Android there

Shouldn’t be any new issues on top of that there’s now an internal team dedicated to regulations and compliance for the c2f efforts with their smart contracts for c2f being currently built and tested internally now in closing here for the for the c2f updates in May the melting will be on onboarding or

Begin the onboarding process for private Banks and business customers so get ready looks like 2023 will be the year for meld that we’ve all been waiting for now following all of those updates they switched gears and went into the Community Q and A section as a part of

This year I’m not going to dive into all of the questions but again feel free to use the timestamps down in the description below to kind of jump around they talked about being a melt note operator now can confirm that being a melt note operator or operating a melt

Node on their side chain which again is running as a subnet on top of the Avalanche network will require a pledge of 2 000 avax now at the time of shooting this video that comes out to somewhere around 30 or so thousand dollars but that’s going to be operating

In a very similar way that we’re seeing pledges being used on cardano now on cardano there is no minimum pledge but on avax there is a 2000 avax minimum pledge now the team is also actively working with a service provider to be able to spin up validators and then

Fractionalize them to operators making the entry cost a little bit cheaper and so in this method melt will literally be fronting the 2000 avax getting the uh node operator or getting the node running and then they’ll be fractionalized fractionalizing that node out to all the operators looking to

Actually operate on the Melt node therefore reducing the entry price into becoming an actual node operator now meld will clarify exactly how much avax will be needed by operators if an agreement is made with this particular service provider but worst case scenario brace yourselves you guys if you do want

To be a operator and get that 2000 a vax ready now right now they’ve currently got three active meld validators and they’re going to need at least nine of those in order to actually launch their subnet so again they’re going to be needing at least six brand new node

Validators to help them run their meld side chain operating on the avax network work now I’m going to briefly run through the remaining q a topics that were discussed which include the meld protocol rewards the bank manager nft minting for Diamond hand holders data oracles on cardano they also gave

Updates on the gold back token as well as node operator rewards operating on the Melt side chain and then in closing they talked about the integration of the lace wallet and which Ken basically said that the lace wallet appears to have some of the strongest security that he’s

Seen compared to all the other wallets developed on cardano if you don’t know what the lace wallet is this is going to be a brand new wallet developed specifically by iog which is also driving the core development behind cardano and then in closing they talked about crypto community events in which

The metal team said that they’re not going to be attending a lot of the bigger events right now until they’ve got a product to deliver and then they wrapped up by talking about the future utility of the meld token so again as I promised that was quite the list and if

You guys want to find find out or skip to specific portions of this AMA then please make sure to use the time stamps down in the description below if you guys found this update here to be helpful I would really really appreciate it if you guys could tap that like

Button it does go a long way given that I’m a single content creator if it’s your first time stopping by consider subscribing for more news like this surrounding melt and cardano in general and if you guys have any questions for me about meld or cardano then make sure

To leave those down in the comments section below that said make sure to stay in tune with melt and at this time I’m going to turn it over to you guys into the AMA recording I hope you guys enjoy oh nice mobile app update I’m sure some

Of you here in the space have been using the test net enjoying shaking it down in Alpha and now the public beta or I think we’re Distributing about I think last time Victor updated it to 600 codes a week 500 500 codes uh a day not

A week okay so we did finally sell on that okay yeah 500 codes a day so the goal the when we did it to 100 it wasn’t to keep anybody out it was just simply we didn’t expect to get 500 per day um and since we did then we just upped

It to to much higher so no the idea here is not to gate it anymore the idea here is just that because when you when you use the code and you get into the to the test net app you’re automatically air dropped a whole bunch of testnet tokens from our faucet

So under a normal test net you would sort of just go into the test net then you would have to go to a separate place to get a faucet and you’d have to do a whole bunch of different faucets to get different types of of test tokens and

It’s just a general pain in the neck so we decided to do this airdrop and make it super easy for you to get a whole bunch of different tokens the the trade-off for that is that if someone games the system and they just go in and there’s no there’s no code someone can

Game the system go in and just drain the the faucet from all the test tokens and then nobody has them except for a bunch of uh dead wallets so that’s the reason why the code is there it’s not there to sort of block anybody from actually getting in

Yeah initially the um her having the closed bait is just so you know getting through some some of the more glaring UI issues because I mean it’s it’s an alpha product right so we don’t want people assuming it’s just like right on the verge of you know open and Main net when

You have something that’s an alpha right and so a lot of people don’t understand or care to understand these distinction very much so we made sure we had a bunch of we had a bunch of people who who through applying to the process and we made sure they were they had an

Experience with testing were diligent and some who weren’t you know you want a variety but that everybody understood like what the conditions were the parameters were of the alpha and now that a lot of the stuff there have been taken care of by some very by the initial 500 people

Who were very good what they’re doing we’re now opening it up and so the user experience is much better also Ken we can hear you breathing sorry guys I’ll put myself on mute yeah but uh yeah so now we’re opening it up and like we say the gating is just

Purely to stop some malfeasance from going in and try and make a bunch of spoof accounts and draining all the test data and stuff like that right so it’s actually just a measure and I mean the fact he moved it from like 500 a week to

500 a day it shows that you know we’re victims of our own success uh I put the term victim very Loosely so it’s good problems to have it seems a lot of people want to try it out and helps put the system through its Paces because now

In this phase we can do things that we weren’t quite able to in the others which is really start to put do stress into rest tests right so we’re moving on to the next phase that that involves uh you know the kind of stuff that blockchains really get tested on their

Metal which is you know distributed computing and concurrency so things like that so without further Ado um with that sort of housekeeping out of the way I guess we’ll throw it to Ken and ask what’s our how’s our Dev progress on cardano here we know we’re

In test net do we have um possible dates for mainnet live so yeah so all of the smart contracts have been deployed um everything is operational and working so lending and borrowing and you know everything connected to that with all the different tokens um what we’re testing and working on

Right now are liquidation bots so we have a liquidation bot and we’re doing some work on that to make that liquidation bot a bit more user friendly what that basically means is when you do a liquidation you have to or you would traditionally you would have

To calculate a lot of uh variables so how many tokens are you actually supplying um what are the prices for these different things you have to go through a lot of calculations in order to sort of Feed the bot with the right numbers when it does the liquidation

So in the version two of the bot that we’ve just launched I guess about a week and a half ago we’re in the process of trying to put all of those calculations on the back end so the bot gets them from the smart contracts or it gets them from the

Blockchain so that there’s no chances of the person working on the bot um to make some you know bad math and then end up getting wrecked as a result of it or not being able to get the liquidation or whatever the the situation might be so it’s a kind of quality of life

Um adjustments to the bot so that we can get the bot working really well and we can run several of these different Bots so there’s that side secondly we’re working on the actual sort of live operational smart contracts and we’re doing refactoring uh making some modifications to them to make them

A bit more efficient these types of things and then finally like you said Matt we’re doing stress testing and we’re doing sort of security analysis looking at different attack vectors on it um a lending and borrowing protocol is fundamentally different than many other types of protocols and the way it is

Different is that for it to operate efficiently or operate safely it operates in concert with other protocols so it is you know I’ve said from the beginning this is all about composability and it’s very true in a lending and borrowing protocol because if someone wants to go and

You know liquidate a position they will pay back the collateral sorry they’ll pay back the loan they’ll get the collateral they’ll take it to a decks they’ll convert that into a stable coin typically or convert it into some other more liquid asset like Ada and in ethereum that is done in one or

Two transactions so it’s done very very fast um we do it in we have to do it in a couple more transactions because utxo is a bit different but we’re still trying to do it as few transactions as we can we’re trying to figure out exactly how

To make that process as fast and as efficient as possible why is that of any relevance because in a financial system time is one of the criteria so you have price and you have time and those are critical components so if the the the nature of your transaction is going to be different

If it or the risk in your transaction is going to be different if it takes for you to do all those transactions in one minute or it takes all of those transactions to do in 30 minutes that’s a major difference and it’s a major risk that has to be calculated into the system

So when we calculate the borrowability and the Liquidation on all of the supported tokens and I’ll talk a little bit about supported tokens in a little while um one of the factors we take in consideration is how long it’s taking for a transaction to go through on the

Blockchain right now that is a criteria and so we’re looking at all of these different security points um they’re not particularly relevant to meld per se as a whole but they’re exceedingly relevant to all of the users because if a user wants to go and liquidate something and they go

Through that process but it takes so long that by the time they get the collateral back to the decks and they convert it the price has gone less than what they’ve actually did the liquidation for they end up losing money and that is a that is an an absolutely

Untenable position it’s an unacceptable position for me so we’re taking the contracts we’re making them more efficient we’re working on the liquidation bot and on the front end we’re doing small sort of uh quality of life adjustments in relationship to the cardano part of the The Lending and borrowing and the

Cardinal part of the wallet yeah sort of paraphrase what Ken said there is that normally dexes don’t have to worry like the big distinction between dexes and bargain learning Protocols of course similarities that they convert assets right you know you swap but the big difference is that dexes typically don’t handle

Liquidations and the issue with liquidations is that they have like to call temporal sensitivity in that how fast they react to things is important because as Ken was saying that you don’t want to run into a situation where of course you know there’s all of a sudden there’s

A massive the market decides to take a dump there’s a massive change in asset prices and all of a sudden global global outstanding collateral is lower than Global outstanding loans and what that’s called is a GSC Global shortfall event which is very bad for a protocol it means essentially people are

Incentivized to just walk away right with the the farmers so that’s not something you ever want to have happen and so you want to make sure that the protocol and the oracles are all keeping up a locked step and updating the prices as quickly as possible because when the

Prices aren’t updated as quickly as the true price of the asset you get that in concordance which leads to a short Parliament so that’s the that’s a difficulty of trying to engineer a borrowing lending protocol that otherwise dexes usually don’t have to contend with that’s why it’s been easier

To bring them to Market as opposed to borrowing lending for those who might not understand the difficulties in the engineering behind it and why things would take a little bit longer you have a few more boxes to tick to make sure that they’re all running very smoothly so

That’s that’s generally this kid is saying been the number one priority so moving on to I suppose uh we’ll go through some of the Avalanche stuff too uh I think we can we sort of go through the motions of that okay our partners actually and then maybe we’ll jump to

Avalanche so remember Direction want to go with that one you want to discuss partner first yeah yeah so I want to talk about you know we’re talking about being part of a V5 ecosystem so the partners are relevant um so we have a lot of different people that are working

With us in collaboration on the on the test net so we have Min swap we have Wing Riders uh we have husky we have yeah lots of different partners um we have iusd we’re bringing on Jed now so we’ve had several meetings with them to bring them on to the test net

Um and we’re trying to sort of talk we’re working with Charlie three we’re trying to talk with as many of the protocols or projects on cardano possible that have a reasonable amount of liquidity in the dexes and so it’s important that we have these Partnerships with regards to Min Swap

And Wing Riders we’re not only just supporting their token and allowing it to be lent and borrowed but we’re actually working closely with them on the test net side and getting access to their test net dexes so that we can test these um these transactions that go through

The process of liquidating and then converting assets to something else and so we find that you know these real world tests are very very telling and they’re going to be we’re going to publish a lot of material in relationship to this and we’ll have a live dashboard for it but you know we

Have things like when we go through this process and we do some of these tests with these tokens in order for a token to go through you’re looking at you know eight or nine percent slippage and so these are the kinds of things that we have to test thoroughly that we

Have to you know really understand very well that we have to publish to make sure everybody understands this that we have to sort of talk to the dexes and work with the partners around this in order to make sure that you know that we’re not putting ourselves into a

Position where the users are going to be at risk um so it’s been great we’ve learned an enormous amount um and right now some of the bigger issues We’re working directly with iog um and lots of other projects uh that are kind of high volume so we’re talking

With drip drops in regards to this because they’re they do a lot of kind of high performance transactions um when they’re sort of using their Network and they’re doing distributions um so the partners are sort of really critical in this ecosystem because effectively what we’re talking about is

You know the the the Genesis of the D5 ecosystem in cardano when you bring all these pieces together and you can start to orchestrate them as a sort of as a single Market as a money market yeah it’s uh like we say like the having taxes are an integral part of like this

Whole thing and so especially in liquidation so we have to make sure we’re on point with the all our different partners it’s been a very Illuminating process seeing talking with each different partner uh their apis and uh just knowing a little bit more about the tech under the hood you know it’s

It’s like Kim was saying it’s it’s cardano tends to be a very interactive kind of uh ecosystem um and yeah have you learned anything about the Celsius bankruptcy well what kind of you know that happened just on the heels of uh of uh consensus you know the the

Big events in all of crypto and so there’s a lot to talk about close to consensus in Austin and I think if anything I’m long term it’s a boon to defy because Celsius is what we sort of touristically call you know cd5 which is really just DJing on other decentralized platforms

And having like a centralized intermediary with Celsius except that it worked kind of like it was the worst of Both Worlds you know you have like the the intermediary that in terms of the service you’re the last one in line to get back your own assets when it turns

Out that Celsius didn’t manage your assets very well yeah so this was from someone in the telegram group asked this question and the the generally the uh outside of FTX although even FTX supported us um tremendously as well um it’s been fantastic I’m super super happy at all these bankruptcies you know

At the beginning of 2022 when we started the year we had six competitors so we had um Celsius we had Vault we had Genesis we had block Phi uh we had Voyager um and nexo Founders got raided by uh Bulgarian authorities uh yeah and all of them are gone now

So the the whole kind of you know with first with sort of the the mismanagement of funds in general or mismanagement of debt in general with these C5 projects where their oversight is only organized around annual reports or annual sort of audits not on a sort of day by day or week by

Week basis then they’re getting into these very very risky situations because they can afford to and when the same thing happened with FTX obviously on a much grander scale and a much more bombastic scale but that also helped to kind of tip the scales it was kind of the last

The last sort of straw for a lot of the different protocols um these C5 protocols and sort of it kicked you know Genesis which was one of the big institutional ones one of the last in sort of over the edge so I think that all these bankruptcies and failures they suck because they

Generate a huge amount of flood in the market they um what would you call it they misrepresent crypto uh which is the bad thing so when when you see Regulators Regulators are trying to regulate against C5 the challenge here is that you know C5 was already regulated

And so their response is not to do some sort of special regulation for C5 because that would have a direct impact on the entire Financial ecosystem they in instead of they leave that alone but they go after the defy side of things and so that’s a bit of an

Unfortunate thing that we’re going to have to sort of do a lot of education on but in general all these bankruptcies we consider them to be fantastic for our business model and our offering yeah I think what it was is essentially as we saw The Dominoes start to fall and

Uh the great unwinding happening you know throughout the system is the contagious and spread was that each each of these was just like again a reminder of Marquee reminder of custodial risk and how they were afront to bedrock principles of of crypto and Defy is that

The whole point is to do away with custodial risk but rather you are your own custodian and so what each one of these examples remind us of is that you don’t really you’re not really aware of who’s in line to be claim assets until your assets are locked up with a

Custodian that is filing for chapter 11 and then you start to get to see the unfortunate side of the legal end of things in an end user license agreement so that’s uh unfortunately we had to learn those lessons in the most dramatic way but I think a lot of people were again

Reminded of you know why why cryptos based around the fundamentals that it is so it’s it’s unfortunate but I think in the long term it’s a boon to decentralization all right so let’s get on to the status of the stealth paying loan otherwise known as The Genius loan this is one of

The most important features that we’ve been advertising and was one of the Bedrock or Keystone elements of the white paper yeah so I mean nothing has changed in regards to the genius loan um it’s still in there it’s still in there for cardano it’s still in there for any other lending and borrowing

Protocol we launch um so it’s it really it’s a kind of a it’s a byproduct or it’s effectively some adjustments to some parameters in the supplying and borrowing mechanics so once we have General lending and borrowing up and running and working correctly um then it’s a matter of modifying some

Of those values in order for the genius loan to operate efficiently and so it is on track it will definitely be there um we’ll you’ll probably be seeing it in the next maybe month or month and a half in the test net and you’ll be able to

Start to play with this and see how it works uh with uh some of the other thing priorities that we’re imminent about just getting the testing up and running and making sure you know uh at least as far as uh Alpha versions is considered MVP was there you know but this is

Definitely something that logically Falls suit once you’ve got everything in place which got all your other Ducks lined up right so once the big ticket priorities are taken care of then you could you can start to expand out the feature set when you’ve got the fundamentals taken care of

Uh do we want to move to start talking about the relationship between going multi-chain sure thanks because you know people know that we’re also watching on Avalanche and it seems like the general life cycle of a lot of a lot of end game for most part about borrowing lending protocols

They want to expose their services to as many people as possible and really we’re no different because Ave is multi-chain to the most eminent story player in the D5 space right you know they migrating to you know or sorry so they they had a community vote to migrate to polygon a

Lot of D5 is now being done mostly on Roll-Ups like optimism and arbitrum and then they also uh having plans to deploy on BSC as well these Services want to be able to reach as many as possible and we’re no different in that regard and so when outside of cardano where’s the next

Logical place and we settled on Avalanche as many people know so uh there’s a few things that people ask about uh for one uh how many chains will support um how does the bridging work um how does it work across the chains and so on and so forth so I think we’ll

Just go through those in turn I suppose so so yeah when it comes to multi-chain um I’ll start with the meld side chain um I can give you guys some really good news we we um connected the the internal test net for the meld blockchain to metamask last night

Um and internally where we’ve been sending meld tokens to one another and doing transactions um I can tell you that we’ve finalize the tokenomics on the meld blockchain there’s two sort of key criteria that I can give you or key sort of indicators that I can give you first the um

Transaction throughput is 2 000 transactions per second so that’s the one of the sort of kpis connected to it and transaction wise for a native token to Native token transaction uh the cost in gas is um one cent when the Mel token is twenty dollars so if the mail token

Ever got to twenty dollars then the gas fee for that transaction will be one cent so there’s a couple of of points to bring up here um that fee is when there’s not congestion on the network so because um you need to have preventative measures for DDOS attacks as the network

Becomes congested those fees go up and just to backtrack it just a little bit to clarify that again this is on Avalanche where the smart contract platform is evm so gas fees are a thing whereas on card audited or not right no this is not on Avalanche so this is on

The meld blockchain okay so this is on we have our own native blockchain the coin is meld meld will be tradable and sort of usable on Avalanche um but it’s native on the meld blockchain so you’re able to on the meld blockchain you’re able to pay gas fees

In meld when you run a stake pool you get paid you know block rewards in meld so you can think of it more along the lines of a side chain similar to what um what world mobile is doing where they’re running a side chain on Cosmos

We’re running our own side chain uh but it’s a native side chain but we’re using the underlying sort of Technical and consensus infrastructure from Avalanche but the chain itself it is a native meld chain it’s not the Avalanche chain so with regards to the meld token the Mel token will be native

On I think it’s five blockchains when we launch so it’ll be native on ethereum polygon cardano um meld Avalanche and then soon after that we will make it native on um BSC and ZK sync so those are the the plans right now um when I say native I mean that it will

Just be meld so it’s not wrapped meld or mel.e or any of these kind of weird Abominations it’s just meld um and so we’ll have Smart contracts or token contracts on all of these blockchains and so that kind of leads me to the next point which is um our current Bridge partner is

Multi-chain so they’re the largest bridge provider Bridge sort of token bridging company uh protocol in the space uh by TBL and we’re partnering up with them to be able to bridge not only the meld token but lots of other almost any kind of token across to multiple different blockchains

And so you’ll be able to bridge um yeah you’ll be able to bridge the meld token to any of the blockchains and the way that this works is it’s a bit similar to the way that something like a usdc Works in that there is a mint and burn mechanic

But it’s not a mint and burn mechanic on the bridge itself right so there are lots of different attack vectors in bridges and one of the most dangerous attack Vector is to provide uh smart contracts on the bridge that actually mint and burn on the bridge so you sort of bring

Your token to the bridge and the bridge itself burns the token and mints it on a different blockchain we are not doing that so the way our mint and burn works is we effectively provide liquidity across multiple blockchains and then if let’s say for example somebody wants to take their meld token

And Bridge it from cardano to polygon so we will provide liquidity on polygon and then when you bring your asset to the bridge on the cardano side it gets locked up and then the the liquidity that we provided on the polygon side is sent to your wallet on polygon

And then the token that was on the cardano side becomes the property of meld so we facilitate the bridging process but we do not expose the the mint and burn on the bridge action itself so the way that the mint and burn works is the Dow

The the Mel Dao will look at all the different blockchains on a regular basis and we’ll do adjustments on the supply as a whole so if we see that a lot of tokens are moving from ethereum to cardano then we will provide more liquidity on ethereum or sorry on cardano

Um and we’ll burn tokens on the ethereum side so the way that we do that is through a multi-sig so the Dow manages a multi-sig and the Dow will then have a multi-sig of whatever five out of seven um that is then able to burn on the

Ethereum side and mint on the cardano side so this has a couple of benefits one you’re not exposing this minting and burn mechanic out to anywhere that can be attacked and two we’re able to sort of facilitate large movements of of assets across these different blockchains

So we think this is a very healthy way of going about it at least for the foreseeable future until people feel more comfortable um with the sort of bridge-based minting and burning but I think that’s going to be a couple of years from now before before we see anything that that people

Feel comfortable with that um so that’s the basic premise of of how we’re handling the the the movement of tokens across all the different blockchains additionally users will be able to supply meld tokens to the bridge and they’ll earn a yield against that um in the same way that you do with

Other tokens on other Bridges so if I could just sort of try and reiterate if I’ve got this correct um instead of a traditional system uh the protocol itself the meld protocol on its own chain sort of acts as a global Ledger between all like the outstanding

Tokens and it acts more like the bridging Max more as a transactions sent and received so you don’t have this kind of locked up because like the the problem with traditional Bridges is that when you have chain a and you’re trying to bridge them over to chain B what

Happens is chain a locks up the original assets on chain a and takes them out of circulation and sort of puts them in a box and the only way you can unlock that box is when after you have those tokens that have been now created wholesale

From from out of the basically out of nothing on chain B with the understanding that the original ones on chain a never get out of their box this is why you this is how you ensure that you don’t have double spend right you’re destroying you’re essentially taking it

Out of Supply on one end and putting in and creating out of whole cloth into Supply on the new end right the problem is though is that if that box ends up being on locked on the original chain then the ones they’re essentially wrap version on chain B functionally become

Worthless because now you’ve got you’ve essentially created two of the same thing and that’s a problem right as long as that smart contract that is supposed to sequester and secure and take out circulation on chain a gets compromised the whole system falls apart whereas in this case it seems more like

We’re actually just sort of sending and receiving and sort of sending different wallets in in a way that functions a little bit differently so we don’t have that is that is that a decent approximation or did I get that wrong no that’s correct yeah and and on a sort of related note

Um the there’s across all blockchains there will be a total of exactly four billion tokens at any given time distinction sorry oh sorry there’s a little bit lag there sorry continue so so yeah so do you have four billion tokens and the way that this is governed

Is we’re able to look at an oracle um and we’re able to see this and it’s a very simple sort of calculation right so you add them all up and there’s four billion or there’s not four billion if there’s not four billion then we pause and we sort it out

Um but the it’s a it’s a it might not be very fancy or very sophisticated but I think that monetary systems like this um should be pretty easy to mentally sort of wrap your head around so the four billion is static it’s always 4 billion it’s only 4 billion that’s just

The way it is um and that is across all blockchains so the minting and burning to keep that at four billion is done by the Dao through a multi-sig and only right now that way there we go uh yeah so that’s basically how we want to match the movement of assets across

Uh different uh chains and to try and bring this protocol to as many people as possible uh because like I say like the the traditional mechanic is the rapid assets and so sequester it but of course that creates the risk of a double spend or is this this system we’re trying to avoid

That because as we all know like the the number one source of D5 hacks and and and problems has been Bridge protocols the second place doesn’t even come close so naturally there’s a lot of trepidation after the Nomad hack the Wormhole hack on and on you know there’s

Plenty of different examples and so we’re trying to get away from like those those previous those instances there’s always going to be risk but it’s a matter of of figuring out where that risk sits and who’s responsible for that risk so an example is we’re talking to one company or one project

Um that provides in transit uh insurance for the tokens across the bridge uh we haven’t finalized anything yet it’s not sort of finished or many but it’s a very very intriguing idea that when you do a bridge then you can just click uh check box in the meld wallet or the meld app

And in the process of that token leaving your wallet and going into the other wallet on the other blockchain there is a insurance that’s happening there nice actually we’ve got a question from the Discord um a user wants to have an update on the Emi this is the Emi is the Electronica

Money institution so yeah that’s fine we can do that but let’s let’s do that after we’ve covered the the blockchain stuff okay no the app and other stuff like that okay uh what do you want to cover next on that regard um I think that let’s see what do I have in

My notes Here um I guess we can talk about Um we can talk about the bank manager nfts yep that’s always a fun thing to talk about um so the bank manager nfts we should have the vending machine uh smart contracts and have the website all up and running and going by the end of the month uh we’ll probably be in testnet

Next week to test it all out to make sure everything is working well as soon as it’s been tested then we will launch it live and we’ll probably keep it open for maybe two or three months to allow everybody who was part of the ispo to be able to

Collect their bank manager nft so we’re we’re on the smart contract side of things now um and we’re getting it to its uh final state uh people have asked us to follow up on that um after the three months period anyone because like essentially we air marked

Are we just going to lock it as many people actually meant them in that three-month period so there’s conceivably around 42 000 eligible wallets but only the number eligible that manages to Mint in that three-month span that will eventually be the total number of bank manager nfts or after

That three months to open up in any available ones up to that 40K limit can just be minted by anybody how are we approaching that no I think that I think we’ll probably give out a bunch of bank manager nfts as part of sort of like marketing or something like that yeah

But I think the three months is just a kind of a a rule of thumb right now if we see that let’s say at the three month Mark only 20 000 people have have collected their bank manager um then we’ll just keep it open there’s

No there’s no reason for us to shut it down we just expect three months to be a reasonable amount of time uh for pretty much everybody who is part of the ispo to be able to come in and uh be able to get their bank manager sent to their

Wallet yeah and keep in mind that aspies into the wall that was originally delegated or wallets that were delegated the ispl so make sure you still have the uh the keys for those wallets that’s that’s basically uh that’s that’s a must-have so I guess going on to the to the meldop

Um the meldop is doing really well um most of the core functionality for Lending and borrowing and the wallet side of things have been ironed out we’re now working on more sort of quality of life stuff graphs and charts making things faster and smoother uh we’re now the way that the wallet is

Currently set up is on the left hand side you have all of your assets and on the right hand side you have um actions things you can do with your wallet so we’re beginning the process of adding um those actions onto the right hand side so things like you know uh market

Performance for that particular asset and you know um uh what’s it called um card summaries to show you know if you’re supplying it what it’s currently yielding and what it has yielded these kinds of things are being added uh now and over the next couple of weeks so

That the the actual app itself will start to fill out um because right now it’s a bit better on the right hand side because we’ve been focusing on um the core functionality in addition to that um we’re doing a lot of heavy work on the support in the wallet for various

Different blockchains so to be able to handle um erc20 tokens be able to do eth be able to do Bitcoin so that it so that it functions as sort of a fully featured uh fully featured wallet so what I can say is right now the launch date for the wallet is set for

The beginning of May so we’ll be able to come out of testnet in the beginning of may we have our cardano auditor lined up which is vacuum Labs we have our um evm auditor lined up which is surtec um all of them have been set up we have

The agreements in place timing is all sort of lined up and we’ll be able to push that out so what we’re doing in regards to the auditing on on the surtech side is the token audit and the wallet audit um and on the on the cardano side it’s

The wallet audit and the lending and borrowing protocol audit there we go yeah we’ve got Ducks neuro and things seem to be coming together so it’s a good time uh anything else we notice you want to cover or do we want to get to um c2f

No we can go on to Emi now that’s fine okay so I think the the previous the user’s question was about the Emi license but I think there’s more we could talk about just DMI probably yeah so in regards to progress around that um we have a technology stack in place now

We’re about a month um a month through the development cycle for the modification of the technology stack um we’re about that same place for the um uh development of the mobile applications for Android and iOS um where so we will definitely be launching uh an Android native Android

Application we’re not 100 sure yet whether we’re going to be launching a native iOS version um the reasoning for that is that we saw that just last week uniswap’s app in the Apple App Store uh was banned for a year so looking at the General hostility of Apple towards anything related to crypto

And in particular related to nfts we don’t know if it’s a very um prudent for us to go through the sort of go through the paces to build a full-featured IOS app um with a very very tiny chance of it ever being approved by uh by Apple to be

Able to do anything we haven’t decided on this yet but this is kind of still under under discussion and we’ll probably make a decision in the next two weeks as to whether we continue with the IOS app or whether we go to uh um Progressive web app like a full-featured uh almost native

Progressive web app that you can install on your phone and it will work maybe like 80 to 90 percent is good um as your native IOS app for the um other parts of it the licensing parts of it um we’re still working with The Regulators we’re still going through the

Details of you know compliance policies and procedures kyc and AML we have a new law firm based in Lithuania who’s taking care of a lot of taking care of a lot of this we have a full-time compliance officer now working on it so um it’s a lot of you know I’d love to

Say that there’s a lot of really sexy things going on on the on the Emi side but you know it’s just a bunch of really really boring stuff right now um we have the contracts in place for um Fiat crypto transactions um and now we’re in the process of starting to approach um

Businesses as pilot customers so I expect that in what is it may we’ll start onboarding our first um Bank uh private and business private customers or private customers and business customers um the goal is to onboard a handful of people I don’t know exactly how many probably maybe a hundred uh private

People and 20 businesses so if anybody here is interested in applying um to be one of those early early participants you’re more than welcome we’ll probably have a sign up in the next couple of weeks for doing that the criteria for it has largely to do with

Where you’re located so we want to have private and business customers that really kind of cover the globe cover lots of different countries so that we can look at all of the policies and procedures and regulations and how money flows happen and things like that across

The globe so that we’re not just focused on a very small area of uh geographic area and then if we launch the the bank then you know we run into problems in other Geographic areas um so that’s kind of the the high level I would say that from a from a resource perspective

Um we’re probably about 70 percent blockchain and maybe 30 or 35 percent uh banking technology um so we’re focused much more on the on the crypto side but a lot of that has largely to do with the fact that you know the banking stock that we’re

Getting for for the back end for the Emi it’s an existing banking stock we’re buying it and modifying it as opposed to building it from scratch and most of the crypto stuff we’re building from scratch there we go um we’re running up on the uh one hour

Mark here so that was pretty good comprehensive overview of like where we’re at with the banking side of things uh I think we was about this time we should probably switch it to the actual AMA part so we’ve given the like a lot of the information just so we don’t land

Up like you know double counting uh in terms of questions or whatnot so we’re giving out like the most proven information there’s anything else that um we haven’t covered here that people are interested in we’re going to open this up now to Ema portion for the next

Like 30-ish minutes and so if anybody here has a question or is on the Discord and wants to ping me there in the AMA questions uh feel free to do so um so we’ve got a few of them we already asked uh drew the one from the Emi Maple

And who’s here um how do you become a mailchain validation node operator so yeah so the validators um for the Mel blockchain are effectively Avalanche validators so the way that it works is that when it comes to the consensus mechanism on Avalanche um it’s a separate blockchain entirely

That operates the the validation side of it um and then what Avalanche has done is they have their own evm blockchain which is a different parallel blockchain that handles all the ebm smart contracts and evm tokens etc etc etc so meld is another one of these evm blockchains

It’s just we’ve defined our own set of monetary policies and tokenomics and things like that but we share the consensus mechanism and so the reason why this is relevant is that obviously the Avalanche consensus mechanism has been going on for a very long time there are you know thousands of validators

It’s been battle tested under very very high high uh high volume and congestion and it’s proven that it works really well so to become a validator you need to first become an avalanche validator and so the way you become an avalanche validators you have to just like on

Cardano you have to have a pledge and the pledge is 2 000 abacs and then once you have that pledge and you become a an avalanche validator then you are able to become a meld validator that said we are I know because 2000 a

Box is a lot right it’s a lot of money um we are also talking to some um sort of staking service providers about working with them to be able to spin up a meld validator node and allow people to participate in it um without having to put up those 2000 abacs

Kind of kind of uh basically it’s uh meld will supply the 2000 avax and then they have a technology that takes that node and then segments it into pieces so you can still earn the the yield on it you can earn the block rewards um but you don’t have to go through the

Process you you don’t have to put up you know the same amount of mail that you don’t have to put up the same amount of abacs or something like that so we’re talking to a couple of providers right now they’re interested but we need to be

Able to prove that we’re going to have a lot of customers so it’s an ongoing discussion uh we’ll probably have some sort of answer and finalization about this by uh the time we launch in May um and we’ll be able to sort of share more details with you um the the system right

Sorry the blockchain right now we have three validators when we launch we have to have a minimum of nine um but we’re we’re very open to working with literally anybody and everybody um who wants to be a validator we’ll do everything that we can we’ll bend over

Backwards to help the community be able to get into this ecosystem without having to put up the 2000 abacs um but I don’t know the details about how that’s going to work yet it’s still in process awesome um we’ve got another fellow who buckshotted a whole ton of questions so

I may only take a few and go back to them if uh we’re short from other people uh let’s see and someone Mr Haskell you’re asking in the wrong Channel you need to ask in the um in the Twitter space questions I can sort of see the notifications but you’re asking the

Wrong part of the Discord so you’ll have to put those back into its space between them um because man you need two apps that I want to try and bounce around too much between channels um okay number one user protocol rewards earned and melt brackets for Lending and

Borrowing Aid tracking there is a tracking beer and melt through on-chain analysis displaying the earned users earned rewards in the app and ability for user to redeem claim melt protocol Awards so in general I think he’s just asking about the protocol rewards functionality if I had to sort of like

Assemble those all in together protocol award Rewards rewards as in the same concept that all they has like you know basically you know paying out rewards to get to use the the blockchain or to use the protocol is that what we’re thinking about yeah he’s saying rewards but I

Don’t think he’s being very specific about what kinds of Merlin you might have to you might have to so I guess I can talk a little bit about that for with regards to yield when you supply an asset unless you’re using the the the genius loan when you supply an asset then you

Generate a yield on that asset and so let’s say you supply um a thousand Ada then the yield you get back will be in Ada and it will just start to accumulate in that pool that you’ve supplied in right so let’s say you get a three percent

Yield or four percent yield on that ADA then you’re just going to get that ADA paid out into the into the pool that you’ve supplied already um and so you you’ll just get this compounding of Interest right so your the the the principle will increase and therefore the the amount of yield you’re

Going to get isn’t going to increase um so on the borrow side when you supply when you borrow let’s say you borrow a hundred dollars um and you pay whatever two percent or three percent interest on that then the interest that you’re paying you’re not actually paying what happens is if let’s

Say just for for Simplicity it’s like let’s say it’s one percent what that means is that if you put a hundred dollars in then in a year the amount that you have borrowed is no longer a hundred dollars it’s a hundred and one dollars so you never have to actually pay the

Interest back per se um the debt that you have created just increases and so the the the way that the genius yield works or the sorry I’m not genius no end of the genius loan works is that on the supply side when you’re paid in interest then that interest goes

On to the onto the debt side to pay down the debt under a normal set of circumstances it’s just stays in the supply side and then on the borrowed side it just keeps on building up and and getting bigger and bigger and bigger so I hope that that kind of answered but

We do not have any like specialized rewards like um like all they have so you know like if you sort of go and supply then you not only earn your yield but you earn a bunch of Ave tokens uh we don’t have anything like that at least not as of right now

Okay he’s got a few questions but I’ll come back to him later if uh you know if we don’t get more from other people we’ve got a bunch lined up from others um little wants to ask I guess it’s in terms of the bank manager FTS why are

Only ispo participants eligible I want to be more fun to have an option for Diamond hand holders to make one as well hang on a minute wait a second by definition if you’re a diamond hand holder unless you bought it in the after sort of in the in the aftermarket or the

Secondary Market if you’re a diamond hand holder then you are an ispo participant right so if you bought it sort of you know in a different part of the market or sorry sorry in the secondary market and like whatever you know jpeg store or something

Um which I’m one of those people so I did not participate in the ispo in the very beginning I participated much later um but then yeah you’re you’re not eligible the the whole point of the bank manager was to have a kind of a general reward for everybody to participated in the ispo

Um not specifically to uh to Diamond hands holders per se but to uh the diamond hands participants that actually were there um you know and this this comes down to the basic principle of you know we want to we don’t want to forget where we came

From right we we started with an ispo we launched with an ispo and we have to be very grateful to those people that participated in the ispo um and we’re not sort of we’re not stepping away from that gratitude that’s the important thing to keep in mind and given how many like

Um bank managers will be available or eligible to Mint it stands to reason that there will be plenty available on the secondary market for easy to obtain prices right these are more geared towards the people you know you making use of their utility right for the protocol and doing more sophisticated

Functions between the relationship between nfts and an existing protocol right so the point isn’t really to make this rarified collection you know we want people to have really cool awesome looking artwork and assets but we want a lot of people to be able to use them

Right so it’s not one of those things where you’re trying to really can train supply just to make the price go up now if anybody else wants to speculate on them that’s their prerogative right but that’s not the driving force behind why they exist right now if meld becomes

Extremely popular and the utility of these nfts goes up with them then sure hey you know that would be cool too but it’s not the driving force behind these so I think if you want to hold these things long term and you and you really like like what they’re about

It stands to reason that they should be able to be bought on the secondary Market given the amount number of them for a not brutal price let’s put it that way right so fairly competitive price if I had to guess because a lot of people are essentially getting these you know

For having already participated so they’re not paying anything else right now forgetting them when they go to men other than the minting costs which will be pretty much covering costs maybe a little bit extra for the partners so it’s gonna be Dirt Cheap to Mint them right so it’s not really a barrier

Um so getting on the next question uh what oracles are you planning to use any preference on why I think we kind of covered this before but oracles are still a serious um Challenge on cardano um when we get a bit farther down the road um with our optimization and our sort of

Testing load testing Etc um I’ll be able to give you a much more detailed definition or description of what it is and how it is we’re setting up oracles um but I can tell you that it’s it’s arguably one of the most problematic parts of cardano right now it’s just it’s a

It’s not there yet it’s still still very very early days when it comes to oracles um At least oracle’s in the context that we’re we’re used to thinking of them as on on the evm side of things um having a sort of single purpose private Oracle is not very hard but having a decentralized Oracle um that can kind of uh is kind of men in

The middle resistant is DDOS resistant um we’re not there yet when it comes to those that type of Technology on cardano all right and the next question is for like piano there’s a lot of constant strength and spring together here um update on the gold back token update on

Those five kilos of gold bought and being moved to melt vaults yeah so um the contracts for that are going to be audited in the same batch of audits that we do with uh with certek and with vacuum Labs um we’re finalizing some of the licensing components to be able to hold gold

Um I think you’ll see a lot more details in relationship to the gold token and the process and you know what is what is in store for us in the uh in the version of the white paper that we’re soon to go soon to release so version 1.9 of the

White paper will include a lot of details around the gold backed stable uh goldback Reserve currency and how that fits into the bigger ecosystem and how it relates to the meld Toca and then how it relates to the bank Etc so it’s on track um it’s not a priority right now our

Priority is laser focused our priority is to finalize uh The Lending and borrowing protocol on cardano and to launch the meld app there we go um try and parse through a bit of the grammar here will we be able to stay camelled uh on the validator nodes and

Give rewards like we do on cardano we’re going to have lace walls that would be perfect for cross chain Waltz hell yeah you have to be able to stay you have to be able to delegate to the to the node that’s a prerequisite absolutely anything about baseball

Excuse me please swap the iog developed while anything about lace wallet um I can’t tell you much about lace wallets I haven’t done much with it all I can tell you is that um in our performance testing in our kind of you know uh like different attack

Vectors and and different ways of of trying to to um to do bad things on the on the cardano blockchain the lace wallet has proved to be super resilient it’s proved to be infinitely more performant than any other wallet that we’ve seen so far by like a factor of you know 10.

Um so I don’t know much about the wallet other than the fact that it’s it’s pretty pretty sharp code code wise sort of Technology wise is pretty pretty sharp um but I can’t tell you much beyond that right now the with regards to wallet support we’re looking at first Nami

Um and then Giro and eternal and we’re looking at support for um what’s it called metamask and core so those are the the sort of um browser extension wallets that we’re uh focusing on supporting uh in the mail bullet or in the mailbox awesome um another question from the Morgan but

These are the questions already been we touched on it’s about the genius of itself repairing loan uh Mr recorded demogren so you’ll be able to touch on that and probably covered it about like I want to say 25-30 minutes into the space roughly when we talked about the

Genius Zone maybe 20 minutes in so we covered that for a little bit so we’re just gonna skip on that and you can just check what Ken said in the recording they’re up for 30 days on Twitter but we backed them all up on YouTube so you

Will be able to find us on our YouTube channel eventually um Lord is asking uh and someone else killer Daft Punk who’s asking about the thing you have to ask these all these questions so those of you asking questions on Discord there’s a channel literally called Twitter Dash space to

Ask questions you have to ask them all there otherwise they’re not going to get answered uh so just copy and paste it if you put in some other channel into that to one called Twitter space questions Lord um long time user Hello Lord uh inhabit

Of our Discord uh don’t know if this was already covered but is Mel plan on showing up to any of the conventions this year if so what will they be showing so in general um we’re not going to any conventions um until we’ve launched our products so this is not about sort of

Marketing you know vaporware this is about the whole organization focusing on um what we’re supposed to be focusing on which is Building Product so after May the launch of the wallet and then June July the launch of the bank then we will probably be much more

Sort of out there in the world and going to conferences and participating and talking and demoing and all that kind of stuff until then it’s very very minimal so we’re going to have one person at consensus um we’re going to have one person in Dubai next week for a couple of conferences

Just for two days um those are the only plans that we have at this moment in time uh uh yeah we’re not to it’s it’s not a focus the focus is to build product build product um yeah just trying to grow without like having something demo it’s just sort of

You can talk about as much as you want but it’s way it really helps you know walk in the experience when you actually have someone to be able to test drive something right so timing is everything uh another user is asking Alm according to published information on token officers male platform incentives

Uh when there will be no incentives for usage for a protocol simulator of a compound what are those Mel’s tokens used for then I think we just covered this in terms of like finding and borrowing rewards and also taking the node on the subnet so

So there’s that it’ll be used in the on the banking side um we might we might have some um different types of staking opportunities uh we need to look at that in more detail um I can say that uh for sort of what I guess you could call version two on our roadmap

Um sometime in early uh in 2024 there will be more significant staking opportunities for the mail token but beyond governance you know paying gas fees uh delegating to stake pools and getting block rewards and usage on the banking side there isn’t a lot of additional well obviously and and uh and for the

Insurance pools um that’s a big one I guess uh we don’t have other staking opportunities or other uses for the meld token so we’re just navigating back to another channel here um giving out XP to people who are helping move the process along thank you little for

Um replying to people and directing them to the right channel much appreciated um let’s see on the killer death punk on the website the road map go only goes until quarter two is there a plan update the road map and what does the future look like

Um there is a plan to update the roadmap but we probably won’t update it until the end of the year um that’s because we have on the sort of drawing board we have a like a a very radical new piece of technology um that we have to prototype

Um and once we’ve prototype it and we’ve proven that it will actually do what we think it’s going to do then we’ll write a white paper on it and we’ll put it into the roadmap um but right now it’s far too early for us to put this this kind of theoretical Tech

Into a white paper or something or into a road map also it has a lot to do with the organization we don’t want to have the organization focus on focusing on anything you know in a year and a half or yeah in a year and a half we

Want people to be focusing on what we’re delivering this year over delivering the wallet the bank The Lending and borrowing protocol this is this is everything this is our Focus cool uh Bob Musha I’m asking two questions or I think the first two sort of revolve around the Emi which we

Touched on about 20 25 minutes ago it was like the very first question we asked so um the recording will deal with that um his third question moving forward the meld app and the meld side chain what will be the role the role of the meld side chain is it solely about converting

Tokens to be an interface between the maldap and other chains or is the Maldive going to be running on the meld side chain the meld app will run on the meld side chain in the same way that it runs on you know other blockchains or runs with other blockchains the big difference is

We will have the meld protocol uh The Lending and borrowing protocol will run natively on cardano and the mail protocol will run natively on the mail blockchain that’s the primary difference we won’t at least at this point in time we won’t have the lending and borrowing protocol running natively on polygon or

Ethereum or Avalanche or any of the other chains it’ll only be running natively on the mail blockchain and cardano sorry um I think so the other stuff right now is just more so just commentary um appreciate it uh one guy’s criticizing by response to the Emi thing okay maybe we can do a

Clarification here um Emi license was announced for q1 2023 what happened obstacles timelines no I mean it’s exactly what I what I said yeah my license we announced like the a movement in in what was it in the end of December but I don’t think we said Q necessarily q1 2023

That’s no problem but the point is that you know the the work around functionality around it’s a it’s a banking license right yeah and so therefore the a lot of the driving factors around this you have things like you know ISO 20 20 2701 you have stock two you have PCI

Regulations you have all kinds of regulations and requirements around kyc and AML and you know transaction monitoring and all of these kinds of things this is the exciting life that we live in right now when it comes to the Emi we’re doing all of these policies and procedures and documentation and

Getting the compliance up and running and working and making sure that these documents are all available and they’re versioned and they’re sort of deployed into the organization and that everybody can sort of use them and you know it’s it’s a lot of incredibly boring things that we’re working on on the Emi side

Um on the actual Emi itself um outside of that we’re still negotiating pricing and terms for things like you know debit card provider and transactions um we’re building the the banking stack so the banking the the team building or sort of modifying the banking stack or working very closely

Um with the sort of Emi participants or the emi emi staff to be able to get that all up and running and work correctly and making sure that everything sort of meets the the regulator’s requirements um but it’s there’s nothing exciting to talk about it’s all a lot of regulatory

Requirements a lot of lawyers that kind of thing nothing exciting them unfortunately all right and then just as follow-up there was actually like what what kind of shape does the on and on off-ramp solution take so in the same way uh that we’re treating bridging

Um the goal will be to make this on and off ramp utterly smooth it’ll be buttery really really smooth and simple and straightforward no complexity to it whatsoever um so generally um being able to you know go between let’s say Bitcoin and dollars it’ll just

Be as simple as going to like a uniswap or something and just picking um Bitcoin and picking dollars seeing your quote contract hitting yes and then the dollars are in your bank account um we’re also looking at other mechanics related to that so for example with regards to lending and borrowing

Um when you if you borrow or if you if you supply an asset and you’re going to to borrow Fiat then it’s as simple as supplying the asset and then on the borrow side you select dollars and when you select dollars then when you borrow it it just appears in your bank account

There is no other there’s nothing else involved in the process um we’re also looking at doing the opposite of that where if people have dollars and they want to stake those dollars quote unquote stake the dollars on the crypto side then we’ll have a very fluid transaction from dollars straight into

Crypto straight into a crypto stake pool and start earning yield and when the customer wants to withdrawal or they want to unstake then it will just automatically unstake and go straight back into the Fiat account there we go hopefully it answered your questions uh Bob moosha uh gives you the

Clarification sorry there’s like it’s been wired with a lot of stuff so I had to try and move through it like large amounts of texts are difficult to parse through when I’m trying when I’m trying to handle all these questions so um and that’s what we got generally for

Now is anybody has any questions we’d like to use the actual request this week function here um on the space otherwise we can wrap it up does anybody have any questions like to use the request to speak anybody like to come up to the stage let me take another question in the

Clear space question so I don’t see anybody typing anything yeah so then I guess uh we just put like our sort of validatory remarks say oh we got one request that is from uh it doesn’t even show it just says oh okay you give Jacob there we go

One one okay there we go we wait for the session change to switch over hi Ken I just wanted to check is the plan still to launch in uh all the countries that initially were targeted I think was like over 100 countries or uh is there any different uh legislations

That you guys want to well we’ll need to follow now sorry one more time I didn’t hear the beginning of your question is the plan still to launch in uh all the countries you initially targeted or yes it is nothing has changed this is one of the reasons why we are bringing

You know this you know 100 users and you know 20 or 30 businesses on board early is to go through the the onboarding process with them to make sure everything is smooth uh for all of these different countries and we make sure that we’ve sort of every country has a

Little bit of a difference in regards to how they handle their you know regulations uh so we need to make sure that we’ve we’ve gone through that process and we’ve made the process as predictable as possible and so no the number of countries we’re supporting um has not changed at all hello

Thank you that’s uh yeah it’s reassuring thank you sure check for questions once again um uh so yeah um I think that’s just about everything nothing really else coming in on Discord and things of it for requests on Twitter so I think we could put there

Ken do you have any uh parting remarks for all I guess I mean just uh you know I’m on telegram on a regular basis um so if anybody has any additional questions you’re more than welcome to put them into the telegram General group or you can just send them to me in telegram

Um and I’ll try and answer them um don’t uh don’t be upset if I didn’t see your message because I get so many messages per day it might end up sort of going below the fold but I do check the the Melt Global yeah pretty much constantly all day long there you go

All right everybody thank you thank you very much yeah I really appreciate it um I know this is a long time coming uh but you know it’s going well and we’re gonna see a lot more results and a lot more really interesting and exciting stuff over the coming two months how’s your uncle

My ankle sucks man really sucks can’t go anywhere can’t do anything so it is what it is can’t do much about it all right then well get better thanks I’m fine just stuck all right thanks everybody for coming take care yeah we’ll see you next have a nice day everybody bye

MELD is the first DeFi, non-custodial, banking protocol. You can securely lend & borrow both crypto and fiat currencies with ease and stake your MELD tokens for APY. MELD allows you to enjoy the benefits of high-return cryptocurrency investments and the liquidity of fiat currencies.

It’s finally here! Prepare to immerse yourself in the much-awaited PUBLIC MELD testnet. MELD is the first DeFi, non-custodial, banking protocol. You can securely lend & borrow both crypto and fiat currencies with ease and stake your MELD tokens for APY. MELD allows you to enjoy the benefits of high-return cryptocurrency investments and the liquidity of fiat currencies.

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===== Video Content =====
00:00 – Intro
01:52 – Testnet Updates
04:11 – Genius Loan
04:44 – Multichain Update
08:07 – Token Bridging
10:25 – Bank Manager NFT Update
11:20 – MELDapp Release Date
12:45 – EMI & Crypto to Fiat Update
14:06 – Community Q&A Topics
17:38 – AMA Intro & Testnet Updates
20:57 – AMA Smart Contract Development
28:04 – AMA Testnet Partners
31:37 – AMA Celsius & FTX Fallout
36:19 – AMA Genius Loan Update
38:06 – AMA Multichain Progress
43:05 – AMA Bridging Solution
52:09 – AMA Bank Manager NFT
54:16 – AMA MELDapp Release
57:00 – AMA EMI & Crypto-to-Fiat
01:02:02 – AMA Community Q&A
01:02:44 – AMA MELD Node Operator
01:06:51 – AMA MELD Protocol Rewards
01:10:28 – AMA Bank Manager NFT
01:13:38 – AMA Cardano Oracles
01:14:56 – AMA Gold Backed Token
01:16:18 – AMA Validator Node Rewards
01:19:00 – AMA Crypto Event Attendance
01:20:36 – AMA MELD Token Utility
01:22:19 – AMA Roadmap Update
01:23:46 – AMA MELD Sidechain
01:24:57 – AMA EMI License
01:30:12 – AMA Country Roll-out
01:31:38 – AMA Closing Remarks


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  1. 💌Thank you for watching MELD nation, I really appreciate it!

    😇If you'd like to support the channel, please consider delegating with the DAPP stake pool! Thank you!

  2. I really needed this summary to catch up. I've listened to AMA's previously but I get lost. You nailed it.

  3. What would be the pros of leaving daedalus wallet pool GENS1 to come stake with you? Just curious I just found your channel. Is the rewards better? I've been a staker for 3 years 3K ada but adding more every month. Since I found your channel Im going to start using miniswap and such. ADA Love <3

  4. Hi Farid. Thank you for all the valuable information. Your comment about the current MELD price at 1 cent. Are you saying the MELD token can go up to $20?

  5. Wow that was a lot of information to digest Farid, well done. I feel really excited at the prospect of Meld launching in May. I have always felt about Meld that they want to do everything correctly, and not just launch with no substance by going to quickly. I am so interested in the Genius loan (it is how rich people get richer by using their assets and never having to sell them), Imagine being able to pay off a house in 6-12 years at a cost of $200,000 mind blowing. Thank you so much Farid, you really put so much effort into your videos, which is greatly appreciated.

  6. 3 big take away, estimated inner valuation of meld token considering use case and future value. Enormous amount of security for the protocol. Estimated mainet timeline

  7. A well-done and needed update of information on meld from your number 1 hater, lol. Great 👍 job 👏. You bring clarity and enhance meld community surrounding positive sentiments on meld. It is very encouraging 100%. Your channel is a fundamental necessity and extremely valuable.

  8. I don't ever comment, but wow, Farid!!! You did a great summary for those who don't have so much time and included the recording. I hope this channel blows up soon and through the next bull market. You, my friend, deserve it!

  9. Well I'm just going to go ahead and say it. HOLY SHITBALLS! A lot of interesting and good news. Thanks for the video Farid!

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