Space Summary
The Twitter Space MELD with us. Neobank is LIVE hosted by onMELD. Explore the groundbreaking world of MELD with the launch of the first global on-chain neobank powered by blockchain. This space delves into the disruptive nature of neobanking, highlighting MELD's unique approach to combining traditional finance with DeFi services. By leveraging blockchain technology, MELD not only ensures security and transparency in financial transactions but also promotes global financial inclusion. The live launch of MELD represents a significant step towards reshaping the future of finance through innovative blockchain solutions.
For more spaces, visit the DeFi page.
Space Statistics
For more stats visit the full Live report
Questions
Q: What sets MELD apart from traditional banks?
A: MELD leverages blockchain technology to offer decentralized financial services, enhancing security, transparency, and efficiency.
Q: How does MELD contribute to financial inclusion?
A: By providing cross-border transactions and decentralized services, MELD promotes financial accessibility on a global scale.
Q: What is the significance of MELD's live launch?
A: The Neobank's live launch symbolizes a pivotal moment in blockchain-driven financial services innovation.
Q: How does blockchain integration benefit neobanks like MELD?
A: Blockchain integration in neobanking ensures secure transactions, transparent operations, and efficient financial services.
Q: What is the role of neobanks in shaping the future of finance?
A: Neobanks like MELD bridge traditional banking with DeFi, paving the way for a more inclusive and accessible financial ecosystem.
Highlights
Time: 00:15:42
MELD Neobank Launch The exciting launch of MELD as the world's first global on-chain neobank.
Time: 00:25:18
Blockchain Integration in Neobanking Exploring how blockchain technology enhances security and efficiency in neobanking.
Time: 00:35:55
Financial Evolution with MELD Discussing how MELD revolutionizes traditional banking with DeFi services.
Time: 00:45:29
Cross-border Transactions with MELD The seamless experience of cross-border transactions offered by MELD's blockchain-powered neobank.
Time: 00:55:17
MELD: Bridging Finance and Blockchain Understanding how MELD integrates finance with cutting-edge blockchain technology.
Time: 01:05:40
Global Financial Inclusion by MELD The impact of MELD in promoting financial inclusion and accessibility worldwide.
Key Takeaways
- MELD introduces the first global on-chain neobank revolutionizing traditional banking.
- The platform offers DeFi services, combining tradition with modern blockchain technology.
- Neobanks like MELD aim to disrupt legacy banking systems with innovative blockchain solutions.
- Blockchain integration in neobanking enhances security, transparency, and efficiency.
- MELD with us showcases the intersection of blockchain, finance, and cutting-edge technology.
- The platform empowers users with seamless cross-border transactions and decentralized financial services.
- Neobanks like MELD are reshaping the financial landscape by bridging traditional banking with decentralized finance.
- Blockchain-powered neobanks like MELD promote financial inclusion and accessibility globally.
- MELD with us represents a pioneering step towards the future of finance through blockchain technology.
- The Neobank's live launch signifies a significant advancement in blockchain-driven financial services.
Behind the Mic
Introduction to the Meeting and Welcoming Participants
Hey, everybody, we'll jump on this spaces in just a minute. We'll give people a couple minutes to sort of come in and then we'll catch up on easily. Mel's busiest week since we launched the. Protocol. And it's been a long time with a lot of busy weeks. This is the busiest of the busiest. It is. It is for everybody tuning in. We're going to start in just a minute. Anybody who has any questions, please put them into the chat here in the spaces and we'll do what we can to answer them. If you don't put them into the. Chat, we don't know you have sort of put the question out there and we won't be able to answer it. So please do that. Just click on the little. If you're on the phone, click on the little message bubble in the bottom right corner. And if you're on the computer, same button and it'll pop up on the left hand side.
Engaging the Audience and Encouraging Interaction
Also, everybody, do me a favor. If you can retweet the spaces, that would be very appreciated. So more people know about the spaces can jump in here so we don't have a lot of repeats and get the word out. All right, let's take this off. So thanks, everybody, for joining. We're looking at just over two years, and this week's been a really eventful week. We have launched the Meld neo bank on Monday. We launched the meld lending and borrowing protocol on Tuesday. Both launches have gone very well. We haven't had much in the way of hiccups on the neo bank side. We have found a handful of bugs through the users that have downloaded the app and signed up. So we've submitted those changes to the app store. They're in process now. You never know how Apple is going to accept things and how long it's going to take, but you'll see a couple of new updates relatively soon for the mobile app to fix some of the bugs, the known bugs that we currently have, and then we have lending and borrowing.
Proud Accomplishments and Recognition
So the big value proposition that we started with way back in 2021, to get lending and borrowing out there and make it possible for people to take their crypto non custodially, lock it up and then be able to borrow fiat against that, we're there, we've delivered it. So I'm very happy, I'm very proud, incredibly proud of the team that have been doing this. I've already said this on a couple of occasions, but I'm going to say it again that, you know, the meld team that is currently here for this delivery has done an absolutely amazing job. A lot of people are kind of in the background. They're not, you know, Dustin or Pepe or myself or Germinas. We have all obviously worked very hard to get here, but, you know, all of the engineering team on the back end, all of the people that have been supporting Germinas, our legal team, operations, finance, HR, somebody who doesn't really get much sort of air time, is Gonzalo.
Acknowledging Team Contributions
Gonzalo is our lead designer. He's been working here for two years. I think now probably feels like eight years for him because he has to work under me. But Gonzalo has done a fantastic job. He's been working really hard, and he's brought in a really incredibly high level of sort of design quality and consistency to the whole ecosystem. And he's, you know, to his credit, he's. He's been able to work under me. I'm not an easy person to work with when it comes to design. I'm incredibly demanding. But he also has that level of sort of commitment and that level of professionalism, so it works really well. So, you know, Gonzalo has been the guy sort of actually sitting at the drawing board, you know, literally doing every single button, every single icon, every single iteration, every state, everything.
Highlighting the Team's Hard Work
He works very closely with Dustin now. He's done an absolutely amazing job. So we have a lot of people on the team that don't get as much airtime. And also, I have to say, Tomislav. Tomislav is our lead CI CD engineer. Basically, he's the person that makes sure that all of our infrastructure is deployed and running correctly. All of our servers are set up. Whenever there is a new feature or a new piece of functionality that the back end team has, he has to deploy that technology, he has to take care of all the domain names, all of the security when it comes to that. So he's had a huge task put in front of him. He's been here for north of two years, I think, and he's done an amazing job. He's really sort of worked very, very hard.
Team Efforts and Gratitude
Every single piece of technology that we work with, everything has to go through his fingers. So, you know, there's a lot of people in the background that have done amazing work. And I just want to kind of start this off by thanking all of them for all of their hard work and the fact that they've kind of stuck with it and they've really delivered on the promise that we have. So, yes, definitely sort of clap hands and, you know, big thumbs up to everybody that's been doing that. And now we're here. We have lending and borrowing live. So we have currently we have north of $700,000 in TVL on the lending and borrowing protocol. Because we have such low liquidity right now, the interest rates are fluctuating massively.
Current Status and Future Expectations
I think we have $25,000 in USDT. We have commitments from third party partners to borrow more than 2 million. And we currently now have commitments for people to supply stable coins, upwards of 400,000. So over the next week or two, three, you'll see the TVL increase, you'll see the borrowing rates increase, and you'll start to see kind of a balance between the borrowing interest rate and the amount that's borrowed and then the interest rate on the yield. So it's a good thing that it's actually coming up slowly but surely. We want it to kind of slowly build up rather than completely fly off the handle, because we have a bunch of new technologies that are sitting in the backend, like yield boost.
Building Towards a Sustainable Growth
We want to make sure all of that stuff runs without any hiccups. And so we kind of build up, slowly build up steam, and then we'll pick up faster and faster. I can go on like this for a long time, but I think I'm just going to first hand it off to Dustin. Dustin is the head of product at Meld. I'll give him a chance to kind of give you guys an update and sort of talk a little bit about his baby. Hi everyone. I hope everyone's fine after the lunch. You're excited. Our baby, like my baby is doing well. It's doing pretty well, yeah, like 700K tvL and still growing iOS mobile app. And we will also start like a massive marketing campaign soon.
Ongoing Efforts and Future Plans
But the most important message is that we're not stopping, guys, because you might have this feeling that, okay, we have achieved the biggest milestones. That was the iOS, the neo banking plus lending and borrowing. But before the AMA, we had a call with Ken, with Pepe, and also with Danny, who's our software architect. And we basically drafted out a plan for next months what to bring. So new functionalities, new features, polishing quality of life improvements for all of our products, not only in terms of mobile app, not only in terms of web app, but also our backend, basically on all frontiers that you can think of when talking about meld and meld ecosystem.
Looking Ahead with Optimism
So we will have a lot of work to be honest with you a lot of on our plates, but please expect great things ahead. I also think that we have to update our roadmap on the mail.com official website to tell you guys what you can expect next. And believe me, it's worth waiting for. Super. Thanks Dustin. So with that, I think I'm just going to hand off to Pepe in regards to any points he wants to cover. We're all continuing to work very hard, like Dustin said, except for Pepe. So Pepe on Monday goes on holiday for two weeks, so he won't be around. So if anybody wants to sort of ping him on telegram or however they're in communication with him, he's not going to be responding.
Conclusion and Acknowledgments
But. So some final last words before you go on holiday, Pepe, I mean, see you. Joking aside, I think it's been a monumental week for the meld ecosystem. The Meld company, the meld team. Everyone has been working so hard for so long, and it's also important to reflect that this week we've consolidated two of the biggest products and protocols we've had as a target ever since I joined the company. But it has been a work that has not been done on the last couple of weeks. It's been built on the foundation that we've been working for a long time.
Meld Launch and Milestones
I still remember the 16 January 2023. That was the target date for releasing the meld up in web when I joined the company and were two days late. But that milestone, we did our own network, we did our own bridge. We've done so many foundational elements that are now consolidated into the banking stack and the lending and borrowing stack. And now, as I was telling some team members this morning, we've built the legs of the table and we have the baseline. Now the game is starting. Now is where Meld is going to be creating that extra value that we are going to be making a real impact on the finance world. Now is the time where fiat and crypto starts coming together. Now is the time where everything you do on the finance world is going to be able to do to be done on the meta network.
Understanding Lending and Borrowing
So I think given that this is a kind of lounge party of some sort of, I think it's worth mentioning a bit more about what lending and borrowing is and what it is not. So, first of all, lending and borrowing is not something we've invented. It's something that has been there in the traditional finance world forever and then evolved into defi by other products in the crypto space. However, we've taken those baselines and improved and added more functionality on top of them. So what is lending and borrowing? As a simple, simple explanation? You supply your tokens into a pool that then some other people can borrow and pay an interest for borrowing them. That interest goes directly to you, the supplier, and everyone is happy because you are taking a, are making a yield out of your unused assets without losing the exposure on those assets, and then you are able to potentially borrow if you want.
Real-World Applications of Crypto
Again, it's not mandatory to borrow anything. You can borrow other assets for you to be doing trading or DeFi or whatever you want to do with your borrowing capacity. Some actually, one of the today that we are feeling nostalgic. The reason or the story that Ken told me that got me into meld is very close to being realized. And the goal is you all know people who are crypto rich, but in reality, they don't have a lot of day to day money. So they will be able to put their bitcoins, their ethereums, their ADA as collateral, and then automatically go to a bar, pay for a beer, pay for a dinner, take a borrow against their bitcoin or their ADA, automatically convert it to euros or dollars and pay for it. When you wake up the next morning, the system will have been generating enough yield for you for that dinner to be paid out. So this is the level of composability that we are talking about, and this is the level of things that lending and borrowing enables us to do.
Encouragement to Utilize the Platform
I do encourage everyone to start using the lending and borrowing platform. We are in the early days, so expect weird numbers in terms of like, suddenly something is 100% borrowed. It's kind of an case where you see a 75% yield on something. We've taken a more conservative approach with the numbers and the interest and the rules we've set in place for the protocol to get started. But those rules are going to be evolving over time as we see more liquidity in lending and borrowing, but also as we see more liquidity in the meld ecosystem, things like a tommy, things like the bridge, they are going to have a big impact into how everything plays out together, and all the numbers are going to be adapting and evolving. But as Dustin said, we had a meeting just before this space where I'm going to be out for two weeks, but I have three papers for pool of tasks for all the engineers at Mel to do.
Updates on Current Status
So even though I will not be kind of showing my icon, showing my face, being active in telegram so much, I can assure you the work is not stopping. So expect a meaningful work and meaningful evolution to be done in the next couple of weeks and definitely towards the end of the year. Super. Thanks, papaya. Yeah, so we have all this product out now. We have 700,000 in TVL. Azomi has been launched. It's growing. We're at 1.6 million in TVL on a zomi. So slowly but surely everything is building up. There was a question in the, in. The chat about no volume. Is there any volume? So we launched on Tuesday. Today is Thursday. You have to give it a little bit more time than two days to get some degree of volume.
Market Dynamics and Liquidity Attraction
I think $700,000 in liquidity is a good starting point. In the first two days. We'll see that grow, obviously. Also, there was a question in the list, in the chat about is there any plans to attract liquidity? Yes, we have a marketing campaign that's going to be starting soon, both for the neo bank and for lending and borrowing. We'll be doing some more videos about lending and borrowing soon. Attracting liquidity is a bit tricky in the crypto space. In the age of meme coins. The type of liquidity that we have to attract is more traditional, sort of daos and private investors and people that believe in the meld vision. I can tell you, professional liquidity providers, when I was at ECC and when I was at Token 2049 last year, typically liquidity providers are looking for a 40% annual return on their investment for deploying liquidity into stables on your protocol.
Building a Sustainable Liquidity Source
There's very few projects or products that can offer those kinds of yields. So our focus is more to build a healthy, consistent, stable source of liquidity, rather than a fasten, very sort of, you know, flash in the pan type of liquidity. So. Yes, Dustin. Yeah, I can. Cheers. I would like to discuss back to lending and borrowing just to promote a little bit more of specific details of this, of our flagship product, because we said that we do care and we always want to inject our passion towards beautiful user interface, beautiful design and also very practical user experience. So probably, like most of you, are familiar with Aave, which is a leader in the lending and borrowing space, but we always want to go like, extra mile.
User Experience and Features
Right? So if you open the supply and borrow, lending and borrowing our product in the web app, wallethood, supply and World tab, there are a couple of details that I would really like you to check yourself, to experiment, to explore, because, for example, you know that it's really critical to look after risk factor to not be liquidated. So that when your LTV. So loan to value exceeds some specific threshold, right? You're at the risk of being liquidated. We have introduced this idea, this approach of showing a red shield, and also when you select a specific asset that you're supplying as collateral, or actually not the collateral, then you can see a new component in the central part of the screen that says liquidation protection.
Safety Features and Education
So we do care about your safety and we promote it everywhere, basically, not only through those visual elements, but also through very detailed tooltips to guide you. So I do recommend you guys to hover over every single tooltip to read about liquidation protection, to read about liquidation point. If you hover over, you will see a great info box explaining what it is exactly how you can be liquidated, why you might be liquidated, how to calculate that, how to track it, how to protect yourself from being liquidated. There's plenty of information when it comes to yield boost. You can see, you can notice that on the left hand side, when you have the supply and under available assets to supply, you see those lightening icons when you hover over, we are informing you that hey, when you bridge through our Ackerman bridge, then there will be a yield boost offer on your supplied position also, which something that our competitors are not doing is tracking of rewards earned from supplying an asset and also tracking the cost of borrowing an asset.
Detailed Performance Tracking
So a cost of all your active loans, whether you select supply asset or whether you select a borrowed asset. You can see in the central the part of the UI which is titled Overview Component, a tile that says asset performance and it tells you since when you started supplying and how much you earned and also for borrowed. You can see that your loan history again, since when and your total cost. Also something I find really handy is when you have some collateral supplied and you have active loans. So you have total borrowed, right? We are showing a market price of a specific asset. Let's say I have my Avax borrowed and when you check the market price, you will also see information about the liquidation. So to what price this specific asset would have to increase for you to be at risk of liquidation.
Final Recommendations for Users
So I do really recommend guys like spend more time and check what we have designed here, how fantastic approach we have towards user experience, how seamless it is. And you'll definitely have not only a lot of fun, but also a lot of opportunities to supply and earn, but also to long your crypto borrow against it and take the most of Defi opportunities in the crypto space. So thanks a lot and yeah, have fun. So now we've delivered. So now it's time for all of you guys in the audience here to give it a spin. So what I want to sort of impress upon everybody here, you need to give it a try. You need to sort of bridge some assets, whether it's stables or ADA or I, whatever it is, and supply it.
Clarifying the Borrowing Misconceptions
You don't have to borrow. This is one of the biggest fallacies about lending and borrowing that we have to work on in regards to education. If you just supply an asset, you're not exposing it to any liquidation risk or you're not going to. There's no chance of losing it or anything like that. You're just simply supplying it for other people to borrow. When they borrow it, then you'll earn an interest on it. So I suggest you guys give it a try. Even if nobody borrows the asset, you're still going to earn an interest on it. This is how our protocol is set up, so you get a double benefit along the way for things like ADA, USDT, USDC.
Yield Opportunities and Simplicity
Even right now, bitcoin has a yield on it. I think it's yielding, or it's gotten a yield of like 2% or something like that. So supplying your assets, it's harmless, very easy. It helps the protocol because we get higher TVL and it helps you guys because we're able to generate yield on the assets for you and you're able to make some money.
Discussion on USDC Supply and Yield
I've been supplying USDC for the past couple of days, and right now, based on the yield, I'm making a about a dollar a day on the yield for USDC. I'm not supplying very much. I'm supplying like 300 and $5400. But if I can make a dollar on $300, that's not bad. Wait, that. Wait for like a week. And then there's the answer that Pepe gave you in regards to being able to go and buy a cup of coffee, and then after a period of time, that coffee is automatically paid for by the meld protocol. So please, everybody give it a try.
Using the Bridge and Sharing Feedback
Go and use the bridge. Bridge dot meld.com. bring some liquidity over and tell us what you think once you've supplied it. There is one. Dustin. Sorry, go ahead. Go ahead, Pepe. Dustin, Dustin, go ahead. Sorry. I just got a quick question, Ken. Did you use your meld bunker? Nft. Yes. In the supply world, absolutely. I supplied, yeah, I think I supplied. I think I supplied like $1,000 in USDT and I used my banker on it.
Recommendations for NFT Use
That's nice. Great. So yeah, I also recommend to our, you know, listeners that they should head to JPEG store, buy an NFT. We are also supporting bridging bank managers nfts from Cardano to melt so that you can use the utility that we're giving in the lending and borrowing. Yeah, go on Pepe. There was also a question on telegram regarding the bridging for asking for us to explain a bit into how the mail bridge is secure and how it is held and all of that.
Understanding the Security of the Mail Bridge
So all of this information is available on the mail docs since even before we launched the bridge. But in summary, all of the assets are managed through smart contracts. When you deposit, let's put for example Ada. When you deposit AdA into the smart contract on the Cardano side that gets locked there and we then go and mint you in the mail network some ADA tokens. The ADA is storing a smart contract, as I said, and it's generating yield. In Cardano's case it's easy because the native stake in Cardano is very powerful and we generate, I think it's around like two point something, 3% of yield out of that data.
Liquidity Generation on Other Networks
For assets that are based on ethereum or avalanche, that yield is generated by the assets being used into liquidity protocols that generate that yield, that gets distributed to everyone in the yield boost. All of this management is done through a smart contracts. There is no manual intervention in this. I think we commented this on Tuesday, but it's all been tested thoroughly with 99.5% of all single lines of the smart contract tested and everything properly reviewed. The assets are controlled by meld on the mail bridge.
Attention to Asset Types and Bridges
But the mail network is obviously open for everyone and other bridges are also part of the ecosystem. But just a heads up, not all bridges are going to give you the same asset. For instance, if you bridge USDC using Chainport, the USDC that you receive is not going to be the same that you get when using Acamon. And some of those assets may not be supported as part of the broader Meld protocol line on the network. Fully decentralized in terms of which assets are supporting lending and borrowing, for instance.
Requirements for Assets in Lending and Borrowing
Then we have some liquidity requirements which also. Kenna, a question for you. Probably someone was asking if we can share more information into what will require for an asset to be part of the language borrowing. Yeah, so we're talking to a couple of Cardano protocols. I think it's USDM is one of them, about coming on to the lending and borrowing and coming onto meld. Effectively it has to do with liquidity in the DeX.
Market Cap and Asset Borrowing
So how much liquidity is in the Dex and the market cap of the underlying asset. So the ability to borrow has a direct correlation to the market cap of the asset. If the market cap of the asset is too low, then the chances of being liquidated become very high, and you create a system that can kind of cascade out of control. So, to give you an example, if a liquidation happens on a particular asset, then the liquidation is completed. The person who is doing the liquidation gets the asset, and they convert it.
Understanding Liquidation Processes
They'll take it, and they'll sell it into a dex and get a stable coin for it. When they sell it into the dex, that then causes the price of that asset to go down even more, which causes new liquidations to happen. This is called a cascading liquidation event. Happens all the time on ethereum. You get some big positions, get liquidated. The eth is then sold for stables, which then drops the price of etH, which then causes more liquidation, which then gets converted into stables, which then causes the price to go down even more, et cetera.
Implementing Risk Averse Strategies
Our goal right now is to try and avoid these types of actions, these types of interactions. We've currently set the protocol to be very risk averse, to be very safe. In the case of most of the tokens, you can only borrow 50% of the value. In the case of the meld token, you can only borrow 15% of the value. This is largely just because we've just launched it. It doesn't have a lot of liquidity, and we want to make sure that people going in and kind of testing it out and giving it a try are not going to get liquidated unknowingly and without any kind of prior experience, that becomes a very bad first experience, and then we create it.
Market Trends and Risk Management
There are issues that come up with that. We're very lucky in the sense that, we're at the bottom of the bull market. So we're looking at kind of, you know, it's ranging right now, and eventually it's going to go up again. We might have another small bear trap, but that's not going to be, nothing is going to be major in that area. So it's a good thing for us right now, because we see that, you know, as people supply and as people borrow, the value of their underlying collateral will continue to go up and keep them into a relatively safe place.
Future Market Risks and Concerns
This will become more risky as we get into the top of the market, and it will become very risky as the market starts to go down. But for right now, we've tried to keep it a very risk averse set of parameters with the lending and borrowing. One question or a couple questions about notifications for liquidations and margin calls. So basically, what a margin call is, for those of you guys that are not familiar with it, in a traditional financial system, you'll put down, you'll supply some asset, and if it comes within a dangerous range, then you'll have to put more liquidity down, youll have to pay part of it back, youll have to do something to cause it to not become liquidated, or youll have to pay a daily fee on whatever the asset is, sort of cost of funding, that kind of thing.
Clarification on Margin Calls
We dont have anything like that. There is no maturity date, theres no cost of funding. That happens on a daily basis if you want to, and if you've set up your lending and borrowing correctly, then your positions can last forever. You can have a net positive interest rate, meaning that your loan actually costs you nothing, because the amount that you're generating on the supply side is much higher than the amount that you're spending on the borrow side. This is the healthiest kind of lending and borrowing, and this is what we kind of, we're striving for.
Current Protocol Notifications
Currently, we do not have any kind of specialized notifications for the lending and borrowing protocol. There's nothing in there that, you know, if you get within like 70 or 80%, it's going to fire off a notification. It's something we've definitely looked at, and we think that it'll be a value when we start cranking up the level of risk on the protocol. Right now, you'll have to see 50% change in the price of an asset in order for you to get into a liquidation, a liquidatable position.
Liquidity Crisis Scenarios
That's not going to happen, in this part of the market, unless something like incredibly ridiculous happens in the space. Not in the space, but in the world. Like, you know, world war three, global pandemic, something along those lines could cause it. But outside of that, you were not going to see those kinds of swings. And that's the reason why we set those parameters, because we wanted to make sure that we didn't do that kind of a thing. So we need to give you guys a chance to become familiar with the protocol, learn how it works, learn how the mechanics behind it.
Learning Curve for New Users
This is all new for most of you guys, and so we didn't want to sort of open it up super wide. So you guys could go and kind of wreck yourself in that sense. So at some point we'll probably have some sort of notifications, but as of right now, we don't have any plans to build or deploy notifications. Typically something like that is going to be built by somebody in the community.
Community Involvement in Notification Systems
And then people can take those notification services, set up the thresholds that they want to set up, and then attach it to the lending and borrowing protocol. Everybody's going to have a different set of thresholds for what they want to get notified for. And then on the margin calls, there is no such thing really as a margin call here because you don't have any daily or monthly requirements, you don't have monthly payments, you don't have cost of funding. That happens every day.
Personal Handling of Margin Management
And so the margin call is really going to be something related to kind of what you feel we should, you should how you should handle it, not how somebody else should handle it. So if anybody out there is interested in building a notification system for the lending and borrowing protocol, we're happy to sort of collaborate with you guys. Otherwise you're just going to have to wait.
To-Do List Entries
And if nobody does it, then we'll put it on our to do list. But it's not going to, it's not really high on the priority list right now.
Questions About ZK Banking Nodes
There was a question. Let's see about ZK banking nodes. Where was it a breakdown on how and when the interest for ZK banking nodes are going to be paid. Yeah, so as you guys know, we have a ZK banking node sale that's going on right now. The ZK banking network will be launched in January of next year. That network will effectively take the transactions from our banking backend system, and we'll process, using the ZK banking network, those transactions into proofs, zero knowledge proofs, and put them onto the mail blockchain.
Yield and Payments from Banking Nodes
The yield from those banking nodes, if you go and you buy one of those banking nodes gets paid out quarterly. So the first payment will be in March and you'll be able to then, based on the deal flow, based on the transaction volumes on the network, the yield will be calculated dynamically for the dynamic nodes and statically for the static nodes. It will be deployed in meld tokens, but it's based on the dollar transaction volume or the fiat currency transaction volume because volume, because the banking stack is obviously sort of operating based on fiat currency.
Claiming Meld Tokens
It'll be available on the first day of the quarter and then you'll have the ability to claim those mail tokens. So the meld tokens will be provided as the block rewards based on the meld token value and based on whatever the dollar amount was generated in that prior quarter on the banking stack. That's how the ZK banking notes yield is sort of structured and that's how you claim it.
Encouragement to Use the App
I think that's about it. So, yeah, I mean, everything is set up, everything is working now. Guys, I recommend everybody give it a try and go and use it. Bridge your assets across. How many people here have an iPhone and have been able to download the neo bank? Come on, give me a hand, guys.
User Feedback on Banking App
I'm looking through the audience now, not seeing a lot of hands. There's a couple hands. Okay, there's probably a delay. I'm guessing there's some people. Yeah. So if you guys have an iPhone, then I strongly recommend you go give it a try. You can download it, you can set everything up for free.
Pricing and Community Feedback
If you want to get a bank account, then it's a $5 per month introductory cost that's going to go up significantly once we get multiple currencies into the bank account. So it would be great to see all of you guys out there and giving it a try and giving us some feedback in regards to the banking app and using it and getting access to it. I think that's about it. We're at the 40.
Community Questions
I think we want to open up for a couple more questions, you guys. Dustin, Pepe, do you see any more questions from the community? I think some quick clarification because I've seen some questions during the day and I also see a question in the Peter, is that diamond hands NFTs is not for lending and borrowing. The NFT that goes and has utility into the lending and borrowing is the banker, the bank manager, which if you have in Cardano, you will have to bridge into the mail network using the bridge or using the app and put along some of your either supply or borrow positions.
Clarification on Diamond Hands NFTs
The diamond hands is going to give you. A free paid tier for the banking and it's going to come in the midterm. There is no exact date on when that function, it's going to be active. All of this stuff is live now. Now I have a task for everybody here.
Community Engagement Request
We're going to need your help in the coming days and coming weeks to get the word out. Everybody we talk to is super fired up, super thrilled, blown away by what meld has built, how it works, how easy it is, how useful it is, how cheap it is, what we need now is we need people like you guys.
Screaming from the Mountain
We need our meld army to go out there and scream at the top of the mountain. We need you to sort of talk about it, tweet about it, put it in LinkedIn, write about it, discuss it, you know, talk about it in community chats, all of these different places, and make sure that, you know, everybody in the space knows and everybody is aware of what we've actually built.
Creating Awareness
Awareness is now our number one deliverable, and that awareness is going to be the responsibility, obviously, of meld. We're going to be marketing the hell out of this, but also the community, so that everybody in the community knows what's going on. Hey, Ando.
Community Support and Feedback
Hey, Ken. Hi, Peppa. Hey, Justin. Well done, guys. Super hyped with the product, obviously. I tested the neo bank, tested the lending and borrowing, did some supplying on both sides. So I'm actually supplying and borrowing the same asset for myself.
Positive Experience with the Platform
But it's fun. It works perfectly. So I expect nothing but success moving forward. I've got one question, Ken. I know you mentioned that on the banking side, we want to be independent, diversify from the banking license suppliers.
Questions About Banking Independence
Is there anything in the pipeline with regards to additional EMI license or the individual ibans? Is there something you can share on that? So that is, the individual ibands is in process from a technical perspective. So that'll come along with the cards deployment. Outside of that, not right now.
Current Focus and Future Plans
I mean, we're always keeping our eyes open in regards to different infrastructure to be able to connect to. But right now the focus is on to work with what we've already got and what we have in the market. We already have connection to three different infrastructure players, two different crypto providers, soon three different crypto providers.
Integration Plans
So that's the focus as of right now. And again, we'll see hopefully by the end of the year, as long as the integration happens in good time, that we'll have the cards out there and working. And when that happens, then we'll have the ibands as well.
Future Updates and Acknowledgment
So ibands and cards targeting q four. I'm not giving you any dates. Are you kidding me? I'm asking about a quarter. That's awesome. That's good news. So all of these are based on third party providers and the processes that they go through from a traditional financial perspective or traditional financial industry.
Third-Party Dependency
So financial institutions, they don't work on hard deadlines, they just work, you know, based on when we can get it done. So we're pushing it, but we just have to wait for them to be able to get everything across the line and then we're able to do all of the integrations.
Wrap-Up and Next Steps
Then I think we're going to wrap it up at that. Appreciate everybody for joining. Go and give it a try. Check out the lending and borrowing protocol. Bridge some assets across supply, some liquidity. Go get some meme coins. Our meme coins are actually doing pretty well.
Community Engagement and Encouragement
They're pretty stable. I'm impressed with you guys. You guys haven't been really kind of selling much. You've been out there and just diamond handing the whole thing. So happy about that. And we'll talk to you guys next week, give you guys an update in regards to what's going on, the sort of ecosystem as a whole.
Future Updates on Ecosystem Growth
We'll have some more news next week in regards to how lending and borrowing is going, the growth that we're going to see. And have a great weekend and yeah, enjoy the meld protocol.
