MeanDAO
“To build the decentralized products and blockchain infrastructure necessary to act as the financial equalizers for people and businesses worldwide.”
A typical traditional banking system does not have well-laid systems for wealth creation and financial management. Instead, the case is vice versa. While there might be a few upsides that go with these systems such as customer agents to help assist with issues, I feel anyone that is used to decentralized systems would agree with me that the world is transforming and we’ve peaked centralization. One should be able to perform banking activities without the risk of getting manipulated by a third party or perform these activities stress-free and with minimal cost. I beat my chest to conclude that such improvements work perfectly on decentralized systems to ensure transparency in day-to-day operations.
While I am convinced that you have an idea of where I might be heading, I do not see the need to proceed to state the importance of MeanDAO yet. This is because I want to ensure that newbies in the crypto space or a non-member of the MeanDAO community (which is a potential member), reading this article need to have an overview of the project and what it has to offer before giving them reasons why I am bullish on the DAO and the project.
At a glance, it feels like the MeanFi web app has limited features. That’s exactly what I felt when I first stumbled on it. But I kid you not, there are so many mind-blowing features in the MeanFi web app. I would get back to this later in this article when I would be emphasizing the impact it has on this space as I promised. Follow me as I introduce you from scratch.
MEAN DAO
DAO, which stands for Decentralized Autonomous Organization is similar to any other traditional organization you know like Uber, Google, and its likes. The outstanding difference between these companies and a DAO is that it’s Autonomous. It operates completely transparently and independently of any human intervention including its original creators. In summary, there’s no BOSS. If you read the quote below the headline of this article without understanding what a DAO was, read it again as that is what defines MeanDAO.
Nevertheless, for this structure to be effective, there has to be a toolset aside to help the DAO members make decisions by voting for changes and also how to share profits generated by the DAO members. This is possible with the help of the Mean Token. Therefore, the Mean Token is a governance token deployed on the Solana blockchain to govern the decisions of the MeanDAO members. With the total supply of 210,000,000 $MEAN tokens, a screenshot of the token allocations and distributions is shown below:
After doing some research on each of the main team members of the MeanDAO by checking their profiles online and reviewing their records, I concluded that they are all highly intellectuals with sustainable track records and experienced individuals in the crypto space. However, according to the MeanDAO document, there are several strategic pillars to ensure the well-functioning aspects of the Mean DAO principles. They are:
- Dedicated Mean DAO community management team.
- A fair initial distribution of the MEAN governance tokens.
- Open Mean DAO treasury to fund community projects and products.
- New products and priorities to come from community-led votes.
- All of the Mean Protocol code is Open-Sourced.
MEANFI APP
The MeanFi (Mean Finance) is a web app developed by the MeanDAO on the Solana ecosystem. Asides from the regular swap function applicable to all Decentralized Exchanges, there are some other unique and outstanding features in it that are only available or implemented by a few projects in the Solana ecosystem.
PAYMENT OPTIONS
The MeanFi app has an option to send money to another SPL address or schedule a payment. This feature is rarely found on Decentralized Exchanges. The sender can choose to send funds as a One-time payment option or automate several badges of transactions with the other option known as the Repeating payment option. Also, the sender has an option to specify what the sent funds should be used for, much like a note that we add to bank transactions when we send money from one account to the other. This option is not compulsory. Assets that could be transferred with this feature presently are USDC, BTC, ETH, USDT, and Wrapped SOL.
DEPOSITING ASSETS
All Decentralized Exchanges I have used on different chains require that you have deposited assets first manually before you can use them including the MeanFi app. However, I have not seen any Decentralized Exchange yet that has an option to fund assets with various payment methods used including directly from an exchange. They also have options to bridge assets from Ethereum and Polygon with the help of Allbridge.
PAYROLL
The payroll feature is one of the insane features of this Decentralized Exchange. With this feature, you can set up an automated payroll for employees with decentralized systems which would increase the odds of privacy among each staff’s payment and there is no risk of it being monitored with centralized systems.
In addition to the products on the service tab, the assets custody feature is one of the most advanced digital asset platforms for securing one’s crypto assets and taking part in other active or passive activities such as trading, staking, governance, and more which would be added as time goes on.
I also like the fact that even though the web app is simple to use with a nice user interface even though these features are integrated into it. Do well to play around with the Devnet and make sure you know what you’re doing or use spare funds to interact with the Mainnet of MeanFi.
“Uhhmm.. I now know the relationship between MeanDAO and MeanFi. Let’s get to discuss the topic of the day. What are the benefits of both the team and the product?”
There are a good number of incredible importance and impact of the MeanDAO and their products after studying the project for a few weeks. Here are some of the outstanding importance:
PROMOTING CAPITAL MANAGEMENT
The primary aim of the MeanDAO is to help the users of its product or community members grow their capital using the crypto custody feature in a Decentralized scenario with optimizing rates to have the best prices across several Defi assets. This has curbed the stress of moving funds from one centralized exchange to another in search of the best rates which is time-consuming and heavy funds are at risk of reacting to the market volatility.
EFFECTIVE DOLLAR COST AVERAGING SYSTEMS
Dollar Cost Averaging has been a bit hectic manually by having to mark out dates to re-invest in a particular asset after a fixed period. Asides from the fact that there’s a tendency of not being accurate with the timing, human emotions can also come into play which might hinder a well-structured DCA technique. Again, even though an individual may decide to automate this in a centralized exchange, there is a tendency to break down or suspension of deposits in exchanges, delisting of the asset and frozen funds due to certain flags that might arise. An automated Dollar Cost Averaging would be a blast using Decentralized systems like MeanFi’s trading option which I didn’t want to reveal earlier till now. Here’s a screenshot below.
MINIMAL GAS FEES
Unlike Uniswap and other ETH protocols or other chains which a good number are uncomfortable using due to the high gas fees, it's incredible how one could use these amazing features on MeanFi, with even cheaper gas fees than some of the outstanding protocols in the Solana ecosystem. Creating a system that uses cheap gas fees is an advantage to community members, the Solana ecosystem, and the blockchain community at large to help people with save money while using these tools.
OPEN TO ALL
Unlike the traditional banking system in which one has to go through the process of getting registered and verified, the simple banking system on this Defi protocol can be assessed by all regardless of the region and age one is. This would also imply that one does not need to show proof of owned businesses or registered companies to be able to collect loans, lend and access other Defi functions of the MeanFi which is only limited to individuals with the above criteria in the traditional banking system.
CONCLUSION
These tools on MeanFi are rarely seen on decentralized exchanges which means that it doesn’t require any form of verification to have access to them. Another thing is that using these tools isn’t buggy since it's developed on Solana, a high-speed chain blockchain.
However, the MeanDAO have some more amazing products to launch and policies to implement on their roadmap in the coming months and years. With all the points stated and outlined above, it is no more strange that they will build more systems that would close the loopholes of a traditional banking system for its citizens.
The fact that this is a very unique innovation in the crypto space as they are the first to develop web3 architectures that would take banking to the next level, I am convinced that the project would be a giant sooner than later.
OFFICIAL LINKS
Do well to visit the official MeanDAO links below for more information.
