Recap AMA with Meridian Network
tehMoonwalkeR
please be so kind and introduce your selves, your role in the project and a short explanation of meridian network
Mark | Meridian Network
Hi guys, thanks! Good being here
Hi, both Yomonk and I are founders of Meridian Network. We started doing concept development of the project in April and decided to launch in June. It all started with both of our interest in defi and trading. And we saw that there were many gaps in the market especially with the surge of uniswap and we decided to embark on this venture to fill it.
Yomonk comes from a tech background, especially e-commerce, SaaS
I come from a management background, namely tech consulting for business restructuring
tehMoonwalkeR
very interesting, which “of the many gaps” does Meridian Network fill and how?
Mark | Meridian Network
We noticed that most DeFi dapps were external to users control, and we thought finding a way to give some of that control back to users would be a good starting point. Hence the DAO balancer idea was born, for our first dapp
Yomonk l Meridian Network
There’s also quite a few gaps in terms of education on new defi dapps such as how a balancer pool works. We want to build an ecosystem of defi dapps that is governed by its own DAO and allow our traders/investors to easily learn about these dapps and also educate each other to find winning strategies in the market.
tehMoonwalkeR
can you explain the DAO balancer idea and how does it benefit #defi enthusiasts
Yomonk l Meridian Network
Absolutely, so we’ll be launching the first community-driven (DAO), deflationary balancer pool/index fund. The vision is that the community can learn from each other and educate each other through our consensus system. People can make proposals of newly undiscovered gems and vote together whether or not to add them into the pool. A new balancer pool called ‘hidden gem’ — labeled as high risk could be created. Then everyone can vote together and invest together and make money together.
There’s a quite a few benefits to it.
1) Liquidity providers can earn passive interests through liquidity mining
2) earn trading fees from each trade that is made in the pool
3) exposure to all the different top crypto assets in the portfolio
4) diversify their portfolio
5) the pool will also peg LOCK to the other crypto assets in the pool and will create a positive upward pressure when the portfolio is performing well.
tehMoonwalkeR
very interesting idea, reminds me of my own motivations for create my #moonranking
tehMoonwalkeR
do i understand it correct that this is a different dapp to the Meridian Vault?
Yomonk l Meridian Network
Correct, the Meridian Vault is a temporary reward system for our early holders which gives 1% daily dividends leading up to our 2nd Dapp, which is the DAO balancer pool.
tehMoonwalkeR
please tell us more about the vault, 15% unstake rate seems massive
Mark | Meridian Network
The 15% rate, when combined with staking for a minimum of 30 days, actually equates to a monthly ROI of nearly 15%. This isn’t counting with the dividends that get redistributed when others unstake, which means an even bigger ROI
We believe this to be a good measure to incentivize our holders to stake throughout the whole period, and we think it was the right choice as can be seen from our current staking stats
tehMoonwalkeR,
can you vote with locked “LOCK” ? :D
Mark | Meridian Network
This should be clarified, it’s good that you asked this. The DAO balancer will go live at the same time we end the staking period, so once the DAO is running users will no longer be staking
Like Yomonk said, staking is just an added bonus while we prepare the DAO
tehMoonwalkeR
very interesting, we heard yesterday about token incentive through reducing supply , now we have a penalty for removing the stake which gets burned/distributed. must say im interested how it will play out
Mark | Meridian Network
We’re too, it’s an interesting concept that’s been popping up lately and with potential for a lot of tweaking
tehMoonwalkeR
looking at tokenomics, apart from the tokens will be used for teams salary, how is that sustainable? and will we see revenue at some point?
Mark | Meridian Network
Our long term goal is to actually become a fully autonomous organization through our DAO, ideally everything will be set up in a way that allows holders to govern the Meridian protocol through our DAO while having access to the reserve pool. Having said that, 700,000 LOCK for team salary is enough to last for at least a couple of years at current expenditure rate
tehMoonwalkeR
what other dapps do you have in the mind, and how exactly will the token behave in the DAO
Yomonk l Meridian Network
we’re currently investigating several dapps with solid uses cases in the defi industry and also recruiting advisors in the industry. At this stage, we can’t disclose the 3rd dapp yet but the ground works are now being built. In regards to the tokens in the DAO, it can be used for voting/reputation. More info on how the DAO will work will be provided in our litepaper v2 coming in the next weeks before our 2nd dapp launch.
tehMoonwalkeR
while I admire this idea, it also brings the risk of “handing the project over” which often leads to the death of a project
how can this be prevented, what is the stake of the team in this? also why wait 2 weeks to disclose team id?
Mark | Meridian Network
We have several ways to prevent manipulation from large holders, such as marginally decreasing voting weight ( the more tokens you have the less voting power each token has ), among others
The team will be involved for a couple of years before this happens which will also allow us to see adapt to any risks that might arise in the meantime
Yomonk l Meridian Network
Also the founding team will still hold stakes in the project so we’ll be able to still contribute to the direction of the project. We’ve decided to disclose our team in alignment with our new website update. This has been an on-going topic from us since inception and we’re ready to move forward with it.
tehMoonwalkeR
will this project be the main occupation of the team? or is it a side project
Mark | Meridian Network
This is the full time occupation of the team, our focus is 100% on Meridian and will be so for the foreseeable future.
Yomonk l Meridian Network
We’re looking to continue building the ecosystem and adding more use cases to the ecosystem as the market develops. We’re also very flexible and nimble in this way.
tehMoonwalkeR
any future marketing campaigns planned? what's the strategy to get more known?
Yomonk l Meridian Network
After this AMA, we have 4 other AMAs scheduled in 5 days. We’ve also got a partnership with a very known youtube influencer (100–150k subscribers) and our video should go live by tomorrow so we’re definitely excited about the new flow of audience/investors that these efforts will bring. In the long run, we’re looking to continue spreading awareness of our project through twitter, partnerships, AMAs and other channels that our audience likes to use to gather info / make decisions.
We very much appreciate you as well for providing us with the platform to reach new audiences and educate them on our mission / project.
tehMoonwalkeR
sorry to dig again, will there be revenue at some point ?
Mark | Meridian Network
As the project is aiming to be 100% autonomous, the goal is for the team to gradually stop getting involved and placing control in the hands of users. As so, there is no point in seeking revenue for ourselves, as we’re instead focused on creating revenue streams for our holders through our Dapps. The DAO Balancer for instance, will allows holders to reap benefits in several ways. This is the model we will follow for the other dapps, there will always be a way for holders to generate an income through them
tehMoonwalkeR
impressed, so far LOCK is mainly on uniswap, any t1 exchange planned?
Yomonk l Meridian Network
Yes absolutely. We’re in touch with several exchanges. And we should have a mid-tier exchange in 1–2 weeks!
tehMoonwalkeR
nice, I think that's it from me
leaves 30 minutes for the crowd
alright if we open up the chat
Sebbie Bas
I read that you have a YouTube influencer in the plan, could you give us more info on that?
Yomonk l Meridian Network
Yes, he’s a very well respected YouTuber in the space. And we’re happy to have him as our 1st youtube influencer to push awareness to our project. The video will be 5–10 mins long and it’ll educate his audience on our project. It should be live tomorrow.
Maxime
What would have to change in order for the DAO-based balancer pool to be launched at the end of month 1, instead of in month 2?
Mark | Meridian Network
For this to happen the development of our DAO balancer would have to be complete well before the end of the first month. And it actually is well ahead of schedule so this is definitely a possibility, although we would let you guts with a week or so in advance
submarine987
Is the 15% fee taken from your full balance or from the earning you make whilst staking?
Mark | Meridian Network
The 15% is taken from the amount that you are staking at that time. As you can re-invest your dividends at any time, these will also be subject to the fee, though you can also choose to withdraw your dividends instead, in which they would not be subjected to it. Basically, the 15% if for staked tokens only
Sebbie Bas
Talking about the DAO balancer pool, why should investors put their liquidity into the balancer Dapp?
Yomonk l Meridian Network
As mentioned earlier, the Balancer pool has many benefits for investors. It’ll give them exposure to all the asse
ts in the pool and act as a diversification strategy. And you get passive dividends in the form of BAL, trading fees in the form of the tokens that are in the pool and again, it’ll peg LOCK to the performance of all the other assets in the pool.
Investor bull
How many full time workers are you?
Mark | Meridian Network
The core team consists of 8 people: me, Yomonk, Ragnar ( our lead designer ), our lead solidity developer, two part time front end developers and Che, our community manager. We’re all full time except our front end devs
Mark | Meridian Network
Then we have another 7 admins for our TG and Discord, some are full time while others part time
Sebas
When I hear DAO, I can’t help that I also think of the hack back in the days. What security features will be implemented to prevent theft of coins by a bug in the smart contract. Will there be a third party code audit?
Yomonk l Meridian Network
We’ve already gotten 3rd party audited by Hacken. We released the report several days ago. In regards to preventing the hack, we have an admin feature that disables the burn feature once we launch the 2nd dapp.
fandi rosyari
your speech and language patterns are very similar to the pamp developer, if I’m not mistaken the developer mrdn is also anonymous?
Yomonk l Meridian Network
Yes, our core dev for the Vault was cryptopinions, a well respected dev in the community. He is anonymous but our code is public on github. The rest of the team will be public moving forward as mentioned.
Sebas
Will it support only erc20
Yomonk l Meridian Network
correct
Joe
In the team reveal would we be in for any kind of surprise? haha
Yomonk l Meridian Network
I hope it's a pleasant surprise!
Zendetta ||| Ampleforth
So can you explain more about the “less voting power” part? How would this inceltivize investors to invest more? Or do you see it as an opportunity for more gradual natural growth?
Also, do you expect the coming/expected bullrun to affect your team’s plans for the DAO negatively or positively?
Mark | Meridian Network
Sure. By less voting power (and this isn’t implemented yet) we mean there will be a threshold (in terms of LOCK holdings) at which point every extra LOCK will have less voting power than the other ones. This is made to prevent large holders from monopolizing voting to cater to their own interests ( for example voting on a pool that holds the tokens they’re most invested in ) and potentially other issues. These measures will have no impact whatsoever in holders generated income, they’re just in place to prevent manipulation of the voting system
Yomonk l Meridian Network
@tehMoonwalkeR I think we’re good here.
tehMoonwalkeR
perfect, thanks for being in here
very interesting things to come!
Some links to #DYOR:
💥 Website: https://meridian-network.co/
💥 Medium: https://medium.com/@meridiannetwork
💥 Twitter: https://twitter.com/networkmeridian
💥 Discord: https://discord.gg/nbRUbhE
💥 Reddit: https://www.reddit.com/r/meridiannetwork/
💥 Github: https://github.com/cryptopinions3/meridian
💥 Etherscan: https://etherscan.io/token/0x95172ccBe8344fecD73D0a30F54123652981BD6F
Brought to you by tehMoonwalkeR
