AMA Cryptoscreen With Meld Global

On 06 July 2021, Meld Global conducted an AMA in the Cryptoscreen Community. Our guest is the Hai Nguyen Quang of Meld Global.

Lots of questions as usual from the Community about Meld Global progress. The Meld Global team took part in a very interesting AMA session which included introductions, questions from twitter, and a live AMA session with the Cryptoscreen community. If you missed the AMA in person, read this recap for a deeper insight into Meld Global.

Let’s take a look at the most interesting points of our conversation.

INTRODUCTION

Inol Granero :

Okey, Before I start the first session can you introduce yourself to our community?

Hai Nguyen Quang :
Sure.

My name is Hai, CEO and Co-Founder of MELD. I’m an entrepreneur, system architect and Blockchain engineer from Vietnam. I started my career in game development, which quickly turned into AI engineering. For the last 4 years I’ve been focusing on Blockchain technology and DeFi solutions, especially with the Cardano Blockchain. Since last year I’ve been working with a brilliant team at MELD. To MELD the fiat and crypto worlds, the different Blockchains and protocols there as well.

Inol Granero :
Thank you for introduce yourself sir

Nice background
Your experince will certainly motivate us in the future😊

Hai Nguyen Quang :
Thank you! The MELD team is brilliant!

Inol Granero :
Okay, In the first session I will give questions about Meld Global, if you have given an answer please say “Done”

Hai Nguyen Quang :
Sure

Inol Granero :
Let’s start first Session
Q1. Can you tell the members a little about Meld Global?

Hai Nguyen Quang :
Sure.

MELD at the core is a concept, to MELD things together to bring the best out of both ends. For example, we’re developing a crypto-to-fiat lending protocol that exposes the best out of both fiat and crypto to the end users. One can deposit crypto as collateral to borrow fiat to spend in their daily life. So that they can stay long on their crypto investment but still have the convenience of fiat. This is also extremely tax-efficient. As cashing out on any token, like a USD stablecoin risks a capital gain tax event. While borrowing fiat against collateral isn’t, with the fiat loan interest being tax-deductible in many jurisdictions. We are also decentralized, trustless and non-custodial. With a non-profit MELD Foundation to handle fiat, with transparent ledger for third party audit. Both the protocol and the MELD Foundation will be managed by MELD holders. So think Aave, Compound but more tax efficient and automation when users need fiat. Think Nexo, BlockFi but decentralized and more efficient. People don’t have to give up their keys when coming to the MELD protocol. We also have interoperability solutions like the MELDed Assets like mBTC, mETH, etc. To bring other tokens to the Cardano Blockchain and be compatible with the MELD protocol. So people can stay long on their crypto of choice, with more liquidity flowing into Cardano as well! We still have a more ambition to share. Stay tune for more!

Inol Granero :
Q2. Can you explain how Meld Global and what kind of services it offers to users?

Hai Nguyen Quang :
Oops, I think I got too passionate and answer deep into this question through the previous! To top that, I’ll say that our mission is to bring secure and efficient services to the mass, and by that I mean every single person out there. So the first point is that the services have to be diverse, hence different users can select what is most suitable for them. That is why we offer both crypto and fiat services. With services that utilize both like the crypto-to-fiat services. The second point is that we have to keep the barrier to entry low. And cover most if not all jurisdictions. For now fiat services still require very heavy paperwork, licenses and permissions, which also differ among jurisdictions. But we’re ready to go that long road to unlock one by one. To truly deliver a decentralized and efficient protocol that every single one out there can join. For services users can provide liquidity as lenders to earn interest and yield. Borrowers can borrow fiat while staying long on their crypto, with negative interest loans that pay itself. We also have MELDed assets that bring crypto from other chains to Cardano so people can stay long on their crypto of choice in the MELD ecosystem. We also have an ADA-backed negative interest mUSD/mEUR service. And many other crypto-only services as well. We won’t stop innovating any time soon, to make sure anybody can find their service that benefits them the most.

Inol Granero :

Q3. What products does Meld Global have and in the future, will you add more products?

Hai Nguyen Quang :
I think I’ve answered this one in the previous again! For services users can provide liquidity as lenders to earn interest and yield. Borrowers can borrow fiat while staying long on their crypto, with negative interest loans that pay itself. We also have MELDed assets that bring crypto from other chains to Cardano so people can stay long on their crypto of choice in the MELD ecosystem. An ADA-backed negative interest mUSD/mEUR service. And many other crypto-only services as well. We won’t stop innovating any time soon, to make sure anybody can find their service that benefits them the most.

Inol Granero :

Q4. How do you solve liquidity issues and how to ensure user asset security?

Hai Nguyen Quang :
Great question! We have high interest and yield to attract lenders providing liquidity into our lending pool. We’ve already attracted many lenders, with an expectation to launch the lending service with a lending pool of at least $20m. And as the protocol matures and gets more proven, lenders will just keep coming. We can also solve a few restrictions, for example we can offer yield-only lending solutions. As Sharia law forbids loans with interest. Such approach attracts many great banks from the Middle East. We also have MELDed Assets to bring other tokens from different chains to Cardano, hence more liquidity on the crypto side as well. Our deep liquidity pools are funded by big collateral, hence more liquidity for traders, which in turn means more trading fees and yield for both lenders and borrowers. For security, it is definitely our number one concern. We have qualified in-house security engineers (still recruiting aggressively!). Have been working with world-class security researchers and engineers to build the first analysis, auditing, and disassembling tools for Cardano smart contracts. Also going to hire the top third party auditors in the scene for our products and services. Aggressively attacking our own models to find vulnerabilities from attackers’ perspective as well. We work hard on serious designs, operations and implementation to secure all end users, end devices, stake pools, cloud infrastructure, smart contracts and economic models. Also subscribed to the latest news, seminars, courses and similar resources from top security researchers to always stay up-to-date. A very serious endeavor.

Inol Granero :
Okay next question, This is the last question in segment 1

Q5. Have you met all your goals in the roadmap till now? And were there any difficulties that you didn’t expect and were not prepared for?

Hai Nguyen Quang :
We are very ambitious, with high-level roadmap till 2025 already. Hence also more smaller milestones along the way. Until now everything has gone according to plan. With a rather successful ISPO. Today is only the 6th day of a 5-month long campaign, but we’ve been delegated nearly $200m worth of ADA from the community. Fund-raising is going well, with many world-class, industry leaders joining the advisory board. We’re going to have press releases about them soon! The development team and the community team are also scaling organically. There are still bumps along the way, but we’ve been able to thrive in an open field with no dead end insight! That said, we do expect certain difficulties in the future. First is that it’s non-trivial to support fiat operations, especially at large scale, in many jurisdictions, with a crypto-related protocol as a cherry on top. So we anticipate certain delays that arise when working with new jurisdictions and banks. In preparation, our investor relations have been working hard to secure many world-class advisors and partners in the field. To speed these procedures up with their reputation, expertise and connections. Another difficulty comes from the fact that Smart Contracts haven’t gone live to the Cardano Blockchain yet. So our roadmap might get pushed if there are further delays there. But that also means more time to refine our design and products. In summary, things have gone well so far and we are still speeding up.

QUESTION FROM TWITTER

Inol Granero :
Okay, we move on to the second session, which is a question from Twitter😊

Q1. What advantages does MELD provide to the customers over other competitors? Will I be required to go through KYC before using your fiat lending solutions? how many cryptocurrencies and Fiat does MELD support? @Greyhair_08

Hai Nguyen Quang :
Aave and Compound have decentralized, trustless and non-custodial lending protocols as well. But they don’t operate in fiat. When people need fiat, our solution is very tax-efficient. No capital gain tax when compared to cashing out on a token like USDT. With fiat loan interest being tax-deductible in most jurisdictions. We are very autonomous as well, so people don’t have to cash things out and do fiat paperwork themselves. MELD can automatically wire the loan and generate fiat paperwork. Nexo and BlockFi also have crypto-to-fiat lending. But they are centralized, operate in one single jurisdiction with a higher barrier to entry. We are decentralized, trustless and non-custodial that people don’t have to give up their key. We want to cover the whole world, with a lower barrier to entry as well. The mindset is also completely different. Centralized companies focus on corporate profit. The MELD protocol and non-profit MELD Foundation just focus on the users’ profit. And yes, we do require KYC/AML for fiat operations. We don’t require that for the many crypto-only services. For crypto we’re going to support ADA, BTC, ETH, BNB, and more. For fiat we start with USD and EUR, but should be able to support more with time as well.

Inol Granero :
Q2. A strong community not only brings interesting ideas to the project but also attracts larger partners. So how $MELD planning to build its community? And is there a plan to recruit people with Blockchain experience to the $MELD team? @luckyjem02

Hai Nguyen Quang :
Yes, community is king for decentralized projects like ours. We have a huge plan to grow the community, with both fun/dynamic and professional/classy solutions. We do have a very wonderful marketing team with many creative ideas. I have many dope ideas to share right now but let’s keep it for the surprise and all. But let’s say we’re going to keep upping the game to enhance connection with the community. Another important thing to note is that we are ambitious and go long-term. So we’re not going to buy bots, buy likes or anything. And we’re not going to utilize memes to attract tons of followers for nothing. The fun is needed. But we want to stay at a professional level to make sure the MELD protocol is still the focus. And that the development team and the community should grow organically together to understand and embrace each other better.  And yes we’re still recruiting like crazy and not going to stop any time soon. And we do select the best crops, with 4 rounds of interview for key engineering roles for example. If you love what we do send us your CV now!!

Inol Granero :
Q3. launching the project on the bull market is more profitable than during the bear market. when bear run where most projects fail and are forgotten, how will MELD survive this situation? What strategies does this project use to reduce possible losses? @cigarretesboy

Hai Nguyen Quang :
First, we go long-term. Our ambition is to cover the whole world with secure and efficient financial services based on and around the MELD protocol. We do both crypto, and especially fiat for all jurisdictions. With a huge backlog of innovative ideas to push for the many years to come. With such a hardcore road map, any short bearish season should statistically not hurt us much. To further prevent risk for MELD holders, we design the MELD token so that it is most valuable when being staked. For the holders to join governance processes and receive a cut from the real time protocol fees. So when the market has a hard time, holders can still stake MELD for profit. We also focus on a state-of-the-art liquidation system. That only liquidates at the lowest ratio possible (109% or even lower) to avoid liquidation risks for borrowers. And so efficient that the penalty is minimal, while the liquidators still have a net profit. In summary, we go long term and have all the strategies to avoid short term bearish seasons.

Inol Granero :
good answer
Q4. If $MELD can be staked and is used for voting on the governance of the protocol. How many $MELD should I have to participate to be able to vote? Is there other uses of the token in the ecosystem? @DngGiaPhong2

Hai Nguyen Quang :
There isn’t really a minimal amount when it comes to voting. The more you stake the louder the voice, but you don’t have to reach any threshold to have a voice. The staked MELD tokens are also used as insurance for the protocol, to fight LP impermanent loss and other market conditions. For that, MELD stakers earn a share of the real time protocol fees. So at its core the MELD token is a utility token for protocol governance and insurance. In the future, MELD stakers will not just manage the protocol. They will also manage the MELD DAO, and the MELD Foundation!

Inol Granero :
Okay next question, This is the last question in segment 2

Q5. What gives the MELD value? What is its role in your ecosystem? Can you name some of the advantages of holding a $MELD in the long run? What important achievements does MELD have? @Thng87161386

Hai Nguyen Quang :
The MELD token’s value lies in its utility in the ecosystem. Holders can stake it to earn protocol fees. As well as having a voice in the protocol, the DAO and the non-profit MELD Foundation. As the ecosystem matures with many more products and services, the demand for such voice would definitely rise. As well as the ability to earn protocol fees. The staked MELD token also provides insurance, and balances our one-sided liquidity pools. Holding the MELD in the long run means you can earn a lot from protocol fees, and join governance processes at each step. To see its demand, hence its value grows with time as well. For achievements I think we can mention our ISPO campaign. Today is only the 6th day in our 5 month long campaign but we’ve got around $200m worth of ADA delegated.

LIVE/FREE QUESTION

Question 1

During the development of #Meld project, have you considered any feedback or community requests to expand new ideas for the project?

Hai Nguyen Quang :
Yes. We stay very close to the community even this early on. Because in the future everything will be run by and for the community.
Thus far we have listened to the community to open the 50% pools for certain ISPO participants who want to still get ADA rewards.
We’ve also been talking to other stake pool operators to find collaboration, to have a better impact to the whole ecosystem from our large pools.
We’ll keep open conversations with the community and once launch, MELD holders can stake and join governance processes with us!

Question 2

I am a begginer in crypto world
How the common people can invest in this project? Can you explain the steps for investing into it ?

Hai Nguyen Quang :

We’re running a very new and secure fund-raising model called ISPO.
Basically you delegate ADA with us to help us earn more ADA rewards to fund the project.
Then this December you’ll get airdropped MELD tokens proportionally to the amount and duration you’ve delegated.
The delegated ADA never leaves your wallet and you can withdraw them anytime, totally safe!
For more information please see:
https://meld.gitbook.io/meld/initial-stakepool-offering-ispo/initial-stakepool-offering
We also have a detailed guidance on how to delegate:
https://meld.gitbook.io/meld/initial-stakepool-offering-ispo/how-to-deligate-to-the-ispo

Question 3

Is your project a local or global project??”
-How many communites, do you have for non-english users?

Hai Nguyen Quang :

MELD are GLOBAL.
We are going to support fiat operations in most if not all jurisdictions.
We are not going to leave anyone behind when delivering our secure and efficient financial services.
Still a long way to go, but we already have around 15 non-English Telegram groups.

Question 4

Do you have any plans to add Nft’s to your ecosystem as this is the hottest topic in the crypto space?

Hai Nguyen Quang :

We have been talking to a few NFT projects already. For potential collaboration on something like NFT lending and borrowing.
That said, we have a heavy mission and a long roadmap to go.
We’ re going to do whatever it takes to achieve these goals, trendy or not.
And we’re definitely not wasting hard-earned resources on things that don’t matter.
In summary, we’ll do NFT if and when it makes sense. For now it’s not our top priority at the moment.

Question 5

I wanted to follow # Meld project for long term and Don’t miss any update. Kindly share your social media links..(because there are many fake groups telegram groups)

Hai Nguyen Quang :

Here!
Website  | GitBook | Medium | Telegram | Twitter | Discord | YouTube | LinkedIn | Github | Facebook | Instagram

 

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