Meridian Network — Telegram QUIZ & AMA — July 26
On Sunday, July 26, we had the pleasure to welcome to our Telegram chat:
Mark and Yomonk, Co-Founders of Meridian Network
We asked them questions about the development of Meridian Network.
Some sentences have been slightly edited for readability but the meaning has been conserved.
Meridian is building an ecosystem of DeFi DApps that is governed by its own DAO.
Their first Dapp, the Meridian Vault, allows people to stake their $LOCK tokens. Currently, over 70% of the circulating supply is staked there.
Soon, users will be able to pool their $LOCK tokens on their balancer pool and start earning a steady income.
Q — Alex Raffin from GAINS: Can you tell us what you did before crypto, how you got into crypto, and if you’ve had any other venture in crypto previous to being involved with Meridian Network?
A — Mark from Meridian Network: My background is in digital consulting for industries, namely helping restructure industry-related businesses while providing digital services integration. Been an avid crypto follower since 2015 (and investor), and it all started with a business partner who at the time was heavily invested in mining and got me interested enough to start looking into crypto in general.
A — Yomonk from Meridian Network: Before crypto, I’ve been involved in several industries but the main ones are SaaS and e-commerce. I used to do enterprise sales for software companies and ran several e-commerce websites. I got into crypto in 2017 and have been involved in trading since then.
Q — Alex Raffin from GAINS: Why would you succeed in a harsh market like crypto? Do you have the skills, the experience, the willpower, etc?
A — Mark from Meridian Network: I think in our case we have several points working in our favor. First of all, we are quite flexible in our project guidance, as we solely defined our first (permanent) DApp. All future DApps will be decided on through the DAO via direct input from our holders, which we believe is a great way to ensure DApp adoption.
I believe between both our skills and knowledge within the crypto space we have what it takes to pull this through
A — Yomonk from Meridian Network: We’re also focused on building different communities across various markets such as Vietnam, Japan, and (soon China, Indonesia, etc) to spread the awareness of the project.
Q — Alex Raffin from GAINS: Can you tell us what your role is at Meridian Network and what the project is about in a few simple sentences?
A — Yomonk from Meridian Network: Yeah sure, so both Mark and I are founders of Meridian Network. We run the day-to-day operations when it comes to marketing, partnership, community, operations, and product development. Our vision is to build an ecosystem of DeFi DApps that is governed by its own DAO.
Q — Alex Raffin from GAINS: Okay, I guess many will have DAOs already, so some kind of super DAO?
A — Yomonk from Meridian Network: haha a super DAO would be great — definitely our ambition is to build a community that is highly engaged with contributing to the ecosystem and development of it. Our 2nd DApp, the DAO Balancer pool will be a great test run to experiment and construct the structure of the DAO and adapt it as time goes.
A — Mark from Meridian Network: Also, we are very receptive to community feedback and have adapted our product according to community suggestions, we think this is our best source of feedback in upgrading and improving our offer
Q — Alex Raffin from GAINS: Btw, I was wondering how many tokens you have. Since it’s going to be a DAO, in the hands of people, and you’re spending time promoting it, building it, what’s your incentive? Are you staking these tokens as well?
A — Mark from Meridian Network: The founders will be entitled to 1,000,000 tokens, which are currently vested for a period of 5 to 6 months. There is also a 500,000 token pool strictly reserved for the DAO, its use will be voted on by the community. The remaining tokens are reserved for exchanges, development, marketing, and team salary.
Q — Telegram user 𝔞𝔪₿𝔢𝔯: What’s the reason for planning to replace the Meridian Vault with the DAO-based balancer Index fund, can’t the two DApps run simultaneously? Can you kindly explain how the DAO-governed index fund will run?
A — Yomonk from Meridian Network: Unfortunately if we keep running the Vault at these dividend rates, we would be inflating our supply too much. The 2nd DApp, DAO balancer pool is built for liquidity providers to gain passive dividends in the form of BAL tokens and accumulate more trading fees as more trades occur in our pool. If our balancer pool has the right strategy, the DApp/pool will be very profitable for our investors.
The community will be able to make proposals on the top-performing projects to be part of the balancer pool along with voting on the key projects. Over time, we will have a reputation system that gives social prestige to the community members who have proposed projects that have been voted by the community. The 500k DAO pool will incentivize all these actions by the community too.
Q — Telegram user Jessica Evans: What are your plans over the next few months, especially after the release of the DAO balancer index fund. Do you have a strategy for attracting people to your platform, not from the crypto space?
A — Yomonk from Meridian Network: Firstly, we would like to make sure the DAO is operating and our balancer pool is a top-performing balancer pool in the industry. While this is happening, we will lay out the possibilities/options of the next DApp to the community and we’ll make a decision as a community. Currently, we do not have a strategy in place to attract users who are not in the crypto space. One angle would be to promote our platform to non-crypto influencers and make sure our value proposition is as simple as possible for them to take the risk.
Q — Twitter user Alberto: What are your current statistics of exchange and stakeout recently generated?
A — Yomonk from Meridian Network: Currently we have close to over 70% of the circulating supply staked in the Meridian Vault.
Our holders are now gaining 1% daily dividends by staking their $LOCK for the 1st month.
Q — Alex Raffin from GAINS: So, this is the easiest question: “Daily Dividend Rate: 1%” -> how is that possible/sustainable?
A — Yomonk from Meridian Network: Well it's a temporary reward system for our holders leading up the launch of our 2nd DApp. So the Vault will only last for 1–2 months.
Q — Alex Raffin from GAINS: Okay, got you, It is to incentivize people to join early on.
A — Yomonk from Meridian Network: Correct, also we have the 15% unstake penalty. 10% of the 15% gets burned from the supply and 5% gets re-distributed to the holders who continue staking. So we have unique incentives in place for holders to continue staking.
Q — Alex Raffin from GAINS: Where does the demand for the token come from? Besides FOMO 😂
A — Mark from Meridian Network: Basically the Vault is intended to reward holders who choose to invest in us since early on. It’s a temporary offer to allow them to increase their holdings. Once the Vault period ends, users will then be able to pool their $LOCK tokens on our balancer pool and start earning a steady income. Several ways they can achieve this:
- earn passive interests through liquidity mining
- earn trading fees from each trade that is made in the pool
- exposure to all the different top crypto assets in the portfolio
- diversify their portfolio
- 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.
Q — Telegram user Dr John: Why did you decide to change to $LOCK from $MRDN. What is the functional error that comes from staking DApp? If so, what will happen to those who invest in $MRDN tokens?
Another thing is why you named the token $LOCK as it is nowhere related to the meridian network, $MRDN name is good but now it changed.
A — Mark from Meridian Network: Initially we set out to start with the DAO balancer pool so we created the $MRDN token. However, we decided that a good way to make a name for ourselves and get the project out there prior to the DAO’s release was to launch a temporary DApp that would give our holders something to reward them while we finished preparations for our DAO. We thought a staking DApp would fit this purpose, the only problem was that the $MRDN token smart contract was not designed to be compatible with staking or have a burn feature. So we decided to create a new token, one that would be compatible with a staking protocol. That is why we launched the Meridian Vault at the same time as the staking DApp. Once the DAO is released and staking ends the $LOCK token will be used as an asset for the balancer pool, as well as for our future DApps.
In regards to $MRDN tokens, you can still swap them for $LOCK on our website and will be able to do so for the foreseeable future.
Q — Telegram user Ratin: Can you explain to us in what way Meridian Network creates revenue/profits?
A — Mark from Meridian Network: As the project is aiming to be 100% autonomous, the goal is for the team to gradually stop getting involved and place 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 allow 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.
Q — Telegram user Dr John: What impact did the partnership with Barter Trade have on the development of the #MERIDIAN NETWORK project? What joint products will be implemented?
A — Mark from Meridian Network: This is something that will be revealed at the Barter Trade launch, although we can definitely say we are excited about this partnership and all the possibilities it brings to the table.
Q — Telegram user Mazada Begum: Have you found any kind of spammers in the last 30 days by monitoring HACKEN? And how secure is your $MRDN token now?
A — Yomonk from Meridian Network: No spammers or hackers so far. Our code is fully approved by HACKEN and we’ll be removing the burn feature for the 2nd DApp so we will not be exploited like the case with Statera.
Q — Twitter user Matvey: What are your plans for community learning and awareness-raising so that more people understand the Meridian Network, its technology, and its vision?
A — Yomonk from Meridian Network: Firstly, we realized there is a major gap in information and opportunity for us to educate our community and future investors on DeFi and the applications that we’ll be building. So when we launch phase 1 of our 2nd DApp, we will also be releasing an education portal where our community can learn about all the mechanics and benefits of the Balancer pool. In regards to awareness, we’ll resume doing AMAs right around the time before we/after launch our 2nd DApp to continue our exposure. At the moment, we’ve hired some community leaders in different markets such as Vietnam/Japan to build the communities. By the time we launch our 2nd DApp, we should have full-fledged/engaged communities in these markets as well. This model is something we plan to replicate across other major markets. We’ll also continue building our partnerships across influencers, communities, YouTube, etc as well.
Q — Telegram user Michael Philips: Currently $LOCK is only listed on Uniswap. Do you have a plan to list $LOCK in major exchanges?
A — Mark from Meridian Network: $LOCK is also listed on Bilaxy, and there are new exchanges coming.
Q — Twitter user Pan: What are your strategies in building a big and strong community? Do you agree that the power of the community will lead your project to grow globally?
A — Mark from Meridian Network: We are big believers that the community is essential to our long term success. Considering our whole network will be based on a DAO ( thereby in the hands of holders ) it is crucial that we build a devoted and ever-growing community. Our own way of doing things revolves around that, we try to be as responsive to feedback as we can, we provide continuous updates, we always make sure to be as transparent as we can through our reports, among others.
A — Yomonk from Meridian Network: Also, we have a very strong team of community managers. They are highly responsive to the demands of the community (ensures we have the finger on the pulse) and support it 24 hours a day.
Q — Telegram user Jonathan tross: Is there Any plan to combine with other blockchains as well?
A — Mark from Meridian Network: It is no longer possible for us to migrate to other networks, as we locked our liquidity on Uniswap. This means we will remain within the Ethereum network. We’re actually pretty excited about the changes Ethereum 2.0 will bring to the table. One of the biggest problems current Blockchains possess is scalability, which we hope this next Ethereum upgrade will help attenuate.
Interesting answers! It was nice having you here. I’m excited to see how things will go in the near future. Is there anything else you’d like to add? Where can we follow you? — Alex Raffin from GAINS
Thank you to the Gains team and community for hosting and asking questions. Was a pleasure to be here!
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