MELD Bank Manager NFT Update

Some slight changes and new protocol-based NFT functionalities

Published in

MELD

4 min readApr 18, 2022

We are excited to announce that we are back on track with the development of your Bank Manager NFTs (BM). Having overcome some issues with the initial design and utility, we plan to have the collection completed within the next few months (estimated end of June).
We will keep you up to date on the progress as they develop in design and both hard and soft utility.

We will launch the Bank Managers as a series on one of the NFT marketplaces in the Cardano ecosystem (to be announced soon). It’s planned for the Bank Managers to mint for 3 ADA, which will cover the basic costs of production — we’d also like users to have the option to use MELD tokens to pay for their BM, but this is ultimately subject to the exchange chosen

The BM will be used in the protocol in two ways:

1. Loan Interest Rate Reduction

The BMs can be used for a discount on your loan interest rate at the time of the creation of the loan. The BMs will provide a 0.3% reduction in the interest rate and will only provide a reduction down to zero if the interest rate is already .3%. The BMs will need to be in your wallet during the time of creation and then they will be locked into the loan as a kind of collateral. When the NFT is locked to the loan you can not trade, move or sell it until the loan is closed.

⭐️ 1 Bank Manager can be used per 1 loan⭐️

2. Increased Yield on Variable Staking

Secondly, the BMs can be used to increase the yield on the MELD variable staking pool. It will increase the yield by 0.1%. This yield increase will apply to all MELD tokens staked regardless of when they were staked into the pool. The BM can be added and revoked from the pool at any time with no lockup and the yield change will take effect after the epoch snapshot.

Bank Manager Evolutions

The BMs will NOT evolve (like we initially planned) in any way now, they will be rendered in their final form with varying degrees of rarity. We will have a small number of very simple BMs and a small number of “Degen” BMs.

While almost all of the BMs will be random we will produce a handful of crafted and custom BMs that will be used in various different marketing activities. For example, we will have a dark mode BM and BMs of Hai, Ken, Hoskinson, Vitalik, etc. These will be used more for fun than anything.

🥇Golden Bank Managers️️

Additionally, we will be adding in 10 special Golden Bank Manager NFTs that will give owners a full 1% discount on their loan interest rate.
More details will be released on these premium NFTs soon…

When we get closer to the release of the lending and borrowing functionality users will need to upgrade their BMs to make them compatible with the lending protocol but this will be a minor activity that we will address and educate people about later. It will not change the NFT except by making it technically compatible with the protocol.

Thanks for all of your continued support 🚀

MELD — Be Your Own Bank

We think it’s essential for everyone to gain control of their financial lives and have equal access to financial instruments used by professionals, not just centralized institutions, governments, or the 1%. We want to provide financial freedom and control to the masses, including the unbanked.

We have a long-term goal to enable the $15 trillion that is currently locked out of the global economy, including 2 billion individuals worldwide that are either underbanked or have no access to banking services whatsoever, access to these tools. These are the people that are paying the highest fees, getting the worst customer service, and they are the ones that are having the most problems.

Our vision is to create an ecosystem that empowers individuals to regain financial control by providing them with the tools and services they need to manage their money on their terms. Whether that be creating a collateralized debt position (CDP) with cryptocurrency, earning an interest return for lending fiat to borrowers, or even participating in reward incentive programs, we strive to provide our users with the functions they need to manage their own financial lives.