Frequently Asked Questions on Melon v1.01
Dear Melon Community,
This blog relates to the recent main-net launch of Melon (v1.01)! If you’ve been meaning to try out Melon but haven’t quite got round to it — now is the time! You can find the release blog with instructions here and get started immediately — make sure to download the latest release from the top left of the github page!
For those of you who have been experimenting with Melon, we have noticed a few recurring questions which keep coming up and hopefully will be able to clarify them for everyone in this blog!
Thank you to everyone who has taken the time and effort to provide us with valuable feedback. Please do keep it coming as we work to make the experience on Melon smoother with time & increase the users on the network!
I’m having problems getting Frame to interact with my Melon Fund. What am I doing wrong?
Note: The below instructions assume you have a Ledger hardware wallet and are familiar with its use. Instructions on setting up a new Ledger can be found here. You will also need to make sure you have downloaded and installed Frame from https://frame.sh/
- Plug your ledger into the USB port of your computer.
- Using the keys on your Ledger log in to the device using your PIN-code.
- Select the Ethereum app on your Ledger.
- Open the Frame application on your computer.
5. On the Frame app on your computer click on the Ledger logo for your account.
6. Open the Melon Manager Interface application on your computer.
7. Click on My Wallet in the top-right-hand corner.
8. You should see a request in your Frame application from the Manager Interface.9. Click approve.
10. On the Melon Manager Interface you should now see an option saying: USE 0x00… FROM FRAME (where 0x00.. is your Wallet address). Click on this button.
11.You will now see your wallet in the Manager Interface and from here you can access your Fund.
I’m having problems investing in my fund. Where am I going wrong?
Once you are logged into the Melon Manager interface and you have one of your wallets connected, the invest process occurs in two steps. The first step is finding the fund you want to invest in. Click into this fund and click the “invest” button. This is the first step of investing and takes care of approving & requesting an investment in a Melon fund.
Note: Some users are getting an“out of gas” error (even if invest request goes through) but we are working on fixing this bug as we speak. In the meantime, it may help to close and re-start the app if you get this message.
The second step of the investment process occurs after the next price feed update and is executable for 24 hours. The reason you need to wait until the next price feed update is to NAV arbitrage (this would investor vulnerable to malicious attacks). By having a price limit on your order, and waiting until the next price feed update, you will be able to execute your investment request after the next price feed update. This requires going back into the fund you want to invest in and hitting the “invest” button again. This time you should get an option to “executeRequest”.
For more information on why the invest process takes place in two steps, please refer to the more detailed documentation here.
Please note that if a fund has whitelisted investment addresses (ie. restricted the participants allowed to invest in their fund, the request investment step will fail from the outset unless your wallet address has been permissioned for investment).
How do I switch funds across versions? Is it possible or do I have to lose my past performance every time there is a Melon upgrade?
Upgrading to the next version of Melon is a user responsibility. In keeping with our decentralised principles, there is no obligation by the Melon Council to “force upgrades”. The good news is it isn’t too hard (and it’s likely to get easier over time!). Once you have downloaded the latest version of Melon, you can set up a fund on the new version with the same fund name you previously had (your fund name will always be unique to you). Note, you have to use the same Melon manager address you used on the older version in order to be able to open a fund with the same name on a newer version.
I trade with the Melon Engine and take advantage of the Melon premium available to users?
The Melon Engine is only available as an exchange when there is thawed (unlocked) ETH in there for sale at a discount (to buy Melon at a premium).
The delay on thawing locked ETH from the engine is set to every 30 days. The last thaw occurred on May 31st and you will soon be able to monitor the relevant upcoming thawing dates here.
If you want to be the one to unlock (thaw) the contract, you can call the thaw function on the Melon engine address which can be found here at the end of each 30 day period. The Melon Engine will then become available on the Melon Manager Interface and you can take advantage of those juicy arbitrage opportunities unique to Melon users!
Who gets charged the gas fees for set up and operating a fund?
The gas costs of a fund (the operating & administrative overheads) are charged to the manager address (not the fund address). In other words, you have to factor this in when customising your performance & management fees at the set up phase!
In the traditional asset management world, the operating & admin costs are typically charged to the fund and deducted from the pool of investor assets in a non-transparent way. With a Melon fund, the costs to the investor are fully transparent and are limited to the management & performance fee.
If you experience any bugs or have suggestions on how to better improve the user experience, please make sure to log them here as we work on making the Melon experience easier for our users!
— The Melon Council
