The Melon Council is pleased to announce that it has completed the review of the very first Melon Funding Proposal (MFP).
Melon Funding Proposals
Each year there is a set inflation of MLN tokens which are available for the council to allocate to projects who submit Melon Funding Proposals (MFPs) which they feel will benefit the Melon ecosystem and contribute to its continued improvement. You can learn more about Melon Funding Proposals, the economics behind this choice of funding mechanism, and how to apply by checking out the following resources: Melonomics 1, Melonomics 2, Melonomics 3 and MFP repository.
The first proposal: Ash
Midas Technologies AG submitted a proposal to the Melon Council on March 8th, 2019 on the MFP Github Repository. You can read the full proposal here: https://github.com/melonproject/MFP/blob/master/Approved/MFP1/ash.md
The MFP #1 (Ash) has been approved by the Melon Council on April 23rd, via a vote on the Melon Council Aragon DAO. The Melon Council approves the overall proposal, and has committed to funding Ash with a total of 150,345 MLN over the entirety of the project. The first tranche paid for completion of the first stage of the project will be for 50,345 MLN tokens.
- The funding of the second and third tranche has been pre-denominated in MLN terms and subject to completion of the established milestones.
- In order to avoid or limit market impact, the Ash team agrees to comply with liquidation guidelines (if any liquidation): for each funding tranche, 80% of the MLN tokens should be liquidated on an OTC basis and 20% of the MLN tokens should be liquidated on an agency basis (without exceeding 20% of the average daily volume).
- The Ash team agrees to contribute to the open source development of the Melon protocol and will be assessed on this at the end of every stage.
What is Ash?
Ash is an investment mobile app for retail investors that gamifies investing. The Melon protocol is used to provide Ash users with decentralised investment funds. This cuts out middlemen in asset management and grants full control to the end users. Building on the Melon protocol, Ash takes a playful approach to investing and focuses on maximum usability, two of the so far neglected elements in the crypto and investment space.
On Ash, every user creates an asset mix (Melon fund) on the blockchain that can be used to invest in all sorts of crypto assets as well as in other users‘ asset mixes on the platform. Ash allows users to mix different asset classes and freely create portfolios of their individual liking. All this can be done in the simplest way: tap, set the amount, done. New users can pick profitable asset mixes to invest in directly from the general ranking.
Ash leverages gamification and competition and ranks users according to their performance. Every user is assigned to a level that can be increased by engaging in challenges in the VS mode and comparing asset mix performances over a period of time. To play challenges users have to pay a small fee that gets collected in the rewards pool. Users with the highest levels and best mix performances are entitled to payouts from this rewards pool. In order to stay on top of the ranking and receive rewards, users have to constantly engage in challenges and show their asset management skills by running a profitable mix.
The Melon Council had the chance to participate in the Ash private beta over the past few weeks, which allowed different Council members to play around with the application. Ash offers a delightful user experience, abstracts complexity away from the user, and makes asset management fun and accessible.
The Melon Council believes Ash can substantially add value to the Melon ecosystem and positively contribute to future developments of the protocol. We are thrilled to welcome Ash to the Melon ecosystem.
*Please note this blog has been slightly amended to reflect final contractual terms agreed with Ash.