MobiFi Project update July and the new initiatives

We are thrilled to bring you this monthly project update with a twist — we’ve been operating in stealth mode to initiate the creation of MobiFi DAO. You read that right, we’re prepared to propel this project to greater heights!

July Update

As we stepped into Q3, we experienced an encouraging beginning with the implementation of our staking pilot program into the MobiFi app. The app users are now able to stake their $MoFi tokens directly within the app, regardless of whether these tokens were earned through our sustainable parking services in the Netherlands and Belgium or directly purchased. The pilot staking program has seen significant success, with many of our users benefiting from a remarkable 500%+ APY in just a fortnight. Stay tuned, a new staking program will be announced soon.

We have also acknowledged and addressed the valuable feedback and bug reports associated with the app’s staking feature. Our team has executed the necessary fixes and a new, improved version of the app will be hitting the App Store this week. Stay on the lookout for this update.

Additionally, we have continued to enhance the overall performance of the app and rectify other bugs as part of our routine maintenance and quality assurance efforts. Rest assured, we are committed to delivering the best user experience possible.

MobiFi DAO (MobiFi 2.0)

In a move that some of you may have noticed across our social media platforms, we have revised our tagline, omitting the references to “travel to earn” and “sustainable mobility.” While these elements still remain crucial to MobiFi’s ethos, certain adjustments are needed to elevate MobiFi to unprecedented heights.

The Case for a DAO

The trend towards transitioning to a DAO is popular among many projects as they believe this transition is the ultimate evolution of a web3 project and lends them a “legit” status in the web3 space. While we see the merits in this, we also acknowledge that it isn’t a necessity. DAOs inherently operate in a less efficient manner than centralized organizations, and in a world where competition is fierce, a centralized team can often deliver superior outcomes. It isn’t about the image of a DAO that appeals to us; we are invested in the genuine value a DAO can bring to our project.

In our journey through the landscape of mobility and web3, we’ve observed how challenging it is for a single company to dominate the global mobility service industry, or even on a national level. Each country, and indeed each city, has its own unique standards of transport, mobility services, ticketing systems, and payment methods, making global expansion an insurmountable hurdle. This has been the source of the majority of complaints from our community members who ask, “When can we use your service in our country?”

Transitioning to a DAO grants us the ability to shift from only providing direct mobility and travel services, but more importantly, a platform and tools that empower others to provide a diverse range of services.

Furthermore, operating in a more decentralized and transparent manner offers several distinct advantages, particularly in counteracting monopolistic high commissions. For example, currently, Uber charges sellers a hefty 25% commission, while Airbnb levies a substantial fee of over 15% on its sellers. By leveraging a more decentralized structure, we aim to disrupt this high-commission paradigm and deliver more value to our users.

Envisioning MobiFi DAO

However, we recognize that a DAO operates less efficiently. Therefore, we need to introduce a novel concept to make MobiFi DAO more agile, especially in customer-facing services. For example, the parking service we operate in the Netherlands and Belgium requires a dedicated team that ensures top-notch customer service akin to web2 services. By the same token, another company in Dubai could provide a taxi service via the MobiFi app and platform, supporting crypto payments, gamification, and other exciting features while complying with local government regulations and customer interactions as a separate legal entity.

In essence, we envision a hybrid DAO. On one hand, DAO governance and operation will adhere to a decentralized and transparent approach via DAO tools and communities. On the other hand, customer-facing, local travel, and mobility services will be managed directly by business owners and individuals.

We admit that nothing is perfect. The relationship between the DAO and the companies and individuals providing global services will pose significant challenges in the future. Hence, the MobiFi DAO and its community will need to continuously evolve.

The Next Step (in a nutshell)

The MobiFi Foundation will spearhead the DAO transition initiative, which might take between 6 to 12 months, depending on community growth and the maturity of DAO governance. The team, along with its existing and new community and DAO members, will work together to establish policies, organize events, develop tools, upgrade the MobiFi App, raising funds and undertake other necessary tasks to ensure the successful establishment of MobiFi DAO.

To facilitate the effective operation of MobiFi DAO now and in the future, we plan to issue a governance token around 2024. In the interim, a $MSBT (MobiFi Soulbound Token) will be issued to incentivize all DAO members contributing to the project. Once the governance token is issued, all $MSBT holders will receive a 1:1 airdrop.

Existing $MoFi holders will automatically receive airdropped $MSBT based on an agreed pro-rata to be determined soon, enabling existing community members to participate in all DAO initiatives.

What’s on the Horizon?

The MobiFi app will soon launch its Marketplace 2.0, enabling individuals and businesses to offer their services directly inside the app, using our smart contract and payment tools.

We’ve already welcomed several talented and passionate DAO members into our fold. One of them has even proposed our first event in September in Lugano, Switzerland (an enthusiastic initiative that came even before our DAO tools were ready!). Stay tuned for more details coming this August.

How Can You Get Involved?

Whether you’re an existing member or a newcomer, this is an exceptional opportunity to actively participate in our project. Follow MobiFi on social media: linktr.ee/mobifi_official for the latest updates.

For those passionate about #travel and the world of #web3, you simply cannot afford to miss this opportunity!