Monolith Reflects: notes from our token.com community check-in
Last week, we announced our new product, token.com. An app built to make DeFi simple, safe and fun for everyone, token.com will launch in Brazil this summer. We wanted to share more insight on the project with our community this week, so our CEO Mel Gelderman appeared in a community check-in session to answer questions about the project. For anyone who missed it, we’ve compiled the key notes here. Read on below.
Can you describe token.com in one sentence for a non-crypto user and crypto user?
The purpose of the product is to make tokenized magic accessible to anyone. The first thing we are making accessible is the best of DeFi. Specifically, we think growing people’s money by earning yield through DeFi applications is a magical experience that will be mindblowing to less experienced crypto users.
Can you say more about how token.com will appeal to a non-crypto person?
The product will make people feel like they are growing their money. That will be an effort of A-B testing to see how we can make people feel most safe and secure to grow money in real-time with incredible interest rates.
Will token.com provide one-click access to interest-bearing DeFi assets?
Yes, but without even one click. This is the first feature we are launching. The full extent of the tokenized world is developing before our eyes. This product aims to be the vehicle for people to access that magic without needing to understand much about crypto and DeFi.
Can you give more details on what token.com will entail?
We believe that one day there will be an experience of crypto assets that will be so compelling it will attract 1 billion people. It will reclassify people’s perception of money and make it exciting and intuitive rather than scary or boring. We think this will happen within the next five to ten years. We want to make sure we are the company that brings it to the world. token.com is our focussed attempt at being the portal to the magic of the tokenized world for regular people. Super easy, super fun. I want money and assets to feel like it did when I was playing PS2 games as a kid.
Can you expand on the video games point?
When you play video games, money or assets are simple and flexible. It’s clear how you collect them, and everything is available in the UI. But in the real world, handling money is seen as a chore. The tokenized world is making real life a lot more like our idealized gaming world. This is the world token.com will introduce people to in the most easy, safe and fun experience we can conjure up.
How will token.com benefit TKN holders?
TKN will play a central role in giving token.com users access to the magic of the tokenized world. We have a model for how we can leverage the knowledge of TKN holders to directly steer the experience of the entire token.com user base. There is an additional competing model for how we are embedding TKN into the experience, which borrows from established token practices we’ve seen in other projects. But we want to do our novel idea first. Our aim is to embed TKN into the experience in the 1.0 of the token.com product. We’ll share more details on what this will mean soon.
Will this be a self-custody product or more like TradFi where you hold users’ funds?
This will not be a self custody product. This is part of the distinction we are making between Monolith and token.com. Monolith has found a user base with dedicated Ethereum natives. But token.com will be for everyday users who may not have used crypto before. It will serve up the magic of the tokenized world and make it available in a simple and immersive experience.
Is this similar to something like TokenSets, with user funds distributed across yield-generating protocols?
This is not far off what we have planned. At launch, users will be able to generate yield across several systems.
Will deposits be fiat only?
For the moment, we are setting up to accept bank transfers in Brazil. The experience will allow you to add money in minutes (and later seconds) and be able to start growing instantly.
How will you ensure you are transparent?
We think it’s crucial that we are transparent. We think that we can make people who have never grown money in their life feel like money growth is incredibly easy and safe. They’ll be able to see the results in real time. It’s going to be a challenge but is totally possible.
When will token.com officially launch?
It’s launching in an invite only beta first this summer. Then, we will open access to users in Brazil in tranches.
Other than Brazil, are there any plans to expand to other regions?
The product is launching in Brazil. It’s a gigantic first market to experiment in. Our goal is to reach a significant amount of users by the end of the year. As soon as we are able to, we will expand to other markets. This is without a doubt a global product category and we want to benefit from entering early into this green field.
How split is your team between Monolith and token.com?
Will token.com merge with Monolith?
Monolith and token.com are two distinct products. One is for the power user, and the other is for the uninitiated.
What does token.com mean for Monolith?
Monolith will be here forever. We are looking at growing the team as soon as we’ve launched token.com to allow both products to be developed and fulfil their missions. We currently think that succeeding with token.com will be a larger win for TKN and the entire project than winning with Monolith, so it’s fair to say that we are focusing on token.com as it prepares to launch.
Will there be a roadmap?
We are going to put out a roadmap for both Monolith and token.com. Watch this space for more information on this dropping soon.
Learn more at token.com