Wolfonaire Chatbox : AMA With Method Finance (31st March, 2021)
Hello! Wolfonaire Family & Crypto Enthusiasts!
We recently hosted an AMA With Method Finance on 31st March, 2021 at 02.00 PM UTC. This session was phenomenal. If you have missed then here is the precious AMA transcript, for those who missed the live session this will enlighten you for sure…
Guest Speaker :
Mr. Chris Walker | Method Finance
(Note: This is the transcription of the event. Please note that the transcript was edited for comprehensibility and coherency, while the content was not changed.)
Chris : In the short term, we are bring the benefits of NFTs to the Defi ecosystem, by allowing those who are part of liquidity mining reward programs to securely stake their LP tokens to the NFT to earn their rewards while continuing to have custody over them.
In the long term, we believe NFTs will be used to carry all types of assets and will work across multiple chains. And ultimately will be tokenized and allow many different types of strategies and passive income.
We are currently a global team of 6 (spread across 5 time zones), with a mix of team members who have been deep in the crypto space dating back to 2011. We have experience at some of the top tech (FAANG), blockchain, and financial companies.
Wolf : Lovely… For our members who are not already familiar with the project, can you give us a very high-level overview of what #Methodfi is and what competitive edge it brings to the Crypto Universe?
Chris : Those who hold the Method NFT will be able to prove that they hold liquidity (e.g. LP tokens, ERC-20 tokens, even other ERC-721 tokens) without needing to stake to a protocol’s smart contract.
The protocol will need to implement something called the Universal Vault standard to accept the Method NFTs (this is currently being done by Ampleforth for their upcoming geyser v2 liquidity mining program).
After this there will be a fast follow in the industry to accept this standard — the point is that the liquidity provider / holder is able to prove ownership, have self-sovereignty over the assets allowing them to earn rewards, and they can earn rewards from multiple mining programs at the same time.
Wolf : Good To Hear… Awesome 👌🆒️🙌… How do holders of the #Methodfi Token benefit in the ecosystem? What power within your model do individuals hold? Why is it so attractive and what are the basic requirements to participate?
Chris : That’s a great question and one we’ve actually gotten a lot. It’s important to keep in mind that there are two things here. 1.) is the Method NFT and 2.) is the MTHD token. Holders of the MTHD token will be able to earn rewards from the different Method NFT tiers, they will be able to earn airdrops and their will be liquidity mining rewards as well. Ultimately we think holding the Method token and the Method NFT will provide new and continuous revenue streams based on the rewards programs of the different protocols we work with to implement the Universal Vault that accepts the Method NFT for their reward programs.
Wolf : Great 👍… Did you find any threats till yet like smart contract failures. When we think about mass adoption, security should be our first priority.
Chris : We take security very seriously and as veterans of the Defi and crypto space have been through the ups and downs of smart contract failures and hacks. Ampleforth is the first protocol that will be using this as part of their geyser V2 and there have been a couple different projects testing this technology in different ways. We haven’t seen any failures yet though since we have a strong testing plan before releasing. However, we’re planning on several professional audits to make sure the community is secure
Wolf : Funds Are Safuu 😃… Have you met all your goals in the roadmap till now? And were there any difficulties that you didn’t expect and were not prepared for?
Chris : Yes, we’re proud to say that we have! While we’re a young project given the technology is so new, we have a strong team and a strong community.
Regarding our goals, we had over 1,000 NFTs minted by the community in the first hour of release and have continued to push out information in our Medium articles.
Our Balancer lbp is ongoing for the next few days and we plan to then release the Method NFT and liquidity mining rewards. Right now, we’re hoping to get the word out to as many people as possible since we really believe in what we’re doing and its potential.
Wolf : Awesome 👌🆒️🙌… Can you please explain how we can participate in your tokens sales? If its still available…
Chris : Yes, yes it’s still available! Here is the link to the Balancer pool: https://balancer.exchange/#/swap/ether/0x84bA4aEcfDe39D69686a841BAb434C32d179a169
Wolf : Okay… Can you please give us a short tutorial on how even a nontech guy can easily use and enjoy your platform?
Chris : Yes! Anyone who has access to MetaMask can easily go to https://app.methodfi.co/ and mint their own Method NFT to their MetaMask wallet.
Now Group Question & Answer Session Began
Q1. What is the most ambitious goal of the project? I would appreciate it if you could share with us any upcoming updates? What should the community look for?
We’ve been looking at two main things:
1. chain interoperabiltiy
2. The potential for how Defi will change with NFTs
Regarding chain interoperability we think there are some interesting things going on across the board like BSC, Polygon, and others and want to make sure we’re expanding to reach the largest audience possible since Defi is a cross chain concept.
For the the potential of Defi, we’re looking a lot at how to expand the current technology. One example is with ERC-1155, which enables both ERC-20 and ERC-721 tokens in the same contract. We think there are multiple strategies that will be available for both the Method token as well as Method NFT holders to work with partners for different rewards, mining programs, etc.
An example is with the recent Uniswap V3 announcement to provide LP NFTs. There is a lot of potential for the Method NFT smartvault to utilize this since we’re token agnostic and will enable any type of token to be staked to it to earn rewards.
Q2. Will you agree with me that community is everything? How important is the community to you? and how can we collaborate or help you for the development of the project?
Absolutely, we are only as strong as our community and are very happy with how the community has engaged with us so far. One of the reasons we haven’t released a formal long term roadmap yet, is because we’ve continued to gain ideas and feedback from the community in our Telegram and Discord channels…
Our discord is here if you are interested: https://discord.gg/dE6qXp5mFE
We are also enabling governance through snapshot for MTHD token holders and encourage the community to make proposals and vote.
Q3. What really MOTIVATED you to bring such a great PROJECT into existence?
Our team comes from backgrounds in the crypto ecosystem and has worked at top blockchain companies, as well as from traditional finance and tech companines. We see the future with Defi, as well as the pitfalls that exist today, such as hacks, rugpulls, and the like.
When we heard about the UniversalVault concept by mixing NFTs with Defi, we knew that now was an opportunity to really build something successful for the next wave of Defi. It’s still very much in its infancy, but our vision is to push this further.
While the technology is one aspect that we intend to improve, the other aspect is on different incentive mechanisms. That’s why we developed the Method NFT reward tier concept to reward the early community with different types of rewards from airdrops to multipliers for liquidity mining. We’re hoping to expand on this in the near future.
Today we have Platinum, Gold, and Mint tiers each with a different level of supply and value associated to them, taking this concept from traditional finance with things like credit card rewards and applying it to Defi.
Q4. Most users only care about immediate benefits rather than the real value of the project in the long-term. How can Your Project convince users invest to your platform in the long-term?
We agree that people have different incentives for wanting to be part of the community, minting a Method NFT, or buying the MTHD token. We’re making sure to provide some benefits in the short term, while getting people to buy in to the concept and continuously provide benefits and partnerships over the long term. While the technology is still in its infancy, we’ve had several conversations with potential partners who see the uniqueness of the Methohd NFT SmartVault system for everything from pushing the boundaries of Defi to decentralized identity to enable trust in the ecosystem.
As the team continues to build out the project for the long term, we expect that the strong community that has stuck with us, will continue to do so, especially as their are more uses for the Method NFT and the MTHD token.
Q5. No project can survive on its own. Can you tell us some of your partners and who you plan to collaborate with, in the nearest future?
Right now the UniversalVault standard is what other protocols will implement in order to sync with the Method NFT system and enable rewards for liquidity mining. In order for Method to be successful over the long term we need partners to implement this.
Ampleforth will be one of the first to implement the UniversalVault standard and with the new NFT methods shared by Uniswap, it’s likely that the UniversalSmart vault concept will continue to gain adoption.
We can’t say anything about specific partnerships right now, but since our team members come from many different blockchain companies and backgrounds in the Defi ecosystem, we are expecting there to be partnership announncements coming soon that will help us more rapidly gain adoption.
Now the session ends with lots of thanks to our Guest Speaker…
Here are some important links of Method Finance ⛓⛓