mefi Updates: Dapp Launch, DAO and More
Here are meme finance, we believe in transparency and open communication. That’s why we’re so active in our Telegram and committed to providing updates as frequently as possible.
That said, let’s get straight to the alpha: the mefi dapp is expected to launch in just two short days! How about a sneak peek?
When developing the dapp we kept our focus on simplicity and efficiency, coupled with a clean and professional design on the front end. We’re pleased with our product and plan on using the next two days to perfect it before launch.
We have no intention of taking our foot off the pedal after the dapp launches. We’ve listened to our community’s suggestions on how to make our protocol better, and we plan to implement the following:
- Longer Borrowing Periods
We heard your concerns about the limited time frames currently available to repay borrowed ETH. We will be implementing extended borrowing periods soon after the dapp launch. More information will be released soon.
We selected the current crop of supported tokens based on their high liquidity and hype around the project. Moving forward, we plan on allowing our community to vote on additional tokens that can be used as collateral. Note: $WCI will be added to the supported token list once dapp launches. We also plan to add legacy meme coins, like $SHIB.
More specifics on our dapp, including the liquidation process, will be released upon launch. We will publicly post our source code here. In the meantime, know that we have rigorously tested everything on the back end and expect a smooth deployment.
The Benefits of Using mefi
Our project is designed to give you the opportunity to make money. Financial freedom — that’s the goal, right? But you should also consider the ways mefi can help you SAVE money.
As an example, consider what you would normally have to do if you wanted to use some of your $GENBLOK profits to grab a bag of a newly-launched coin:
- Sell $GENBLOK, with tax and gas fees
- Buy meme coin, with tax and gas fees
- Sell meme coin, with tax and gas fees
- Buy back $GENBLOK, with tax and gas fees
With mefi, you cut out steps 1 and 4, essentially cutting your gas and other fees in half.
What mefi can’t cut out is the risk of investing in new meme coins. Let’s say the worst happens and you invest in a project that gets jeeted or rugs. In the situation above, you would lose however much of your long-term $GENBLOK bag you sold to buy the new coin. With mefi, however, you are able to get ALL of your collateral back as long as the borrowed ETH is repaid within the time frame you selected.
But let’s go back to the subject of making money.
Let’s look at a simple example of how you can use mefi to make quick profits:
- Your favorite CT influencer shills a new coin at $14k market cap.
- You decide you want in, so you loan 4,240 $GENBLOK tokens for 0.1 ETH (assuming you’re a $mefi holder, meaning you get 75% of the collateral’s valuation).
- You invest that 0.1 ETH in the new coin, which pumps to a $1.4 million market cap 18 hours later (remember, we’ll be increasing the time frames).
- You sell at least 0.1 ETH to repay your loan and get your collateral back, leaving you with 9.9 ETH worth of the new meme coin that you can either sell, HODL or a combo of both! Don’t forget you get your whole stack of $GENBLOK back too.
Will every new coin 100x in that time frame? Of course not — we’re not that naïve. But imagine how quickly your holdings will increase if you consistently hit 5–10x gains?
Marketing and the Future of mefi
We’re very pleased with our organic growth thus far. Those active in the Telegram likely saw our payment of 0.5 ETH for Bobby Buy Bot advertising. If you haven’t, you can see the transaction here. Those ads will begin on October 30th.
This is just the beginning of our marketing push. We have begun reaching out to numerous CT influencers to promote our project, in addition to holding the first of many buy competitions. We’re also working on partnerships with the projects behind some of our supported tokens.
Here’s what else is in store for mefi:
- Full audit of our smart contract
- The ability for users to lend their own ETH
- We are listed on CoinGecko
We understand that innovation is the key to success, particularly in a bear market. The release of our dapp will be the manifestation of months of hard work — and it’s only just the beginning.
- mefi team
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