7 0'Clock Labs is one of the biggest blockchain community with the most amount of DeFi users. The Labs was initiated by founding members of
7 0'Clock Labs is one of the biggest blockchain community with the most amount of DeFi users. The Labs was initiated by founding members of
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Q1: Could you please tell us more about yourself, your role in Minterest and what is Minterest. Thank you!
A1: Hey! It is lovely to be here. My name is Kyn, and I am the COO of Minterest. I am responsible for ensuring that Minterest’s strategy is successfully executed. That means everything we do from product development to marketing is ultimately under my purview.
Before Minterest I was the CBDO at TomoChain, Vietnam’s largest public blockchain, where I supported a number of major partnerships, including one with the Vietnam government to launch university diplomas on the blockchain.
ON MINTEREST
Minterest is the most capital efficient lending protocol which can provide the greatest long term returns in DeFi to its users. It is being released on Moonbeam in the Polkadot ecosystem at the end of March 2022
The MNT token is actually designed to be directly linked to the performance of the Minterest protocol. As the protocol grows with more liquidity, Minterest captures value from fees, and then uses that value to buy back MNT on-market and distributes the tokens back to Minterest users who stake MNT in the governance process. This ensures the fairest approach to DeFi we’ve seen to date.
Q2: How will you guarantee that we are getting the highest long-term yield in DeFi with the ever-expanding and changing DeFi landscape.
A2: Minterest is designed to capture more value due to a number of innovations
The First Innovation is its auto liquidation engine. Traditionally about 40% of the value on lending protocols is lost due to liquidations by third parties. Minterest is its own liquidator and is able to capture this value as a result.
The Second Innovation is its buyback engine, as hinted at above. Minterest is designed to be a major purchaser of its own token, MNT. The more liquidity on Minterest, the greater the fees it can collect, which leads to its ability to buy back more MNT tokens on-market, hence driving up the APY value for MNT stakes. It’s what we call a flywheel effect
The Third Innovation is with the Minterest NFTs. These are not simply beautiful-looking NFTs, they have a real use case which increases APY up to 50% for liquidity providers who hold them. There are only 3000 NFTs, and the only way to earn them is to participate in the Minterest public offering, held between from today, February 8 through February 10. Top net-buyers will earn themselves an NFT. The higher the rank on the leaderboard, the greater the APY potential of the NFT earned.
Q3: Can you talk about the Minterest NFTs that actually generate APY boosts on Minterest?
A3: I’d love to. The Minterest NFTs are celebrating the top 100 most influential in blockchain. As mentioned there are 3000 NFTs across 12 levels of rarity. So first check out an example of the artwork for Level 1 — Satoshi. It’s awesome.
The Minterest NFTs are a core part of the Minterest protocol and they aren’t just for show either. There are two key benefits to holding a Minterest NFT:
NFTs provide up to a 50% boost in MNT emissions for providing liquidity on Minterest during its public launch in Q2
NFTs provide key card access to the Minterest Private Launch in March where there will be limited participants. As a result the ability to yield farm MNT will be massive, in the 300–500% APY range.
The NFTs encourage long-term participation by liquidity providers (LPs) on Minterest. The only way to earn them is to participate in the LBP from today, February 8–10th. We have a leaderboard for net-buys. And based on the user placement an appropriate NFT will be earned.
This image illustrates how holding an NFT boosts MNT rewards for liquidity providers. And the Table shows the different levels (i.e. Rarities) of Minterest NFTs.
And check out our Calculator to understand how these NFTs can really jack up that APY: https://minterest.com/calculator
You can also check out the entire gallery on our website here: https://minterest.com/nft-gallery
Q4: Minterest is doing its Public Distribution via an LBP from Today you said! What is an LBP and how does one participate?
A4: Sure! We’re really excited as it’s been a long road to get here. We are conducting an LBP in order to fund the Treasury for the Minterest protocol.
LBP standard for Liquidity Bootstrapping Pool. It is a form of a reverse dutch auction which will run for 48 hours for Minterest.
The purpose of the LBP is to allow for price discovery, as the price is actually variable throughout the auction and adjusts in real time based on demand. Let me illustrate with an example from another project, GRO
LBP is just a few hours away and we’ll be announcing the location of it on Minterest.com
Q5: What is the advantage of participating in the Minterest LBP?
A5: There are Three key advantages for participating in the Minterest LBP from today.
Availability to Public: It is the first time that the public can get access to the MNT token
Liquid Token that can earn large yield: All previous institutional rounds have a 1 year vesting period on their MNT. Tokens earned in the LBP will be fully liquid on Moonbeam at the time the Minterest protocol launches. Why is that important? Because these tokens can be staked in the Minterest protocol from day 1, the APYs will be at least 300–500% if not higher.
NFTs: The LBP is the only place people can earn an NFT by placing on the leaderboard. As mentioned earlier these NFTs provide early access to the private launch of the Minterest protocol and will amp up the number of MNT tokens earned through emissions.
Q6: The LBP has a competition with a Leaderboard. What is that about?
A6: Yep. The LBP is an event, not just an auction for us. It is where someone will earn the coveted Satoshi NFT which provides 50% boost in MNT rewards, along with 300 other APY boosting NFTs. The leaderboard tracks net buys in USDC. Based on your rank on the leaderboard you’ll earn one of these NFTs if you’re in the top 300. You know, we have our private investors excited to participate and they keep asking us how much it’ll take to earn the Satoshi! It’s amazing to see the interest.
Q7: When will the MNT tokens in the LBP be available to use?
A7: So the tokens earned in the LBP will be locked after the event. Right after Minterest launches on Moonbeam at the end of March we will airdrop the same number of tokens to users into the same wallet addresses on the Moonbeam network, fully unlocked.
FREE Q&A：
1、How Do you planning to promote your project in different countries, wherein English is not spoken well? Do you have a local communities for them to better understand your project?
Answer：Yes, we are working on our Website translation, so far in Chinese, Korean, Russian and Spanish language
📌 Website: https://minterest.com/
For the community we have Telegram group chats in Korean, Chinese and Russian
📌 Telegram: https://t.me/MinterestFinanceChat
📌 Telegram: https://t.me/MinterestFinanceKorea
📌 Telegram: https://t.me/Minterest_CN
📌 Telegram: https://t.me/MinterestChatRus
I’m proudest of the Russian community who congregated on their own into our first international channel. They’re SO active and incredibly smart, it gives us a sense of pride.
2、Security and anonymity are always prioritized by BlockChain projects in the development of project platforms and technologies. So, does you have any technological solutions or plans to enhance user trust in these issues?
Answer：Minterest is being designed to be as secure as we can possibly make it. Our goal is for liquidity providers to have peace of mind when they come to Minterest.
We have an extensive rolling security audit program that is inculcated as a standard part of the development process to validate our approach to making Minterest safe and secure. And we’re only working with the top security audit firms in the space, with our first audit happening as we speak.
Additionally, we have an in-house team of data scientists and modelers to help us understand the economic side of Minterest’s functions. We take into account externalities, such as black swan events and potential economic exploits when using other Minterest in conjunction with other protocols.
Finally, Minterest will have reserves set aside to deal with worst-case scenarios. This can be thought of as an insurance fund.
3、Will MNT token holders have a right to participate in the creation of protocol development proposals and also determine the direction of the platform? What important role do mnt token owners play in token ownership?In Minterest, how can you make sure that the loan is safe? What type of information do minterest take from borrowers? Any standardised criteria of assets or any collateral required in order to borrow?
Answer：Governance and a move towards a decentralized governance approach is certainly important for Minterest. It’ll be a step by step process which will start with a council of decision makers who can put forth proposals. After launch these proposals will be able to be voted on by the community. Over time we hope to bring on more community members to start taking ownership roles and to evolve governance towards that end
4、Collaborations and partnerships, together with a strong community, are key factors to contribute to the success of any crypto protocol or project. Can you please explain Minterest’s community centric approach in this regard and how this will ultimately translate into value for MNT holders?
Answer：We are building a program to empower our community through community leaders. Currently we have put together a pilot ambassador program which I’m quite proud of. We’re trying to figure it out and work with our ambassador team to evolve it further, but this is the start to community empowerment.
From there my hope is that we’ll be able to have a number of Minterest community members take on larger roles within Minterest, where they can start to make real key decisions. This relates to the DAO governance aspect I touched upon in my answer to the above question.
This way, outside of the unique design of Minterest which is geared to provide value back to all users, the community can innovate to develop further options to drive greater value to the protocol and to all users involved
5、How many team members do you have? Do they have enough experience in the blockchain field? Do they have any experience on working in crypto and non-crypto project?
Answer：The Minterest team’s core office is in Tallinn, Estonia. We staff over 40 people, with two-thirds local, and one-third remote.
The executive team is comprised of industry veterans. Josh Rogers, Founder and CEO, was a former founding shareholder at Freelancer among a number of other businesses. David Esser, CPO, is formerly from Cardano.
Our team of key advisors includes David Post, Managing Director at Chainlink, Mark Fitzgibbon, Director at API3, and a number of others.
So, though startup life isn’t easy, we have the experience to know what’s required to deliver a quality product
Q1: Could you please tell us more about yourself, your role in Minterest and what is Minterest. Thank you!
A1: Hey! It is lovely to be here. My name is Kyn, and I am the COO of Minterest. I am responsible for ensuring that Minterest’s strategy is successfully executed. That means everything we do from product development to marketing is ultimately under my purview.
Before Minterest I was the CBDO at TomoChain, Vietnam’s largest public blockchain, where I supported a number of major partnerships, including one with the Vietnam government to launch university diplomas on the blockchain.
ON MINTEREST
Minterest is the most capital efficient lending protocol which can provide the greatest long term returns in DeFi to its users. It is being released on Moonbeam in the Polkadot ecosystem at the end of March 2022
The MNT token is actually designed to be directly linked to the performance of the Minterest protocol. As the protocol grows with more liquidity, Minterest captures value from fees, and then uses that value to buy back MNT on-market and distributes the tokens back to Minterest users who stake MNT in the governance process. This ensures the fairest approach to DeFi we’ve seen to date.
Q2: How will you guarantee that we are getting the highest long-term yield in DeFi with the ever-expanding and changing DeFi landscape.
A2: Minterest is designed to capture more value due to a number of innovations
The First Innovation is its auto liquidation engine. Traditionally about 40% of the value on lending protocols is lost due to liquidations by third parties. Minterest is its own liquidator and is able to capture this value as a result.
The Second Innovation is its buyback engine, as hinted at above. Minterest is designed to be a major purchaser of its own token, MNT. The more liquidity on Minterest, the greater the fees it can collect, which leads to its ability to buy back more MNT tokens on-market, hence driving up the APY value for MNT stakes. It’s what we call a flywheel effect
The Third Innovation is with the Minterest NFTs. These are not simply beautiful-looking NFTs, they have a real use case which increases APY up to 50% for liquidity providers who hold them. There are only 3000 NFTs, and the only way to earn them is to participate in the Minterest public offering, held between from today, February 8 through February 10. Top net-buyers will earn themselves an NFT. The higher the rank on the leaderboard, the greater the APY potential of the NFT earned.
Q3: Can you talk about the Minterest NFTs that actually generate APY boosts on Minterest?
A3: I’d love to. The Minterest NFTs are celebrating the top 100 most influential in blockchain. As mentioned there are 3000 NFTs across 12 levels of rarity. So first check out an example of the artwork for Level 1 — Satoshi. It’s awesome.
The Minterest NFTs are a core part of the Minterest protocol and they aren’t just for show either. There are two key benefits to holding a Minterest NFT:
NFTs provide up to a 50% boost in MNT emissions for providing liquidity on Minterest during its public launch in Q2
NFTs provide key card access to the Minterest Private Launch in March where there will be limited participants. As a result the ability to yield farm MNT will be massive, in the 300–500% APY range.
The NFTs encourage long-term participation by liquidity providers (LPs) on Minterest. The only way to earn them is to participate in the LBP from today, February 8–10th. We have a leaderboard for net-buys. And based on the user placement an appropriate NFT will be earned.
This image illustrates how holding an NFT boosts MNT rewards for liquidity providers. And the Table shows the different levels (i.e. Rarities) of Minterest NFTs.
And check out our Calculator to understand how these NFTs can really jack up that APY: https://minterest.com/calculator
You can also check out the entire gallery on our website here: https://minterest.com/nft-gallery
Q4: Minterest is doing its Public Distribution via an LBP from Today you said! What is an LBP and how does one participate?
A4: Sure! We’re really excited as it’s been a long road to get here. We are conducting an LBP in order to fund the Treasury for the Minterest protocol.
LBP standard for Liquidity Bootstrapping Pool. It is a form of a reverse dutch auction which will run for 48 hours for Minterest.
The purpose of the LBP is to allow for price discovery, as the price is actually variable throughout the auction and adjusts in real time based on demand. Let me illustrate with an example from another project, GRO
LBP is just a few hours away and we’ll be announcing the location of it on Minterest.com
Q5: What is the advantage of participating in the Minterest LBP?
A5: There are Three key advantages for participating in the Minterest LBP from today.
Availability to Public: It is the first time that the public can get access to the MNT token
Liquid Token that can earn large yield: All previous institutional rounds have a 1 year vesting period on their MNT. Tokens earned in the LBP will be fully liquid on Moonbeam at the time the Minterest protocol launches. Why is that important? Because these tokens can be staked in the Minterest protocol from day 1, the APYs will be at least 300–500% if not higher.
NFTs: The LBP is the only place people can earn an NFT by placing on the leaderboard. As mentioned earlier these NFTs provide early access to the private launch of the Minterest protocol and will amp up the number of MNT tokens earned through emissions.
Q6: The LBP has a competition with a Leaderboard. What is that about?
A6: Yep. The LBP is an event, not just an auction for us. It is where someone will earn the coveted Satoshi NFT which provides 50% boost in MNT rewards, along with 300 other APY boosting NFTs. The leaderboard tracks net buys in USDC. Based on your rank on the leaderboard you’ll earn one of these NFTs if you’re in the top 300. You know, we have our private investors excited to participate and they keep asking us how much it’ll take to earn the Satoshi! It’s amazing to see the interest.
Q7: When will the MNT tokens in the LBP be available to use?
A7: So the tokens earned in the LBP will be locked after the event. Right after Minterest launches on Moonbeam at the end of March we will airdrop the same number of tokens to users into the same wallet addresses on the Moonbeam network, fully unlocked.
FREE Q&A：
1、How Do you planning to promote your project in different countries, wherein English is not spoken well? Do you have a local communities for them to better understand your project?
Answer：Yes, we are working on our Website translation, so far in Chinese, Korean, Russian and Spanish language
📌 Website: https://minterest.com/
For the community we have Telegram group chats in Korean, Chinese and Russian
📌 Telegram: https://t.me/MinterestFinanceChat
📌 Telegram: https://t.me/MinterestFinanceKorea
📌 Telegram: https://t.me/Minterest_CN
📌 Telegram: https://t.me/MinterestChatRus
I’m proudest of the Russian community who congregated on their own into our first international channel. They’re SO active and incredibly smart, it gives us a sense of pride.
2、Security and anonymity are always prioritized by BlockChain projects in the development of project platforms and technologies. So, does you have any technological solutions or plans to enhance user trust in these issues?
Answer：Minterest is being designed to be as secure as we can possibly make it. Our goal is for liquidity providers to have peace of mind when they come to Minterest.
We have an extensive rolling security audit program that is inculcated as a standard part of the development process to validate our approach to making Minterest safe and secure. And we’re only working with the top security audit firms in the space, with our first audit happening as we speak.
Additionally, we have an in-house team of data scientists and modelers to help us understand the economic side of Minterest’s functions. We take into account externalities, such as black swan events and potential economic exploits when using other Minterest in conjunction with other protocols.
Finally, Minterest will have reserves set aside to deal with worst-case scenarios. This can be thought of as an insurance fund.
3、Will MNT token holders have a right to participate in the creation of protocol development proposals and also determine the direction of the platform? What important role do mnt token owners play in token ownership?In Minterest, how can you make sure that the loan is safe? What type of information do minterest take from borrowers? Any standardised criteria of assets or any collateral required in order to borrow?
Answer：Governance and a move towards a decentralized governance approach is certainly important for Minterest. It’ll be a step by step process which will start with a council of decision makers who can put forth proposals. After launch these proposals will be able to be voted on by the community. Over time we hope to bring on more community members to start taking ownership roles and to evolve governance towards that end
4、Collaborations and partnerships, together with a strong community, are key factors to contribute to the success of any crypto protocol or project. Can you please explain Minterest’s community centric approach in this regard and how this will ultimately translate into value for MNT holders?
Answer：We are building a program to empower our community through community leaders. Currently we have put together a pilot ambassador program which I’m quite proud of. We’re trying to figure it out and work with our ambassador team to evolve it further, but this is the start to community empowerment.
From there my hope is that we’ll be able to have a number of Minterest community members take on larger roles within Minterest, where they can start to make real key decisions. This relates to the DAO governance aspect I touched upon in my answer to the above question.
This way, outside of the unique design of Minterest which is geared to provide value back to all users, the community can innovate to develop further options to drive greater value to the protocol and to all users involved
5、How many team members do you have? Do they have enough experience in the blockchain field? Do they have any experience on working in crypto and non-crypto project?
Answer：The Minterest team’s core office is in Tallinn, Estonia. We staff over 40 people, with two-thirds local, and one-third remote.
The executive team is comprised of industry veterans. Josh Rogers, Founder and CEO, was a former founding shareholder at Freelancer among a number of other businesses. David Esser, CPO, is formerly from Cardano.
Our team of key advisors includes David Post, Managing Director at Chainlink, Mark Fitzgibbon, Director at API3, and a number of others.
So, though startup life isn’t easy, we have the experience to know what’s required to deliver a quality product
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