Launched at the end of 2021, MeanFi is a Solana blockchain application bringing cryptocurrencies and decentralized finance (DeFi) to banking services. MeanFi’s enticing promise is to offer a self-sustaining bank that doesn’t require intermediaries or trust. Overview of this new Web 3.0 application and the features it offers.
A banking application on the Solana blockchain (SOL)
MeanFi is a stand-alone Web 3.0 banking application , requiring neither trustlessness nor permission to use. MeanFi is based on the Mean protocol, built on the Solana (SOL) blockchain . This protocol manages smart contracts and everything is governed by Mean’s decentralized autonomous organization (DAO) , called MeanDAO .
One of the promises of decentralized finance (DeFi) is the possibility of managing your own bank and investing without the help of an intermediary. This idea is attracting a lot and MeanFi intends to leave its mark there, having first convinced investors such as SoftBank, Gate.io, Three Arrows Capital and DeFiance Capital.
By simplifying access and improving the user experience of DeFi, it could become the new standard in the future, but for that there has to be a change in the way people think about managing their finances .
MeanFi therefore intends to be a bridge connecting these people to DeFi. It is with the ambition to democratize DeFi by targeting broad and meeting the needs of these new users that the application was born.
The project being based on the Solana blockchain, it is obviously necessary to use a wallet supporting Solana and its tokens such as Phantom, Solflare or Sollet to be able to use the application.
Regarding the team behind this project, we find seasoned developers with extensive experience in the fields of IT, software engineering and of course cryptocurrency.
MeanFi app interface overview
The Solana blockchain makes the services offered by MeanFi accessible at very low costs, while ensuring high transaction speeds . The user interface is simple and efficient. It works in a similar way to a classic bank interface with transactions, exchange rates, deposits or even withdrawals.
MeanFi features
The MeanFi application allows the exchange of SPL tokens , the standard for Solana tokens. It is therefore possible to find cryptocurrencies such as Solana (SOL), Wrapped Bitcoin (WBTC) , Wrapped Ethereum (WETH), Tether (USDT) or even MEAN, the native cryptocurrency of the Mean protocol, which plays a role for the governance of MeanDAO . Users don’t have to worry about liquidity as it is backed by over $ 3.8 billion.
Overview of a trade on MeanFi
It is also possible to program a recurring exchange of these tokens , on a weekly or monthly basis, in a very simple way. This can be used to automatically configure the use of an investment strategy such as Dollar Cost Averaging (DCA) for example.
More traditional transfers are available there. You enter the public address, the amount and the application also supports the possibility of setting up a transfer for a later date.
MeanFi also offers an option to directly purchase cryptocurrencies such as SOL with fiat currencies . A deposit by SEPA transfer will cost 1.5% in fees while a purchase by credit card will cost 4% in fees. The purchase process is completely transparent with the details of the costs, the average time of the duration or the amount of slippage.
Buying cryptocurrencies with fiat on MeanFi
At the deposit level, the possibility of transferring assets from the Ethereum (ETH) and Polygon (MATIC) networks to MeanFi is also available via Allbridge. This is necessary, because only SPL tokens are supported on the application at the time of this writing.
Finally, MeanFi also thinks of entrepreneurs and businesses since an option allows you to request direct payments via the application, which are settled instantly. Another feature allows you to manage employee payroll by configuring monthly payments in the token of your choice.
MeanFi’s Initial DEX Offering (IDO) took place on December 25, 2021 with an average price of $ 2.15 per MEAN token and 3,914 investors.
In 2022, the application’s roadmap is quite extensive . Among the next updates that will emerge in the first quarter of 2022, there is the introduction of the governance portal of Mean DAO as well as version 2 of MeanFi allowing in particular peer-to-peer (P2P) exchanges.
The team behind the project has a long-term vision since the roadmap extends for the moment until 2025 with the future addition of invoices, payment of subscriptions, dark pools and much more to experience it the most. complete with a DeFi bank .
👉 Check out the MeanFi app to find out more.
