You are currently viewing MEAN FINANCE: GOOD REASONS TO START USING MEAN Dapp |  by Firas Ben Jazia |  Coinmonks |  Sep 2022

MEAN FINANCE: GOOD REASONS TO START USING MEAN Dapp | by Firas Ben Jazia | Coinmonks | Sep 2022

MEAN FINANCE: GOOD REASONS TO START USING MEAN Dapp

Did you know that a Dapp is currently offering a 19.21% APR for buying and staking its token? Interesting, right? Let’s learn more about this project, and how it helps you manage your wealth while offering you this unique opportunity to build it:

MeanFi (Mean Finance) is a trustless and permissionless banking Dapp that is built on the Solana blockchain. The Dapp is powered by the Mean Protocol, which aims to bring various traditional banking solutions into the world of Web3 and DeFi. Here are the main reasons why you should consider using MeanFi Dapp:

Staking and earning passive income:

You can make passive income by simply buying the MEAN token on an exchange such as Gate.io and then staking it in order to gain more MEAN tokens.

The process is fairly easy:

First, you need to deposit your $MEAN tokens by clicking the “deposit” button in the accounts section of The Dapp. Proceed to send your tokens from your preferred exchange to the address displayed on the screen.

Next, head over to the “Staking” section of the Dapp, specify the amount of tokens you would like to stake, and click the “stake” button.

Aaaand done! Feel free to unstake your tokens whenever you want by clicking “unstake” and confirming the transaction.

MultiSig wallets:

Contrary to banks and centralized cryptocurrency exchanges, Dapps like MeanFi allow their users full custody of their assets while using their services. In fact, MeanFi ensures that its users funds are well-protected against any attacks by offering the MultiSig feature.

This feature allows users to create “safes” (MultiSig accounts) that are protected by two private keys or, ensuring the safety of the funds in case the Dapp gets hacked and the original private key gets leaked. In fact, whenever a user needs to send funds from a MultiSig wallet, he will have to sign the transaction with all the private keys he originally set up.

User-friendly:

MeanFi has one of the simplest user interfaces among DeFi projects. The team behind Mean Finance worked hard to make the website as easy to browse and use as any traditional banking service. This makes MeanFi a perfect starting point in any newbie’s journey to discover web3 Dapps and protocols.

DEX Aggregator:

MeanFi has partnered with the Jupiter liquidity aggregator, which is the “king” of liquidity aggregators within the Solana ecosystem. This partnership MeanFi users to swap their tokens for the best prices across various DEXs and allow liquidity pools.

Decentralized Dollar Cost Averaging (DDCA):

DCA (Dollar Cost Averaging) is a popular technique among crypto investors that helps them mitigate risk. In essence, users of this investment strategy will buy fixed amounts of a cryptocurrency on a regular basis instead of going “all in” and risking their capital because of the high volatility in the market.

DDCA makes this process even simpler by automating your crypto buys so that you don’t have to log in.

Instead, all you need to do is to deposit your capital (in stablecoins) using the accounts section of The Dapp. Then, you should set up a recurring buy via the exchange section. Specify the frequency of your investment using the dropdown menu, and the balance you would like to allocate to each buy order, and hit confirm.

Money streaming:

As opposed to the traditional approach used by business owners, in which employees get paid a salary at the end of the month, MeanFi believes that “a second worked is a second earned”. In fact, MeanFi gives its users the possibility of making money streams.

You can think of money streaming as a stream of money that flows from the businesses’ budget into the employees’ pockets (or crypto wallets in this case).

Using this new approach, workers are compensated based on their work progress, in real-time, and regardless of their location and time zone. For example, a worker will have earned $250 of his $1000 salary after a week of getting started on the job, earning money as he/she works.

Add to that, money streaming can be used for sending money on a recurring basis. You can set up a money stream for paying rent, sending money to friends and family, etc.

You can create a money stream by going to MeanFi → Accounts → Create stream. In case you’re a business owner and would like to use MeanFi to automate your payroll, you should follow this guide.

Token vesting:

MeanFi has built what can be considered the best way to make a token vesting on Solana. Crypto projects can use the Dapp’s vesting dashboard to send SLP tokens for their investors, community, or team members. The smart contract behind the vesting dashboard was double audited for maximum security.

In case you’re part of a crypto project and would like to learn more about token vesting and how to set it up, check out this comprehensive guide.

Final thoughts:

Mean Finance is revolutionizing the banking services. Built on the Solana blockchain, The Dapp is consistently building more solutions to bring financial freedom for people and businesses all around the globe.

In the MeanFi world, users don’t need to rely on the old banking systems like ACH and SEPA. Instead, they are a click away from setting up automated money streams to manage their funds and expenses for them.

Make sure to follow Mean Finance on its social media channels in order to stay up to date with its latest news and developments:

Twitter

Discord

Medium

Github

Youtube

LinkedIn

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