Launched in late 2021, MeanFi is an application of the Solana blockchain bringing cryptocurrencies and decentralised finance (DeFi) to banking. MeanFi’s tantalising promise is to offer autonomous banking that requires no intermediaries or trust. An overview of this new Web 3.0 application and the features it offers.
A banking application on the Solana blockchain (SOL)
MeanFi is a standalone Web 3.0 banking application, requiring neither trust nor permission to use. MeanFi is based on the Mean protocol, built on the Solana (SOL) blockchain. This protocol manages the smart contracts and the whole thing is governed by Mean’s decentralised autonomous organisation (DAO), named MeanDAO.
One of the promises of decentralised finance (DeFi) is the possibility to run your own bank and invest without the help of an intermediary. This idea is attracting a lot of attention and MeanFi intends to make its mark, 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 this to happen there must 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 of democratising DeFi by targeting broadly and responding to the needs of these new users that the application was born.
As the project is based on the Solana blockchain, it is of course necessary to use a wallet supporting Solana and its tokens such as Phantom, Solflare or Sollet to be able to use the application.
As for the team behind this project, we find seasoned developers with a vast experience in the fields of computer science, software engineering and of course cryptocurrencies.
MeanFi application interface overview
The Solana blockchain makes MeanFi’s services 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 traditional bank interface with transactions, exchange rates, deposits and withdrawals.
MeanFi
features
The MeanFi application allows for 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 in the governance of MeanDAO. Users don’t have to worry about liquidity as over $3.8 billion guarantees it.
Preview of an exchange on MeanFi
It is also possible to schedule a recurring exchange of these tokens on a weekly or monthly basis in a very simple way. This can be used to automatically set up the use of an investment strategy such as Dollar Cost Averaging (DCA) for example.
More traditional transfers are available. You enter the public address, the amount and the application also supports the possibility to set up a transfer for a later date.
MeanFi also offers an option to directly buy cryptocurrencies such as SOL with fiat currencies. A deposit via SEPA transfer will cost 1.5% in fees while a purchase via credit card will cost 4% in fees. The purchase process is fully transparent with details of fees, average time and slippage amount.
Buying cryptocurrencies with fiat on MeanFi
On the deposit side, the ability to transfer assets from the Ethereum (ETH) and Polygon (MATIC) networks to MeanFi is also available via Allbridge. This is necessary, as only SPL tokens are supported on the application at the time of writing.
Finally, MeanFi is also thinking about contractors and businesses as there is an option to request direct payments via the app, which are settled instantly. Another feature allows you to manage employee payroll by setting up monthly payments in the token of your choice.
MeanFi’s Initial DEX Offering (IDO) took place on 25 December 2021 with an average price of $2.15 per MEAN token and 3,914 investors.
Looking ahead to 2022, the app’s roadmap is quite extensive. Among the next updates that will see the light of day in the first quarter of 2022 are the introduction of the Mean DAO governance portal as well as MeanFi version 2 allowing peer-to-peer (P2P) trading in particular.
The team behind the project has a long term vision as the roadmap currently extends to 2025 with the future addition of invoices, subscription payments, dark pools and much more to make it the most complete experience of a DeFi bank.
