Beginners Guide to Mean Finance on Solana
Mean DAO is the decentralized autonomous organization in charge of the Mean Protocol. The Mean DAO is a community-run and a community-governed protocol. The changes made are through active decisions and are voted on by the holders of the MEAN token governance.
A DAO is a Decentralized Autonomous Organization. This DAO consists of the members of a community that has a stake in the project or company in terms of owning a part of the project.
For example, if I create an NFT project called PriestClown_NFT with 1500 pieces of artwork, we can form a DAO with the holders of the NFT. S
So, let’s say there are 600 people holding 750 pieces in total, we can all vote to decide if we should burn the supply or airdrop the remaining to the 600 holders. Those with the power to vote and make the decisions that pushes a project forward into their mission are the constituents of a DAO. They can also be holders of a particular token. v
The mission statement of the DAO is “Build the decentralized products and blockchain infrastructure necessary to act as the financial equalizer for people and businesses worldwide.” With this goal, Mean DAO strives to develop world class financial products for people and companies.
What is Mean Protocol?
Protocols are basic sets of rules with interoperable smart contracts that has been developed to easily facilitate some specific kinds of operation. For Mean Protocol, this is a set of rules for developers to easily interact with smart contracts developed by the Mean Protocol Team for building, creating or using Bank-like services. These are regular banking functions and investment banking features all built on the Solana blockchain network. The Mean Protocol is maintained by the Mean DAO.
MEAN Token Explained
The Mean token is for the governance of the Mean DAO. This is a Solana SPL token that serves the purpose of governing the Mean Protocol. Whatever changes and decisions that will be taking place will be voted on by the holders of the Mean token. Also, some of the revenue generated by the DAO is distributed to the token holders. Some of the benefits of being a Mean token holder is that when you interact with the MeanFI application, your fees are reduced for you. In addition, you can earn more incentives through:
- Staking: By staking your Mean token, you get to earn eMean (escrowed Mean). The longer the duration of your staking, the more rewards you earn for staking your tokens.
- Dividends: if you lock your Mean token for 30 days or more, you are entitled to receive the Mean Protocol dividends that are shared to all who are qualified. The Dividends are distributed every Wednesday.
Because of the dissatisfaction of people with the traditional banking system, they look to blockchain network protocols for their various solutions. MeanFi is a self-custody, permissionless and trustless web3 banking application powered by the MEAN Protocol. This facilitates everyday banking and retail investment banking workflows to people and businesses around the world.
An Account on the MeanFi app is just like the account you have with your traditional bank. The wallet address you connect is more like a bank account you have opened. In this account is where all your assets exist. By clicking on any of your assets (tokens) in the wallet account, you can see the history of all the transactions that has taken place for that token.
The exchange section is a fast and efficient way to swap two different tokens with minimal slippage.
One benefit of this feature is that it has a Recurring section where you can set an automated system for performing swaps of tokens in your wallet address provided there is always enough funds in the account for the performance of that transaction.
Once you have approved a recurring trade, it does that same trade for you automatically beginning from the date specified and for how long you want it to continue.
You can easily send money to anyone in the world with the use of MeanFi. If the payment is once, use the ONE TIME feature but if it will be done repeatedly, you can automate it using the RECURRING feature.
To fund your account with the crypto you need, click on the Deposits section to connect to any of the ‘Means’ through which your wallet can b funded.
If you want to send crypto from another wallet, you can also send it by connecting the app through scanning of a QR code or by copying the wallet address with the copy button (for those who are new to crypto applications, don’t ever copy a wallet address manually).
A treasury is a section where you can add funds so that any money stream you create will be processed with this fund and not from the whole funds in the wallet.
A stream (or money stream) is an automatic flow you have set in your account. E.g., “Swap 1000 MEAN for SOL everyday”, “transfer 1000 USDC to hanko.sol”.
You then pick the tokens you want added to the treasury and their amount. This will be deducted from the general wallet account balance and sectioned into the treasury pool for those money streams.
Another service offered by MeanFi is that you can create a multisig account. This is an account that must have multiple signatures before their transactions can be processed. An organization that has multiple people who have the power to process transactions and would not want some members to be unaware of the transactions that goes on with the company’s funds should create a multisig account.
For users who wants to keep their Assets with MeanFi, wants to perform extra financial services like borrowing trading etc. can apply for the Crypto Asset Custody service.
In summary, the team that built this project has created two major applications, the MeanFi and the Mean Protocol. MeanFi is a banking app for people to enjoy the fullness of financial transactions that are free from the hindrances we experience from the general banking sector. The Mean Protocol is a prebuilt tool with smart contract codes that can be accessed freely by any developer. This enables a developer to create decentralized financial applications by leveraging the Mean Protocol.