MYSO Finance - development for 1 year
It’s been almost 1 year since the MYSO team first shared their idea for DeFi users. Since that time, many significant events have taken place in the crypto industry and in the world as a whole. Ignoring the problems and turmoil in the markets, the MYSO team did not give up and paid special attention to systematic work on the implementation of innovative ideas — the development of a unique and innovative financial product.
The basic concept of MYSO Finance — solves the problem of providing a zero-liquidation lending service for DeFi users.
Detail: medium
Zero-liquidation loans allow DeFi users to borrow USDC against their ETH assets, but without the risk of liquidation in case of LTV shortage. This is achieved by providing users with the opportunity to repay their loans either in USDC or with the help of previously pledged ETH. Liquidity providers, on the other hand, receive compensation in the form of higher returns for the risk of ETH decline. This concept can be extended to other currency pairs. The positive side of zero-liquidation loans is that they are more resistant to sudden changes in the exchange rate and have the effect of being less susceptible to a chain reaction with volatility, unlike existing lending and borrowing protocols. This effect favorably distinguishes the MYSO concept against the background of existing lending and borrowing protocols in a diverse DeFi environment. Zero-liquidation loans bring significant novelty to DeFi crypto loans. Unlike existing loan solutions, borrowers do not face the risk of liquidation and can always return their cryptocurrency.
The MYSO concept first emerged in 2021, when Aetienne Sardon wanted to abandon the conservative ideas of the traditional financial sector and create something new, truly innovative and unique for all users in the DeFi sector.
Aetienne Sardon, the founder of MYSO Finance, created and headed a group of specialists from all over the world from programmers, software engineers and designers to implement his idea. The team has extensive experience in TradFi, engineering developments, as well as many years of experience in the field of cryptocurrencies.
MYSO Finance was created based on the ideals of creating a simple and hassle-free borrowing process in the DeFi sector. MYSO Finance was founded in early 2022 after it became one of the winners of the famous ETHOnline Hackathon in October 2021.
MYSO Finance first product is the IKARUS protocol. This protocol is 0xLoans, which allows users to pledge their cryptocurrency as collateral and take loans with zero risk of liquidation. This means that liquidity always requires its collateral on the basis of full consistency, regardless of price changes. On the other hand, liquidity providers (LP) gain access to an options trading strategy where they receive a risk premium. The IKARUS protocol is a new DeFi protocol to facilitate P2P use between borrowers and LP.
For almost 1 year, the MYSO Finance team has been systematically and methodically working on the development and achievement of it’s goals according to the developed development plan for its product.
Below are some highlights and a description of the significant achievements of MYSO Finance over the past year, it was really a very productive year.
October 2021 — Victory at the ETHOnline Hackathon
Among the large number of projects presented at the ETHOnline Hackathon, MYSO Finance became one of the winners. It was a great addition for rapid development.
October 26, 2021 — Whitepaper Publication
To create the first version of a very important technical document, the MYSO Finance team has done a lot of serious work. As a result, the “whitepaper (WP)” was published which is publicly available on the resource Arxiv.org .
April 2022 — Investment Round
One of the most important events for the MYSO Finance team is the successfully completed $2.4 million funding round.
MYSO Finance was supported by significant venture capitalists, strategic investors and business angels, such as: Huobi, Nexo, Wintermute, GSR, Hashkey, CMT Digital, Nothing Research, Caballeros Capital, Advanced Blockchain, Ratio Ventures, Symbolic Capital Partners, Jabre Cap., Mentha Partners.
May 8 , 2022 — Community Reward Program
Despite the fact that MYSO Finance has just started its tortuous and interesting development path, the team perfectly understands the importance of early supporters of the project. A rewarded promotion was held with a prize pool of 0.5 PAXG (at the time of the reward, the cost of 1 PAXG was ~1,900.00 USDC). The award was shared by 5 active members of the MYSO community.
May 24 , 2022 — the First part of the Research
Considering the importance and innovativeness of the proposed solution, the MYSO Finance team launches a series of extensive studies. The first part of the research results is about a new lending paradigm and solving problems in this direction. MYSO Finance offers a truly unique solution. We recommend that you familiarize yourself with useful material in the matter of lending.
June 23 , 2022 — the Second part of the Research
The second part of the results of the MYSO Finance study deals with the volatility of interest rates and the MYSO approach to providing fixed interest rates for borrowers. Yes, it will be a repetition, but I strongly recommend that you familiarize yourself with this.
July 1 , 2022 — the Third part of the Research
The third part of the research results introduces MYSO Finance’s vision of current and future trends in CeFi and DeFi lending. The most interesting thing in this material is the vision of the team about the mass implementation of its product — MYSO Finance. I will not repeat myself.
July 12, 2022 — Closed Testnet
The MYSO Finance team launches a rewarded closed testing involving 250 early community members. Based on the results of the closed testing, 0.5 PAXG will be distributed among five active participants. If you look at the previous experience of distributing awards from the MYSO Finance team, we can assume that there will be some kind of surprise with an increase in the bank of awards and the number of winners! The next stage after closed testing, in the near future, all supporters of MYSO ideas will be publicly testing the product and this is a good chance to get acquainted with the innovative zero-liquidation lending offer and, of course, take part in the distribution of awards from the MYSO Finance team.
July 26 , 2022 — the Fourth part of the Research
The fourth part of the results of the MYSO Finance study tells about an independent approach to credit markets. MYSO Finance hopes to provide users and communities with the simplest DeFi loan option as well as independence over the creation and management of credit pools. With zero risk of liquidation combined with stable rates, the process of creating a pool and interacting with it from both sides will be simple and intuitive for everyone.
Starting writing the article, we had thoughts that we would be able to quickly list everything that the MYSO Finance team had achieved, and soon realized the scale of the tasks solved and the work done in such a short time. The project team has undoubtedly been busy fulfilling its goals throughout this time, such hard work is respected. This approach lays the foundation for a strong financial foundation on which the MYSO Finance project is being built.
In the world of modern finance, regulatory control is still a big problem, especially it affects the development of DeFi. The regulator, by its lack of understanding of the complexity of the device, DeFi only increases the materiality of the problems that it creates itself. To successfully cope with such challenges, the MYSO Finance team must continue to do what they have planned, regardless of possible difficulties and achieve high results.
Now the crypto markets are in a chaotic state and most likely at a historical minimum. This state of affairs is facilitated by factors such as the US Federal Reserve System, which is struggling with an inflationary crisis, concern from Celsius and Three Arrows Capital, wars in different parts of the world, and these are just some of the points that complicate the problems. There is a lot of fear, uncertainty and doubt (FUD) among the participants about the future development and the direction to which the cryptocurrency can move.
It can be assumed that this is another significant turning point on the way to mass adoption, since the cryptocurrency is experiencing severe and significant growth problems. Cryptotechnology has not changed, for all the time it has only improved and has become more focused on improving the lives of millions of people through financial means. Considering the development trends and the increase to more than 300 million users, the next 5 years will be very interesting and wild in the crypto space!
The Main Milestones of the Further Development of MYSO Finance
The End of Summer 2022 — Launch of Public Testnet
The test network will be launched on top of the main blockchain with imitation of its activity, without affecting it, this will allow developers and the community to test the application and functions in controlled conditions. Everyone who takes part in the testing will be able to see for themselves the simplicity and reliability of MYSO Finance solutions. Getting a zero-liquidation loan will be the easiest loan solution in DeFi.
Taking into account previous experience, PAXG distribution during the Twitter contest back in May and the allocated awards for providing feedback in closed testing, it is safe to say that the MYSO Finance team appreciates and recognizes the community’s participation in the development of the project.
Q3–Q4 2022 — Launch of the Mainnet
MYSO Finance product development, closed testing, community development and encouragement, open testing, this is a small fraction of the colossal amount of work that the team performs before the most important moment in the project. In 2022, the launch of MYSO Finance in the main network is planned. Undoubtedly, this is one of the most important events in the development of the project.
Achieving these goals will strengthen the potential of MYSO Finance, which in turn will bring the economic freedom that millions of people deserve. In the established financial world, strong representatives of humanity expand the boundaries of the impossible and make it possible. We all have the privilege of being at the forefront and watching the formation of history together with MYSO Finance. I look forward to seeing the future of DeFi build on MYSO Finance is proposed solutions to see what new boundaries will be expanded again and again.
The future is everyone’s freedom.
The future is decentralization.
MYSO Finance is part of the future!
If you believe in the idea of zero-liquidation lending offered by the MYSO Finance team, want to support this initiative and want to promote the future of free finance, then we want you to join the wonderful and progressive MYSO community!
MYSO Finance — Official Links:
website . twitter . medium . discord . telegram . WP
Disclaimer: The opinions and views expressed in this article belong exclusively to the authors of the article. Please note: the content in the article should not be considered financial, legal or other kind of advice. Neither the authors of the article nor MYSO Finance are financial, legal or other kind of advisors. This content cannot be used to make any financial, tax or other decisions. Conduct your own research and, if necessary, consult with experts on official policies, restrictions and requirements in your jurisdiction.
MYSO Finance community.
The material was co-authored:
Aleksey Pustovoyt . twitter . medium . linkedin
Kirill Badanis . twitter . medium
