MeanFi is a feature-rich DeFi app built on Solana that is fully compatible with the Exodus Wallet. They describe themselves as a “censorship-resistant, user-friendly, self-custody, permissionless & trustless bank”, and their mission is to bring decentralized finance products to people and businesses worldwide in a secure, usable, and private manner.
MeanFi offers an interface on which you can see every asset in your Solana wallet. Through the interface, you can send or deposit assets, buy assets using a credit or debit card, and even stake the assets you own to earn yield on them passively.
The fee for fiat deposits is 0.05% of the total amount and 0.25% for withdrawals.
MeanFi offers a DEX that fetches the best prices for token swaps from the most widely-used Solana DeFi apps and works much like ParaSwap and 1inch on Ethereum.
In December 2021, MeanFi partnerned with Jupiter, the leading liquidity aggregator for Solana, which brought the absolute best price swaps to MeanFi users using two methods:
- Multi-hop Routes
While Jupiter’s main job is to compare prices between different DEXs, it also finds the best price by routing through intermediary tokens. For example, swapping USDC-mSOL-SOL could leave you with more SOL than USDC-SOL directly, which could be due to volatility in the different liquidity pools.
- Trade Splitting
Jupiter may split your swap into several smaller ones. For example, if you were to buy $1000 worth of SOL, it may swap $300 on Raydium and the rest through another DEX if it were to leave you with more SOL. You can read more in our article on Jupiter here.
The fee to use MeanFi Exchange is a total of 50% of the difference between the best rate and second-best rate calculated. If they are equal, no fee is charged.
Recurring swaps is a unique feature built right into the MeanFi Exchange. It allows you to deposit money and set up a swap that repeats weekly, bi-weekly, or monthly. For example, this could be buying $100 worth of the $MEAN token every week. You can now dollar-cost-average in peace without having to manually log in yourself and fret about the current prices!
The fee to withdraw the money you deposited is 0.5% of the total funds.
Not only does MeanFi offer recurring swaps, they are improving how recurring payments work with their money streaming feature, which lets you set up a “stream” to provide continuous payments over time.
A user, like an employer, can set up a stream to pay their employee. For example, if the employee’s salary is $2000 every month, their account would fill up every second, up to a total of $2000 a month, allowing them to pull out any amount earned whenever they want.
This gives employees more flexibility rather than a single paycheck every month. Money streaming can also be used in many other applicable situations, such as continuous parking payments, subscriptions, rent, etc.
There are various fees associated with MeanFi Money Streaming, which can be found here.
MeanFi has an interface to create multisig wallets; crypto wallets that require more than one signature to use. For example, this could be the wallet that stores company funds used to pay employees, requiring at least three company directors to sign a transaction before the funds can be accessed.
The fee to create a multisig or initiate a multisig proposal is 0.02 SOL.
The MeanFi train has one final destination: the $MEAN token. The token is used for governance mainly, which gives holders a chance to help shape the future of MeanFi by voting on proposals. By staking the token, it also pays out a share of the profits generated by the protocol.
16% of the profits go directly to stakers. 12% goes to an incentive program to onboard developers and partners. Another 12% goes to the Community Treasury Vault, of which the $MEAN token holders have control. 40% is reserved for the DAO operating vault, which is used to run operations and fund development of the MeanFi protocol. The remaining 20% is held in the DAO Treasury Vault.
The exact allocations and emissions of the $MEAN token can be seen in the chart below.
As mentioned before, MeanFi partnered with Jupiter, who could be seen as a competitor to their exchange product before the partnership. Now, both MeanFi and Jupiter have the best rates on Solana.
While some Ethereum protocols, like Superfluid and Sablier, also offer money streaming, the benefits of near-zero gas fees on Solana means an employee does not have to pay a huge gas fee to withdraw their salary, or any other party using the money streaming feature.
The future of DeFi is being built today, and apps like MeanFi are showing us what is possible with the tools at hand. Their roadmap shows no signs of slowing down, and we at Exodus are excited to see what they build in the next few years!
This content is for informational purposes only and is not investment advice. You should consult a qualified licensed advisor before engaging in any transaction.