Bank Managers
Available for all ISPO participants — with Utility 🚀

MELD Bank Managers 👨‍💼 👩‍💼

We will launch the Bank Managers as a series on one of the NFT marketplaces in the Cardano ecosystem (to be announced soon). It’s planned for the Bank Managers to mint for 3 ADA, which will cover the basic costs of production — we’d also like users to have the option to use MELD tokens to pay for their BM, but this is ultimately subject to the exchange chosen
The BM will be used in the protocol in two ways:

1. Loan Interest Rate Reduction

The BMs can be used for a discount on your loan interest rate at the time of the creation of the loan. The BMs will provide a 0.3% reduction in the interest rate and will only provide a reduction down to zero if the interest rate is already .3%. The BMs will need to be in your wallet during the time of creation and then they will be locked into the loan as a kind of collateral. When the NFT is locked to the loan you can not trade, move or sell it until the loan is closed.
⭐️ 1 Bank Manager can be used per 1 loan⭐️

2. Increased Yield on Variable Staking

Secondly, the BMs can be used to increase the yield on the MELD variable staking pool. It will increase the yield by 0.1%. This yield increase will apply to all MELD tokens staked regardless of when they were staked into the pool. The BM can be added and revoked from the pool at any time with no lockup and the yield change will take effect after the epoch snapshot.

Bank Manager Evolutions

The BMs will NOT evolve (like we initially planned) in any way now, they will be rendered in their final form with varying degrees of rarity. We will have a small number of very simple BMs and a small number of “Degen” BMs.
While almost all of the BMs will be random we will produce a handful of crafted and custom BMs that will be used in various different marketing activities. For example, we will have a dark mode BM and BMs of Hai, Ken, Hoskinson, Vitalik, etc. These will be used more for fun than anything.

🥇Golden Bank Managers️️

Additionally, we will be adding in 10 special Golden Bank Manager NFTs that will give owners a full 1% discount on their loan interest rate. More details will be released on these premium NFTs soon…
When we get closer to the release of the lending and borrowing functionality users will need to upgrade their BMs to make them compatible with the lending protocol but this will be a minor activity that we will address and educate people about later. It will not change the NFT except by making it technically compatible with the protocol.