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Available for all ISPO participants — with Utility 🚀
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:
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⭐️
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.
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.