Minterest launches private beta for yield generation platform

0:00i'm ashton addison from block west capital for investmentpitch media in the crypto coin show and today on blockchain interviews once again we have josh rogers ceo and founder of mintrest josh welcome back to the show so great to have you on once again ashton as always great to be here and thank you once again for having us back on the show you're very welcome um a lot has

0:22happened since we last spoke uh before the little dip in the market in 2021 around q3 and interest was building a lot of momentum for for this yield generation platform and d5 continues to expand um let's get the viewers up to speed to start on just a little bit about mintrest what your team's been working on and where you're at right now sure so interest is a a lending protocol that's

0:49designed to be a tier one player it's specifically designed to bring new innovation into d5 which really has a significant benefit for its users and that's really what defines it uh you know in technical terms we maximize capital efficiency because all of the value of the protocol is captured by the protocol and redistributed back to its users and we do that in a way that's unique

1:12there's a unique token model that we that we believe is going to really make a splash and cut through and then what's actually happening is that we've been spending a lot of time uh on our public events and uh we've had a community allocation event which was designed specifically to support our smaller investors in interest community the last few months have been very busy

1:33and the team has been very much focused on interest liquidity bootstrapping pool we ran a community allocation event prior to that for smaller investors in order to enable them to be able to participate in a way that we felt was incredibly fair guaranteed allocation guaranteed minimum average price and also you know no gas fees and the point of doing that was to

1:55enable people to participate in an lbp in you know which is a mechanism that is extremely um you know transparent but for small investors not to be intimidating you know their mechanisms are relatively complex so uh we had an amazing response we had two thousand more than two thousand people who participated in the community allocation event and obviously that's had a big impact

2:19and then we've just completed our liquidity bootstrapping pool which we're completely delighted with uh you know it's really been a fabulous outcome for the protocol and specifically given current market sentiment it really is something we're quite proud of you know to see the community support and investor support uh despite you know other projects not being able to achieve

2:39a result similar to interest definitely josh and thanks for that background and yeah it it despite uh the market slightly dipping over the end of the year in 2021 it seems like your team has checked all the green boxes and you continue to grow most importantly community based project and really focusing on uh retail investors and those who just have a

3:03little bit and are trying to earn interest on what they have rather than people who are making money so easily because they already have a lot of money and i really do appreciate that yeah it's about it's about supporting everyone we had enormous support as well from interest you know previously and who were large investors uh they you know uh it became a bit of a tussle

3:24actually uh in terms of uh wanting to get satoshi which is the nfts that we actually uh provide as rewards for people in the in the lbp uh there's extreme interest in those in those high value uh rare nft things that come with utility those nfts enable people to boost their emissions you know in some cases for years um at very very high levels so they're

3:48extremely advantageous and there was really strong uh very strong interest even from from bigger investors and i think the theme from interest is you know fairness for all means that you actually everyone gets a shot you know in a way that really does um that and and one of the things we see in deep i often is that um is that an entire community is not included and we're very much into

4:13how do we design something so that it is truly inclusive and inclusive does mean all the participants so it's something we are very proud of definitely and you spoke about the lbp i was reading interest is focused not just on the community but on transparency and i saw this transparent token mechanism you sort of mentioned at the beginning about some special uh

4:37mechanism in which you're helping the token you know be more distributed be more fair for everybody um is that transparent token mechanism is that the same thing as the lbp or maybe you can elaborate on that a little bit sure no yes a liquidity bootstrapping pool is it is an event it's a it's a fundraising mechanism for the protocol itself so it's actually to bootstrap

4:58fundraising for funding for the protocol um and and that is quite separate really from the actual token the tokenomics of the actual protocol itself so what distinguishes the interest is a few things and and and while the uh innovations are technological they're actually designed to drive its economics so just like just like other d5 projects the interest issues or emits tokens to

5:25borrowers and lenders to incentivize them to use the protocol but what we do differently is that we've built our own on-chain liquidation process so rather than third-party players coming in and liquidating people uh the actual protocol runs those um those liquidation processes and it means you can do it at far lesser or punishing kind of ways than you see in other

5:48protocols it's much fairer we liquidate people the absolute minimum that has to occur we actually do everything we possibly can to ensure it doesn't happen that's all part of our our unique dashboard design that's a real toolbox that you know to do that we notify people we we provide every kind of piece of support that we can to users to ensure that that doesn't happen but if

6:09it does the liquidation fees that do occur go back to the community and how all of the fees in the interest go back to that community is that we capture interest rate things we capture liquidation fees we will be catching flashlight fees and we use the funds that the protocol does capture to buy its own token back and then we go and distribute that token

6:29from the market to the uses of the protocol and we do that in a way that is quite unique the protocol captures 100 of all of its value entirely and it does that for the benefit of the general community of users without kind of hidden agendas uh without kind of you know different kind of roles being played by different users for different benefit and we just think that that's a much

6:50fairer system definitely yeah that sounds a lot fairer and you know you mentioned liquidation people that are just getting into crypto they get scared uh they're like you know i just want to earn a few percentage on my bitcoin or ethereum like i don't want to get liquidated and lose my money um but of course you know there's different financial products available

7:11some safer very safe some a little riskier if you have a risk appetite i'm guessing well the thing the thing is that's interesting for us is that in the whole space there's not a lot of actually like insightful data to enable people to manage their own risk profile in a way that's entirely appropriate you know we see so often these sorts of traffic light indicators

7:35called red orange and green and somehow that's an indicator of your wrist profile but i still can't figure out what it means and it gets very complex when you start having a portfolio it's relatively easy with a single token you have a portfolio it gets really complex so we've built out a very very sophisticated interface which gives people a tracking history

7:56literally visually you can actually look at your portfolio and see if any kind of liquidation event would have occurred across it in the last two years and it gives you and it's all graphical you know so that it's very simple and easy for people to be able to digest it's much more complex than even just that but it's about how do you give those people how do you give people those

8:15insights how do you protect them and you protect them by giving them easy to digest easy to understand data and information that really does support their their decision in terms of which way they actually choose to uh to to to lend or borrow and borrow tokens in the interest protocol definitely yeah no thank you for that um and with this bootstrapping uh lbp

8:40is that still going on right now i know last time we were speaking we were leading up to it um what's the situation and how is that going form interest right now sure so that started on tuesday it run it ran for two days so that's now complete um but what actually the opportunity now is the protocol is coming to launch so we'll be launching in march

9:04obviously we won't be launching until we've completed our audit processes uh we're very proud to say that we have three of the absolute best auditors that we believe in the game uh the first one is already complete the second one starting now and we have the third one coming just prior to the public launch so the protocol will launch in two phases and by the way we'll announce

9:24those and publish those audits obviously as well but we um we have a contractual obligation not to disclose who they are until the actual comp the actual contractual piece is complete but um you know that there will be three major auditors in the protocol before it's public um and the protocol launches in two phases and that's with a really interesting opportunity

9:45some interest launches in a private base and in order for you to launch in a private phase you must own one of the nfts that were issued as part of the liquidity bootstrapping pool well how you get them if you weren't in that liquidity bootstrapping pool is you go and buy them on an nft marketplace so we are working with marketplaces right now so the people who want to come into

10:06interest that don't have an nft can buy one of those nfps from the existing community members who were awarded them in the in the in the lbp itself and we think that's a really exciting cool uh dynamic no way of doing this again we're really proud of these they're very beautiful they had a whole portfolio about us create those um and each piece is a standalone unique piece

10:30nothing is a derivative we had them done completely uh from scratch people in blockchain so um you know yeah and it's also the top 100 most influential in blockchain ever so number one is satoshi and uh you know i mean obviously vitalik from ethereum um you've got gavin wood from polkadot exeterium and adam back who uh you know we all suspect might be satoshi as well

10:59um he was an absolute you know he's an absolute former a formative photographer and a key a key player in the creation of of key aspects of bitcoin um so um you know and it goes on it's top 100 there there's lots of controversial people in there as well um but it was uh you know it was enormous kind of joy really to put that list together and again that list really came together

11:24out of six defining characteristics and it was done in conjunction with a very significant group of people uh from very different aspects within the whole uh blockchain world uh whom who uh you know we really poured over that so um you know it's something we probably will fine tune you know over over time and improve um as new people move into that kind of top

11:47100 list but it's something we really did love putting together definitely very cool and i like the fact that the nft is not just a a picture or representation of the top 100 it more importantly has access to something right and in this case it's it's to the private uh access before mintress is launching to to the public and i think that is a big differentiator and value

12:10accrual for nfts so i'm excited to take a look i will look at openc or wherever they're listed to see if any of those are yeah absolutely we think uh we're in discussions right now with some obvious moon beam orientated marketplaces we'll definitely be announcing that as well um but yeah they're kind of like a d5 dip card you know like they're they're kind of the access card to the

12:33private club uh in the nightclub it's a bit like that and the reason that's important is because we will be bootstrapping the entire private phase um with mint tokens so people who are staking tokens in that private phase are going to be very very significant beneficiaries of that uh and you know and you know people can make their own judgment but we believe

12:54the price and then obtain to get access to those staking rights by um you know having me by staking mint in the protocol uh is going to be well look we're just going to sit back and watch it but we're really intrigued to see how it plays out uh and like i say we're just we're just delighted with where we are currently in the whole cycle that's amazing josh and yeah i i often

13:15hear with these d5 protocols that come out depending on what type of asset you're staking you know if it's something bitcoin or ethereum normally the apys are they're known ahead of time and they're stable but with some of these tokens or if it's the governance token and there's different financial products generally what i've seen is on the first day or in

13:38the first weeks you know the apy is significantly higher before people start jumping in uh to you know and then when more people are in it sort of lowers down sure that's exactly what will happen um i can't tell you what i think the ap was because it's dynamic but we do have expectations that it'll be something scary crazy um i you know what is crazy you know pick your own

14:02judgment about crazy but we think it's going to be fairly crazy and um and by the way that's actually important because that's what attracts uh that's what attracts um you know buyers adventure and market but it's also what attracts liquidity providers into the protocol so it's a bootstrapping exercise there's a lot of design that has gone into that

14:21and what that what happens is when you start to bring liquidity into the protocol the protocol starts generating fees and its own bootstrapping its own sorry buyback process kicks in and that's the whole point that differentiates my interest is that it's a it's a self-funding self-sustaining model and not one where you simply uh issue tokens with a hope some point that when

14:41those tokens stop you know users will continue to participate that's not that's where fifa is a financial product that doesn't happen um you know you've got to build a full sustaining full self-funding uh internal system and that's what we've built with interest so this is a bootstrapping exercise it's a once-off opportunity it's not going to happen again

15:01um and by the way that private launch will go for some time it'll go for five to eight weeks the dow gets built out properly inside that the all the full internal dowel propositions get built out and we want to run the protocol through a full set of its internal cycles and that takes at least 35 days so um you know it's a minute minimum five weeks and possibly longer

15:22like i say i we don't exactly look like we don't know but our expectations are that the apyc they're going to be pretty crazy and uh and you know that that's actually in the best interest of the protocol because that's what's going to drive liquidity you know people will start to notice about it'll get social media you know you'll see liquidity providers start to notice

15:42interest so there's a huge number of very positive outcomes that do come from that and obviously we expect it to have a positive impact on the token price but um like i say who knows yeah uh we'll we'll see when the private part launches and um yeah so for the viewers that are looking to you know potentially get involved as early as they can or right now if

16:06there's any different ways what's the best way for them to follow along as we move towards the nft the private launch the mainnet launch well look the real the simplest way is simply about social media all of our social media channels so please drop in the telegram uh come and and talk to us at discord discord is where we we drill down into a great deal of the details

16:28where we actually uh provide more of the you know the detail in terms of people's questions and answers and follow us on twitter and um like i say uh yeah we're looking forward we're looking forward to this next phase very excited likewise josh thanks so much for coming on uh incredible uh situation that with this lbp and the transparent token mechanism i really haven't seen this

16:50before and i'm excited to see these nfts on the marketplace see if i can get access to the private launch as well very exciting so much to talk about here i'm sure after the launch we'll we'll come back on and we'll follow up again uh so until then you know let's follow up in the near future thank you we'd love to and thank you once again ashton and uh it's a pleasure

17:13once again talking to you you