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On March 29th, James, the CIO (Chief Innovation Officer) of MVL, participated in an AMA session with Bybit for MVL's participation in the Byvote program. The AMA session covered an overall introduction of MVL's business, MVL’s token economy, and future plans.
This AMA was conducted through Bybit's official telegram channel, and you can check the full transcript of the Q&A below.
Q1: Can you introduce MVL? Please tell us more about the project.
MVL is a Web3 mobility project.
Since 2018, we have been operating a mobility service called 'TADA' in Southeast Asia, including Singapore and Cambodia, similar to Uber and Grab. And also conducting an electric vehicle production, sales, and charging infrastructure business called 'ONiON'. Based on these successful actual mobility businesses, we are incorporating MVL token economy and transitioning to Web3 services.
In MVL's mobility ecosystem, about 200,000 drivers and over 2 million passengers are participating, and tens of thousands of trips are made every day. The MVL team is a solid company with over 270 employees worldwide, including in Korea, Singapore, and Southeast Asia, and the cumulative amount of equity investment to date is over $30 million.
MVL Token is listed on Upbit, the largest exchange in Korea, and overseas exchanges such as MEXC and Poloniex, and with the listing on the global exchange Bybit, we plan to onboard millions of Southeast Asian mobility participants into the Web3 world
Q2: What is the current status of MVL's mobility ecosystem? Can you let us know more about this?
MVL's mobility business is divided into three axes:
TADA is a popular taxi calling, ride-sharing, and delivery service that generates tens of thousands of trips every day with about 2 million users. In particular, in Singapore, it is a popular service used by about 1/4 of the population, and one of only three companies that have a government license for ride-sharing businesses.
Especially, the system of low fees and token incentives is highly praised by local drivers compared to platform companies such as Grab, and it has grown rapidly, recording the 2nd-largest market share in Singapore and the 3rd-largest in Cambodia.
ONiON Mobility produces electric vehicles and bikes, and conducts all electric vehicle-related businesses such as sales, repair, and charging. Currently, ONiON T1, MVL's battery exchangeable electric three-wheeled vehicle, is actively running in Phnom Penh, the capital of Cambodia, and the Mega Station and Hub Station have been completed to serve as a charging and community hub.
In addition, electric bikes such as B1 will also be released in the second half of this year and will be exported to other Southeast Asian countries.
As mentioned earlier, the mobility business of TADA and ONiON is linked to MVL's token economy. In MVL's mobility ecosystem, the contribution of excellent drivers and passengers is measured, and incentives are given accordingly.
Q3: How can drivers and riders who are not familiar with Crypto enter Web3 services?
In order to realize Web3 mobility, 1) mobility services with smooth matching must be operated, and 2) users must be able to access tokens easily.
As you know, most taxi drivers and general passengers are not familiar with Crypto. In particular, problems such as inconvenient wallet UX/UI, network fees, and private key management act as significant obstacles when applying blockchain to actual businesses.
Therefore, MVL released a dedicated wallet called Clutch last year. By applying social login, one-click reward receipt, and private key recovery function, we significantly lowered the entry barriers for mobility users. In addition, we conducted Token Economy tests on the Cambodia TADA service during last six months and obtained significant results.
Reflecting the feedback from drivers and passengers, we are preparing for a Clutch renewal with significantly improved UI/UX in May of this year. Afterward, we plan to provide a convenient token economy service that can be used in actual mobility services, taking advantage of the various data accumulated by MVL.
Additionally, after the wallet renewal, there will be TADA discounts and related product sales using MVL Token. The unique utility of MVL, such as discount rides, will induce passengers who use TADA daily to purchase MVL tokens.
Q4: Can you tell us more about the MVL token economy?
MVL is a hard-cap project with a total circulation of 30 billion tokens.
As shown in the picture, external value will continuously flow into the MVL Token ecosystem based on actual mobility services.
In particular, MVL tokens are expected to be used as a means of payment for mobility and product purchases in the future, and the scale of value flowing into the treasury will increase even further.
MVL tokens that flow into the treasury in this way will be redistributed as incentives to mobility participants and token holders, or be locked up for a certain period of time.If this process continues and MVL tokens circulate within the mobility ecosystem, the value of MVL tokens will rise continuously.
The connection between mobility services and tokens has been completed. So,from the second half of this year, we plan to introduce our new mobility token economy to the world. More detailed figures will be released later.In this process, rewards in the form of staking will be continuously provided to those who supply liquidity to the MVL token's blockchain network.
Various staking rewards are currently being offered on the MVL Bridge(https://mvlbridge.io/) website, so please participate and take your interest.
Q5: What are the future plans for the MVL team?
First of all, we are focusing on the use of MVL tokens in our mobility services, TADA and ONiON. It means that we will create buying pressure for MVL tokens based on the benefits in actual mobility services.
In that process, we plan to complete the Clutch wallet renewal in the first half of the year to bring drivers and riders who are not familiar with blockchain and encourage many users to join the wallet.
From the second half of the year, a new MVL Token Economy will be launched with the Treasury. At this time, we will focus on the structural linkage between the growth of the mobility business and the increase in token value.
We also plan to strengthen MVL marketing to Southeast Asian countries where actual mobility businesses are being conducted.
In addition, TADA is preparing to expand into more countries. As it has been recognized for its competitiveness in the Singaporean market, the service is preparing to launch in major urban areas of nearby countries. We hope that the users of Bybit who are here today will soon be able to use our service where you reside.
ONiON Mobility is preparing to produce electric bikes. We are continuously researching NFTs connected to vehicles, and we will be able to implement new models of services that combine vehicles and blockchain in the future.
Q6: Why should we vote for MVL in Byvotes? Tell us few reasons, which make it unique from other projects?
We are in a unique position in the crypto market.
MVL is the only Web3 project that has actual mobility services.
Based on a solid mobility business developed over the past 5 years, including TADA service with 2 million users and 100,000 trips every day, as well as ONiON electric vehicles and charging stations.
If a Web3 mobility service appears to replace Web2's Uber and Grab, we are confident that our MVL will take its place and gain a high hype in the market.
Q7: What is your perspective on the prospect of mobility service growth in the blockchain ecosystem? Do you think it can overtake the current ride-hailing companies like Uber & Grab? How about the "autopilot system"? Will it interfere with the use case of MVL?
We think the basic philosophy of Web3 is to provide fair compensation to ecosystem participants as much as they contribute. For example, among the members of our MVL ecosystem, drivers who generate more trips can get more rewards according to their performance.
On the other hand, Web2 mobility platforms such as Uber and Grab are receiving excessive fees from both drivers and passengers after monopolizing the market. As a result, their market share in the Singapore market is rapidly decreasing, and MVL's TADA service, which provides token incentives in addition to cheaper fees, is rapidly growing.
Even in the case of self-driving technology, as a technology that eventually deprives drivers of their right to live, there will be aspects that are difficult to be quickly accepted socially. Our MVL team plans to find a way to coexist with existing drivers even if autonomous driving technology becomes popular.
Q8: There are tons of new and old utility tokens (or similar project) "fighting" for their places in the current market, how can MVL face and outrun such competition?
To be sure, there is no competitor of MVL as a mobility project in the Web3 ecosystem.
Over the past few years, a number of projects have emerged declaring Web3 mobility, but most have failed. Most of them suggested strategies such as installing OBD or separate equipment in personal vehicles and partnering with other large companies, but none of them succeeded in the mobility business on their own.
The MVL team has been steadily striving to build a mobility business in the Southeast Asian market for the past five years. As a result, although slow, we have achieved great growth in actual business areas such as TADA and ONiON. This services
Based on these real business achievements, we have come to the current situation where MVL tokens can be directly applied in the field of mobility where large-scale capital flows occur every day. In a few years, we expect to introduce the MVL project as the best example of a utility token.
Q9: MVL, Do you have a plan to BURN, Buyback or Locked Tokens to increase its value?
We are planning to start locked token from 2nd Half.
TADA has become an essential service in Southeast Asia, used by a lot of users in their daily travel.
If even 1% of users use MVL tokens for payment in the current daily payment of about ten-thousands trips, theoretically, millions of dollars worth of tokens can be locked up in the treasury each year.
So, we are developing various services and products, such as TADA discount tickets that can only be purchased with MVL, and have completed local user testing and plan to apply a full token economy from the second half of this year.
Q10: MVL Community is vital to the success of any projects, How is MVL planning to build its community?
Drivers provide ride-sharing & Taxi services in the MVL ecosystem and they can get token incentives.
Nearly 200 million riders use ridesharing services when traveling. They will be the main purchasers of ride discount coupons using MVL tokens in the future.
Token investors can participate directly in the ecosystem by constructing a blockchain infrastructure that supports the exchange of tokens between drivers and riders. For example, it can be a way to participate as a Liquidity Provider and receive staking rewards.
Local drivers, riders, and global token investors will interact together in MVL's wallet service. Therefore, after finishing the renewal of our wallet, we plan to significantly strengthen marketing in the Southeast Asian market where our mobility service is operated from the second half of the year.
Q11: After powering TADA on Singapore and Vietnam and also ONiON Mobility on Cambodia, will MVL expand throughout other countries in the near futures?
Our ultimate goal is to serve TADA in all major cities in Southeast Asia, allowing users to pay with MVL tokens.
Therefore, the TADA team is currently working on launching in new countries and metropolitan areas, and announcements will be made in the coming months.
Additionally, the MVL team is focused on creating blockchain wallets that connect seamlessly with mobility services such as TADA. We will complete this in the first half of this year. After that, MVL can be widely promoted throughout Southeast Asia faster and more flexibly than TADA, which takes time to launch a local business.
Q12: In how many countries are ONiON T1s actively used? Can you talk a little bit about other models?
Currently, about 500 vehicles & 13 Stations are in operation in downtown Phnom Penh, and sales are steadily increasing.
The dashboard screen shows the vehicle currently in operation and the battery status and was captured an hour ago. It is possible to receive data in real-time, respond to it, and manage it.
The data is used to improve after-sales service, maintenance and operational efficiency, and is additionally applied to various additional products such as rental operation and financial products. In addition, new products such as electric bikes are being researched and developed with the goal of launching this year, and a battery station franchise model is expected to be introduced.
Q13: MVL Is staking available for $MVL tokens, where can we stake and what's the %APY?
We initially used the ETH network and started supporting the BNB chain last year. This is to reduce fees for frequent payment transactions in local mobility services. In addition, LP staking was launched to support smooth on-chain transactions.
Staking service is available on mvlbridge.io. In the future, you will be able to access it directly from our wallet. Currently, the BNB-bMVL LP Staking APR of the BNB network is at 73%, and the ETH MVL LP Staking APR is in the 50% range.
Q14: Do you have any audit reports and how safe is your smart contract from bugs?"
We received audits from a total of four companies: Certik, Hacken, Hexlant, and HachiLabs. As a result, we have a smart contract that is safe enough to be listed on the Upbit exchange in Korea.
In addition, we have been consulted by leading law firms on the stability of the token economy and STO-related issues.
And in Singapore, as only three companies, including Grab, have obtained a government mobility license, we are conducting business after closely examining the stability of the project.Also, this safety is why large corporations like Total Energy work with us.
Q15: Where can I get all the latest news about MVL? Do you have a Twitter / Telegram / Discord community? If yes can you share the link here please.
Important news can be received quickly through Twitter, and the Telegram channel is mainly used as a communication channel. In addition, you can receive all the news in the news section of the homepage.
Q16: Does MVL's wallet have any unique features?
Currently, most of the functions that a wallet possesses on most blockchains are included in the current version, but there have been criticisms of the smooth connectivity and usability with Web2 services such as TADA.
Our top priority is to make it easy and intuitive for drivers and riders who know nothing about blockchain to use it.
In addition, we plan to incorporate functions that allow MVL tokens to be rewarded or used in the wallet itself, as well as incentives and payments in the TADA service. Thus, we believe that the utility of MVL tokens can be quickly expanded.
In the long run, we plan to include various activities such as the ONiON vehicle dashboard, which allows you to see the movement of vehicles, and collaborations with various 3rd parties, such as the recent Tezos collaboration event, for launching, and promotion.
Q17: What happened to MVL NFT?
First of all, we plan to incorporate NFT into the Clutch wallet app to provide membership features that allow users to receive higher rewards and benefits than ordinary users. This is planned for the second half of this year.
In the long run, we are preparing various plans to enhance the identity of NFTs connected to vehicles and are discussing collaborations with various global companies. This will be a very new type of mobility product, and we will share more details when it becomes more concrete.
Q18: Why is Web3 necessary for mobility services?
Taxi drivers have to pay high fees to platform companies such as Grab. Also, even if they work hard and drive dozens of trips a day, all the added value is monopolized by platform companies.
In the MVL blockchain ecosystem, drivers who work hard can receive greater rewards. We measure their contribution, such as the number of trips, and provide token incentives accordingly. Therefore, hardworking drivers can receive greater rewards, and the MVL ecosystem can grow even more.
We believe that rewarding excellent drivers is the key to changing the mobility market. We have applied this Web3 philosophy to TADA services over the past 5 years and are currently producing good results in the market in countries such as Singapore and Cambodia.
Q19: What are the direct benefits of being an MVL token holder?
Within the service area, we plan to provide strong utility by planning to use MVL tokens for discount rides and other services. This is a benefit to mobility users that only MVL can provide.
Investors outside the service area can get benefits through the form of staking. As the use of tokens increases locally, we plan to continue providing staking rewards to those who provide token liquidity. Currently, mvlbridge.io provides various staking products, such as ETH and BNB chains.
In addition, we plan to provide various MVL token use cases, such as mini-games and online products, through the Clutch wallet.
Q20: How is the growth of TADA connected to the growth of MVL value?
From the beginning of TADA launch, it was conceived to be connected with the growth of MVL, and preparations for full-scale connection between services are now in the final stage.
Basically, it was important to use more TADA in more countries and get used to life, and this has been achieved and will continue to expand in the future.
Next, we needed a route where drivers and passengers could easily receive token rewards. To this end, a separate MVL blockchain wallet has been developed and an additional renewal is being prepared.
Finally, it is necessary to connect TADA to payment with tokens. At this time, considering ride-sharing licenses and crypto regulations in each country, we are going to start by selling discount coupons when riding first.
If a large discount is provided when using MVL tokens in services essential to life, the demand to purchase MVL tokens(Buy Pressure) will increase significantly, which is directly related to the increase in MVL value.
Q21: How are ONiON's vehicles connected to the blockchain?
ONiON Mobility is divided into electric vehicles, charging stations, and batteries.
And all of these products can generate continuous revenue, and can actually be configured in the form of assets or investment products.
For example, investors can earn profits by purchasing vehicles and operating rental services to drivers. Interchangeable batteries or charging stations can also be configured with similar asset products. NFTs can be used in this part.
However, in order to introduce these new mobility asset products, solid operation of basic infrastructure such as systematic vehicle management and stable blockchain wallets must be done priority. Therefore, introducing a new product that combines vehicles and blockchain is considered as the next step of MVL.
40 Sin Ming Ln, Singapore 573958
ⓒ MVL Foundation Pte. Ltd. All rights reserved.
40 Sin Ming Ln, Singapore 573958
ⓒ MVL Foundation Pte. Ltd. All rights reserved.