Check the past news about
MVL and keep up to date with us!
Check the past news about MVL and
keep up to date with us!
On January 17th, James, MVL's Chief Information Officer (CIO), hosted an Ask Me Anything (AMA) session on MVL's official Discord server.
The initial segment of the AMA highlighted MVL's upcoming plans, featuring a focus on the upcoming RWA NFT project, along with MVL's direction and key priorities for 2024. The subsequent Q&A session in the second half allowed for insightful discussions, fostering a meaningful exchange of ideas among participants.
To get a quick overview of the key points discussed in the AMA, please check out the summary below.
MVL's Mobility Business Status and Achievements
MVL Foundation runs the Web3 mobility ecosystem, emphasizing the Southeast Asian market. Under MVL, popular ride-hailing services like TADA in Singapore and Cambodia, and the electric vehicle production, sales, and charging infrastructure ONiON Mobility are operated.
TADA currently holds the second position in the competitive Singapore market for ride-hailing services amid intense competition with global mobility companies like Grab and Gojek. The platform boasts a driver base of over 200,000, processing more than 100,000 transactions and trips daily. This performance is noteworthy when compared to leading mobility services in Korea, demonstrating equivalent or even superior results. Unlike several other startups facing challenges, TADA has entered a phase of generating net profits. The foundation plans to expand its services to more countries in the future.
Furthermore, the significant profitability of the TADA business holds great significance for the foundation. It signifies a situation where the foundation doesn't need to sell MVL but rather can actively buyback from the market and share with holders, fostering a more collaborative and mutually beneficial environment.
ONiON Mobility currently operates electric three-wheelers for taxis, namely T1 (T1s, T1l), and the cargo-oriented TukTuk known as T1C. Additionally, they manage 13 eco-friendly battery swap stations. In 2023, ONiON Mobility expanded its business by successfully launching the new electric bike X-Series, garnering enthusiastic responses in locations such as university campuses and establishing itself as a popular vehicle brand.
Finally, MVL's blockchain division has completed the foundational infrastructure to connect the actual mobility business with blockchain. The utilization system of MVL Token has been introduced through the Clutch wallet, allowing mobility users to receive incentives and re-engage with mobility services. Moreover, to strengthen the blockchain network, more diverse MVL Staking Programs are being introduced. Through these initiatives, MVL strives to bring innovation to the mobility industry using blockchain technology and provide users with more benefits.
2024 MVL Business Direction
In 2024, MVL will focus on restoring the value generated in the real-world mobility business to the MVL blockchain ecosystem and sharing it with MVL holders.
As the first step in this plan, MVL is initiating an MVL token buyback program utilizing business revenues, and the purchased MVL tokens in the market are being stored in the MVL Open Treasury. In the future, these funds will be continuously shared with holders through MVL Mobi-Fi (staking, incentive protocol), as well as the MVL RWA NFT project.
In addition, MVL's branding strategy will further solidify its unique position in the crypto scene by progressing with a simple yet unparalleled proposition: "Continuously sharing the value of real-world mobility business with MVL holders.”
The current MVL Bridge will be revamped into the new MVL Mobi-Fi. In December, based on the results of the MVL governance vote, four pools, including LP and Single Staking, were successfully launched and are currently in operation. Through the MVLstaking programs, the total value locked (TVL) on-chain has reached 5 billion KRW. Consequently, this year, we aim to double the TVL to the 10 billion KRW range, planning to continuously open various structured MVL staking programs. This expansion is geared towards actively attracting on-chain holders, initiating significant activities in the blockchain scene, and achieving greater development.
As part of the MVL value-sharing plan, upcoming staking programs will be derived from the MVL token buyback volume, backed by the actual revenue from MVL's mobility business. Holders participating in MVL staking programs can enjoy various benefits from each staking pool. In the future, MVL plans to introduce more attractive products with features like fixed interest rates and first-come, first-served participation. Furthermore, MVL aims to enhance the user interface and experience to make it easier for more participants to join. Through these efforts, participants will not only gain higher profits but also contribute to the overall MVL on-chain ecosystem.
MVL RWA NFT
MVL plans to introduce an innovative RWA NFT (Real World Asset NFT) product in the first half of the year, connecting all data and permissions of ONiON Mobility's electric three-wheeler T1, which leads the car manufacturing, sales, and charging infrastructure business, through NFT and the blockchain network.
The proposed product functions as a financial tool, combining real-world vehicle asset value, rental business value, and MVL token staking. This dual-purpose approach aims to balance investor profit protection and maximization by incorporating the stability of on-site rental business and the fluctuation tied to continuous MVL token allocation.
Structurally, the product anticipates an annual downward yield of 6-8% due to the rental business, with an open-ended maximum yield depending on the value changes of continuously allocated MVL tokens.
Prior to the release of this product, there are plans to prioritize the exchange of existing DEMO T1 NFT. The exchanged NFTs will have the same profit structure and benefit composition, differing only in that multiple NFTs will be linked to one vehicle. In particular, preparations are being made to offer better benefits and various strategies to holders who have held MVL’s NFT for the past two years.
Q1: MVL is currently running a token buyback program, but why is there no burning of tokens?
MVL is currently managing the circulating supply rigorously as a hard cap project, following the plans outlined in the whitepaper. For ongoing buyback programs, if burning were to occur every time, it could pose issues with the strict management of the circulating supply, as outlined in the initial whitepaper for the hard cap project. Therefore, MVL believes that a structure focusing on token buyback and recycling, rather than burning, is more desirable for sharing value with participants in the MVL ecosystem.
As mentioned earlier, MVL's actual mobility business in Southeast Asia experienced significant growth in 2023, and the profits generated from the mobility business will be continuously invested in the ecosystem. The primary vehicle for sharing this real business value is through MVL staking and the upcoming RWA NFT project.
MVL's staking program distinguishes itself from other projects by rewarding participants based on actual business revenue. Essentially, the success and expansion of the real business directly translate to benefits for token holders. This approach seeks to establish a distinctive token economy model, where the business's growth results in enhanced rewards for MVL holders, and the involvement of these holders, in turn, fuels the business's continued expansion.
Q2: Please provide more details about the future exchange direction of DEMO T1 NFT.
The exchange of DEMO T1 NFTs for existing holders will take place before the official launch of the RWA NFT product.
In the existing plan, 10 DEMO T1 NFTs are allocated to one vehicle, combining the earnings from that vehicle over time with the staking value of MVL. A new NFT will be introduced, specially designed to account for the holding period of DEMO holders over the past two years in the product's maturity period.
Q3: What is better between Staking and NFT?
Staking is primarily a concept to increase the quantity of MVL and is optimized for generating profits while holding MVL for an extended period. Particularly in the case of single staking, it offers the advantage of easy participation with small amounts for anyone who can use basic Web3 wallets like MetaMask. However, depending on the type of product and the rate of return, there may be lock-up periods, and risks such as non-permanent losses due to MVL price fluctuations can occur, especially in LP staking.
On the other hand, MVL NFT offers both downside stability and upside volatility simultaneously, securing the advantage of actual vehicle rental earnings and downside stability. Additionally, it has the potential for significant returns relative to the invested capital when the value of MVL rises, and short-term strategies aiming for profit are also possible. Moreover, as an NFT product, it features connectivity to real-time dashboards of vehicles and various additional contents. However, it tends to have a higher individual price, and there are limitations in quantity as it needs to be matched with actual vehicles.
In this scenario, a combination of MVL staking and NFT allows for diverse strategies. For example, one could increase the quantity through MVL staking and then purchase NFTs when they become available in the secondary market, enabling various strategic approaches.
Q4: Does MVL have plans for partnerships with large corporations?
Given the significant recognition of MVL's actual business group in the global mobility market, there is a considerable amount of interest from various global corporations. Major collaboration efforts are primarily led by CEO Kay.
Recently, MVL has received numerous promising proposals even within Korea, and the team is carefully reviewing opportunities where fruitful synergies could emerge from actual collaborations.
Q5: Are there investment proposals for the C-Series?
In the challenging landscape where many global startups faced difficulties in 2023, MVL has achieved a unique growth trajectory. Consequently, there is interest from various global institutions, funds, and others looking to invest in MVL. However, given that MVL has entered a stage of generating stable profits from its actual mobility business, investment proposals are being carefully reviewed.
Nevertheless, if future investments happen, it is anticipated that MVL's valuation would escalate to a substantial corporate value. This could potentially facilitate swift connections to the ultimate goals of a startup.
Q6: Is mainnet development in progress?
MVL believes there's a certain level of readiness when it comes to the technical side of developing the mainnet. However, launching the mainnet means setting up a standalone blockchain network, and it depends on having a lot of participants. The key factor here is boosting on-chain metrics. So, in 2024, our focus will be on increasing different on-chain activities using products like staking and NFTs, and making sure transactions and Total Value Locked (TVL) are secure. If we keep seeing a steady growth in participants from our ongoing efforts, it naturally points us towards the mainnet and the steps that follow.
This move to the mainnet isn't just a short-term thing. It's part of a long-term strategy to give more benefits to MVL holders and share the value of the ecosystem effectively.
Q7: What are the plans to improve MVL's image in the crypto scene?
To enhance MVL's image in the crypto scene, the most crucial aspect is to be remembered by many users through a clear message. We plan to differentiate ourselves by emphasizing the practical implementation of "Sharing Values with Holders and Real Business" and consistently branding this concept.
Looking ahead, the profits generated from the mobility business will consistently contribute to MVL's buyback program, facilitating distribution to ecosystem users. Our goal is to draw in more users to the ecosystem, fostering additional growth in the mobility business and setting the stage for a larger-scale distribution. This approach is designed to establish a recognized cyclic structure in the market.
Moreover, to increase transparency and trust in the products, we plan to create separate statistical pages, such as Dune, where users can visually verify staking statistics, in addition to providing information about the actual vehicle dashboard for RWA NFTs. These efforts aim to offer users more transparent and valuable information.
If these efforts persist consistently, we believe that the appeal and value of MVL Token, tightly connected to solid real-world business, will naturally be acknowledged in the crypto scene, setting MVL apart from other projects.
Q8: What is the strategy for activating MVL's community?
MVL is focusing on strategies to encourage participation in the on-chain community, especially targeting NFT holders and staking users. Discord appears to be an appropriate platform to facilitate steady communication with on-chain users and provide various benefits. Therefore, there are plans to further activate MVL's official Discord channel.
Moving forward, the intention is to engage more with the community through Discord, actively incorporate feedback on products, and organize various promotions and events that can genuinely benefit the community.
Q9: What are the plans for MVL's future listings?
Primarily, ongoing discussions with numerous exchanges are in progress, and various methods of listing are under consideration. However, it is deemed more crucial to enhance the perception of MVL Token as a valuable trading asset in the market, leading to increased holding value. This approach is expected to naturally elevate market attention and community engagement, facilitating smoother listings on various exchanges.
Q10: Are there any short-term good news for MVL?
Several positive business outcomes and developments are continually occurring based on MVL's performance in the Asian mobility market. However, the timing of releasing such news is crucial. So, in the short term, MVL is prioritizing on creating where a broad audience is familiar with MVL and expresses fundamental interest
MVL's short-term strategy in blockchain activities focuses on effectively conveying the vision of sharing real business profits with holders through on-chain mechanisms. The ongoing releases of staking programs and NFT products based on actual business profits will play a cruciall role in shaping a distinctive narrative for MVL in the crypto scene. While this process may take time, it can be seen as a journey where MVL emphasizes its unique product characteristics, gradually becoming a desirable product in the market.
Continuing these efforts, as market awareness increases and a positive atmosphere persists, we plan to effectively communicate various business-related news and developments that we have prepared over time.
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.