After a lot of trial and error and dedicated effort put in, the team at MysoFinance finally and successfully carried out the launching of their MYSO v1 on the Ethereum Mainnet. Followed by this, they also capably delivered their MYSO v1 Referral program. This will provide the opportunity for all connected users to be in the position of gaining rewards through the referring of friends and other willing users in the usage of the protocol. Sometime in the month of October 2021, the entity incidentally happened to have been selected as the winner at the ETHOnline hackathon. Ever since then, they have been actively engaged in pursuing the building, correcting, and scouring options related to putting together a Million Yield Structuring Opportunities for DeFi.
This MYSO v1 protocol that has been launched happens to be only the very beginning of the future plans that they have set for themselves. This will assist them in the creation of the most appropriate trust-minimized lending solution in DeFi. The protocol provides for a standard interest, oracle-free, zero liquidation loan solution for borrowers. Along with that, it also provides gain-worthy sustainable yields for the benefit of liquidity providers. In the meantime, they keep themselves occupied by taking corrective steps from everything they have learned. Together with that, it is also working on the MYSO v1 and their initial rETH/wETH pool, which in their opinion, is an extremely important step in the direction of making crypto loans more simple, thus building a healthier DeFi ecosystem. With the rETH/wETH pool, borrowers will be in a position to benefit from the advantageous staked-ETH experience.
As per the team members, so far as their smart contracts are concerned, Chainsecurity has conducted a thorough security audit. However, they make the claim that risks still happen to be prevalent. With regards to this, they send out a word of caution to investors to carry out proper practices of risk management and all the more so while connecting with any DeFi protocol, even in the case of MYSO. They also have plans to inculcate a Bug Bounty Program with Immunefi.
Where their MYSO v1 Referral Program is concerned, it was designed based on the fact that the initial users needed some kind of motivation in the form of rewards for connecting with them. As per their plans, for the first three weeks, they will be putting up two separate leaderboards in order for users to receive rewards. One will work towards creating awareness regarding borrowings, whereas the other will be for the bringing in of new users. In the future, the team will keep up with making necessary changes to the protocol so that it becomes more capital efficient, healthier, and more user-friendly.