Maps.me and Oxygen AMA

[ In case you missed it ]

Thanks to everyone who joined the MapsMe and Oxygen AMA on 1 February. You can see the replay here (and full transcript here) but below is a brief summary of the key points.

Co-Founder Alex Grebnev hosted the AMA and was joined by Scott Carlson, Head of Digital Asset Security at Kudelski Security and Simon Jones, Head of Strategy for the Maps and Oxygen projects.

So what’s the status with Oxygen and Maps?

Maps.me and its sister project Oxygen have an exciting future. Alex Grebnev will now be the sole leader of the two projects’ development. Oxygen and Maps have approximately 50 people working on them, and we will shortly be enhancing the team by partnering with BTBlock, specialist blockchain engineers with deep knowledge of Solana blockchain and protocols on it, including Serum..

What have the projects achieved so far?

Our vision is to develop a new DeFi-based financial system that makes exchanging value much easier wherever you are. With Oxygen, we are delivering on our promise of building finance without Wall Street. Our vision for Maps is to give equal access to financial services to people globally by embedding DeFi-based financial services for tens of millions of users.

Oxygen is one of the few DeFi projects live on the Solana mainnet. It is also one of the few to have been audited, by Kudelski Security, which we believe is critical to building trust with institutional and individual users — and to driving liquidity.

What’s coming up in 2022?

  • The rollout of the Maps Wallet, planned for Q2 2022. The wallet already has a waiting list of 550,000 people, demonstrating that there is already significant demand for DeFi financial services among MapsMe retail users.
  • Creating a Metaverse on the basis of Maps.me and its 140 million existing user base.
  • The launch of Nitrogen in February, our mobile wallet for Web 3 with a focus on DeFi and GameFi. It’s a mobile, non-custodial wallet for Solana assets including NFTs.
  • The launch of Oxygen_Light in the coming month, a streamlined version of the DeFi borrowing lending protocol that is simpler, faster and cheaper. It follows the simpler algorithmic rate setting approach for interest rates.
  • Transitioning Oxygen to Beta post successful security audit by Kudelski to give a full DeFi prime brokerage experience.
  • Launching Oxygen 2.0, which will take into account experience gathered so far, be built for much deeper integration with strategic partners, and provide cross-asset class support.

Why the radio silence until now?

We recognise the need to improve engagement with our community. We are in the process of bringing on a community management team and will make sure that team is available for our users. We will do better in this area and hold more of these types of sessions and improve Medium post output to keep the community updated.

Will you burn tokens?

We confirmed our commitment to burning tokens. As outlined in the whitepaper, MAPS token holders will have governance over what happens to net revenue generated by MAPS. This can include burning tokens. Our key focus is to drive protocol usage to generate net revenue at this stage.

How about staking and increasing liquidity?

We plan to announce a program for staking and liquidity mining by the end of February. We have a multi-layered strategy, and are focused on creating a liquidity program and embedding Oxygen into different platforms with highly relevant audiences.

We continue to work on a number of strategic partnerships to make Maps and Oxygen part of people’s daily lives. We’ve signed a program partnership with one of the major card companies that will be announced shortly.

How are you positioned for the metaverse and GameFi?

We believe that the Maps and Oxygen ecosystems are a great fit with the rise of the metaverse.

GameFi is basically where DeFi was a year or year-and-a-half ago. We believe Nitrogen can be a simple, intuitive wallet for people to use as they begin their journey into play-to-earn and NFTs. A mobile wallet is one of the first points of entry for people into digital assets, and can be used naturally as an entry point into DeFi protocols such as Oxygen.

Maps.me’s large and loyal user base is a great asset on which to launch its own metaverse, which will make it more fun and engaging for existing and new users alike.

What’s next then?

We’re focused on delivering on our long-term vision and the roadmap to get us there, which will generate the net revenue that powers our tokenomics.

We are focused on continuing to build an alternative financial infrastructure, or finance without Wall Street, and embedding it in as much of the real world as possible.

Thank you for your support — and don’t hesitate to get in touch on Telegram.

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Maps Token

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