Q&A with MyConstant recap
FTM Alerts and Fantom CMO Simone Pomposi recently hosted guests representing the unique crypto-backed lending platform MyConstant. In this interview, Trevor, MyConstant Communications Manager, and Loudee, MyConstant Business Development Manager, explain why their project has attracted both crypto novices and high-power users. What’s more, they make a limited-time, special offer for all FTM holders who engage on the platform. Don’t miss out on this one!
- Let’s talk a little bit about MyConstant for those of you who haven’t come across it before. What is MyConstant?
- Would you liken yourselves to other lending platforms like SCREAM on Fantom? I notice that you mentioned being able to take out a loan in USD, which is unique.
- So, are you targeting your everyday crypto investor who might not be familiar with collateralized loans?
- You were one of the first platforms to add Fantom – it was two years ago that you integrated the ERC20 token [Fantom mainnet is now supported]. Why did you add FTM to the approved list for MyConstant’s Crypto-backed Loans product? What was it about Fantom that brought you in?
- Crypto-backed loans open access to types of funding that people might not normally have access to. Few understand how important it is to reach outside of the traditional banking system. How can crypto lending be helpful for FTM hodlers?
- You’re a P2P lending platform, so can I assume that you also offer opportunities on the supply side? Can somebody holding FTM come to MyConstant and lend it out for some sort of APR?
- When you say that people can withdraw in USD, are you talking about USDC or receiving a bank wire to their bank?
- Now, we’re going to get into the details! How can we leverage FTM on MyConstant?
- In passing, I’d like to say that crypto loans can be revolutionary. There are countless strategies about how to maximize gains with crypto loans, and I’d like to encourage all listeners to do some research before diving in. What are the benefits of withdrawing in FTM with MyConstant?
- If you were to describe MyConstant to an FTM hodler, what would be the benefit of going with MyConstant instead of a more decentralized, smart-contract-based platform?
- If I bring my Fantom into MyConstant, how many crypto options can I withdraw into?
- To sum up, what else can MyConstant offer to the FTM community?
1. Let’s talk a little bit about MyConstant for those of you who haven’t come across it before. What is MyConstant?
Trevor: Sure! MyConstant is a crypto-backed lending platform that allows you to borrow USD or other cryptocurrency using your FTM as collateral. It works on a P2P model, so if you want to lend money with MyConstant, you can do that too and earn up to 7% APR interest.
It’s a great way to borrow or invest money without having to use traditional financial institutions like banks.
2. Would you liken yourselves to other lending platforms like SCREAM on Fantom? I notice that you mentioned being able to take out a loan in USD, which is unique.
Trevor: We would. However, we use crypto as collateral for all of your loans.
Simone: I would add that you create a bridge between crypto and fiat.
Trevor: Yes, many people on the platform start investing in USD, and then they come into the crypto space.
Simone: To differentiate from other platforms, one might say that those are purely DeFi, and you include CeFi.
3. So, are you targeting your everyday crypto investor who might not be familiar with collateralized loans?
Trevor: Yes, I would say that many of our customers are beginners. They are new to investing or new to crypto, and they’re getting their feet wet.
Simone: For someone new to DeFi, it’s much easier to use MyConstant than to have to set up MetaMask and so on. I believe that your platform captures some of the aspects of a traditional finance platform.
Trevor: Correct, but we also attract professional investors, so it’s really a mix.
4. You were one of the first platforms to add Fantom – it was two years ago that you integrated the ERC20 token [Fantom mainnet is now supported]. Why did you add FTM to the approved list for MyConstant’s Crypto-backed Loans product? What was it about Fantom that brought you in?
Loudee: We are always looking for great crypto partners to work with on our platform. We’ve been working with Fantom for a few years now, and we are excited about the direction the network is taking in building an entire blockchain ecosystem.
It’s a layer-1 network with super-fast finality – which means transactions take just one second to complete. Fantom also has some of the lowest fees around.Coupled with the extraordinary price growth FTM has been enjoying this year, it was simply a matter of common sense to add it to our approved list.
At MyConstant, we want to work with ambitious and truly ground-breaking networks. Fantom just fits the bill perfectly.
Simone: I think this is confirmation of the amazing journey Fantom has been on. Austin, you’re part of this as one of the makers!
5. Crypto-backed loans open access to types of funding that people might not normally have access to. Few understand how important it is to reach outside of the traditional banking system. How can crypto lending be helpful for FTM hodlers?
Trevor: That’s a good question. Firstly, because we use crypto as collateral to support your loans, we do not require credit checks or any of the other paperwork required by banks. So once you’ve registered with us and passed your KYC, you’ll be able to get funds within minutes. Bear in mind you can also withdraw these funds in either USD or another cryptocurrency that we support.
Our repayment rates start at 6% APR, and they go up to 7% APR depending on your timeframe. There’s no penalty for early repayments either, so we give you complete flexibility and allow you to unlock the value of your FTM without having to sell it.
Also, as a bonus for our listeners today – my colleague Loudee came up with some cool benefits exclusive to FTM hodlers.
Loudee: Thanks Trevor and yes, we do have an exclusive offer for you today.
For the next two weeks, we are offering all FTM hodlers the opportunity to take a free loan. That’s right: a free 30-day loan without any interest.
All you need to do is provide collateral worth 150% of the value of your loan. That’s it. No interest will be payable for 30-days.
Simone: At Fantom, we’re all about user experience, and it seems that MyConstant makes it really easy to take out a loan using FTM mainnet, which you now support. So I can quickly pass KYC and take out a loan in USD or another crypto.
Loudee: Or a loan in more FTM!
Simone: That’s a leverage play right there!
6. You’re a P2P lending platform, so can I assume that you also offer opportunities on the supply side? Can somebody holding FTM come to MyConstant and lend it out for some sort of APR?
Trevor: We have crypto lend, which gives people 4% APY on their cryptos.
Loudee: We have multiple terms. You can choose fixed-term or flexible terms to withdraw at any time. If a borrower repays their crypto early, we end the lending contract early for the borrower. Everything is fully transparent.
5. What problems does crypto lending resolve that traditional finance does not?
Loudee: As we touched on earlier, it solves two main problems for borrowers:
- Impact on credit (FICO) scores
- Unlocking the value of your FTM without selling it
Let’s start with point one:
At MyConstant, we don’t check your credit score. So any loan you take with us will have no impact on your score. We use your FTM as collateral to guarantee the loan for both you and the lenders – and I have to add, it’s been working really well. To date, we have matched over $18 million in loans with crypto-backing as collateral. Fantom customers contribute about 80% of this.
On the second point, say you have $10,000 in FTM assets, and you need some USD for a project or to buy even more FTM. Crypto-backed lending offers you a way to get hold of that cash without selling your FTM.
A third point that I’ll add is pretty unique to us here at MyConstant. You have the option to withdraw funds in USD or another crypto. It’s a great way to diversify your crypto portfolio if that’s what you’re looking to do.
In more general terms, it’s a great way to get loans without the fees and headache of working with banks. You will get funds more quickly and with more flexible terms that you can dictate.
7. When you say that people can withdraw in USD, are you talking about USDC or receiving a bank wire to their bank?
Trevor: It’s both. You can receive funds in your stablecoin wallet or your bank account.
FTM Alerts: That’s interesting, so it bypasses that third party in the transition from crypto to fiat. That is very unique to what you are doing.
8. Now, we’re going to get into the details! How can we leverage FTM on MyConstant?
Trevor: MyConstant supports both borrowers and lenders. First, lenders secure interest on their FTM loans. A lender can secure up to 7% APR by investing in P2P loans.
Borrowers also enjoy low rates and a streamlined lending experience. It only takes a few minutes to choose your terms and select your payment options. You can also use our platform to exchange FTM for another crypto.
Users can continue to HODL their FTM and still access their FTM or other cryptos for projects, debt consolidation, or to pursue other investments. MyConstant offers a way for you to retain market exposure without relinquishing ownership of your digital assets.
9. In passing, I’d like to say that crypto loans can be revolutionary. There are countless strategies about how to maximize gains with crypto loans, and I’d like to encourage all listeners to do some research before diving in. What are the benefits of withdrawing in FTM with MyConstant?
Trevor: Having access to your crypto-backed loan means that you don’t have to sell your FTM or any other crypto to buy more coins. So if you feel that FTM is going to rise even more, you can use MyConstant to liquify your assets and buy more FTM within minutes. Crypto-backed loans allow you to “stake” the crypto you already have to receive more coins like FTM at low rates. We should also say that we automatically source the best prices on all the major exchanges for you.
Loudee: We guarantee the best rates. We also have 24/7 customer service, and you can pay back the loan any time before the end of your term at lower interest. But to reiterate our offer, for the two weeks following today (9/30/2021), FTM holders can obtain a 30-day interest-free loan. The only charge will be a 3.5% matching fee.
10. If you were to describe MyConstant to an FTM hodler, what would be the benefit of going with MyConstant instead of a more decentralized, smart-contract-based platform?
Loudee: MyConstant has created an easy-to-use multi-market P2P lending platform. You don’t need any previous experience navigating the dashboard and accessing all of the network’s powerful features.
And these features can bring some key advantages to FTM hodlers, including:
Futures: This one is for our non-US customers only, but it is a cool feature. You effectively predict which way the crypto price will go, and if you get it right, you can make up to 150% profit. A word of warning, though - get it wrong, and you will lose out, so please only put in what you can afford to lose.
Instant-access account: Once you register with us, you can set up an instant access account, where you can earn 4% APY. The interest constantly compounds, and you can withdraw at any time. This means whenever you withdraw, you still will have earned interest.
Lending Lottery: And finally, we’ve launched an exciting new lottery where you can get one ticket for every $100 you invest at 1% APR - which is still beating most banks in the US, and you have a chance to win up to $10M and a host of other prizes too.
This simplistic design, coupled with a healthy selection of features, makes MyConstant a platform worth taking another look at.
FTM Alerts: We have the world of DeFi that can be technical, and then 95% of crypto holders who don’t know about it and aren’t willing to take that risk. What we seem to lack are the platforms in the middle that help people convert easily. Your platform helps us cross that divide.
Simone: You also touched on customer service and 24/7 support, which is really important. That’s something that you don’t get in DeFi. One can go on Twitter, Reddit, or Discord, and of course, the communities can be helpful. But it’s all decentralized. It’s nobody's responsibility to offer customer support, and it’s different in your case.
Trevor: We have a personalized customer support team. If you call us, you’ll get someone. If you aren’t connected immediately, we set up a call. We also have live chat and email, of course.
Loudee: Our broader community is also one that is very helpful.
Simone: You really get the best of both worlds. That’s invaluable. We see the same thing with Fantom. We are, if I’m not wrong, the only Layer-1 that offers customer support through chat on our web page. While we can’t do it live, we do help many people who appreciate the personal contact. The customer service you offer really differentiates MyConstant.
Loudee: We make an effort to listen to our customers. For example, we conduct surveys, and if our community expresses that they want a feature to be added, we do our best to accommodate them.
11. If I bring my Fantom into MyConstant, how many crypto options can I withdraw into?
Trevor: Seventy-three and growing!
12. To sum up, what else can MyConstant offer to the FTM community?
Trevor: Our system has a capacity to manage more than 1 million transactions per second, which means we are ready to handle heavy transactions and FTM.
We’ve already begun rewarding customers for their support, including generous rewards for signing up and using the platform; we have membership badges and also referrals and affiliates that allow users to earn a side income. We’ve also developed an expansive resource library of blogs, YouTubes, and podcasts that explain how to use our tools and other things in the DeFi and finance world.
And very recently, we’ve started giving away NFTs for MyConstant users who made deposits on the platform. It’s a cool feature, and while we cannot promise it will make you a fortune, it’s a nice little bonus.
And of course – let me take this chance to remind you all that for the next two weeks (Sept 30, 2021-October 14, 2021), you can try our platform with 0% APR FTM-backed loans for a 30-day term!
Loudee: For NFTs, we are trying to be a bridge. When our customers make a deposit, they receive an NFT. Especially for customers who are fiat investors, it’s our way of introducing them to crypto.
Engage with MyConstant at:
