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Earlier this month, we sent a note to our customers confirming that Monolith has been temporarily registered as a cryptoasset business with the Financial Conduct Authority (FCA). To help our community learn more about what this means, we wanted to share a blog post explaining the key details.

Key takeaways

  • Monolith is temporarily registered with the FCA until 9th July 2021, pending a review of our application. The FCA have been delayed due to Brexit and COVID.
  • We will continue operating as normal ahead of the July deadline.
  • Our customers are not affected by this update; no action is required.
  • We believe we are fully compliant and expect to be accepted. …


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We recently profiled the popular lending protocol Aave as part of our new Monolith Spotlights series. Aave is one of the most used DeFi protocols, widely regarded as a “blue chip” of the Ethereum ecosystem. To learn more about Aave’s place in the world of decentralised finance, we caught up with the protocol’s founder, Stani Kulechov.

Hi Stani, how do you feel reflecting on the rapid growth the DeFi space has seen over the last year?

2020 was a wild ride for the DeFi space, growing from $600 million to $15 billion now. We launched the Aave Protocol at the beginning of the year, and it’s been amazing to see the growth. Now we’ve launched V2, and with V1 and V2 combined it’s reached over $3 billion in market size. I think the open-source nature of DeFi is amazing, because it allows the space to innovate at the speed of light compared to the closed-off, traditional financial system. This year we’ve seen so many new “money legos” popping up that can be plugged into each other and assembled in new ways to create new financial instruments. …


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The vast potential of the Ethereum blockchain has ushered in a new era of decentralised finance. Commonly referred to as DeFi, it’s become the primary use case for the world’s most used blockchain.

But while DeFi has revolutionised what’s possible with money, paving the way for ground-breaking protocols and services like ours, there are still a number of risks associated with the space. Last year alone, hundreds of millions of dollars were lost in DeFi due to hacks, exploits and liquidations. …


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Monolith gives you access to a new financial world, but there are a few compliance checks we need to go through during onboarding. We’re proud to be a company that takes this seriously. This is the reason we ask our customers to complete our KYC process before they can enjoy the benefits of going bankless with our Monolith Visa® Debit Card. To help you understand the process better, we’ve compiled this in-depth guide covering everything you need to know about applying for KYC with Monolith.

What is KYC?

KYC stands for Know Your Customer. It’s a process that we’re required to follow for regulatory purposes. It involves providing documents and personal details, and on some occasions we will require some extra information. …


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Decentralised finance on Ethereum has created a new monetary paradigm. Ethereum’s smart contract architecture has laid the grounds for a near-limitless open system, giving rise to groundbreaking innovations unlike anything that exists in the traditional finance world.

Among the most frequently discussed innovations in the space today are flash loans. In some ways flash loans are not unlike their more common predecessors found in the regular world: a user borrows funds under the proviso that they pay it back. …


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The Ethereum ecosystem has experienced exponential growth in recent years. As the advent of decentralised finance lays the foundations for a new monetary paradigm, the rapid growth of the sector has made it increasingly difficult to stay on top of every new development. To help our community navigate this evolving world, we’re launching Monolith Spotlights, a content series highlighting some of the key projects, teams and people pushing the space forward.

We kick off with Aave, a DeFi lending protocol built on Ethereum.

Aave explained

Aave is one of the most used DeFi protocols today. As the space exploded in 2020, Aave also saw huge growth, and its total locked value is now at over $2 billion. Since launching, it’s quickly earned a reputation as a trusted “blue chip” of the DeFi landscape. It’s also one of the key protocols accessible via the Monolith wallet, thanks to our ParaSwap integration. …


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Where do we start? By all accounts, 2020 was a year like no other.

The world collectively battled against a pandemic that affected millions of people, altering our lives more than anyone could have forecast back in December 2019. While Coronavirus is far from over, we now know that better days are on the horizon.

Then there was the explosion of activity in the world of blockchains, cryptocurrencies and decentralised finance. Flash loans. Black Thursday. Yield farming. Gas fees. Drained pools. Ethereum 2.0. The advent of DeFi and exponential growth, at a greater level than any technological innovation being built today. An abstract world to onlookers, maybe, but for those of us navigating this space from the inside, the mission to create a new financial universe was manifested clearer than ever before. As a result of this growth, the Ethereum ecosystem has become more complex. The DeFi “money legos” have caught the attention of a small group of ardent users. …


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Earlier on this year we took a huge step on our path to going bankless with our money in upgrade. It’s the feature that enables our users to buy crypto directly in-app using their debit or credit card, providing an easy entry into the world of decentralised finance. Today, we’re pleased to announce a big update to our money in feature.

Monolith now supports Mastercard, meaning you can use yours to convert FIAT money straight into crypto via our app. Mastercard can be used to buy DAI, the base cryptocurrency of the Monolith experience. …


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It’s been one of the most eventful years in recent memory, and in some ways it feels like it should still be springtime. But Christmas is just around the corner, which means you only have a couple of weeks to sort out presents for friends and family. To make things easier for you, we’ve compiled a handy guide of stocking filler suggestions to spoil your nearest and dearest with. It’s something of a starter pack for the universe we’re building, packed with tools that will help anyone on their first steps into a new uncharted realm.

Bankless t-shirt


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Last week we ran a community check-in session with our co-founder Mel Gelderman. We organise these sessions on a regular basis as a way of keeping our community as up-to-date as possible on Monolith’s latest plans. We wanted to make sure that everyone has a chance to catch up on the details, so we’ve summarised the main points here. Thank you to everyone who participated, and if you missed this session, get in touch with us or keep an eye out for the next one coming in 2021.

Have you faced any issues with scaling, and what are the solutions?

Ethereum’s current scaling capacity is an issue. Where interactions with the network on Monolith previously had negligible costs, the blockchain’s popularity has made transactions much more expensive. We’re looking at various Layer 2 approaches, with the aim of reducing gas costs. …

About

Monolith

Start living your life on #Ethereum. 🌌 Download Monolith, deploy your contract wallet and order your card today! 💳 https://monolith.app.link/XKVngh4RaZ

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