Review on Monolith by Fanuel PORPORTY
With the aim of becoming the bridge between DeFi and everyone's daily life, Monolith wants to set up different services as it develops.
Monolith is part of decentralized finance based on the Ethereum network. The TKN token was created in 2017 through an ICO, to finance the development of the project. It allows these owners to credit their cards at reduced costs. In order to allow its users to control their funds and interact with their wallets, the Monolith team has developed a mobile application available on IOS like Android. The latter will naturally allow you to carry out various transactions, but also to order and top up your bank card. It contains some interesting features like the gas tank which allows you to carry out Ethereum token transactions without worrying about the balance of ethers held.
But the wallet does not only facilitate the use of various services of the Ethereum ecosystem. It allows you to prevent all of your funds from being moved to the address of a potential thief, while allowing you to transfer your funds to a trusted address. Main feature of Monolith, the card offered is a Visa Debit Card type. That is to say, it is accepted wherever Visa is, almost everywhere. Rechargeable through different Ethereum tokens. It then becomes possible to pay the various daily expenses using only your ether tokens.
Pros
- Monolith does not allow you to top up your bank card using any ERC-20 token. However, most tokens representing the decentralized ecosystem are currently available. the Monolith card therefore accepts a good shovel of tokens and ERC, and in particular: ETH, Maker (MKR), GUSD, DAI and USDT stablecoins and others more exotic.
Cons
- The use of the card offered by Monolith may result in the payment of various fees. First of all, there is no monthly management fee policy and ordering the card is also free. It is in use - however - that fees will be applied. Indeed, even if transactions from the card to merchants can be free, it is the transfer of your funds to the card that will cost you a nice 1% of the amount of the top-up, and even 2% if you use other tokens than TKN.
- As always in decentralized finance, various risks are present for users. It is therefore not directly related to Monolith, but it is important to remember that smart contracts are not necessarily foolproof
- Monolith does not communicate a precise roadmap on its functionalities.
