Announcing Mensa Protocol V3: Flash Loan, Governance and Migration

Mensa Protocol
3 min readOct 26, 2021

Since its launch, Mensa Protocol has been running securely and smoothly, and we are happy to witness and participate in the explosion of Fantom ecosystem. As a member of the ecosystem, we also actively #BuildOnOpera. Now it’s time to announce the official upgrade of Mensa Protocol to V3.

Flash Loan:

Flash Loan is an underlying feature that every public chain should have. Mensa Protocol provides the foundational programmable flash loan service for Fantom.

As a #BuildonOpera project, Mensa Protocol is committed to providing Fantom with the most liquid and secure lightning lending feature at a low cost. Safety always comes first.

Fees from Flash Loan will continue to be all shared to MENSA Pool stakers.

Security & Transparency:

Mensa Protocol V3 has been fully audited by NONEAGE Technology.

To be more transparent, we have introduced Fantom community leader FTM Alerts, one of the biggest DEXs SpiritSwap and the earliest Liquity front-end operator Liquity.Fi to join as our multi-signers in V3 to jointly manage team assets.

Migration:

Mensa Protocol V3 migration will take place over a period of 45 days. Within 45 days (before 9th Dec. 2021), all users can exchange $MENSA 1:1 for a new token $MSA to continue to participate in Mensa Protocol’s ecology and governance.

We have migrated MENSA/USDC and MENSA/FTM liquidity located on SpiritSwap to MSA/USDC and MSA/FTM with an equal percentage.

Q&A

Why do I need to upgrade to V3?

  • In V3 we will support Flash Loan, which we always consider as an important basic feature of any public chain. Therefore, upgrading to V3 will provide more possibilities for the future.
  • At the same time, we have added multisig to make the team’s management of funds more transparent.
  • The front-end of Mensa Protocol has also been refreshed and optimized in response to feedback from users.

Is V3 secure?

V3 is an upgrade to V2 and Mensa Protocol V2 has been running safely for several months since its launch.

We have also conducted a full audit of the V3 contract, which was audited by NONEAGE. Audit has been completed and the report is available to check on Gitbook.

Mensa Protocol V3 Audit Report

How do you understand this upgrade?

Since V2 has no upgrade access, V3 will be a completely new code deployment. V2 and V3 are co-existing.

We provide a 45-day redemption window period for $MENSA holders where everyone can convert $MENSA 1:1 to $MSA and guarantee that every user can take out and convert to $MSA after the 30-day period without paying a penalty fee.

Are tokens incremented and changed in V3?

No incremental issues, the total number of tokens is the same as $MENSA, more token economics can be read here.

5% of the 25% penalty fee for mining will be permanently destroyed and the remaining 20% will be distributed to other users.

For more project progress and the latest news, please join Mensa community.

About Mensa Protocol

App: https://www.mensapro.com/home

Twitter: https://twitter.com/MensaPro

Telegram: https://t.me/mensapro

Medium: https://mensapro.medium.com/

Discord: https://discord.gg/dh6RpUWPJs

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Mensa Protocol

Mensa Protocol is a decentralized lending platform based on Fantom chain, which aims to provide platform users with a decentralized and secure market.