Kay Woo, CEOMVL’s goal was to revolutionise the existing system by introducing a mobility blockchain protocol in collaboration with global mobility players. The company, however, encountered operational difficulties when potential partners questioned the legitimacy of its zero-commission model. Resolute in its commitment to decentralize ride-hailing services, MVL developed its own. With over 200,000 drivers registered on the platform, TADA has over 2 million users. The service has already helped its drivers earn over USD 300 million in revenue.
“With TADA, we are transforming the ride-hailing market by combining the concept of zero commission with blockchain technologies and incentives,” says Kay Woo, CEO of MVL.
The zero-commission model in TADA is implemented using MVL's cryptocurrency, MVL Token. Users, including drivers and passengers, are rewarded MVL points as incentives for active participation within the ecosystem, fostering engagement and encouraging users to contribute to the overall growth and success of the platform. The revenue generated from TADA and incentives provided to drivers and users are channelled into the MVL Treasury, MVL ecosystem’s cryptocurrency reserve.
As users complete tasks using TADA, MVL points are generated, which can be converted to MVL tokens using the Clutch wallet.The conversion process from MVL points (off-chain) to MVL tokens (on-chain) is facilitated exclusively through Clutch Wallet. Subsequently, drivers and passengers can utilize the MVL tokens to purchase TADA ride tickets or driver goods. The resulting revenue from these transactions is directed back into the treasury, creating a sustainable circulation structure for MVL tokens.
A portion of the revenue gathered in the MVL Treasury is held in reserve for a predetermined period, while the remaining funds are allocated to incentive programs. This accumulation of token revenues in the treasury encourages users to continue engaging with the mobility ecosystem. These features are being tested and are expected to launch officially later this year. The company is also improving the UI/UX of the wallet based on the early results.
To eliminate the high transaction fees while converting MVL points to tokens, the firm has established a network bridge between Ethereum and Binance Smart Chain called the MVL Bridge. Additionally, MVL has introduced a staking service to enhance the token's liquidity, ensuring the system's smooth operation. By offering this service, the company creates a stable market for MVL tokens, benefiting users and the overall ecosystem. The service also helps increase the adoption of MVL’s services and enhances its value over time.
Building on the success of TADA, MVL has launched ONiON Mobility to extend its reach into the electric vehicle (EV) market. The company specializes in producing and operating EVs and infrastructure, boasting a state-of-the-art production plant in Cambodia where it manufactures and manages all aspects of EV-related businesses, including sales and repairs. It has also built mega stations in Phnom Penh, which serve as charging and community hubs.
MVL is applying the same protocol as TADA to incentivize EV drivers. It collects comprehensive data throughout the vehicle's lifecycle, including driver information, mileage, repair history, insurance, and charging frequency. The company is utilizing this data to develop various services like financial products based on vehicle rentals, authentication in used car transactions, and competitions (games) using NFTs and vehicle data.
In February 2022, ONiON Mobility launched the world's first battery-swappable electric trike known as the ONiON T1. Currently, there are over 500 such vehicles on the road locally. MVL's zero-commission ride-hailing service, TADA, has disrupted the traditional market, empowering drivers and passengers alike. Through its blockchain-based services, the firm is creating a more equitable and user-centric ecosystem, ultimately transforming the mobility space.
A portion of the revenue gathered in the MVL Treasury is held in reserve for a predetermined period, while the remaining funds are allocated to incentive programs. This accumulation of token revenues in the treasury encourages users to continue engaging with the mobility ecosystem. These features are being tested and are expected to launch officially later this year. The company is also improving the UI/UX of the wallet based on the early results.
To eliminate the high transaction fees while converting MVL points to tokens, the firm has established a network bridge between Ethereum and Binance Smart Chain called the MVL Bridge. Additionally, MVL has introduced a staking service to enhance the token's liquidity, ensuring the system's smooth operation. By offering this service, the company creates a stable market for MVL tokens, benefiting users and the overall ecosystem. The service also helps increase the adoption of MVL’s services and enhances its value over time.
With TADA, we are transforming the current ride-hailing market by combining the concept of zero commission with blockchain technologies and incentives
MVL is applying the same protocol as TADA to incentivize EV drivers. It collects comprehensive data throughout the vehicle's lifecycle, including driver information, mileage, repair history, insurance, and charging frequency. The company is utilizing this data to develop various services like financial products based on vehicle rentals, authentication in used car transactions, and competitions (games) using NFTs and vehicle data.
In February 2022, ONiON Mobility launched the world's first battery-swappable electric trike known as the ONiON T1. Currently, there are over 500 such vehicles on the road locally. MVL's zero-commission ride-hailing service, TADA, has disrupted the traditional market, empowering drivers and passengers alike. Through its blockchain-based services, the firm is creating a more equitable and user-centric ecosystem, ultimately transforming the mobility space.
MVL News
MVL took part in Gate.io's newly launchpad program, Startup, from March 24-26, and distributed a total of $80,000 worth of MVL tokens through a complimentary subscription offering. Consequently, the MVL(ERC20) tokens were made accessible for trading on the USDT market via Gate.io's Spot trading platform at 8pm on the 26th, the concluding day of the startup program.
MVL is revolutionizing the mobility market in Southeast Asia by utilizing blockchain technology, overseeing both the ride-sharing service TADA and the electric vehicle production and energy infrastructure company ONiON Mobility.
MVL's TADA currently provides driver-friendly ridesharing services without commission fees in four countries namely Singapore, Vietnam, Thailand, and Cambodia. Its noteworthy expansion throughout 2023 has elevated its rank to become the second largest platform within the Southeast Asian market. The company intends to broaden its services in Southeast Asia and extend its reach across Asia, encompassing South Korea, Hong Kong, and Japan.
ONiON Mobility is advocating for the implementation of electric-powered tricycles, Tuk-tuks, a prominent form of transportation in Southeast Asia. The company maintains 13 electric vehicle (EV) battery swap stations and engages in the production of electric tricycles. The company also unveiled electric motorcycles in November of last year, which garnered a favorable reception in the area and is currently engaged in actively broadening and varying its business operations.
Meanwhile, MVL recently disseminated information regarding its comprehensive business status and future plans via a Twitter AMA. The company declared its intent to integrate its growing physical mobility business with blockchain technology for 6 years to participate actively in the RWA (Real-world asset) and dePIN (decentralized physical infrastructure network) sectors, which are gaining traction in the blockchain industry.
Kyungsik Woo, CEO of MVL, stated that "This listing will be utilized as a launching pad for global expansion. Additionally, it will be used to promote various news and actions of MVL to both domestic and international users with the aim of bolstering global brand recognition."