MVL: Revolutionizing Mobility Services Using Blockchain Protocols

While driving for a ride-hailing service, John Doe tirelessly navigates the busy streets to pick up clients and bring them to their destinations. However, despite his dedication, John is disheartened when he sees his earnings at the end, realizing that the service has taken a hefty 30 per cent commission. Many drivers work extended hours to offset these commission cuts, impacting their financial stability. To address this, MVL launched Singapore’s first zero-commission ride-hailing service, TADA.

MVL’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.