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NEAR Protocol Partner Proximity Labs Deposits 1.5m NEAR on Meta Pool

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tl;dr

  • Proximity Labs is stepping in to commit support to Meta Pool Proximity Labs is depositing 1.5m NEAR into Meta Pool
  • Meta Pool has successfully completed first external audit
  • Proximity Labs will be using 1.5m NEAR worth of stNEAR to support growth and initiatives within the NEAR ecosystem

Overview

Last year we announced that the NEAR Foundation supports the development of Meta Pool protocol. The agreement required Meta Pool to undergo an external security audit prior to releasing the funds. The audit was successfully completed by Blocksec in January 2022, and the recommendations implemented. 

As a result, NEAR protocol has recently partnered with Proximity Labs to bring more capital to Meta Pool. The full report can be found here.

Proximity Labs

After our presentation at ETHDenver during the NEAR Lounge event, we were approached by the Proximity Labs team and had a great opportunity to discuss ways to grow the NEAR ecosystem.

Now the 1.5m NEAR commitment will be provided by Proximity Labs. We believe this is the right decision as Proximity will be providing a lot more than just capital; they are committed to the success of protocols such as Meta Pool and have been active liquid stakers since day one.

stNEAR fueling Growth Cycles on NEAR Protocol

When Proximity Labs stakes the 1.5 million NEAR on Meta Pool, the protocol will mint around 1.49 million stNEAR (approximately). These tokens can now start flowing back into the ecosystem.

After this delegation of tokens, we have seen a massive jump in TVL following positive market conditions in March. The growth potential $stNEAR adds to the NEAR protocol community is undeniable! 

Heralding a New Era of Liquidity

Liquid staking is an extremely powerful tool for capital allocators like Proximity Labs as they can reach peak capital efficiency: have the same funds advancing their goals and creating value for multiple stakeholders.

Here are some of the immediate benefits:

  • Supporting new validator nodes coming to the network;
  • Help improve the censorship resistance of the protocol;
  • Provision of liquidity through stNEAR to new DEXs, AMMs and Lending/Borrowing platforms both on NEAR and Aurora ecosystems;
  • Fund new projects and initiatives using the Staking Rewards

Decentralization Matters on NEAR protocol

Currently NEAR has 100 validator nodes and Meta Pool delegates to 95 of them. All these nodes will benefit from Proximity’s delegation of tokens by increasing their share of NEAR stakes.

The most important aspect is to enhance the decentralization of the NEAR protocol, ensuring validators stay balanced and allowing new validator nodes that are joining the network to improve their exposure to liquid NEAR.

More importantly is that as the network grows, we will see a significant improvement in the Nakamoto coefficient for NEAR Protocol. This is something that should concern all of us in the ecosystem and by liquid staking your NEAR tokens you are directly contributing to that goal.

2022 is starting to heat up! Keep on staking!

About Meta Pool & stNEAR

Built on the NEAR Protocol infrastructure, Meta Pool is the leading liquid staking solution for $NEAR holders to earn staking rewards and maintain their liquidity to participate in DeFi protocols on NEAR and Aurora.

stNEAR (staked NEAR) is the yield-bearing token handed to stakers to unlock the liquidity of their $NEAR staked on Meta Pool.

Stake $NEAR on Meta Pool

~11% APY

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Yield-bearing token

Go DeFi on NEAR & Aurora

More APY and more rewards

With a TVL of $120 Million USD and growing, Meta Pool has become in just a few months a cornerstone element of the NEAR ecosystem, making it more decentralized and therefore more secure, as well as making $NEAR liquid.

In February 2022 Meta Pool has been successfully audited by BlockSec, confirming the implementation of the highest security standards.

For more information visit https://metapool.app.

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