TL;DR
- Announcing updates to the $META token
- We are structuring our token to support community governance
- Explaining new token delegation processes to be supported by Meta Vote
Launch of $META Token Vault and NEAR Allocation to Validator Nodes
We are getting closer to celebrating our first anniversary in the NEAR ecosystem and we acknowledge that many of you have requested that we share with the community what the next steps are in regard to the governance structure of Meta Pool, and the role $META will play.
The goal of $META is to be a revenue sharing governance token. Our vision for Meta Pool is to be, in the next coming years, community focused and managed by the NEAR ecosystem. We will stick to that vision and will work hard to execute it.
It is therefore time to start aligning interests with $META token holders and the protocol. Meta Pool’s purpose is to drive community engagement, create usage for $META and make the distribution of our governance token predictable and sustainable.
For a detailed description of our long term goals and visions for the rest of our operations, you can read more here.
Governance Incentives on Meta Pool
We will be creating a $META token vault in our platform that will be the mechanism to distribute unstaking and staking reward fees. We announced this week that we have updated our fee structure for NEAR being delegated through Meta Pool and this increase in the protocol revenue will be flowing back to $META token holders.
There will be a follow up post describing with more detail how this distribution will be allocated, for now we want to share that we will be creating a vault so $META token holders can lock up $META to receive platform fees in the form of $META.
With the stNEAR rewards generated through the liquid unstaking, our protocol will be buying back $META from the market and distribute it back to Meta Poolers supporting the protocol through the vault.
This is a long term approach in order for the Meta Pool liquid staking platform to be sustainable. The $META token is important as it will be an integral part of how the community decides to allocate resources in our partner network and also validator nodes.
Allocation of NEAR to Validator and Chunk Producer Nodes
This is a new approach we are implementing in our governance, since the launch of Meta Pool we have distributed up to 12 million NEAR tokens to validator and chunk producer nodes in the network.
We want Meta Poolers to have more interaction with node and chunk producer operators. We will make this interaction possible through our Meta Vote platform.
We also want Meta Poolers to start participating in the operations of one of the core functionalities of the liquid staking platform. Of the roughly 900,000 NEAR currently delegated on our platform, 10% will be available to the Meta Vote platform. This will allow $META token holders to decide where Meta Pool will allocate the sum, and give control back to our users.
This initiative will allow members of the NEAR and Aurora communities to vote on which 3-5 node operators this 10% will be delegated to. We see this as the perfect launching point to kickstart Meta Pool community governance.
Governance Plans Moving Forward
It is important to understand that we are alpha-beta testing everything we produce to ensure that we have built the necessary tools and solutions that will allow protocols to run on top of a DAO. We are at the very beginning of unleashing our potential in the NEARverse.
During Stake Wars we will be using this mechanism to allocate an extra 5% to chunk producer nodes that did not make the cut, but the community wants to support them to give them an opportunity to launch their chunk producer node on mainnet.
As always we are putting NEAR and $META token holders front and center of what we do. If you have any questions please visit our Discord channel of #governance to answer them or kickstart discussions around the initiative.
Thank you for the support and keep on staking!
About Meta Pool & stNEAR
Meta Pool is the leading liquid staking solution for $NEAR and wNEAR token holders. With Meta Pool you earn NEAR staking rewards and maintain your liquidity to participate in DeFi protocols on NEAR and Aurora.
Users staking $NEAR and wNEAR with Meta Pool receive in exchange stNEAR (staked NEAR) tokens.
stNEAR simultaneously accrues staking rewards and unlocks users’ liquidity enabling them to participate in DeFi activities (e.g. lending, farming, borrowing) on NEAR and Aurora.
Stake $NEAR on Meta Pool
~11% APY
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Yield-bearing token
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Meta Pool also solves the problems associated with Proof-of-Stake networks staking: illiquidity, immovability and accessibility. Meta Pool also aims to distribute staking in multiple validators to improve censorship-resistance of the NEAR network.
With a TVL of ~9 Million $NEAR and growing, Meta Pool has become in just a few months a cornerstone element of the NEAR ecosystem. Meta Pool is making NEAR Protocol more decentralized and therefore more secure.
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.
Join Meta Pool & stNEAR Community
If you have any questions or wish to be part of our project, don’t hesitate to join our official platforms and reach out to the team!
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