- Our team is releasing a new voting mechanism for validator delegation
- We break down how Meta Staking Vote works and walk you through the process with visuals
- Details about the upcoming live pitch event for validators on Dec. 8th, 15th & 20th 2022
Meta Staking Vote is our new community governance mechanism. The Meta Pool team is kickstarting the community governance process by using voting to determine the validator distribution of 15% of our total delegation of NEAR. To put it simply, members of the community holding $META will now be able to vote for validator nodes eligible to receive 1,2M of the staked NEAR. In this article we will break down why we are launching Meta Staking Vote, how it works, and the key details of the upcoming live pitch event.
Building Sustainable Revenue Models for Community Governance
Meta Staking Vote is the next step in Meta Pool’s broader strategy to start incorporating the community in the decision making process of the protocol. We have stated since day one that our core objective is to be community run. The two key components for building a platform that is both community run and operated are; financial self-sufficiency, and the integration of equitable voting mechanisms and opportunities. Meta Staking Vote is just another step towards achieving both these goals.
By building incentives and utilities into our native token $META, we will increase adoption, use, and eventually fees revenue. Additionally, we want to ensure that each user has adequate input as to where Meta Pool is delegating its funds. Community members who provide top level validator services can be rewarded by users, and those who are falling behind will be naturally pushed down. In short – Meta Staking Vote is built to help us serve the community and add another channel for our project to sustain itself.
We acknowledge it has taken us some time to develop this platform, which initially was to be under the ASTRODAO framework. Eventually we had to decide on building our own solution to deliver something to the community. The incentive structure is something that we will be incorporating in our next version of the voting platform and also once the protocol has revenue to share with $META token holders. For now everyone knows this is a challenge the whole NEAR ecosystem is facing, just as the entire blockchain industry will.
How Meta Staking Vote Works
Now we’ve explained why the governance process is being opened up, let’s explain exactly how you can take part defined in two easy steps.
$META token holders can go to metavote.app to lock $META and obtain voting power. Decide how long you want to lock up the tokens (between 30-300 days), the longer the lock, the higher the proportion of voting power received.
Finally, simply choose the validators you would like to vote for, and how much Meta Staking Power you wish to delegate! And that’s it, you’re done!
Millions of NEAR tokens will be slowly delegated to the nodes according to the vote distribution. Meta Pool is moving at most 1% of the total stake every 4 epochs, to avoid affecting our basic APY.
For anyone on sitting on the fence about voting for validators, do take into consideration that each node has the ability to offer special incentives within their fees structures. So even if you are not operating your own node – you should pay attention! Beyond that, you will be supporting the decentralization of the best L1 blockchain building today.
Where to acquiere $META?
You can Swap for $META on swapping sites such as Ref.finance.
Your $META can also be used to vote on up and coming projects to be funded at Meta Yield. Further details on how to vote available here.
Meta Staking Vote Live Pitch
Today December 8th, at 6pm UTC we are kicking off the product launch with a live presentation event for the community. This event will allow validators to make the case for why you should vote for them to receive the delegation. For the freshest updates and information regarding up and coming events join our official Telegram and Discord communities.
Each validator has 5 minutes to present their project. At the end of the presentation, we will walk all viewers through Meta Staking Vote so they can have a clear understanding on how to participate in decentralized governance.
Voting will run in a continuous process whereby tokens are transferred according to the voting power node validators have received. Each 4-6 epochs 1% of the delegation will transfer to nodes. This means that you can vote at any time in the future, and the delegation will be constantly adjusting to reflect the current vote tally!
We are looking forward to collaborating with the community in an effort that will help us become more decentralized.
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
Go DeFi on NEAR & Aurora
More APY and more rewards
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 ~8.5 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.