TL;DR
- Meta Bonds enables users to access early liquidity from Meta Yield Launchpad
- Bonds (IOUs from Meta Yield) can now be traded on Meta Bonds
- Bond sellers are able to access their initial capital earlier, Bond Buyers are able to acquire those assets at a lower rate
Overview
We are excited to announce the launch of Meta Bonds, the latest product to join the Meta Pool ecosystem. Meta Bonds is a marketplace where users that have participated in Meta Yield Launchpad campaigns and still have assets locked can create listings and freely exchange these bonds with others. With Meta Bonds, Meta Pool is ushering a new era of capital efficiency on NEAR.
Unlocking Liquidity from the Launchpad
In May 2022 we launched our lossless launchpad – Meta Yield. Meta Yield allows anyone holding stNEAR to back a project, and in exchange earn their native tokens or NFTs. Our unique process means users can lock stNEAR into the project’s vault. During the lock-up period, which can be up to 12 months, all staking rewards go to the project. At the end of the lock-up period the user gets back the equivalent of their initial deposit in stNEAR.
For example, if Carlos deposits 100 NEAR worth in stNEAR, he will obtain 100 NEAR worth of stNEAR at the end of the lockup period. This is because the value of stNEAR increases every epoch as staking rewards come in (see chart below) At the end of the lockup period he will receive less stNEAR but the value will always be equal to the initial deposit.
22/09/2022 100 NEAR = 89.08 stNEAR (1 stNEAR = 1.1225 NEAR)
18/01/2023 100 NEAR = 86.36 stNEAR (1 stNEAR – 1.1579 NEAR)
The problem
We know that during periods of high volatility and uncertainty, some users are less comfortable with locking away NEAR on Meta Yield Launchpad for long periods of time. We’ve listened to the feedback, and have been working around the clock to introduce Meta Bonds.
How Meta Bonds works
Meta Bonds puts users back in control of their capital by enabling them to list their IOUs or Bonds from Meta Yield Launchpad – assets that are currently held subject to the lockup period of the campaign they participated in.
Bonds are freely traded, namely, Meta Bonds facilitate price discovery by allowing a Seller to set the price for their Bonds and to choose between Buy Now or Auction modes. Likewise, Buyers are able to place Bids and buy the Bonds they think represent good value. Bonds usually trade at a discount as the Seller places a higher value on being able to access the assets ahead of their scheduled release – they may have to pay the bills or come across a new investment opportunity. Meanwhile, Buyers are happy to wait as long as they are able to buy at a lower price.
Example
- Alice participated in the Pembrock Campaign on Meta Yield Launchpad. Alice locked 100 NEAR worth of stNEAR for 12 months and received PEM tokens in exchange.
- After three months, Alice decides she wants to set up her own validator and now needs to access her original allocation currently locked in Meta Yield Launchpad.
- Alice goes to Meta Bonds and lists her 100 NEAR Bond, with a maturity date of 9 months into the future, for 85 NEAR.
- Chen thinks that a 15% discount is a great deal and is willing to wait 9 months for the lockup period to end. He purchases the bond off Alice.
- Alice received 85 NEAR, and now Chen owns the Bond that used to belong to Alice.
It is important to note that depending on the market conditions, asset, discount offered and lockup time, the Bond may not be purchased. Meta Bonds is a Marketplace and can not guarantee the early access of funds unless there is a buyer.
What Happens Next
In case you are wondering whether Meta Bonds is for you or in which ways you can benefit from its launch, there are three key uses:
- You participated in a Meta Yield campaign. There are two types of bonds or assets you may want to access earlier – the stNEAR deposited into a vault or the tokens you stand to receive from the project.
- You are interested in buying these tokens (bonds): if you are willing to wait a little bit, you may be able to find a good deal and buy these assets at a discount.
- You’re long on NEAR and you want to acquire a NEAR Bond at a discount, with maturity in X months into the future.
Looking forward, the message is clear – you can now enter any Meta Yield Launchpad campaign without having to worry about the lockup periods as Meta Bonds will enable you to sell those locked assets/tokens (bonds) at any time. Likewise, you should make it a habit to monitor the Bonds Market in case there are good opportunities to buy these assets (bonds) off someone else.
For detailed information about Meta Bonds, visit the project Gitbook. You can also join the conversation at our official Discord and Telegram channels.
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
~9.27% APY
Get stNEAR
Yield-bearing token
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 ~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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