TL;DR
- Meta Pool makes bold advancements to reward $META token holders and involve them in the decision-making processes.
- The new DAO allocates all of the staking reward fees to our community and $META token holders, effectively decentralizing the Meta Pool treasury.
- The first voting process will take place at the end of June. Get involved and join the conversation today!
When Meta Pool launched on August 23rd, 2021, our goal was to deliver a Liquid Staking platform built on top of a Decentralized Autonomous Organization (DAO), enabled by the NEAR Protocol and within its ecosystem.
Governance plays a crucial role in a DAO as it facilitates decision-making, consensus-building, and coordination among network participants in a transparent, democratic, and decentralized manner. This is one of the reasons we built and launched Meta Vote, our voting mechanism for $META token holders.
After the voting mechanism for $META token holders was up and running, we needed to design use cases that not only enable participation, but also generate value and drive the DAO’s decisions.
Thus we created two avenues for participation:
- Meta Staking Vote, which defines the allocation of 15% of Meta Pool’s NEAR total value locked (TVL) by assigning it to the validators with the highest votes.
- Vote for Meta Yield Launchpad, where token holders vote to decide which projects receive a greater boost from us and enter the launchpad first.
While these mechanisms provide a means to engage, those who participate in voting processes often ask: “What are the benefits for me to be part of the voting?”
The challenge
We wanted $META token holders to be involved in the decision-making process for the DAO and to receive benefits for their participation. So in response to the community’s request, we gathered the Meta Pool team in Barcelona with two goals:
- Create a mechanism that allows us to encourage and reward participation, and
- Find a way to deliver maximum value for NEAR and $META token holders.
We put our creative hats on and for four days we concentrated our efforts on discovering all the different scenarios that could make this a reality.
The team’s sessions led to an idea that initially seemed bold—something unprecedented that could be a game-changer in our journey towards decentralization. Today, we are ready to deliver on our commitment to build a Meta Pool DAO governance that creates substantive value for our community and NEAR ecosystem.
A new era for Meta Pool’s DAO Governance
Our next step towards decentralization is one that no protocol has ever taken before. Towards the end of June, the Meta Pool DAO will allocate all of the staking reward fees to our community, effectively decentralizing the Meta Pool treasury and allocating all of the value created by the Liquid Staking platform to individuals and organizations who participate in our governance.
Each month, $META token holders will vote on initiatives proposed by Community Representatives. During the first 3 months the Community Representative positions will be held by our Meta Pool ambassadors. Next, we will open the possibility of voting for projects and organizations from the entire NEARverse.
On a monthly basis, Staking reward fees will be distributed based on the following conditions:
- 50% to $META token holders that generate voting power.
- 50% to initiatives proposed by Community Representatives, projects or organizations.
The goal is to stake a quantity of one million NEAR through activities of the ecosystem. This will support the growth of our Liquid Staking platform and allow users to benefit from the fees generated through the staking rewards. We want to create a virtuous loop where NEAR and $META holders are central to the value generation of a Liquid Staking platform.
Thus, if we reach more than 10 million NEAR staked, we will generate 4000 to 5000 NEAR in staking rewards to be distributed through the Meta Pool DAO.
Is this idea crazy, risky, and radical? Perhaps. However, we believe it’s the best way to empower our token holders to make decisions and provide our community with the necessary resources to support our growth in their respective regions.
The first voting process will happen at the end of June. If you want to get involved, don’t forget to stay tuned to our official channels, more news on how to do it will be posted soon.
Keep on staking!
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