TL;DR
- Meta Pool is actively starting to decentralize the protocol and allow the community to steer the direction of the DAO.
- This month META token holders start voting on initiatives and receiving META from buyback in exchange for participating in the DAO (voting).
- In order to move into the full DAO structure, we are initiating an automated buyback of META using 100% protocol fees. Half of the META will be distributed between participant members (META holder that actively vote) and the other half will be used to support community initiatives to grow the protocol (decided by DAO vote).
From the very beginning, our vision behind META, Meta Pool’s native governance token, is to create a way for individuals to be self sovereign and create on-chain value for a blockchain protocol. By holding this token and locking it as part of our decentralized governance mechanisms, you can directly participate in the decision-making process.
Governance plays a crucial role in a DAO as it facilitates consensus-building and coordination among network participants in a transparent, democratic, and decentralized manner.
By offering a decentralized mechanism for decision-making and coordination, governance empowers DAOs to function as self-governing, community-driven entities that remain accountable to their stakeholders, depending less on central authorities or actors.
In our case, our stakeholders consist of META token holders and community members.
Before the first round of voting begins, we are initiating a buyback of the META tokens in order to support a steady ongoing demand. This is done in an effort to reaffirm our commitment to token holders who have been with us from the start and at the same time generate new possibilities and interesting dynamics for those who want to join and be part of the community.
META buyback starts June 15th
Meta Pool is automatizing the META buyback 100% with protocol fees. Every epoch, Meta Pool earns a fee of 4% of the staking rewards. This 4% will be actively swapped to $META using an automated on-chain buying mechanism.
Approximately every 15 hours, an automated bot will buy META on Ref.Finance with all protocol fees for the epoch. This buyback is transparently executed in the NEAR blockchain.
All the META purchased will be used for the community in the following ways:
- Active voters: 50% will be distributed to META holders who participate in DAO Governance (those who vote for project launches, validators, or governance initiatives during that month.) These rewards will be in the form of locked $META tokens.
- Community Representative Initiatives: the other 50% will be distributed to community members proposing initiatives to grow the Total Value Locked. Community representatives will receive funds in the form of $META tokens.
Each month the community decides which initiatives to pursue via voting. The initiatives receiving the most META votes will be funded.
During the month of June, the Meta Pool DAO is estimated to distribute a little more than 3000 NEAR among META token holders participating in voting processes and community representatives initiatives. That means 3000 NEAR will be swapped to META during the first month.
Ultimately, the Meta Pool protocol was always intended to be a community-driven project based on innovation and transparency. With the release of the new DAO, we’re taking the first steps by allowing the community to actively participate and steer the direction of the organization.
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