Navigating the Future: Meta Pool DAO evolution
We have some big news for you, Meta Pool community!
As you know, Meta Pool DAO is always searching for refinement and improvement in order to reach a multichain governance (not an easy task). Our vision is to empower our users that stake their tokens on different blockchains to foster decentralization and participate in the decision-making process of our Decentralized Autonomous Organization (DAO) all the way through.
To achieve our vision, we are constantly improving and expanding our platform, adding new chains and services, and collaborating with other projects in the DeFi and blockchain space.
And today, we want to propose a series of steps that will take Meta Pool DAO to the next level, beginning with a small change in the governance rewards system for active voters and a big change in the form of a Token Reset for the governance tokens.
What 's changing in Meta Pool DAO?
We are launching a proposal to rename our governance token to mpDAO. When we launched 2 years ago our governance token ticker (META) was a really catchy name…. but then Zuck did a brand change and that basically changed (politely speaking) our perspective on our governance token name. We believe now is the time to make changes and this is one of them.
Now for the second thing addressed in the proposal, switching from governance token rewards to stNEAR rewards for our governance participants. We believe that rewards should be in native protocol fess from each blockchain, that way we guarantee usage for the underlying infrastructure and we will start with NEAR Protocol.
This means that when you lock your governance tokens on our Vote dApp and use your voting power to vote on mpDAO proposals, you will receive stNEAR LST tokens from the protocol fees as reward, instead of governance tokens.
Switching to stNEAR for rewarding active voters is required to be able to perform the governance Token Reset, and by rewarding you directly with protocol fees (stNEAR), we aim to increase the liquidity and utility of the platform, as well as to align incentives with the security and growth of the NEAR network.
This proposal will go through our Meta Pool Improvement Proposal DApp on NEAR BOS, so please review, comment, and vote here.
Why are we doing this?
Meta Pool DAO has always put you, our governance token holders and stakers, at the center of everything we do. You are the ones who make Meta Pool DAO what it is today, and DAO token holders must be rewarded for their active participation and loyalty.
However, as Meta Pool DAO grows and adds more chains and services, we also face some challenges regarding the distribution and supply of the governance token. We need to ensure that our governance token is fairly and sustainably distributed across our ecosystem and that it reflects the true value of our platform.
By switching to stNEAR rewards for voting activity, we can prepare for the future expansions of Meta Pool and its ecosystem to even more chains.
Considerations for governance token holders.
If you are a user who has locked governance tokens (META) on Meta Pool DAO and participates in our governance, you will not see any major changes in your experience. You will continue receiving your reward for participation in the voting (only that in non-locked stNEAR instead of governance tokens) and you will be able to continue voting on all the governance DApps (MPIP, Initiatives, Validators).
The only difference is that you will not receive governance tokens as rewards. However, this does not mean that you will lose your governance tokens or your voting power. You will still be able to hold your governance tokens, lock them and use the voting power as usual.
For those users that have accrued governance rewards for their participation in September, you will get governance token allocation in the form of META for that month, but for the month of October it will be stNEAR instead of META.
The claiming process stays the same and you will get stNEAR governance rewards for the month of October. The first stNEAR claims will be available in the first week of November.
We are also eliminating all liquidity mining incentives from DeFi platforms and CEX so we can do a renaming of our governance token, a Token Reset, making it viable to launch our multi-chain governance.
Please consider that if this plan is approved, from November 15th 2023 to May 1st 2024, your governance tokens will not be transferable. Voting will continue, but META tokens will not be transferable until we have the new governance structure in place on top of the NEAR BOS with the Ethereum Virtual Machine compatibility. At that point, all locked META will be swapped for the new mpDAO governance tokens.
If the plan is approved in its current form, the switch from governance token rewards to stNEAR rewards will be enabled by the end of October. The results of these changes will be slowly happening during the process, and we will keep you informed and accompany you during the whole process.
These are the dates to consider:
- October 2nd to October 8th, we will be gathering comments and feedback from the Meta Pool DAO community.
- October 9th at 00:00 UTC, voting for the Meta Pool Improvement Proposal N.3 (mpIP-3) for the governance token reset will begin.
- October 14th at 00:00 UTC, voting for mpIP-3 ends.
We will also provide detailed documentation for you to learn more about these changes and how you can benefit from them in Meta Pool DAO documentation.
We are very grateful for your support and feedback throughout this journey. You are the reason why we are doing this, and we hope that you are as excited as we are about these bold changes.
We believe that these changes will bring more value and opportunities for our platform, our users, and our ecosystem. We hope that you will continue to support us in our mission to become the best liquid staking platform for multichain governance.
To support us during this transition, you can do the following:
- Review, comment, and vote for the Meta Pool Improvement Proposal on the NEAR BOS component: Meta Pool Improvement Proposal N.3 (mpIP-3)
- Stay active and informed in our community channels: Telegram, Twitter, Discord, Blogposts, etc.
- Join us on October 6th for our AMA on Token Reset, with the mpDAO core team.
Keep on Staking! 😉