On October 14th, Meta Pool’s decentralized autonomous organization, mpDAO, ratified the “Governance Tokenomics Reset” designated as MPIP #3. This proposal realizes a significant change in Meta Pool’s governance, expanding its presence to the Aurora, Ethereum, and NEAR blockchains. This evolution aims to establish a multi-chain governance system in alignment with Meta Pool’s current offerings.
The transition to mpDAO is a gradual process that involves the phased deprecation of the existing $META token’s utility and the token itself, making room for the mpDAO token to emerge as the new governance token.
In this blog, we will provide more details about this transition. For a more comprehensive understanding, we recommend consulting the MPIP voting here.
Why moving to the mpDAO token (MPIP-3) is beneficial?
There are several compelling reasons why transitioning to the mpDAO Token (MPIP-3) was a good move:
- Decimal Adjustment on Ethereum: By launching on Ethereum, the mpDAO token can be adjusted to 18 decimals. This aligns with the standard used by the majority of fungible tokens on various networks, offering greater compatibility and ease of use compared to $META, which currently employs 24 decimals.
- Distinct Identity: “$META” and its variations are widely used names by different companies and tokens today. This can create confusion and dilute the token’s distinct identity, a situation that didn’t exist when it was initially launched in August 2021.
- Multi-Chain Governance: The launch of the mpDAO token on Ethereum is in harmony with the broader goal of establishing multi-chain governance. Ethereum’s robust bridge connections to most relevant blockchain networks in the ecosystem make it an ideal choice for expanding governance reach and interoperability.
This move represents a strategic and forward-thinking step, enhancing the token’s functionality and identity while aligning with the evolving needs of the blockchain ecosystem.
What to do if I have tokens on Aurora?
If you hold tokens on the Aurora network, your first step should be to withdraw them from any DeFi platform where you have $META tokens.
Once your $META tokens are in your wallet, you have two choices:
- Bridge back to NEAR using the Rainbow Bridge and lock in Meta Vote. By bridging your $META tokens back to the NEAR blockchain and locking them in Meta Vote, you become eligible to participate in the upcoming redemption of mpDAO tokens.
- Alternatively, you can opt to swap your $META tokens for another token within the Aurora ecosystem using a decentralized exchange.
What to do if I have tokens on NEAR Protocol?
If your tokens are on NEAR Protocol, you can opt for:
- Locking your tokens in Meta Vote. You become eligible to participate in the upcoming redemption of mpDAO tokens. This allows you to actively engage in the governance and decision-making processes.
- Swap them for another token within the NEAR Protocol using a decentralized exchange.
Locking process and $META token obsolescence
Starting November 15th, there will be a significant adjustment: the $META token will lose its transferability.
If you are currently in the middle of an unlocking process set to conclude on January 15, 2024, please note that no withdrawals will be possible until April 15.
For users with active unlock positions scheduled to finish before April 15, 2024, an interesting option emerges. You can opt to re-lock your $META tokens, granting you valuable voting rights within the mpDAO ecosystem.
As of April 15, users with voting positions in Meta Vote will receive a noteworthy reward. Regardless of the status of their positions, these users will be allocated $mpDAO tokens at a 1:1 ratio with their previously held $META tokens. From June 2024 onward, the $META token contract will no longer be maintained, rendering it entirely obsolete for the Meta Pool DAO.
MEXC is a decentralized exchange that facilitated the trading of $META. Currently, all deposits of $METAP (the $META token on MEXC) have been suspended. As of November 15th, the ability to transfer $META will no longer be available, and the withdrawal of $METAP will also be suspended.
Please keep this information in mind to prevent any potential loss of tokens.
Burn mechanism and new tokenomics
Meta Pool’s new tokenomics involves a significant change: 25% of the maximum supply of $META tokens will be permanently burned. It’s essential to note that this burned amount will not be factored into the creation of the mpDAO token.
In the upcoming MPIP process, 25% of $META tokens will be burned to enhance the tokenomics. This includes 17.5% from community/liquidity mining and 7.5% from the founders’ allocation, resulting in a maximum supply of 750 million tokens for the new mpDAO token.
The final result of new tokenomics graph is as follows:
- November 15th, 2023: META token transfers will be disabled. The start of a 5-month hiatus with no transfers for META, effectively disconnecting the governance token from its current price. THIS WILL BE THE LAST DAY TO OBTAIN VOTES FOR THE mpDAO.
- May 1st, 2024: mpDAO will be re-launched on the NEAR BOS with EVM support.
- June 1st, 2024 to November 30th, 2024: Tokens not locked by November 15th, 2023, can be exchanged case-by-case through OTC for META -> mpETH.