METFI Token Deployment Certik Audit, and much more…
This is an important and detailed announcement so please read it carefully and visit our Telegram or Discord if you have questions so that we can address them.
We are ready to deploy 🚀
Deployment Date & Certik Audit
The Certik audit of our codebase was extremely good and we are very confident that we can safely and securely deploy the enhanced code this Wednesday 5 April at approx. 12:00 UTC.
We are now going to share very specific details about what you can look forward to in the coming days.
Please read all of the content below as there is a lot to digest and you may need to read it a few times to fully understand all of it.
BUSD Background
Paxos chose to discontinue minting/issuing new BUSD after receiving a Wells Notice from the SEC.
Paxos quickly stated that they will support and redeem existing (circulating) BUSD until at least February 2024 however MetFi felt it prudent to migrate to USDT asap as one (of many) potential risks is that BUSD could depeg from the dollar at any time.
While we were planning the switch put our thinking caps on and added many new functionalities including the ability to switch to other tokens in minutes if we ever wanted per the community-approved roadmap.
Liquidity Pool & Token
Our major liquidity pool is our MFI/BUSD pool with close to 2 Million BUSD value in it and it’s locked for another 4+ years.
We’ve been thinking long and hard about the best way to solve this problem and there is only one solution.
Create a new, far superior token and exchange it at 100% like-for-like value for the existing MFI token — same token value to all MetFiers, nothing lost — only a new token that brings greater benefits in numerous ways as we will fully explain so please keep reading to the end.
This means that if you hold e.g. 1000 BUSD value of MFI you will receive a 1000 USDT value of the new token and that’s the most important point to remember.
If we do not create this new token, we will lose close to 2 Million BUSD value and this isn’t a viable option for anyone that values MetFi DAO i.e. we walk away from 2 Million BUSD or we create a new, far superior token.
Further, the locked MFI/BUSD pool would offer continuous exit liquidity for the remaining BUSD in circulation and that would place tremendous downward price pressure on the MFI token meaning the tokens you hold would devalue rapidly.
What This Means for You?
For the great majority actually nothing!
MetFi NFT Owners
ALL MFI tokens staked to NFTs will be automatically exchanged for the new METFI token at the same USDT value and most of you will probably not even notice anything.
MFI in DeFi Wallets
Anyone holding 0.001 (or more) MFI tokens in a DeFi wallet (not staked to NFTs) will be airdropped the new token directly to their wallet, at the same USDT value as their MFI tokens.
You will actually be left with both the old MFI token and the new token.
Snapshot
A snapshot will be taken right before the MetFi v2 deployment with the exact block number and estimated time to be announced approximately 24 hours beforehand in our Telegram and Discord.
The snapshot will record the number of MFI tokens that are staked to your NFT and held in DeFi wallets just prior to the deployment — once the deployment is completed (approx. 45-60 minutes) you will see your new tokens.
Only DeFi wallets holding 0.001 (or more) MFI at the time of the snapshot (and MetFi NFT owners) will be airdropped new tokens.
DO NOT SELL your MFI, hold on to them and you will receive the same USDT value of the new token.
What about the 2 Million BUSD Locked Liquidity?
As the liquidity LP tokens are locked for 4+ years we can’t unlock the MFI/BUSD trading pair, meaning we can’t extract MFI and BUSD separately as tokens from the locked pool.
Since we are exchanging the MFI token for a new token, what we can do is sacrifice the MFI token and sell a very large amount of MFI into the PancakeSwap pool to extract the BUSD that is in the pool and convert the BUSD we receive to USDT and use the extracted USDT to provide liquidity for the new METFI token on PancakeSwap.
We will be exchanging a lot of MFI for BUSD in a very short period of time (minutes) and that means that the MFI price will fall very sharply…
DO NOT be concerned about any of this because you will NOT lose anything — you will receive the same USDT value of the new token and we will have new liquidity pools for the new token as all BUSD received after draining the MFI/BUSD liquidity pool will be used to provide liquidity for the new token pools including new BTCB and WBNB pools.
Liquidity Providers
If you are currently providing any liquidity for MFI on PancakeSwap please remove your liquidity before we begin draining all of our existing PancakeSwap pools or you will lose your funds i.e. BUSD, BTCB, WBNB — you can provide liquidity to the new token pools after the switch if you wish.
Now that we’ve explained the background and reasoning for these changes we should extract think about extracting maximum value out of this process that was forced upon us by the SEC/Paxos/BUSD situation and turn it into a huge advantage for MetFi DAO.
Advantages of Issuing New METFI Token
It’s very important to remember that we would not be creating/issuing a new token if our liquidity was not locked for 4+ years so our only options are to
A) lose close to 2 Million BUSD or,
B) drain the liquidity pool and create a new token.
Losing 2 Million BUSD isn’t palatable while a new token brings numerous advantages, these are some of them:
1) Minting METFI
Upon issuing the new METFI token the minting functionality will be removed from the protocol.
This makes it impossible for anyone to mint additional METFI tokens after the maximum supply of METFI tokens have been minted and this applies to developers, Treasury, DAO, or anyone else.
This will result in the ‘minting new tokens’ warning banners currently on CoinMarketCap and CoinGecko disappearing automatically as it’s a new token, with no minting functionality, maximum, total, and circulating supply which would theoretically make the METFI token much more attractive for the average person as well as the crypto community and easier to understand.
2) Unique Token Ticker & Branding
We also have the opportunity to change the token ticker and as you’ve probably already noticed we propose to change it from MFI to METFI.
There are at the very least 2 advantages to doing this, the first is that it’s easier to remember, and more brandable as it is the exact same name as our protocol which makes it easier to find and second no other project has this ticker.
We have run into some challenges listing MFI on at least one centralized exchange because they already have a token listed as MFI and CEXs (centralized exchanges) cannot list two (2) tokens with the same ticker so we would be forced to use a different token ticker on that exchange and that is not ideal.
Changing to the METFI token will give us a unique, memorable token name as well as a first-mover advantage.
3) Maximum Supply
We can set a maximum supply of the new METFI token without the community (you) losing anything.
After a lot of deliberation, we believe multiplying all existing MFI tokens that you hold by 1000x is the perfect number.
This means that you will receive 1000x more tokens than you currently hold.
So if you hold 1 MFI at the time of the snapshot you will receive 1000 METFI and if you hold 2.3 MFI you will receive 2300 METFI tokens and so on.
With this proposal (which the community will vote on), the maximum supply will increase from the planned 500,000 MFI to 500 Million METFI tokens.
That means that we will have a new starting price for the METFI token which will be the MFI price divided by 1000 which will be approx. 4.5 to 5 USDT per METFI token 100% based on the MFI token price at the time of deployment.
For all existing MFI token holders, there is no change in value but to the outsider looking in the METFI token is less expensive and that is very powerful because many people like to own at least 1 full token, and with MFI trading at approx. 5,000 BUSD per token today that’s more than many people have to spare or are willing to spend on one token.
You also have some people including sections of the crypto community stating that the MFI token is too expensive even though that has nothing to do with project value, it often centers around cosmetics and perception.
If the DAO approves this proposal the new starting price of the METFI token would be approx. between 4.5 to 5 USDT.
So a person buying a Shrimp NFT with no additional METFI tokens would receive approx. 2 METFI tokens and they will receive 1000x more tokens at every 12-hour rebase which is something we believe the majority of people will really enjoy seeing.
Again, this doesn’t change anything for you in terms of the USDT value of your existing MFI as the starting price of the new METFI token will be the MFI price divided by 1000 and you will receive 1000x more tokens - the same USDT value.
The DAO will now vote on the maximum supply to set as the community votes on ALL important matters.
What’s Next?
There is absolutely NOTHING for you to be concerned about and there is nothing that you need to do today but you do need to be ready to vote on whether we stick with the MFI token and walk away from almost 2 Million BUSD or switch to the new METFI token, take back our BUSD and provide liquidity for the new METFI token that will be created.
You will also vote on the maximum supply that will be minted.
The Certik audit once again confirms that our developers are amongst the very, very best in the world so take a deep breath and relax MetFiers as they know exactly what needs to be done and are working very hard to deliver a more significant, more robust protocol, ecosystem and token, with a new approx. 4.5 to 5 USDT starting price.
Enjoy your weekend and follow this blog and our Telegram and Discord channels for more updates.
Let’s Go MetFiers 🔥 🚀
Further Reading
MetFi is Switching to USDT
Tokenomics Enhancement
MetFi Locks $2.5 Million LP Tokens
Certik Audit Report
Official Links
Whitepaper: https://docs.metfi.io
Website: https://metfi.io
Twitter: https://twitter.com/MetFi_DAO
Telegram: https://t.me/MetFiDAO
Discord: https://discord.gg/R7YqC5xVSW
YouTube: https://www.youtube.com/@MetFiDAO
GitHub: https://github.com/metfi
Medium: https://medium.com/@MetFi_DAO
METFI Contract: @0x3E7f1039896454B9cb27c53CC7383e1AB9D9512a
