Decentralized price discovery and $META distribution event on Skyward
tldr; Meta Pool will be having an IDO on Skyward. More news with the whole details is coming next week!
Upcoming IDO on Skyward
After transfers were enabled for more than 11.3 million $META tokens three days ago, we also stated that we have been preparing for a price discovery event. So we are really excited to announce that Meta Pool will be doing an Initial Distribution Offering (IDO).
That time will be announced next week, we will be launching our IDO on Skyward Finance which has been supporting the launch of the most important protocols on the NEAR Ecosystem, such as Aurora and Octopus Network.
What is an IDO?
It is a model that allows everyone to participate in the Meta Pool protocol while also letting the free market determine the value of the protocol.
Skyward Finance provides mechanisms for initial price discovery and token distribution through streaming time-based auctions that are accessible to the general public in a decentralized way — while being resistant to front-running, price manipulations, and sybil attacks.
Why are we doing this?
Getting tokens into the right hands in a fair, efficient and targeted way should be a top priority for any NEAR project. A wide distribution is fundamental for Meta Pool governance, as it will become fully decentralized over time, and we start to implement our governance on ASTRO DAO.
We need to give exposure to our protocol to a larger audience, our Community Launch was a good success story but we have realized that it is not enough and we need to grow past our borders. We could not have done it without the NEAR Guilds network and it is time that we level up, we have found Skyward to be a great partner to do this.
Increase our footprint in the NEARverse.
Our current rate of fees being generated by stNEAR token holders and also from the Liquidity Swap Pool are not enough to cover the costs of growth that we need. We want to create a strong incentives program for our partners that will allow us to position stNEAR as the most important liquid asset on the DeFi ecosystem in the NEARverse.
So all the funds raised from the IDO will go directly to the treasury to fund our growth program and also give us a good idea on how the ecosystem values the Meta Pool protocol, as we work on becoming the leading liquid staking platform on NEAR.
Showing the actual returns on Meta Pool & Partners
A lot of our community members have been asking about the utilization of $META and we are collaborating with ASTRO DAO to implement governance voting as soon as possible. In the meantime we need to leverage our native assets to incentivize our users outside the scope of governance.
An important aspect that the price discovery mechanism will give Meta Pool stakers is that it will allow the protocol to start showcasing the Annual Percentage Yields on the native platform. That is why we need to discover a price for $META to continue driving value for our protocol supporters.
It is important for us to distribute rewards to our community; specially our beta testers who helped us launch the platform when it was being incubated — we greatly appreciate your patience and this IDO will close the initial cycle that started in late 2020. Giving back to the community and creating value for long term NEAR token holders is what motivates us to keep working on Meta Pool.
The future is long on NEAR
We are convinced that the NEAR Protocol will continue to thrive and we want to be a key protocol that can contribute to that growth.
Liquid staking will be a key component in order to liberate the more than 400 million NEAR tokens being staked-and-locked with the old staking mechanism, and we need to build a compelling product in order to get stakers to choose Meta Pool as their staking platform.
The IDO will allow us to continue building our vision of what a Proof of Stake liquid platform should look like. For now the future is NEAR.
Keep on staking!
