As March comes to an end, it’s time to recap Metavault’s development! This month was highlighted by external partnerships, collaborations, and pivotal proposals for our future development. Below is a detailed recap of our exciting journey this month.
What happened in March?
First, if you missed our February recap, you can find it here.
March has been a huge month at Metavault, highly focusing on moving forward towards the development and implementation of our perps V2.
As a result, the V1 available on Polygon PoS has been fully deprecated and users can now only reduce their positions. If you still have open positions on the V1, we require you to migrate them to the V2.
This applies the same for MVLP holders which are recommended to migrate their liquidity from the perps V1 to V2 (which have a higher APY 😏).
The latest perp V2 version is now up and running on Polygon PoS bringing a wealth of capital efficiency for LPs as well as much improved user experience for traders.
You can now enjoy faster trades, better pricing and execution thanks to the multichain order routing, searching for the best positions across no less than 12 chains.
More details in our article here.
On a similar note, the perps V2 are also running on Linea, the previous version was the beta which faced multiple improvements such as cheaper execution, better risk management and higher leverage!
Try it now on https://metavault.trade/apps/perpv2
Recent updates and developments necessitated adjustments for Metavault, particularly concerning tokenomics.
Our current tokenomics model, based on the GMX model, has been in place for several years. However, it’s not tailored for the buyback and burn mechanism and our new multichain deployments.
Consequently, we introduced a crucial proposal to gather community feedback on various options related to MVX tokenomics.
After asking the opinion of our community the option 4 received the most votes! From now on, 100% of Metavault’s income will be used to buy back and burn MPs/esMVX and MVX.
In addition, $MVX stakers will receive airdrop and token allocation from our partners. The current staking mechanism will be revamped, however, DO NOT UNSTAKE YOUR MVX OR ESMVX (if you don’t want to sell) as it will burn the MPs that you currently hold.
As of now, no more MPs will be issued to stakers and no more $MATIC will be distributed after this epoch ends on Friday. 100% of the revenue will be used for the buyback and burn program of $MVX and redeeming MPs and esMVX.
This new implementation will greatly help Metavault’s growth for the following reasons:
- Holders will enjoy the benefits of MVX revenue and partners, without the need to stake, claim, compound, making the process completely passive.
- Every holders among the multiple chains Metavault and $MVX is deployed on will fully enjoy the revenue distribution mechanism, not only the Polygon PoS holders.
We recommend to not change anything if you don’t plan to sell your MVX tokens and simply wait for more informations and updates on our side. The process will take several weeks until its technically implemented, until then, unstaking will burn your MPs.
You can have a look at the vote → https://snapshot.org/#/metavault-trade.eth/proposal/0xbe02ba88d0421628d2e2fd75871135850e92ba429807989a8ce03795cd30f445
Moving onto the next part, March has also been filled with collaboration and developments with leading partners.
We’re delighted to announce the integration of Azuro’s sport betting module into our DeFi hub!
You can now bet on more than 14 different sports and a multitude of options!
This integration is mutually beneficial as Metavault’s interface will bring additional volume to Azuro while 30% of the fees generated on Metavault are redirected to Azuro pools for providing the infrastructure. Up to 70% will be retained by Metavault and used for buyback and burn.
Try it here: https://metavault.trade/apps/sportsbook
At Metavault we put an important emphasis on security for our users and funds. To ensure an optimal safety, and in addition to our audits, we announced the constant monitoring of our smart contracts by Hypernative.
While audits provide an analysis of our contracts at a certain time, it does not prevent future exploits or hacks.
For this reason, Hypernative provides alerts in real time combined with actionable insights to defend against the attack and save as much funds as possible. They’ve been trusted by leading organizations and helped preventing multiple billions in funds exploits.
They are now monitoring our Perps and DEXs, who in case of an abnormal activity is able to trigger the circuit breaker to our oracles and keepers, avoiding exploits or reducing exploit damages.
You can find more on our article here.
In March we also unveiled our strategic collaboration with Lynex for liquidity provision and additional trading routes.
We’re also delighted to have been featured in a post made by one of our Oracle provider, Pyth, detailing the collaboration and how Metavault is using their price feeds.
Regarding the buyback and burn program, this month we burned 3,141 $MVX tokens and 6,836 $esMVX.
Since inception in August 2023, we burned 935,305 $MVX tokens and 199,423 $esMVX tokens, representing 23,38% of the supply.
Planning the next months:
In the coming months, our main focus will be evolving from the current tokenomics model and implementing the Option 4. This transition will be smoothly done over the next 3 months.
Our current perp V2 will soon support new chains, more details coming over the next weeks!
Please be reminded to migrate your positions from V1 to V2 as well as migrating your MVLP to V2 if you hold any.
We would like to thank our community and supporters for their presence during these very active periods, we can’t wait to share our next step, stay tuned #MetaTraders ♏
