The moment we’ve been working relentlessly for has finally come!
The entire team cannot emphasise enough how much we have valued your support, patience, and involvement. You made this possible. Welcome to our vision of DeFi. Welcome, to Meridian Network.
Today, we bring you:
- The Meridian Network DAO
- Integrated Balancer Pools
- Our New Website
- Meridian Foundation
Effective today, the ecosystem will be governed by the Meridian Foundation, a non-profit overseeing the community treasury and proposal application/development.
We also have a few announcements to make so make sure to go through the article in full!
Onto the details.
As previously stated:
“The Meridian Foundation is a non-profit entity that will oversee proposal application and development, manage distribution of salary for social admins (Telegram, Discord, Twitter, etc), lead community voting on dapp proposals and organisational direction. In other words, this means that every decision regarding Meridian Network from our DAO launch onwards will be voted on and decided by the community as a whole”.
In simpler terms, the Foundation will be Meridian’s representative when dealing with potential partners/business agreements, however it cannot make decisions affecting the project by itself. To do that, the Foundation must communicate the idea/proposal to the community who will then vote on whether to implement it or not.
The Foundation’s other responsibilities are managing the social admins and ensuring the payment of their salary ( from a wallet address solely used for that purpose ), while at the same time safeguarding the community treasury.
The community treasury is an address holding 1,520,000 LOCK (at the time of writing), and its purpose is to fund the ideas/proposals voted on and approved by the community. Every time an idea or proposal is approved through a vote, the Foundation will fund its development/application and release a report detailing all expenses incurred for that purpose.
The DAO — A two-tier voting structure
The DAO is the structure through which the community will be able to propose and vote on any and every aspect of Meridian’s future. The Aragon DAO will be used in conjunction with the Colony app, which allows for proposal submission and voting without incurring gas fees as it is with decentralised DAO’s.
Several rules dictate how the DAO works for LOCK holders.
Important note to begin with:
The Foundation will only handle development of a maximum of 2 proposals at any given time.
How does the process work?
First, anyone (both LOCK holders and non-holders) will be able to submit proposals and/or upvote them on Meridian Network’s page on the Colony app. This is a starting step meant to ensure only the most wanted proposals actually make it to the Aragon DAO.
You can access Meridian’s Colony page here:
Make sure to sign in with Metamask and create your user account. Once you do that and join Meridian’s colony, you’ll be able to create new suggestions and vote on existing ones.
When signing up on Colony with Metamask, it’s important not to leave the page until the transaction is confirmed.
As previously stated, the Foundation will never handle more than 2 proposals at the same time.
As an example, let’s imagine the Foundation just finished developing/working on a DAO approved proposal and is currently only handling another one. It is now free to take up a new proposal. At this point, we will check Colony for the suggestion with the most upvotes and proceed to create an Aragon vote for that proposal. LOCK holders will be able to vote on that proposal through Aragon’s interface using the one-time use voting tokens provided by Aragon. Only holders with more than 200 LOCK will be eligible to vote on Aragon proposals. How exactly will this work?
We have developed an in-house Dapp that allows us to automate sending voting tokens ( provided by Aragon whenever we create a new proposal ). This Dapp lets us send voting tokens to every LOCK token holder with more than the 200 LOCK minimum, by pulling token holder addresses from Etherscan through a script.
At this point, holders will receive the voting tokens in their wallets where they hold LOCK ( we will inform everyone in advance of the token holder snapshot so you have time to prepare ). Using these voting tokens, they will vote on whether to approve or reject the respective proposal. If the proposal is approved ( through a majority vote ), the Foundation will then proceed to develop and implement the idea contained within said proposal.
You can access Meridian’s Aragon page through the following link:
Here’s a quick recap of the DAO process:
- LOCK holders & non-holders can submit and vote on proposals on Meridian’s Colony page
- Whenever the Foundation is ready to pick up a new proposal for Aragon voting, we will choose the one with the most upvotes on Colony and proceed to create an Aragon vote for it. Only LOCK holders will be eligible to vote on this second stage
- Should the proposal pass through a majority vote, the Foundation will then proceed to implement/develop the idea according to the proposal
Onto the next step, our first DAO proposals
As mentioned before, to kickstart our DAO we will submit the first 2 proposals straight into Aragon’s interface as we believe them to be of great value to Meridian’s ecosystem.
One proposal will be on whether the Foundation should use Colony’s task feature to outsource certain aspects of the proposal development/implementation ( development tasks/marketing/etc ), which would allow community members to fulfil tasks in exchange for LOCK tokens.
The other proposal is for a DeFi related Dapp, which would be built in partnership with a well known crypto-project. This is not yet a sure thing, though we plan on elaborating on it soon.
We will release both proposals within one week, to give enough time for our holders to read this update and be prepared for the voting tokens emission.
Prime Meridian fund — Our first Balancer pool
As promised, we have now been accepted by Balancer as one of few whitelisted tokens eligible for their pools. This means holders of LOCK can now pool their tokens into Balancer pools containing LOCK.
We decided to create the first pool, our Prime Meridian fund, with some of the most well-known cryptocurrencies out there:
BTC, ETH, LINK, OCEAN and LOCK.
We now have the structure in place to submit and vote on new pools, as we set out to have since day one.
You can access our first Balancer pool through here:
As previously stated, we have entered an agreement with Hacken for development and security consulting for our future dapps. Hacken will provide resources and clear guidelines as to ensure the security and efficiency of any dapps we henceforth develop.
This provides the Foundation with a readily available channel of communication with Hacken in regards to the potential and feasibility of any community approved proposals. We believe having such a partner is crucial to our long term success as a dapp ecosystem.
End of staking/New token supply
In regards to staking, we want to take this opportunity to announce the metrics from our Meridian Vault dapp.
Considering the amount of people who have not yet unstaked, we are unable to provide exact figures but we can provide fairly accurate estimates based on the address’s holdings.
We can safely say that LOCK’s new total supply will hover around 11,200,000. This new total supply will only be reflected on Etherscan and Coingecko/Coinmarketcap once everybody unstakes. This is because when we burn the remainder of the staking pool the tokens of those who have not yet unstaked will also be burned, which we don’t want to happen.
As so, we have decided to give everyone until 3pm UTC October 7th to unstake. At this moment, we will burn the remaining tokens contained within the staking contract, thereby setting the new total supply permanently. We will be posting a warning on our website and all our social channels so everyone has enough time to see it and unstake before the due date.
Marketing stage 2
We also have some exciting news to announce in regards to raising Meridian’s community awareness!
We will be commencing our second full blown marketing stage within the next few days. This will be our biggest marketing effort thus far, considerably larger than anything we’ve ever done.
This is in part due to the amount of proposals we’ve received from known crypto agencies and influencers. We have already closed some of these agreements while others are still being considered. We will reveal more as time goes by, but for now we can say that besides Youtube/Twitter influencers, AMA’s and community expansion, we will also be engaging in new forms of marketing which we believe to be critical for our long term success. These new marketing strategies came as a suggestion from several advisors we consulted with for this very purpose, and we are 100% convinced of their potential effectiveness.
Make sure to keep an eye out for our channels as we’ll be releasing the first 2 DAO proposals before this week’s end!
Until then, stay safe!
The Meridian team