Learning about Meta Pool’s vision; AMA with CoinEasy in Korea
Engaging with the community through regular Ask Me Anything (AMA) sessions is the best way to increase transparency, trust, and ultimately grow the number of users staking on Meta Pool!
This blog post captures some fascinating insights about Meta Pool’ future: the vision, the roadmap, partnerships, and some security considerations. These questions are from a recent AMA with the Korean Community facilitated by Coin Easy. The responses are from Meta Pool Co-Founder Claudio Cossio. Enjoy:
1. We are currently proceeding with a structure in which the $META IDO price increases as the amount invested increases.
This is why investors are reluctant, because, if you proceed this way, Meta Pool can earn a lot of money, but investors often suffer losses on their money because of dumping. I think it might be better to get a whitelist and buy it from them at a fixed price. So why do you proceed like this?
Currently there will be only 28 million from the IDO plus the 14.9 million from the Community Launch representing a little bit less than 5% of all $META on the market. Right now the price of $META will be discovered and it will fluctuate, but you need to view it for the long term.
If you are thinking in short term, of course, it will not play in your favor, as many tokens have shown when they launch, but we are building something that will drive value for NEAR Protocol. Our goal is that as long as we stay true to that vision the price of $META will be sustainable and increasing, there are many questions, so please be patient, I will answer them all.
2. There have been a lot of security issues recently. Is your project free to hack? I’d like to know whether you’re conducting a security audit or not.
Just to set the record straight, there has been ZERO security issues on the Meta Pool protocol. We will get audited by a 3rd party on the first week of January and will share the report publicly.
For now the only attack vector to the Meta Pool protocol will be a direct attack on the validator network and the NEAR protocol.
3. Which token is the most interesting, stNEAR or $META?
Both.
- Short term definitely stNEAR has the biggest potential, since it is a liquid token. It is automatically accruing in value every 13 hours (1 epoch). It is fungible, which means that it can be traded or used in DeFi or gaming DApps.
- Long term we want $META to be used as the Governance token, so the community can decided the direction of the protocol. It will take time and lots of trial & errors, getting the right governance structure in place is not something that can be easily solved with software. Human behaviours will dictate the proposals and responses from the DAO, so we need to understand what will work for the long term and help the protocol become sustainable.
If you want to learn more, visit our GitBook.
4. Fees are important to users, it’s liquidity and the un-staking fees. For users who use it often, is there any benefit that reduces fees?
This is a great question, one of the features we are thinking is to implement a staking process for $META in order to unlock certain benefits for stakers. Which could be reducing the fees and more voting power on the DAO.
For the moment we are focused on increase the footprint of stNEAR and we will start working on internal features for Meta Pool power stakers. ;)
5. Price is an important factor in any project. No matter how great a plan you have, you won’t be recognized by people unless the price is supported. For this reason, these projects fund plans and conducts events, such as buyback and token burning. I’d like to know if you’re planning these things for Meta Pool.
Those are scenarios that we will face once we have around $100 million USD in TVL. The buyback strategy is something to consider once the treasury has more than 100,000 stNEAR. For now we have close to 12,000 stNEAR which is a good amount of capital to deploy and it is allocated to support the Ambassador and Partner programs.
Burning $META can be done if the community will benefit from it and also the governance around the DAO.
6. What are your future road map plans? I’m curious about the final goal.
We shared our roadmap on the IDO page, which you can consult here:
Some of the features coming to Meta Pool are:
Q4 2021:
- Farms on Ref Finance — OCT<>stNEAR and $META<>stNEAR
- OIN Finance v3 DAO launch on NEAR, which will support stNEAR as collateral (currently in private beta)
- stNEAR<>NEAR direct swap pool on Meta Pool
- Partner and Ambassador programs to expand the use of stNEAR in the ecosystem
Q1 2022:
- Deploy the ASTRO DAO and allow token voting on the Meta Pool DAO
- Treasury allocation and transparency process
- Deploy a Pegged NEAR token on Meta Pool — pNEAR
We will be covering that in future AMA’s in our Discord Group, so please join us! https://discord.gg/CcYuU3tv
7. Where did the 40 million outstanding tokens go? I’m curious about the current status of community users.
40 million token have been allocated to the seed investors, if that is the question. The exact percentages we are keeping it private for security reasons and to protect our strategic partners. These tokens are locked for 12 and 24 months, with a 12 and 24 month linear release.
Status of the community users, so right now 14.11 million $META tokens have been distributed to stakers and Liquidity Providers, as well to those that have liquid unstaked.
The community is growing in Asia Pacific, in regions such as Vietnam, China, Russia, Thailand, Philippiness and Korea. Which is the areas we are focusing on to launch the Ambassador programs 🙂
8. As far as I know, Meta Pool is collaborating with OINDAO’s v3. I’m curious about the details.
The details are:
- stNEAR will be the only collateral that OIN will be accepting for their V3 DAO on NEAR
- We will provide incentives in $META rewards to users that collaterize their stNEAR and mint nUSDO
- There will be a very good incentives structure announced soon, so prepare your stNEAR ;)
If you want to know more, please follow us on Twitter for the latest updates — https://twitter.com/meta_pool and OIN Finance https://twitter.com/FinanceOin
We will be posting about it next week!
9. What’s your vision and ultimate goal?
Create value for NEAR token holders, by helping decentralize the network by evenly distributing staked NEAR and allowing the more than 400 million NEAR tokens currently staked to flow into the NEAR ecosystem through our liquid staking platform, by using stNEAR.
For stNEAR to become the basic digital asset in the NEAR Ecosystem. That is why we are launching a program to support DApps and platforms that will be using stNEAR, so we create a land and expand strategy for the token.
10. I wonder if you have any plans to collaborate in the future with the Metaverse or P2E services that are currently popular.
When we liberate 5–10% of NEAR tokens (20–40 million) currently staked in validator nodes, we will need to collaborate with other players in the crypto industry.
For now we are just too small 😛
We are long on NEAR! So our core focus is to put NEAR token holders front and center of our strategy.
11. Is there no staking prize for any token other than the NEAR token? I want to know if you have any plans.
Only NEAR for 2022 and by the end of Q4 2022 we will discuss if migrating to other protocols make sense.
We will start collaborating with Aurora and see where that takes us ;)
12. Do you have any plans to use any other mainnet besides NEAR Protocol in the future?
Not for now, 2022 is all about the NEARverse!
13. Revenue is a critical aspect of the project company’s survival and maintenance in all projects. How do you generate revenue from tokens? What is the revenue model?
Our business model is charging the fees from the liquid unstake process and also the Liquid Swap Pool.
For the liquid unstake we charge 3% to 0.3% depending on the amount of liquidity on the liquid swap pool.
In the Liquid Swap Pool we distribute the LP fees 55% to the liquidity providers and 45% to Meta Pool.
14. Users want to maximize their assets and be protected. If there is a downward trend, is the team prepared? I wonder if the safety devices are well-equipped.
Preparing for a nuclear winter is the main reason we raised a seed round, so we do not have to touch the treasury and that is solely focused to expand the Ambassador and Partner programs.
Security is our top priority, the NEAR Core development team reviewed our contracts and our platform and also on the first week of January we will be audited by Blocksec; we will share the full report with the community once the audit has been done.
One important thing to consider is that the delegation of the NEAR tokens is non-custodial, which means we do not have access to your assets. In order for your tokens to be exposed a bad actor would have to get a hold of your private keys or seed phrase, both are not accesible by the Meta Pool smart contracts.
The only attack vector is a direct sybil attack on several validator nodes and the go offline, also meaning that it is an attack on the NEAR network.
15. Please explain the future ecosystem expansion strategy and roadmap.
So we are keen on more DApps and Platforms to use stNEAR as their main transaction token, we are in early discussions with launchpads, AMMs and DEXs that are coming to the NEARverse.
We believe that gaming will play a very important role for mass adoption of any digital asset, so we will also look to support projects and initiatives around this area.
Ambassadors will be key to detect local and regional opportunities for the use of stNEAR and we hope to discover new expansion strategies through this collaboration.
16. How many team members are you working with? Including the community.
Right now we are:
- 2 Founders
- 1 Operations Lead
- 3 Developers
- 2 Community Success leads
- 7 regional Ambassadors
17. What are the advantages of Meta Pool that differentiates it from other DeFi platforms?
Right now we are the only liquid staking solution on the NEAR Protocol. Our core asset is providing a mechanism for NEAR token holders to receive staking rewards and also participate in the DeFi ecosystem on NEAR.
We are driving growth for the NEAR network, since we are helping new validator nodes have exposure to retail token holders.
Also we are increase the Total Value Locked on the whole NEAR network.
18. Security is important for DeFi to be successful in the long run. How does Meta Pool deal with security?
The Meta Pool smart contract was reviewed by the NEAR Core development team and they made suggestions which we have applied. On January 2022 we will be going through a security audit by Blocksec, just to make sure that everything is in place.
19. What was the motivation and vision for launching the Meta Pool?
Create value for NEAR token holders, by decentralizing the network supporting new validator nodes that are coming to the NEAR network to have exposure to retail token holders who are staking and most importantly liberating 400 million NEAR that are currently locked and not flowing to the ecosystem.
We believe that stNEAR can be a foundational token for any project that wants to launch on the NEAR Protocol network.
All the team is commited and motivated to reach our goals, join us in Discord, give us feedback, talk about potencial partnerships and add value to Meta Pool.
Be part of Meta Pool!
