Meta Pool — Recap Q2, 2024
Products
Vote To Earn
During the second quarter of 2024, Meta Pool introduced an innovative tool to enhance participation in our DAO: “Vote to Earn.” This tool allows users to accurately calculate their voting power and the rewards associated with acquiring and locking the mpDAO token, covering lock periods ranging from 30 to 300 days.
Voting Power Calculator
The calculator is designed to provide a clear view of how the lock period of the mpDAO token affects each user’s voting power. As users choose to lock their tokens for longer periods, they receive increased voting power. The formula used is: locked_amount_mpDAO * unlocked_days/60. This formula ensures that users with longer commitments receive greater influence in DAO governance, encouraging more active and engaged participation.
Reward Estimation
In addition to calculating voting power, the calculator provides detailed estimates of the rewards users can receive. Those who keep their mpDAO locked and continue to actively participate in the voting process benefit from rewards that reflect their commitment and involvement. This transparency in rewards strengthens trust in the system and fosters greater engagement in DAO governance.
Impact and Benefits
The introduction of this calculator not only makes it easier to understand how lock periods influence voting power and rewards but also reinforces our commitment to transparency and active participation. By offering a tool that allows users to plan and maximize their contributions, we are setting a higher standard for governance in the Web3 ecosystem.
We encourage all users to use the calculator to explore how their lock decisions can optimize their influence in the DAO and the rewards they receive, thus contributing to a more robust and participatory future for Meta Pool.
stAUR Campaign
We would like to provide a crucial update regarding the stAUR campaign. We have decided to put the stAUR campaign on hold; this decision is due to the need to focus our efforts on two current strategic launches that are occupying the majority of our resources and attention.
The purpose of this pause is to ensure that our initiatives align with Meta Pool’s strategic objectives and operational standards.
In the future, if we decide to reactivate the stAUR campaign, we will inform you through our official channels. We deeply appreciate your understanding and support as we continue to work towards advancing our goals and strengthening the ecosystem.
mpIP Support on Main dApp
After a detailed evaluation, we have decided that the mpIP initially planned for this phase will not be necessary in the short term. Instead, it will be scheduled for the third quarter of 2024.
This adjustment is due to the need to integrate the functionality related to the mpIP with the current contract, which requires additional technical adjustments. To ensure that mpDAO can effectively vote on MPIPs, a suitable mpIP will be necessary to implement the required changes.
We appreciate your understanding and continued support as we work on these technical adjustments. If you have any additional questions or need more information, please do not hesitate to contact us through our official channels.
Protocols
L1 — Internet Computer Protocol
We are pleased to announce that, during the second quarter of 2024, we began the process for staking on the ICP network. However, due to the ongoing security audit of the smart contract, the launch has been postponed to the third quarter of 2024.
As part of this process, we are excited to share that @block_apex has commenced a comprehensive audit of our ICP staking smart contract. This step is crucial to ensure the highest level of security for our users as we expand our operations to the ICP network.
L2 — Linea & Mode
For the objective we set regarding Linea & Mode, it will be on hold for the foreseeable future due to our focus on the recent launches we are working on.
As soon as we have any updates on this, we will communicate them through our official channels.
Oracle — API3 Support mpETH
The mpETH/ETH Exchange Rate is now available on the API3 Market.
$mpETH is the liquid staking token by Meta Pool designed to give holders passive income through staking rewards.
Chain — Linea: API3 Market — mpETH/ETH Exchange Rate on Linea
DAO — Governance
Multichain Support EthereumDuring the second quarter of 2024, we made significant progress towards realizing our vision of multichain governance by taking a crucial step with the launch of our governance token, mpDAO, on the Ethereum network. This advancement not only marks a milestone for our DAO but also sets a new standard in participation and management within the Web3 ecosystem by being the first DAO with governance across two chains.
Governance Token Migration
With the approval of the Meta Pool Improvement Proposal 3 (mpIP-3), we initiated the migration of our governance token, signaling the end of $META and the beginning of $mpDAO. This migration process has been essential for several key reasons:
Expanded Participation: Introducing the mpDAO token on Ethereum opens up new possibilities for broader participation in the DAO. Ethereum users can now join our governance process, thereby enriching the protocol with a more diverse perspective and strengthening its decentralized nature.
Smooth Transition: From April 15 to 30, users had the opportunity to migrate their locked $META positions to the new mpDAO voting contract. During this migration period, which remains active, locked positions have remained unchanged, so users who complete the process will receive 1 locked $mpDAO for every locked $META.
Enhanced Voting Power Calculation: The new voting contract features a refined method for calculating voting power, designed to reward long-term commitment. The new calculation is: quantity_locked_mpDAO * days_unlocked/60. This means that users with a 30-day unlocking period will receive 0.5x voting power, while those with a 300-day unlocking period will receive 5x. This adjustment encourages greater participation and sustained commitment to governance.
Implications of this milestone
The implementation of multichain governance on Ethereum and NEAR represents a significant advancement in Web3 governance. This innovative model allows users from different chains to actively participate in Meta Pool’s decision-making, enriching the governance process with diverse perspectives and expertise.
By enabling a direct connection between Ethereum and NEAR, it fosters closer and more effective collaboration between communities, which is crucial for the protocol’s development and stability. This integration not only expands the reach of participation but also enhances the system’s ability to adapt and evolve in a rapidly changing blockchain environment, thereby promoting greater fairness and resilience in decision-making.
mpDAO Grants 7
The mpDAO Grants 7 round has achieved a milestone with a record-breaking 51 proposals being created and whitelisted for voting. This marks the highest number of proposals ever submitted in a single round.
Currently, the DAO Treasury holds more than 17,206 $stNEAR tokens, valued at over $100,000 USD, ready to be distributed among the selected proposals.
The proposals cover a variety of tracks, including education, content creation, events, app integrations, and AI-Blockchain-based projects. For the first time, Meta Pool’s DAO will allow Ethereum participants to join the voting round using the multi-chain governance designed by Meta Pool.
Results
This round saw a remarkable engagement, with a total of 64,900,846 votes cast across the 51 proposals, more than doubling the vote count from the previous round, mpDAO Grants 6. The total funding request from all proposals amounted to $220,026 USD.
The community approved over $49,860 USD to support 18 projects, out of a total budget of $119,581.70, leaving $69,781.70 remaining in the treasury. The approval process utilized a snapshot taken at 23:59 UTC on June 30th, 2024, incorporating votes, the grants treasury balance (17,206 stNEAR), and the stNEAR price (6.95 stNEAR/USDT) to determine funding allocations.
To learn more about the results, read the following article:
While The Open Web Academy and the Retroactive Funding QF Round on Potlock received over 5% of the votes, they did not meet the approval threshold. These proposals will have another opportunity in mpDAO Grants 8, with 882 tokens approved for Open Web Academy and 1,172.6 tokens for Potlock.
Payment Process
Grant recipients will receive their funds upon providing detailed reports on the completed work, ensuring transparency and accountability.
The application period for mpDAO Grants 8 is now open. We invite you to submit your proposals and continue your contributions to the Meta Pool ecosystem. To apply, please use the following link until August 3rd.
Thank You for Your Participation
We extend our gratitude to everyone who participated in this round. Your innovative proposals and active engagement are greatly appreciated. If you did not receive funding this time, we encourage you to participate in mpDAO Grants 8. Together, let’s continue advancing the Web3 space.
DAO — Governance | Stats during Q2
Abril 2024:
Total Protocol Fees collected during April, 2024
7,274 stNEAR (~$61,000 USD)
Mayo 2024:
Total Protocol Fees collected during May, 2024
26,367 stNEAR (~$158,535 USD)
Junio 2024:
Total Protocol Fees collected during June, 2024
24,268 stNEAR (~$163,723 USD)
Follow our official X and Telegram accounts for the latest event updates.
