Meta Yield Proves its “Kickstarter for NEAR” Model with Successful PembRock Fundraising Campaign
tl;dr
- Meta Yield has completed its first successful fundraising campaign with PembRock Finance
- In just 3 weeks, 80 backers committed 168,000 $stNEAR, or roughly $1m USD, to support PembRock Finance
- DAOrecords will be the next project to launch a fundraising campaign on Meta Yield
PembRock Marks the First Completed Project on Meta Yield
PembRock Finance was the first project to launch on Meta Pool’s new fundraising platform, Meta Yield. After launching on May 11th and in just 3 weeks. the project raised over 168,000 $stNEAR from more than 80 different backers
PembRock is a leveraged yield farming platform that allows members of the NEAR ecosystem to stake, farm, and leverage their capital to increase their rewards.
PembRock’s fundraising success shows that DeFi users are still looking for ways to expand their capital, even as it rises and falls sharply in USD value.
After the recent market crash, it’s more important now than ever before that members of the NEAR ecosystem can find a way to support developing projects, and keep their capital relatively liquid.
While Meta Yield does lock your capital, users receive the native token of the project they are supporting — after PembRock met their second goal, 1.275m $PEM tokens were set to be distributed among users over a 6 month period. In addition, after the lock period ends all backers will receive the NEAR that they staked — making Meta Yield one of the lowest DeFi risks in the ecosystem.
Meta Yield Tackles the Issue of Risk in a Crypto Bear Market
After the completion of its first campaign, Meta Yield is already proving its value to both backers and projects on the NEAR ecosystem.
Meta Yield is unique because it allows members of the NEAR ecosystem to financially support developing projects without truly risking their tokens.
While launchpads like Skyward have served Meta Pool and various other projects well (including PembRock), there is a new demand for fundraising capital that can be deployed with confidence in a bear market that has seen a significant decrease in available funds.
In sum, launchpads are not fulfilling the same goals as Meta Yield. They are different approaches.
For Meta Yield a launchpad that is focused on trading NEAR for another project token is not much different then swapping them on a DEX/AMM.
Whereas Meta Yield works as a fundraising mechanism where people can support crypto projects without losing their tokens. We want to build a long term commitment relationship (don’t worry it’s not marriage) between NEAR token holders and projects.
We believe that supporting projects with NEAR staking rewards is the best way: it offers a long term view on building utility for a project’s token instead of just trading it for short term value creation.
And besides supporting a project on Meta Yield, NEAR tokens from the backers will make the network more decentralized and censorship-resistant.
What’s Next for Meta Yield?
After demonstrating its success, the team at Meta Yield are already moving on their next project. DAOrecords, and their project SoundSplash Alpha, is a Metaverse Music Event Series, featuring NFT drops.
The DAOrecords fundraising campaign is set to launch next week. Stay tuned for more information about it!
About Meta Pool & stNEAR
Meta Pool is the leading liquid staking solution for $NEAR and wNEAR token holders to earn staking rewards and maintain their liquidity to participate in DeFi protocols on NEAR and Aurora.
Users staking $NEAR and wNEAR with Meta Pool receive in exchange a NEP-141 standard token, stNEAR (staked NEAR).
stNEAR simultaneously accrues staking rewards and unlocks users’ liquidity enabling them to participate in DeFi activities (e.g. lending, farming, borrowing) on NEAR and Aurora.
Stake $NEAR on Meta Pool (~11% APY)
Get stNEAR (Yield-bearing token)
Go DeFi on NEAR & Aurora (More APY and more rewards)
Meta Pool solves the problems associated with Proof-of-Stake networks staking: illiquidity, immovability and accessibility. Meta Pool also aims to distribute staking in multiple validators to improve censorship-resistance of the NEAR network.
With a TVL of ~9 Million $NEAR and growing, Meta Pool has become in just a few months a cornerstone element of the NEAR ecosystem, making it more decentralized and therefore more secure, as well as making $NEAR liquid.
In February 2022 Meta Pool has been successfully audited by BlockSec, confirming the implementation of the highest security standards.
For more information visit https://metapool.app.
Join Meta Pool & stNEAR Community
If you have any questions or wish to be part of our project, don’t hesitate to join our official platforms and reach out to the team!
