mStable
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mStable

Meta (MTA) Genesis Update

Summary

  • After much team and community consultation, the MTA Genesis event scheduled on Balancer at approximately 14:00 UTC on Wednesday, July 15th 2020, will be marginally delayed.
  • Recent events have shed light on a mismatch in incentives between some likely actors in a Balancer/Uniswap pool launch and the long-term interests of a protocol and its users.
  • Our motivation for doing a Balancer pool has always been to bootstrap deep liquidity for the MTA token over the long-term and to build a robust base of MTA holders who will eventually govern mStable.
  • In the post published in the next 24–48 hrs, a better and fairer approach to launching MTA will be described. This method avoids “bot” front-running; incentivises long-term MTA holders and results in a deeper and more liquid MTA market.
  • MTA will be live very soon — thanks for your patience.

A Better MTA Launch

As a team, we have thought deeply about the response to the recent Uniswap pool token launches and the trade-offs they present. We understand launching on an AMM isn’t ideal in all scenarios and for all traders, particularly given their substantial built-in incentives for front-running.

Importantly, our motivation for doing a Balancer pool has always been to bootstrap deep liquidity for the MTA token over the long-term and to build a robust base of MTA holders who will eventually govern mStable.

These goals were reflected in the Meta Genesis announcement last week. Specifically, we mentioned these two aims:

1. “To build out a distributed community of Meta Governors”

2. “To start the market that enables mStable’s re-collateralisation process”

You can read the full version in our previous post here.

It has recently become apparent to our team that there is a mismatch between our long term goals for the MTA token and the incentives of some actors in an exclusive Balancer pool Genesis event. For this reason, the Genesis event will be marginally delayed — for at most a week. MTA will still be made available to the public very soon and the team will be in touch with an update in the next 24–48 hours detailing next steps.

This decision was made after consultation with the mStable community and the changes to this process have been designed with the long-term interest of our users and platform squarely in mind.

In the post published in the next 24–48 hrs, a better and fairer approach to launching MTA will be described. This method avoids “bot” front-running; incentivises long-term MTA holders and results in a deeper and more liquid MTA market.

Stay tuned for more details and thanks for your patience.

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James Simpson

James Simpson

CEO & Co-Founder at mStable.org

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