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Meta (MTA) Genesis Event

In this article, mStable is excited to share a new way to release a token. It is a solution that should more sustainably grow our community of MTA Governors and more effectively bootstrap MTA liquidity.

This solution avoids “bot” front-running, incentivises long-term MTA holders and results in a deeper and more liquid MTA market.

The updated Meta Genesis Event will take place in two phases:

MTA auction on Mesa — a platform built on Gnosis Protocol:

Take a look at our step-by-step guide here.

  • 2.66 million MTA will be made available for sale via an open auction.
  • This auction will last for 24 hours or until the total MTA allocated has been claimed.
  • Bids should be placed before the auction begins, as there is the chance that the sale could conclude within 5–30 minutes with sufficient demand.
  • It is possible to place bids now on Mesa by copy/pasting the addresses below (in the ‘How to Participate’ section) into the UI. If you wait until tomorrow (Friday 17th, 1200 UTC) to begin participating, the official mUSD/MTA tokens will be listed and directly accessible on Mesa’s UI.
  • A sell order will be activated at 14:00 UTC 18th July, signalling the start of the auction. This means that all users bids will be matched with MTA sell orders at this time, and as soon as this starts, the auction begins in earnest.
  • Proceeds from this auction will go to the mStable Aragon DAO and will only be drawn upon once the protocol has achieved a sufficient level of governance decentralisation. Detailed posts on the mStable governance roadmap and structure will be published in the coming weeks and months.

Immediately after the auction has concluded, or a market price for MTA has been established, an incentivised mUSD/MTA pool on Balancer will be created and seeded:

  • The price of MTA will be known once the sale is complete on Mesa. We will use the auction prices to determine the Balancer pool’s starting price.
  • It will be seeded with a mixture of residual MTA from the Mesa auction (if any) and MTA from our previously unallocated token tranche (to a maximum of 500,000 MTA as initial liquidity).
  • The Balancer MTA/mUSD pool will receive its own dedicated MTA reward pool for the next two weeks of 125,000 MTA in total, with 75,000 MTA being distributed the week starting July 19th and a further 50,000 MTA the week starting July 26th.
  • Those who purchase MTA will be able to immediately contribute it to this MTA pool and earn these rewards.
  • In August, we will consolidate all of our Ecosystem rewards into a single emission as detailed in our documentation.
  • Due to the nature of the auction, existing MTA ecosystem reward commitments (the ones from the existing mUSD/USDC and mUSD/WETH Balancer Pools) will be paid out after the auction concludes and the Balancer pool has been seeded. They will become liquid within 24 hours of the Meta Genesis Event and the Balancer pool going live. This means that no MTA is in circulation before the sale begins.

A Better Genesis event

We delayed our release of Meta due to a mismatch in incentives between some likely participants in a liquidity pool launch and the long-term interests of our protocol and its users. On a high level, the two problems that resulted from this mismatch were:

  1. Participants front-running our Genesis event via automated strategies;
  2. Participants competing on factors other than the price they are willing to pay.

Mesa addresses these two issues. Thanks to the way that Mesa matches orders without a time priority, the risk of front-running is greatly reduced. An open auction with a lead up time for anyone to post bids allows participants to compete on price alone, by bidding up to the maximum price they themselves are willing to pay. Those interested in learning more about this process can find an explanation here.

Mesa does not, however, solve our liquidity goal — a primary reason mStable is doing this release. As a second phase of this auction, mStable will create an incentivised Balancer mUSD/MTA pool that is weighted 80/20, to minimise impermanent loss.

The MTA rewards directed towards this pool should drive liquidity from Mesa directly to Balancer, thereby creating a more liquid market.

How to Participate

Mesa may be new to some people so stay tuned for a step-by-step guide that will explain how to participate in the Meta Genesis event. This is coming out tomorrow, Friday 17 July 2020.

In the meantime, users should familiarise themselves with Metamask and Mesa, and save the following relevant contract addresses for MTA and mUSD.

It is possible to place bids now on Mesa by copy/pasting the addresses above into the UI. If you wait until tomorrow (Friday 17th, 1200 UTC) to begin participating, the official mUSD/MTA tokens will be listed and directly accessible on Mesa’s UI.

If you do choose to participate before it is integrated into the UI, please double check that you have copied the right addresses before sending any funds.

The pool is mUSD/MTA: to get mUSD, either mint it here, or buy it on these existing Balancer markets: mUSD/WETH or mUSD/USDC.

Next Steps

We’d like to thank our community who shared their opinions and offered their support in this decision. We believe that this new approach will result in a wider cohort of MTA Governors as well as more liquid MTA markets for our community and platform.

Please follow mStable’s official channels for all communications relevant to the Meta Genesis event, and beware of false or misleading deposit addresses.

Lastly, look out for a step-by-step guide that will be published tomorrow on how to participate in this Genesis Event!

Keep in touch

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Protect and grow your savings on mStable, a decentralised, community driven platform powered by $MTA

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James Simpson

James Simpson

CEO & Co-Founder at mStable.org

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