[PROPOSAL] Metacoin Token and Preparation to Decentralized Metaverse DAO Project

Proponent: Metaverse DAO
NEAR account for payment: metaverse-dao.sputnik-dao.near
Project Timeline: January 5th – 31th

Objective: The main objective of this project is to build the conditions for Metaverse DAO to give the community that holds Metacoin tokens (the token created by our DAO) the voting power to submit and decide about the funding for 1 project that represents 5% of our max budget. These conditions are the liquidity pool for the token, its white paper, its distribution through our community, and preparing the community to make projects and vote in the next month.

Justification (benefits): The relevance of this project is to fulfill the ideal of decentralization over the decisions, that are the very essence of the DAOs and of NEAR Foundation intentions. This is also important because it gives an important role to the community, by democratizing part of the budget for people who values and holds our token. This has an interesting consequence, which is to give a utility to the token and probably raise its price in the market.

Project: We created the token Metacoin and put it in a liquidity pool with DAI. Our project is to keep feeding the liquidity pool, develop a white paper for the token, publicize its swap possibility, distribute it through the community, and prepare the community (through a post at the forum, telegram and individual help) to submit a project next month and to vote in a project. If the project is successfull for some months, we can develop it for a larger part of the budget.

About the Metacoin token:

  • Contract adress: metacoin.tkn.near
  • Max supply: 100,000
  • 50,000 to be at the treasury; and 50,000 to be added to the liquidity pool, a little bit at the time (250 to 500 per month), in order to democratize the possibility of acquire voting power, even in the future.
  • Liquidity pool METACOIN/DAI: 500-500 (500 of each were added to the liquidity pool). If we add 500 usd and 500 metadai per month and distribute to the community at the pace we are now, we will take a little less than 10 years to distribute (or put in the LP) 50,000 metacoins.
  • Distribution method: 10/month for each council member, and up to 10/month for the community (1 for each participation) for participating in bounties or creating successful projects (30 were distributed up to now to the three members of the council).
  • For each distributed Metacoin, we will feed the liquidity pool with the same amount of metacoin and the relative dai.
  • Utility: submission power and voting power on a project to be funded with 5% of our max budget.

Timeline

January 5th:

Start researching for building the whitepaper

January 20th:

Whitepaper ready.
To look for a mechanism to use tokens as voting power on near.

January 21th:

Feed liquidity pool.
Post in the forum about the token.
Publicize post.

January 23th:

To look for interested people to submit projects and give them individual help.

January 25th - 31st:

Submissions of projects from holders of Metacoin.

January 31st:

To start accountability.

Budget

100 usd in near: to research write the whitepaper or similar document to the one produced by MarmaJ.
250 usd in near: to feed the liquidity pool.
3 near: create the token and open the liquidity pool (from the treasury, and not from the funding request).

TOTAL: 350 USD in NEAR (+ 3 NEAR from the treasury)

Final Products: Metacoins distributed among community and in a liquidity pool, a document talking about the token, people preared to submit projects to Metaverse DAO, and the submitted projects.

Metaverse DAO

3 Likes

Report

Project status: completed
Project name: Metacoin Token and Preparation to Decentralized Metaverse DAO Project

Project Accounting: We deposited 250 DAI with the relative METACOIN in the liquidity pool and we open submissions to projects.Two projects were submitted, and we are in the process approving them and helping them with the submission. One of this 2 projects will be selected and funded next month by metacoin holders. We also prepared the document similar to MarmaJ’s and published at the forum here.

Exactly: Deposited 250 DAI + 226,95255946067843 metacoins in the liquidity pool on ref.finance. January 10th, 2022, 15:48 Brazilian Time, UTC-3. Left: 23.047 metacoins and 0.001 DAI deposited in ref.finance, but not in the liquidity pool.

Updated Project Timeline:
All the actions were done in the appropriate time.

Highlights:
Final Products: increase in 250 usd in the liquidity pool, 2 metacoin holders, 2 submissions of projects, 1 whitepaper-like document.

Learnings:
We need to publicize our token more, in order to have more submissions and holders.

Next Steps:
Publicize the token and fund the first accepted project.

METACOIN AND DECENTRALIZED PROJECTS ON FEBRUARY

Proponent: Metaverse DAO
NEAR account for payment: metaverse-dao.sputnik-dao.near
Project Timeline: February 5th – 31th

Objective: The main objective of this project is to feed the liquidity pool from metacoin and fund the project that was voted by metacoin holders. We also intend to open new submissions from metacoin holders.

Justification (benefits): The relevance of this project is to fulfill the ideal of decentralization over the decisions, that are the very essence of the DAOs and of NEAR Foundation intentions. This is also important because it gives an important role to the community, by democratizing part of the budget for people who values and holds our token. This has an interesting consequence, which is to give a utility to the token and probably raise its price in the market.

Project: We created the token Metacoin and put it in a liquidity pool with DAI. Our project is to keep feeding the liquidity pool, we already have a white paper (or similar document) for the token, and we will continue to publicize its swap possibility, distribute it through the community, and help metacoin holders to submit and vote.

About the Metacoin token:

  • Contract adress: metacoin.tkn.near
  • Max supply: 100,000
  • Utility: submission power and voting power on a project to be funded with 5% of our max budget.

Timeline

February 5th:

To decide what project submitted last month we will fund this month (decision by holders).

February 10th:

Feed liquidity pool.
Post in the forum about the decentralized project (open submissions).
Publicize post.

February 11th:

Start receiving submissions from metacoin holders.

February 25th:

Close submissions of projects from holders of Metacoin.

February 28th:

To expect for the project accountability.
To vote on the project to be funded next month.

Budget

300 usd in near: to feed the liquidity pool.
250 usd in near: to fund the decentralized project.

TOTAL: 550 usd in NEAR

Final Products: Metacoins distributed among community and in a liquidity pool, and a funded project of 250 usd in near budget.

Metaverse DAO