Introducing Meta DAO

They are a community project built by a team of engineers, researchers, and marketing professionals who have participated in Olympus and other OHM forks. By combining the best traits of these DAOs and the team’s past experience, they aim higher and plan to build something even bigger.

 

Phase 1

Introducing Liquidity Bootstrap Event (LBE) for $META, the governance token for Meta DAO.

LBE will be open for all. Similar to the Olympus DAO IDO, the Meta DAO LBE will be the main source to provide initial liquidity and treasury’s initial backing for META. They are going to pair this with MIM (Magic Internet Money) from Abracadabra Money. MIM is the core component to sustain the Abracadabra Money’s lending model.

30,000 META tokens will be minted for the event with an initial price of 10 MIM/META reserved for 500 unique addresses. Each address is limited to 60 META only. The LBE event will last for 24 hours.

  • $140K MIM will be paired with 7K META token on Spooky swap, establishing the initial extrinsic price of $10 MIM per META with initial liquidity of $280,000.
  • $60,000 MIM will be deposited to the treasury, backing the initial META supply.
  • This will be done within 24 hours after the LBE event.
  • The remaining $100K MIM will be used to support the Meta dev work. Only the funds from the LBE exceeding $200K will be used for development. That means, if the total raised fund from LBE is only $250K, $200K will be used to initial liquidity and treasury backing, and $50K will be used to support dev work.

 

Info

https://medium.com/@metadaohq/introducing-meta-dao-the-reserve-currency-for-everyone-b029acb14912

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