MIP - Strategic Release of 15M Reserved MTRG Tokens for Network Growth

[S_G]

Introduction

Dear Community,

As part of our ongoing efforts to enhance the value and utility of our network, we propose a strategic initiative aimed at accelerating our growth, increasing user engagement, and enhancing the overall ecosystem. We seek your feedback and insights on the proposal to release 15 million MTRG tokens, currently reserved for future projects, into circulation. Our goal is to deploy these tokens in a manner that will invigorate our community, attract new users and developers, and bolster network adoption.

Key focus areas of Ecosystem Growth

We define 3 key focus areas of growth that warrant the utilization of released MTRG;

1. User Growth (On-chain and Off-chain)
2. Activity Growth (On-chain and Off-chain)
3. Trading Volume Growth

NOTE: The MTRG released through this proposal will only be utilized for programs which align with these focus areas.

Proposal Overview

The reserved 15M MTRG tokens represent a significant resource that, if utilized wisely, can catalyze substantial growth and development within our ecosystem. The proposed allocation of these tokens is as follows in alignment with the key drivers:

1. Airdrops and User Incentives

A portion of the tokens will be allocated for airdrops to existing and new users. This will not only reward our loyal community members but also attract new users to the platform. Additional incentives may include gas rebates and other user engagement mechanisms.

2. Incentives for DApp Developers

By offering performance based incentives that cater to native token liquidity buildup, marketing incentives and developer incentives, we aim to incentivize developers to build decentralized applications on our network and ensure success. This initiative will not only expand our DApp ecosystem but also foster innovation and usage on our platform.

3. Marketing and Promotional Activities

Effective marketing strategies are essential for growth and adoption. Tokens will be set aside for promotional activities, partnerships, and other marketing initiatives to increase MTRG demand and visibility in the market.

4. Centralized Exchange Listings

Listing on a centralized exchange remains a highly effective strategy for boosting user growth and trading volume, thanks to their extensive user base. We suggest allocating a portion of our budget for listings on centralized exchanges.

5. Community and User Base Expansion

Allocating tokens for community-building activities and expanding our user base is crucial. This includes community competitions, hackathons and collaboration with influencers to reach a wider audience. An expansion of community also includes network contributors, educators, event organizers and alike.

6. Repayment of PASS Token Liabilities

We propose to use MTRG tokens to address a portion of outstanding liabilities related to PASS tokens.

Objectives

The key objectives behind the release of the reserved tokens are as follows:

• Increase MTRG demand and market presence
• Stimulate network activity and user engagement
• Attract and support developers to enhance our DApp ecosystem
• Expand our community and user base

Specific Release Schedule

We propose to initiate different governance proposals to individually release MTRG to each proposed allocations as we chalk out a more detailed plan to address each of the categories.

NOTE: The MTRG from the reserve will come into circulation only once respective governance proposals are ratified.

Community Feedback

We believe in the power of our community and the importance of decentralized decision-making. Therefore, we invite all community members to provide their feedback, suggestions, and concerns regarding this proposal. Your input is invaluable in shaping the future direction of our network and ensuring that we make decisions that reflect the collective interest of our ecosystem.

Specifically, we would love feedback on the best utilization of MTRG and suitable references where possible from across the blockchain ecosystem.

Next Steps

Based on the community feedback received on expanding or contracting the categories, we will refine the proposal to include/exclude specific categories to consider for the incentive scheme. A detailed plan for the allocation and distribution of the 15M MTRG tokens will be released separately through governance as we chalk out a detailed plan for these categories.

For the current focus on-hand, a formal governance vote to give a go-ahead on the release of 15 Million MTRG tokens will then be scheduled, where token holders will have the opportunity to vote on the proposal.

We look forward to your constructive feedback and to working together towards a prosperous future for our network.

Governance and Voting Process

Forum Discussion

Period of 7 days starting 7 March 2024 00:00 UTC until 13 March 2024 00:00 UTC.

Governance Proposal Voting

Period of 2 days starting 13 March 2024 00:00 UTC to 15 March 2024 00:00 UTC.

Users can vote with MTRG, staked MTRG, stMTRG and wstMTRG. The proposal will pass when it achieves a majority vote. There is no quorum requirement. There will be a minimum requirement of 25 MTRG to vote.

• Yes - Let’s fuel ecosystem growth
• No - Do not release the tokens yet

[Jimmyjab]

This is a strong yes from me. A few thoughts on how I’d prefer to allocate the MTRG:

1. Heavily prioritise ecosystem funding. A chain like Meter is nothing without dapps that provide interesting use cases. A huge benefit to Meter is the fact that it is EVM compatible (among others I know). I think we should allocate a large portion of the 15m towards:
   a) primarily and in the short term, attracting teams that are already building on Ethereum, have a product in Beta and are prepared to launch exclusively on Meter. I know that might be a hard ask but I believe we should be willing to pay a healthy sum for a project that meets that criteria and gives us a new/unique use case. I prefer quality here over quantity - users want to be able to see what new utility the dapp is bringing and actually want to use it. Look for good dapp examples among other chains for inspiration. Personally I would provide Kujira as a great example of some interesting Defi use cases - I’m thinking particularly of Orca liquidation platform - and also Peapods Finance volatility farming. These are super interesting projects imo (neither of which I own any investment in btw).
   b) In the mid term, holding hackathons which have proper marketing and hype around them. This will take more build up and could be allocated a lower portion of the pot, since projects could be part funded by the community through my next suggestion…

2. Build a launchpad / partner with an existing launchpad. IDOs are a great way to get people to stake the network token and participate in other ways, in order to qualify for the initial offering. Projects launching like Hydro on Injective and AIT on PAAL have recently attracted huge amounts of attention to the ecosystem as a whole. There are many other examples I’m sure. Winners of the hackathon in my previous point could win an IDO slot on the launchpad

3. Avoid marketing that isn’t through X. Towards the top of the last cycle there were a handful of projects spending big bucks on advertising on tube trains in London and (infamously) even buying the naming rights to sports arenas. They are extreme examples of course, but since most of crypto seems to run through X I would propose that any and all marketing budget is spent there

4. Pay some good influencers to promote the project. This will be controversial I’m sure but we need exposure to different communities, for which we need more than one influencer actively talking about Meter. I will stop short of naming any particular person but look at a project like Realio for how good X marketing can work well for a token

5. to reward bag holders:
   a) boost lending rewards on Sumer. Right now the looping strategy is OK but most people won’t want to do it for the reward they’re getting. Boost the reward to something worth the effort / complexity / risk
   b) Boost MTRG liquid staking rewards temporarily. This is tricky because we don’t want to introduce extra sell pressure, but since liquid staking auto compounds I think people will largely keep holding and be happy to see their mtrg balance pile up. I think this is better than a one time mtrg airdrop which many people would sell straight away

This is perhaps a bit too much of a brain dump but are my honest and unselfish thoughts. Any comments, comebacks and builds very welcome!

[Jimmyjab]

Also just to add I’ve just been doing some research on Blast - new L2 on Ethereum and they are absolutely smashing it on the marketing and ecosystem development front. They have NFTs, gamblefi, gaming and defi all in development and they have only just gone live with mainnet. Their branding is slick too. We really should aspire to that level

[Jhs]

I don’t see why not. We need to start spending this fund asap

should immediately prioritise Binance listing and some decent influencers

But this is urgent. good attention and price action before end March is essential. Otherwise people will dump tokens and move on

I think this should really have been done 3 months ago

[Shaunthesheep]

Yes we should unlock these tokens but be careful not to flood the market. Maybe when paying influencers we should get them to ageee not to sell for 6 months. Same with any developers we pay to build

Airdrops please. Either in mtrg or Sumer or new protocol tokens when those launch

[HC-CRYPTO]

Great idea and good to finally finish this ongoing pass token issue and kindly clear it completely and not partially, to not keep this dragging it’s about time.