Thread by @resdegen

$META | @meta_pool | a thread 👇🧵

MetaPool is the first liquid staking solution on @NEARProtocol

By staking your $NEAR, it allows you to get liquid stNEAR to use it in DeFi as collateral or to provide liquidity while you are earning staking rewards with a ~10.77% APY

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📓 How does liquid staking work?

1. Deposit $NEAR into MetaPool
2. Receive stNEAR (staked-NEAR)
3. MetaPool distributes your tokens across validators
4. Rewards accumulate in the form of appreciated stNEAR value
5. Use stNEAR in DeFi applications

Same as @LidoFinance!

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📊 TVL

- With $133M in TVL, Metapool is the top 1 app by TVL in the $NEAR eco (not taking $AURORA into account)

- TVL is ever-increasing (measured in NEAR tokens) and ppl are staking NEAR to take advantage of the liquid staking solution

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💻 How can you use your stNEAR?

1⃣ Leverage staking

@BastionProtocol offers a leverage play where you can stake your stNEAR, borrow NEAR against it, stake and provide again

After several loops you can get ~100% APY on your $NEAR tokens 🔄

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2⃣ Use it as collateral

@BastionProtocol and @aurigami_PLY allow you to deposit stNEAR and borrow against

@FinanceOin allows you to mint their stablecoin $nUSDO by backing it with stNEAR

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3⃣ Provide liquidity

- stNEAR - NEAR directly in the MetaPool app for 15.88% APY
- stNEAR - wNEAR in @finance_ref for 19.17% APR
- stNEAR - xTRI on @trisolarislabs for 81% APR
- stNEAR - META on @finance_ref for 65% APY

You can of course combine several strategies

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🪙 The $META token

$META is the native governance token and in Phase III there will be a dividend-pool that will allow $META owners to burn $META to obtain stNEAR 🔥

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🌀Allocation

Max supply = 1B

Founders: 30%
Team & advisors: 2.6%
Investors: 10%
Venture rounds: 10%
Community & treasury: 57.4%

*The Meta team hasn't made any pre-sale before the launch so the entire project was funded by the founders

**Tokens have 1-2 year lockups

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💰 Valuation

Let's use @LidoFinance as comparison

$META
- Market cap ~ $1.9M
- TVL = $133M
- Mcap / TVL = 0.014

$LDO
- Market cap = $1,161M
- TVL = $18.87B
- Mcap / TVL = 0.062

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As you can see the Mcap/TVL ratio for Lido is pretty small but $META is undervalued by a factor of x4.43 in comparison to $LDO

With only $133M in TVL and $NEAR popularity growing, we can expect more use cases for stNEAR which will boost Metapool's TVL

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Maybe you can use stNEAR to mint $USN & earn 20% APR. That'd massively boost Metapool's TVL

Due to (1) $NEAR narrative, (2) only liquid staking solution & future TVL growth, (3) comparison with $LDO and (4) use case speculation, I think $META is highly undervalued at < $2M

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If Metapool captures $1B TVL and $META's Mcap / TVL = $LDO's ratio of 0.06 --> $META should have a Mcap of $60M and a price of $3.15 per token

Even with supply increasing, (META is inflationary due to incentive rewards) I don't see a scenario where $META can't do a x10

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📈 Chart

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🛒 Where and how to buy?

Although $META is available on @trisolarislabs liquidity is non existent so I recommend buying on app.ref.finance

And if you're trading with size here's some alpha: stake NEAR in Metapool, get stNEAR and swap for $META for a lower slippage

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🌐 Resources

Website: metapool.app
Mainnet: metapool.app/dapp/mainnet/m…
Discord: discord.gg/znPg3dsTzM
Docs: metapool.gitbook.io/master/
Github: github.com/Narwallets/met…
Medium: medium.com/@meta_pool

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