Metis, a facilitator helping to leverage blockchain for people with little to no blockchain coding knowledge, is garnering attention by accelerating the world’s transition to an open, fair, and decentralized economy.
Its core foundation lies in its ability to provide advanced blockchain technology by scaling Ethereum with a Smart Layer 2. It serves a diverse user community, which includes developers, project teams, startups, and even established crypto service providers.
The easy accessibility, affordability, and adaptability of Metis make it a suitable choice for app users, businesses, and communities to stimulate growth with fast, cheap, and secure on-chain transactions.
In its latest initiative, Metis announced a new incentive program for Maia users. This reward system, offering a total value of US$50,000 in METIS tokens, seeks to energize liquidity providers who supply funds through METIS, ETH, or USDC, reinforcing their vital role in the thriving Metis ecosystem.
What is METIS Token?
MetisDAO’s native token is METIS. It trades at over US$20, with a market capitalization of over US$94 million. METIS has a circulating supply of nearly 4.5 million and a total supply of over 5.4 million. It pairs with USDT, WETH, ETH, BTC, and USD.
You can trade and exchange it on almost all leading platforms, including KuCoin, Coinbase Exchange, Uniswap, Gemini, Gate.io, Huobi, OKX, etc.
What is Maia?
Maia is a DAO (Decentralized Autonomous Organization) within the Metis ecosystem. Its launch happened through bonds in January 2022 on the Metis Network. The goal was to provide a “comprehensive ecosystem for various native DeFi financial instruments.”
The introduction of Maia DAO brought the $MAIA token, a coordinating token within the ecosystem that serves as both a utility and governance token. The token rewards stakers with a portion of the profits generated by the MAIA DAO Treasury, thus incentivizing decision-making within the DAO.
Owners of $MAIA tokens can stake their holdings into sMAIA. By owning MAIA, they also qualify to vote on important governance proposals that can shape the project’s future. Apart from earning and receiving a part of Maia’s treasury revenue, holders can also optimize their returns from upcoming Maia Vaults.
New Incentive for Maia Users
The new incentive or reward program will run for a month, starting on a Tuesday each month. The total reward value for the first month is US$50,000, with disbursement in METIS tokens.
Incentive Parameters
Maia platform users will qualify for incentives based on two selection parameters. The first is TVL or Total Value Locked, and the second is Volume.
TVL, a crucial parameter to gauge a DeFi protocol’s health, shows the amount of assets held in a specific protocol. Volume indicates the number of transactions on the platform and helps determine the protocol’s vibrancy.
At the end of the month, METIS DAO will assess the TVL, lending, and trading volume. If the results are satisfactory, the reward program will extend to the next month.
This incentive program includes a precondition that requires the price of the assets that a liquidity provider is supplying to the platform to not fluctuate more than 10% up or down from a certain price. The platform’s use of Uniswap v3 facilitates this measurement by allowing users to set the price range for assets they lend.
Who is Eligible for the Rewards?
The platform’s liquidity providers will receive the rewards. They must provide liquidity or supply funds via METIS, ETH, or USDC.
The US$50,000 reward sum is equally divided between METIS/USDC and ETH/USDC pairs.
Specifically, a reward of US$25,000 worth of METIS tokens is set aside for users who lend METIS and USDC. The other US$25,000 worth of rewards in METIS tokens will go to users who lend ETH and USDC to the platform.
Liquidity provision implies that the provider is fueling the protocol/platform with the funds necessary for its effective operation. These funds will circulate for transactions. Since the liquidity providers play a crucial role in keeping the platform operational, they will receive a portion of the funds as rewards or incentives, further establishing their indispensable role in the Metis ecosystem.