Here are important details about how to participate in the CHADSWAP STACY Liquidity Generation Event on October 26.
As you may know, we are working with Chads.vc to develop CHADSWAP, a decentralized exchange with price quotes guided by multiple oracle sources including Chainlink and Uniswap. It will be the first DeFi project built on Meter’s DeFi infrastructure.
The first phase of the launch begins with the generation and distribution of STACY, the governance token for CHADSWAP.
All of the 1 Billion STACY tokens and 1000 ETH collected during the liquidity generation event (LGE) will be sent into a Uniswap pool via smart contract. People who participate in the LGE will receive Uniswap Liquidity Provider (LP) shares for the STACY/ETH pool.
Moving forward, liquidity can only be added, but not removed, from this pool. In addition, 1% of the STACY tokens will be removed from the pool everyday and redistributed to LPs in other pools. 25% of the redistributed STACY tokens will be available immediately and the remaining 75% will be vested gradually over a year. Therefore, the maximum number of STACY tokens that can be sold back to the STACY/ETH pool immediately will be 25% of what is removed.
Of the 1000 ETH, there will be 200 ETH allocated to the Meter community and 250 ETH to the Chads.vc community. The remaining 550 ETH will be allocated to key opinion leaders and competitions as guaranteed allocations. Any leftover tokens will then be open for permissionless contribution.
The pre-allocated contribution will be distributed in terms of white-listed addresses (WL). Each WL will be allowed to contribute 2.5 ETH; thus the 200 ETH allocated to the Meter community equals 80 WLs. The maximum allocation per person will be 3 WLs.
This LGE will take place on Monday, October 26. If you would like to participate in the LGE, please fill out this application form by Thursday, October 22.
We will then take random snapshots of your wallet balances during the week to determine your rank, which represents your eligibility to participate in the LGE. This rank is based on the Base Amount of MTRG + eMTRG + eMTRG corresponding to Balancer/Uniswap LP tokens in your wallets, multiplied by the following weight factors:
- For those who participated in the community sale: Base Amount x 4 (because these participants only received 50% of their tokens so far)
- For those who have provided liquidity to our eMTRG Balancer and Uniswap pools as of October 17: Base Amount x 1.5
- All others: Base Amount only
We will then rank participants based on the results from the calculation above and distribute the WLs accordingly.
To facilitate STACY mining for MTRG holders, the MTRG -> eMTRG bridge is now open. Please refer to this blog post for how to use the bridge.
We are excited to kick off this important partnership with Chads.vc and we hope you can participate in the STACY LGE!
Please let us know if you have any questions. Thanks for your support!
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