Thanks so much everyone for having us on yesterday’s call! It was awesome to be able to share with MetaCartel all the progress that meTokens has been making. For anyone who was not on the call, feel free to drop your questions below in the thread and I’ll be sure to answer them as quickly as possible.
An automated market maker to create, secure, and exchange personal tokens
It is easier to predict who will be a successful person than it is to predict what will be a successful product or company (Source: Naval). Unfortunately, there is no way to invest in people directly even though they are the source of all value creation.
Economically sound personal tokens. Investors should be rewarded for staking money on a person early on if, later, they become more productive or popular.
Conversely, people who are staked upon should experience an acceleration in the rate of their attainment of success as a direct result of their token holders’ involvement.
- Create your own meToken
- Invest in others’ meTokens
- Spend your portfolio of meTokens with their issuers on goods and services
- Redeem your meTokens for their underlying collateral
- Know that everything is economically secure
meTokens launched an alpha version of the protocol on mainnet in April 2020 as the first official project to come out of the Raid Guild. The initial deployment operated as a proof-of-concept to validate the hypothesis that collateralized personal tokens, issued by a novel “discount” AMM, could feasibly operate on-chain. The experimental design proved functional and garnered a loyal initial user-base.
While technically functional, the alpha revealed a significant number of opportunities for improvements, including:
- Vault-AMM partitioning - coincidentally, an innovation also converged upon simultaneously in Balancer V2’s upcoming release
- Dynamic bonding curves - a new AMM primitive which dramatically expands upon Billy Rennekamp’s original proposal from 2018
- Governance & liquidity mining - meTokens was originally designed to avoid governance at all costs in favor of pure self-sovereignty. However, since Apr 2020, enough experiments have taken place throughout DeFi to recognize the increased efficiency and coordination that can take place when a governance token is incentivized and distributed correctly without compromising user security
Each of these innovations has been rolled into a completely new version of meTokens, which is currently in the final stages of development, along with a brand new, more content rich, social dapp platform. All of which will be made open source upon release.
meTokens are critically different from any other personal token design because their supply and distribution is managed entirely by a custom built AMM, not a centralized issuer. The AMM ensures that all meTokens are properly collateralized with real underlying value, and that this value is predictably skewed in favor of a single address recipient - the “owner” of the meToken.
The owner of the meToken is provided with no special administrative privileges, which allows meTokens to remain uniquely trustless - an important feature when considering how meTokens ought to achieve composability with the rest of DeFi.
9,500 DAI & your help
meTokens has taken 0 funding to date. It has all been built out of pocket and through generous early contributions from Chris Dixon, CarlFarterson, MetaDreamer, Ven Gist, Darren Mills, Sam Kuhlmann, and the rest of the RaidGuild family.
The requested funds will serve as a bridge to launch the new, ready-for-prime-time version of meTokens. Expenses include:
- Design and branding - proposal from Raid Guild members Lucas, Bingo, & Tom
- Governance, airdrop, & liquidity mining contracts - proposal by Crypto_Unico
- Compensation to additional MetaCartel & RaidGuild volunteer contributors (TBA)
None of this grant will be retained by the core team members. It will be spent immediately to get the product closer to shipping.
We would like to invite any and all community members who are interested in contributing to reach out in the comments below or on discord. meTokens needs to be a community owned protocol and we are happy to reward community members with governance tokens and additional funding in exchange for contributions. Current tasks in the pipeline include:
- Integrating 3Box, Ceramic, theGraph (and building a subgraph)
- Solidity contributions, code review, or audits of the meTokens-core codebase
- UX Design to review or contribute to the figma boards and meTokens-interface codebase
Furthermore, in the event this proposal is passed and meTokens opens a Community Contribution Offering, MetaCartel members will be included in the whitelist of contributors.
Chris Robison - Founder, Architect // Twitter
Formerly contributed to Mastercoin, Hoard, OMG Network, and Golem Foundation. Cohort alumni of ODF5 and GitCoin KERNEL II. Spoke at multiple ETHGlobal events, the Ethereum Community Fund, the Enterprise Ethereum Alliance, DevCon and more.
CarlFarterson - Solidity Dev // Twitter, GitHub
DAO maximalist: auditor of WhalerDAO, KarmaDAO host, lead dev for SaltAndSatoshi, and founder of Web3 Best Practices code review distributed group. Presently contributing as an AMM engineer at Arrary.Finance and firmer technical writer at ConsenSys Diligence.
Geronimo - Full Stack Web3 Dev
Previously worked as a software engineer at a handful of mobile app startups prior to crypto. Formerly has contributed to Celsius Network, CoinMetro, and CoinList.