Rage Quit Offer and Token Migration
Rage quit until 3rd June 2022
The purpose of MVD has always been as a VC vehicle, we will now conduct actions to move closer to that ideal and also change how the ownership shares can be acquired or transferred.
When we launched Metavault DAO a few months ago, we were aware that market conditions might continue to be challenging especially for new projects.
Convinced of our product and team, launching regardless was a risk we decided to take with open eyes. Looking back how far we have come in such a short time, there is little we would have done differently if presented with the same choices again.
The one big lesson we have learned is that Metavault DAO/MVD and its positioning in our overall strategy, does not benefit from being traded on the open market.
To protect our investors and the future of the project, we decided to suspend trading of MVD and give everyone that might need liquidity the option to redeem MVD for DAI directly against the treasury funds at the fixed price of 2.72 DAI per MVD.
One reason is that the price of MVD has been trading around or below the backing price for some days now and we are choosing this route to enable the exit against treasury while allowing the project to continue.
We also decided that using project/treasury funds to counter market moves is a waste of money and resources that doesn’t benefit the bottom line of our endeavour.
With immediate effect:
Liquidity for all MVD pairs has been removed from all decentralised and centralised exchanges.
MVD can no longer be traded on the open market.
Every user has the opportunity to make use of our rage quit offer and redeem MVD for DAI:
- Each MVD can be exchanged for 2.72 DAI against treasury assets at app.metavault.org/#/redeem until June 3rd, 2022.
- The MVD is then burned, reducing the total supply.
- For each MVD that is redeemed against DAI and burned, the correlating 8.975 MVX held by the Metavault DAO treasury will also be burned.
Normally we would have conducted a vote about a measure like this, but announcing well in advance would enable front-running which could lead to a draining of the liquidity pools and cross our plan.
Migration from Fantom to ETH
As discussed multiple times within the communities, we will migrate the MVD tokens from Fantom FTM Chain to Ethereum ETH.
Why we chose ETH
It has the highest liquidity and is one of the easiest and most common points of entrance.
We are convinced of the stability and scalability of the Ethereum network.
The higher fees on the Ethereum network are not of much concern as full participation in the product doesn’t require many transactions.
Only MVD and gMVD will be left, less transactions will be required.
Once the rage quit offer expires on June 3rd, we will take a snapshot of all remaining wallets that hold MVD, sMVD and gMVD. We will airdrop the exact amount of MVD on Ethereum to your wallet address you are holding at the moment of the migration. If you hold sMVD or even gMVD, we will send the correct amount in MVD to your wallet (1 sMVD = 1 MVD ; 1 gMVD = 1.881917 MVD).
So if you decide to weather the storm with us and stay a part of the DAO, you don’t have to do anything for the time being.
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