FAQ Meta Pool
Thanks for your interest! Don't hesitate to contact us if you have more questions!
Meta Pool is the leading liquid staking solution for $NEAR and wNEAR token holders.
Users staking $NEAR and wNEAR with Meta Pool receive in exchange stNEAR ('staked NEAR') tokens.
stNEAR is a yield bearing asset, accruing in value every epoch (~12 hours) meaning that you keep earning staking rewards, while you can use stNEAR for DeFi (e.g. lending, farming, borrowing) on NEAR and Aurora.
If you stake in Meta Pool you will get:
In Meta Pool value is captured in three ways:
1. stNEAR fees that come from NEAR staking rewards which is a fixed 4% of the total staking rewards.
2. Liquid Unstaking fees which will be variable ~0.3% - 3% (depends on existing liquidity and operation amount, similar to standard swap pools).
3. $META DAO Reserve: all revenue generated on the platform from staking and liquidity pool fees is sent to the Treasury and handled by the smart contract in the form of stNEAR tokens.
The vision behind Meta Pool and our $META tokenomics is to create a way for individuals to be self sovereign and create on-chain value for a blockchain protocol.
At Meta Pool, we are here for the long run. Our project is backed by more than 10 VC firms that invest in projects all around the NEAR ecosystem. Additionally, our community of thousands of users proves our commitment to making a strong, durable project that can not only exist, but also thrive in any market conditions.
In Meta Pool you will receive stNEAR and $META token.
You receive stNEAR when you stake your NEAR tokens. stNEAR increases its value every epoch representing the rewards gained by delegated Meta Pool tokens in validators.
Also, you receive $META when unstaking or providing liquidity to Meta Pool every Monday.
Validators are chosen by having (1) an uptime >95%, (2) fee of <10%, (3) not being over the Nakamoto Coefficient and (4) have enough tokens to accomplish seat price of NEAR protocol.
Is the Narwallets tab, a Chrome Wallet extension, superfluous in the NEAR ecosystem? What are the features of this extension?
One of the main features is that the wallet allows you to directly stake into Meta Pool or directly into a validator node. The extension also makes it easy to use the wallet with other applications, we wanted to build the MetaMask for NEAR. Which, has not got the initial traction that we hoped for and will continue to be a common goods project for the ecosystem, for now, until Meta Pool can consolidate, and then expand into some ideas for the extension wallet.
Meta Pool is a non custodial liquid staking platform. Additionally the team makes a reasonable effort to ensure that any transactions carried out via or on the Meta Pool platform and Meta Pool protocol are secure.
Not withstanding the aforesaid, there is no assurance that there will be no theft of the digital assets as a result of hacks, sophisticated cyber-attacks, distributed denials of service or errors, double-spent attacks, flash-loan attacks, vulnerabilities or defects of the Meta Pool platform, Meta Pool protocol, or related software, of the NEAR or any other blockchain, or otherwise.
We are co-founders Claudio Cossio and Lucio Tato, we founded Meta Pool, which is a liquid staking solution on NEAR. Currently we have a team of four developers, who also with Lucio on our development team, and right now I’m kind of like a man of many hats, so basically doing fundraising, partnerships, a little bit of marketing as well, that’s kind of what we do.
This is the culture that we live by in Meta Pool:
- 0 stress culture
- Clear and direct communication, we need to be agile
- Feedback is more than welcome
- Excellence on performing
- Take risks and learn, mistakes are going to be there
- Flexibility to change fast
- Be autonomous and ask for help
Why did you choose the NEAR Ecosystem? What do you think NEAR will add to you and how it will help Meta Pool?
Our team is long on NEAR and we are part of the NEAR ecosystem since most of us belong to the NEAR Hispano, Open Web Sandbox, Silicon Craftsmen and other Guilds from the ecosystem.
⁃ No lockup period: staking $NEAR, the current way in NEAR Web wallet requires you to lock your tokens and to unstake them, you will have to wait for ~48-72hrs (4-6 epochs).
⁃ Receive stNEAR: that you can use for DeFi protocols like lending, borrowing, liquidity providing etc.
⁃ Earn $META: stake $NEAR and provide liquidity to farm pools or lending/borrowing protocols our partners in NEAR ecosystem to get $META as rewards.
What's the difference between the staking function in the NEAR token wallet and the staking in Meta Pool?
Staking $NEAR in NEAR Wallet stake your tokens in one single validator you pick. If you want your NEAR tokens back you required to wait ~48-64hrs (4 - 6 epochs).
What is the minimum amount of NEAR to stake in Meta Pool? Do we need to select validators for staking? What are the requirements to become a validator in Meta Pool?
The minimum amount is 1 $NEAR, the main advantage of staking on Meta Pool is that we distribute your stake into 80+ validator nodes. This is done automatically through our staking smart contract. So, you do not have to choose which validator. Right now we do not have whitelist of validator nodes, since the NEAR Foundation process for new nodes helps filter the new service providers coming to the network. We do take into consideration the following criteria in order for Meta Pool to stake on new nodes:
- Up time and performance
- Percentage of NEAR rewards (yield)
- Fee from the validator node, we look for validators who charge a low fee
This is why we believe in permissionless protocols and how we incorporate it that into the Meta Pool protocol.
There are 2 options for unstaking: you can unstake immediatly "liquid-unstake" or you can do a "Delayed-unstake".
If you do "Liquid-unstake", you swap immediately stNEAR to $NEAR, paying a liquidity fee (0,3-3%).
If you use "Delayed-unstake" option there is no fee (zero fee), but you will need to wait 2-4 days to get your $NEAR.
In both cases, you will need a small amount of NEAR tokens to pay for transactions on the NEAR blockchain. On the Aurora network, you will need a small amount of ETH tokens to confirm transactions.
In Meta Pool there's a Liquidity Pool, the pool works allowing you to swap stNEAR for NEAR paying a liquidity fee. The fee increases when there's low liquidity in the pool and decreases when the liquidity is abundant.
Anyone can be liquidity provider and earn part of liquidity fees in the process.
In the future, do you plan to do liquid staking of other tokens from the NEAR Ecosystem and NFTs? And even liquid staking of the $META token?
Giving liquidity in each case according to the token. For example $META --> $stMETA.
We are expanding into the Aurora node in March 2022, now you can see stNEAR and $META in Aurora Network and bridging assets through Rainbow Bridge between NEAR and Aurora. As for $META we will have to wait and see what tokenomics can work for the governance of the Meta Pool protocol.
A liquidity pool (LP) is a collection of funds locked in a smart contract. Meta Pool liquidity pool works for swapping stNEAR tokens to $NEAR.
LP tokens represent the user's share of the total amount of locked liquidity in several tokens (usually two tokens), in liquidity pool on the Meta Pool platform such as stNEAR and NEAR.
Being a liquidity provider in Meta Pool you will receive a % of the payed liquidity fees and you will get small amount $META.
The liquidity provider gets reward every liquid-unstake operation. The APY is fully based on liquid-unstake fees.
Calm market, no operations => 0 fee, 0% APY; Active market => lot of fees, high APY.
Note: LP APY can be high if the LP pool is depleted, so you may see a similarly high commission up to 3%. Liquid unstake fee is 0,3%-1.5% are normal.
- 1.We take the LP price measure in NEAR from 7 days ago, and the LP price now.
- 2.Divide /7 to get a day-to-day increase.
- 3.Multiply by 365 to annualize, compute the price in a year if the current trend is maintained.
- 4.Compute APY based on current price vs price in a year.
Anyone can be a liquidity provider in Meta Pool, you just need to go to Meta Pool App and go to Liquidity section and click to add liquidity.
- 1.The users deposit their NEAR tokens on the Meta Pool vault, immediately after they start earning rewards of ±11% for staking in the protocol.
- 2.Once deposit $NEAR in Meta Pool, the users receive the equivalent value in the stNEAR token, as proof of their staked balance that can be used on the NEAR DeFi Ecosystem.