Yep yee! It’s that time again!
We minted a bunch of Seeds for anyone who ever contributed to MetaGame! 😮
You might have gotten some without even knowing - check yoself.
You might have deserved some but didn’t get any - let us know.
If you used the #set-eth-address on our Discord, you probably have some Seeds now.
Consider selling them?
🌱 Seed Market
😱 Liquidity Crisis
Regardless of the other 8 items on the agenda, we spent about half the time discussing item #1 - Seeds. We got over the fact that we’ll need to bite the bullet and mint the Seeds on main-net if we don’t want to create additional friction to buying Seeds.
Then onto the main Seed market problem - liquidity. While we do have ~$15-20k in the treasury ready to kickstart this process, the problem is that the treasury has no Seeds.
🤔 Possibilities
We discussed every possible way of solving this problem. From simply minting a bunch of Seeds to match the ETH in our treasury, to installing a Seed farming scheme for liquidity providers, to simply using 50% of the treasury funds to buy back the Seeds from contributors and using those for liquidity.
We even discussed the in-between strategies, like using 100% of the treasury funds to buy back the Seeds then using those Seeds as rewards for LPs instead of the treasury providing liquidity itself…
🤨 Problems
Simply minting Seeds might be an easy solution, and installing a Seed farming scheme might be elegant & fast way of attracting liquidity, but I saw a major problem with both of these solutions:
From the beginning, the idea was that the ”Seeds may only be created through labor.”
When we installed Sourcecred, we agreed not to mint any Seeds outside the XP system and that “the only way to buy Seeds should be if the contributors are selling”.
(However, we’re still debating the introduction of a 5% treasury allocation which would help alleviate problems like this, paying for operational expenses & would remedy our headache around implementing membership fees which are obstructed by the 2-token-system problem - would love to hear your thoughts on this if you’re a member.)
💡 Solution
After much discussion & community polling, we decided to go with what seemed fairest to contributors - Seed buyback!
Over the coming week, we’ll be buying Seeds from anyone who wants to sell them at a fixed rate; hence the title of this newsletter.
If you want to sell some Seeds, please get in touch with me @petheth on Discord or any other platform and I’ll help arrange that.
If you only want to sell a few Seeds, please do that through Uniswap.
If you don’t want to sell/want to sell over a longer period at an increasing price while earning trading fees, consider adding some liquidity to the pool.
🕵️♀️ Players Wanted! 🔎
We are in need for two roles to be filled; builders & artists.
First we need a builder or two, some familiar with working in TypeScript, React and/or GraphQL to help us build the current version of MyMeta into something awesome that everyone wants.
Then we need an artist, someone to start designing some beautiful isometric houses to put up on the next version of MetaVille.
If you know anyone fit for one of these roles or have ideas where we could find the right people, let us know and you will be rewarded. The only catch: we are looking for value-aligned people, so having the skill is not the only thing that matters.
We also wouldn’t mind receiving some crumbs on our Gitcoin grant campaign if there is no other way you can currently help us realize MetaGame. 🤷♂️
Join us 🐙
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