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MetaSpace uses a smart dual token system that powers the entire game economy while giving players real value and control. The two tokens $MLD and $LORD work together to create a balanced and sustainable ecosystem. By implementing dual tokenomics with MLD and Lord, Metaspace provides a comprehensive framework that combines MLD’s governance functionality with an in-game currency (Lord), creating a dynamic and interconnected ecosystem. This system enhances user engagement, offers diverse opportunities for token utilization, and fosters a vibrant economy within the metaverse.
Symbol: $MLD Total Token Supply: 2.5 billion
METALORD ($MLD) is an ERC-20 token that serves as the governance token on the blockchain-based governance mechanism for Metaspace. Governance tokens, including $MLD, are a form of cryptocurrency representing ownership and influence within the Metaspace ecosystem.
Holders of $MLD tokens have several privileges and responsibilities, including
Buying NFTs: MLD can be used as a means of exchange to acquire NFTs listed on the Metaspace NFT Marketplace. Users can utilize their MLD tokens to purchase unique and valuable digital assets within the metaverse.
Voting Rights: $MLD token holders can vote on significant decisions and proposals related to the Metaspace project. This voting power allows them to participate in shaping the project's future, such as new feature implementations, changes to platform rules, or strategic directions.
Proposal Making: $MLD token holders can initiate proposals for consideration by the Metaspace community. These proposals may cover broad topics, such as new partnerships, changes to governance protocols, or updates to the platform's functionality.
By distributing governance power to token holders, Metaspace aims to foster a decentralized decision-making process that incorporates the collective wisdom and perspectives of its community members.
The Lord token is designed as the native utility token of the Metaspace metaverse. It also serves as the eanigs token of the platform.
Key features of the Lord token include:
Symbol: $LORD Supply: Elastic Initial Supply: 50 million (allocated to contract) Utility: daily rewards, soft currency transactions, gameplay loops
MLD Burning Mechanism- The burning mechanism of Metalord (MLD) token is based on the principle of reducing the token supply if there are unused tokens at the end of each year. The specific amount of tokens burned will depend on the number of tokens left unused at the end of each year. It's important to note that the exact number of tokens burned each year can only be determined by knowing the actual usage and demand for the Metalord (MLD) tokens. The burning mechanism is designed to dynamically adjust the token supply based on market needs, ensuring a more controlled and potentially deflationary effect on the token's value.
Here's a breakdown of the token minting and burning schedule:
Token Minting Schedule: First Year: 40% of the total supply, i.e., 1 billion MLD tokens, will be minted.
Second Year: 22.5% of the remaining supply, i.e., 562.5 million MLD tokens, will be minted.
Third Year: 17.5% of the remaining supply, i.e., 393.75 million MLD tokens, will be minted.
Fourth Year: 12.5% of the remaining supply, i.e., 246.094 million MLD tokens, will be minted.
Fifth Year: 7.5% of the remaining supply, i.e., 184.5715 million MLD tokens, will be minted.
LORD Burning Mechanism- So, in addition to the burning mechanism based on unused tokens, the LORD token will also be burned in various ways to maintain the demand and supply in the market. Here are some scenarios where the LORD token might be burned:
Withdrawal Staking Rewards from MLD: When users stake their MLD tokens and earn rewards, a portion of those rewards may be paid out in LORD tokens. These LORD tokens can be burned to help maintain the token's supply and potentially increase its value.
Withdrawal Staking Rewards from NFTs: Similarly, if users stake their NFTs and earn rewards, a portion of those rewards may be paid out in LORD tokens, which can then be burned.
Game Events and Asset Upgrades: During game events or when upgrading assets within the game or metaverse, the LORD token may be used as a consumable resource or as a form of currency. These tokens used for such purposes can be burned to control the token supply and potentially create scarcity.
By incorporating burning mechanisms into these various aspects of the game, the intention is to create a balance between supply and demand for the LORD token, potentially increasing its value over time.
Metaspace DAO is a community-driven solution designed to establish a decentralized model. Its core principle is to eliminate central authority and empower the community to govern the Metaspace through a smart contract. This contract facilitates important decision-making processes that shape the future of the Metaspace, ensuring it remains community-led.
MLD as Metaspace DAO Token
MLD is the governance token of the Metaspace ecosystem. Holders of MLD can actively participate in the governance and decision-making processes that allow them to have a say in important decisions, such as proposed changes to the metaverse, community initiatives, and the overall direction of the ecosystem. This democratic approach allows the platform's stakeholders to have a say in the project's evolution and ensures that decisions align with the interests and values of the MetaSpace community.
Metaspace has established the Metaguild as the governing body responsible for maintaining and guiding the protocol. The Metaguild comprises the largest holders of $MLD tokens within the Metaspace community. These token holders have the power to make decisions and determine the changes that can be made within the ecosystem. The governance and decision-making process within Metaspace follows a principle of decentralization and community ownership.
Voting power within the Metaguild is directly proportional to the number of governance tokens each member holds. This means the more $MLD tokens a member holds, the greater their voting power. The voting process employed by Metaspace follows a Quadratic voting system, which allows for a fair distribution of decision-making influence.
Metaspace employs a quadratic voting system to emphasize the significance of each vote in crucial decision-making. This approach assigns increasing costs to additional votes, making each subsequent vote more expensive than the previous one. By implementing quadratic voting, the DAO aims to provide equal opportunity for participants to influence outcomes while mitigating the influence of wealthy or influential individuals.
Under the Quadratic voting process, voting power increases quadratically with the number of tokens held. This system ensures that larger stakeholders have a greater say in the decision-making process while allowing smaller stakeholders to have a meaningful voice. It promotes a balance between influence and inclusivity within the governance structure.
Flow of Decision-Making- Within Metaspace, every proposal undergoes a structured flow consisting of four stages:
Introduction Stage: The proposal is introduced to the community, outlining the problem or opportunity it addresses and its potential solutions or benefits.
Discussion Stage: Community members engage in open discussions, sharing their thoughts, opinions, and concerns related to the proposal. This stage fosters collaboration, enables idea refinement, and encourages diverse perspectives.
Conclusion Stage: Based on the discussions, consensus-building, and feedback received, a conclusion is reached. This stage involves evaluating the proposal's feasibility, impact, and alignment with the DAO's objectives.
Metalord's Approval: The final decision on whether to accept or reject the proposal rests with Metalord, the governing entity of Metaspace DAO. Metalord, acting as the ultimate arbiter, assesses the proposal in light of the community's feedback and makes the final determination.
Following this comprehensive decision-making flow, Metaspace ensures that proposals receive adequate consideration, community input, and thorough evaluation before reaching a conclusive outcome.
Through decentralized governance, quadratic voting, and a well-defined decision-making process, Metaspace DAO aims to foster a transparent, inclusive, and effective model of governance that empowers its community to shape the direction and development of Metaspace.
Voting Process- The voting process within Metaspace encourages meaningful participation and discourages excessive voting. Here's an expanded explanation of the process:
Token-to-Vote Conversion: Initially, the voting process begins with a one-token-to-one-vote conversion. Each token a participant holds represents a single vote in the decision-making process. This ensures that every participant has an equal opportunity to contribute their voice to the governance of the metaverse.
Increasing Cost of Additional Votes: As the voting progresses, the cost of each additional vote progressively increases. This quadratic nature of the voting mechanism ensures that the cost of casting multiple votes becomes higher than that of the previous vote. This discourages voters who are less invested or indifferent about a particular proposal from casting multiple votes, as it becomes economically less feasible.
Emphasizing Intensity of Support: By raising the cost of each extra vote, the quadratic voting system places importance on the intensity of support from voters. Those who deeply care about a proposal and are willing to invest more tokens in expressing their support can demonstrate the strength of their conviction through multiple votes. This approach highlights the level of commitment and conviction held by individuals regarding specific issues.
Burning of Voting Power: In Metaspace's voting process, the power of the tokens used for casting additional votes eventually gets burned. This means the tokens spent on extra votes are permanently removed from circulation, reducing the voter's overall token holdings. This mechanism ensures that voting power is not unlimited and incentivizes participants to use their voting power judiciously, considering the value and impact of their votes.
Through this quadratic voting process, Metaspace aims to ensure that decisions reflect the collective will of the community, with proposals that garner the most votes being adopted. The mechanism encourages active participation, values deeply held opinions, and discourages manipulation or excessive voting, fostering a more meaningful and representative governance system within the metaverse.