What is MetFi?

Metfi is an NFT utility ecosystem that aims to be the world’s first metaverse and web3 incubator providing decentralized finance (DeFi) for start-ups.

It is a decentralized autonomous organization (DAO) designed to be community-driven, and its NFT ecosystem allows interested participants to purchase NFTs, giving the holder access to high-yield staking, MEFTI tokens, and treasury assets.

Using the investment funds, MetFi analyzes Metaverse and Web3 projects, invests in them, and introduces them to a global network of advisors and mentors within multiple industries. This approach to funding would allow them to disrupt the angel investor and venture capital sectors.

Since MetFi DAO wholly owns its funds, and the community has complete control of METFI DAO’s liquidity, the project gives community members the privilege to invest in and shape the future of the web3 space.

History of MetFi (METFI)

As a decentralized organization, little is known about the founding team of the project. They remain anonymous, citing the need for sound decision-making void of emotions, greed, and biases. This sound decision-making is designed in smart contracts and audited by Certik, a world leader in smart contract auditing, giving the community the power to make decisions without influence.

According to the published roadmap on MetFi’s official website, the project launched its smart contract in the second quarter of 2022 with a team of experienced entrepreneurs and investors.

By the end of 2022, Web3 projects could apply for funding from the MetFi community, which led to the first funded project called Big Time. Subsequently, the community provided start-up investment funds for AngelBlock, iMe-X, Evermoon, The Sandbox, and Sona Protocol.

By the start of 2023, MetFi locked its liquidity for two years as an anti-rug pull procedure to assure members of the community. Such features as lending, borrowing, and MultiSig treasury tracking became available for members, and the METFI token was listed on Gate.io.

Later, in 2023, MetFi launched MetaQuiz, an innovative learn-and-earn educational game for community members to test their skills weekly and win prizes. As a relatively new project, it is well-placed to invest strategically in promising metaverse and web3 projects.

How does MetFi work? Utility NFT, DAO and Automation

Utility NFT

Unlike traditional NFTs used chiefly as digital collectibles or art, utility NFTs are digital assets that give holders unique benefits and real-world value within the MetFi ecosystem. These benefits include tokens, staking rewards, airdrops, treasury assets, and early access to new projects.

MetFi’s NFTs, the core of MetFi’s ecosystem, are ERC-721 digital assets compatible with all major marketplaces that support BNB. ERC-721 assets are designed for scalability, security, and transparency. MetFi utility NFTs incentivize users to participate in the ecosystem and contribute to the project’s growth.

The MetFi marketplace, built on Binance Smart Chain, is a second-hand NFT marketplace for buying and selling NFTs initially purchased from MetFi. Upon purchase of the MetFi NFT, whether directly or secondhand, the holder retains complete control, holds it in their self-custody wallet, and stakes it to gain rewards.

DAO

Another essential feature of the MetFi ecosystem is decentralized governance. MetFi is a decentralized autonomous organization (DAO), which means it is owned and controlled by its community. This puts the responsibility of making relevant decisions for the ecosystem’s future on each participating MetFi member (MetFier).

NFTs held in centralized wallets aren’t eligible to participate in DAO activities as the ecosystem cannot verify the identity of NFTs held in centralized internal private servers. To participate in DAO voting activities, MetFiers must utilize a self-custody wallet.

The MetFi project uses the Snapshot social voting platform, also used by popular decentralized projects like Aave, Uniswap, Sushi Swap, PancakeSwap, Curve Finance, and Decentraland. The Snapshot voting platform allows for the casting and counting of votes in a gasless voting environment, ensuring the user doesn’t incur any fees when voting.

Automation

MetFi platform comprises 27 interconnected smart contracts that work harmoniously to produce a user-friendly, automated system utilizing blockchain technology. With over 7k lines of code, carefully written and audited smart contracts, and more than 10k lines of code for the user-friendly interface, MetFi is designed to reduce the manual execution of transactions and the room for human error.

This makes MetFi’s DAO platform one of the most significant smart contract deployments within the crypto space, with on-chain automation capacity that would not be altered post-launch. The automation supports the platform’s DAO features, ensuring that all major on-chain functions are decided through the voting system and executed by smart contracts.

Treasury

The MetFi treasury is a core function in the MetFi ecosystem. The treasury is a digital wallet that holds all the funds and NFTs owned by the MetFi community, and the members of the MetFi community have a say on how the resources are used through the MetFi DAO.

The treasury funds can be used to invest in projects, tokens, or NFTs, provide liquidity in crypto exchanges, and pay for expenses approved by the DAO. The treasury’s smart contract can only hold BSC native tokens, so tokens native to other blockchains are held and tracked differently. All assets held by the community can be viewed in real time on the statistics page.

By design, the treasury cannot hold METFI. If NFT holders swap staked METFI for treasury assets, the treasury burns 1%, 9% is sent to the Recycling Pool, and the NFT holder receives the treasury assets in their wallet. The ecosystem sends all profits to the treasury for investment in Metaverse and Web3 projects.

MetFi’s Main Features: Staking, Project Incubation and Community

Staking

MetFi’s staking feature allows the ecosystem to add METFI tokens to utility NFTs held by each user every 12 hours. Users must own MetFi NFTs in a decentralized wallet to enjoy staking rewards. The MetFi staking multiplier a user can enjoy is determined by the type of NFT held. The multiplier ranges from Shrimp, the lowest at 1x, to Humpback, the highest at 10x.

Staking is conducted on MetFi’s platform, and there is currently no other feature for staking METFI tokens within or outside of the MetFi ecosystem to reduce the possibility of bad players and scam artists. The multiplier rate is halved every six months to slow down the MetFi token distribution and rewards rate. This halving is designed to make MetFi deflationary and more valuable over time.

Project Incubation

Another feature of the MetFi ecosystem is the incubation of projects that align with the interest of the MetFi community, which is decentralization and profit. This feature allows MetFi DAO to be the first fully decentralized, community-owned metaverse and web3 project investor, incubator, and launchpad that would share the returns with all MetFi NFT holders.

As a part of the incubation, early-stage projects would require varying degrees of support and execution at the different stages of their roadmap. MetFi’s project incubation would introduce these projects to its global network of advisors and leverage its community where necessary.

A Project Proposal Committee (PPC) of 12 community members would be appointed through DAO voting To vet projects that applied for incubation within the MetFi ecosystem. The committee should comprise analysts, developers, tokenomics experts, accredited investors, and other experts in the crypto space.

Community

Fundamentally, there are two ways of building a community: the organic method or via paid advertisements. While paid advertisements can be effective when used appropriately, the method is also costly for community development. The organic method, on the other hand, although slow and free, allows projects to attract interested participants, and it requires a lot of patience and effort.

Using the organic method, MetFi would rather build a community through its referral system than spend investors’ funds on influencers.

What is the METFI token?

The METFI token is the native token of the MetFi ecosystem. The token is a BEP-20 token built on the Binance Smart Chain for efficiency and scalability. The token is used for four main functions: staking for METFI Multiplier yield, staking for proportionate claims of treasury assets, governance over MetFi DAO, and providing liquidity to liquidity pools and exchanges.

The tokens allow METFI holders to participate in staking, and in return, they receive additional METFI tokens as rewards, further incentivizing long-term token holding and active community engagement. The amount of tokens staked allows users to gain a proportional claim over treasury assets of projects the community invested in. This will enable them to share the benefits of these platforms’ growth.

Holders of the MetFi token and community members can participate in governance activities, proposing changes, proposing projects, and voting on various community activities. Finally, the MetFi token allows users to participate in the lending features of the MetFi platform by providing liquidity for liquidity pools and exchanges.

Is MetFi (METFI) a Good Investment?

MetFi has positioned itself as a strong player through its innovative use of utility NFTs to invest in solid Web3 projects. To reduce the possibility of human errors, the community drives the project, which would foster greater engagement. At the same time, its automation features would ensure that no single entity controls the MetFi funds.

The MetFi project is designed to encourage community activities and incentivizes them through staking and governance rewards. This allows MetFi to strengthen its position by leveraging on its active community to incubate, support, and grow projects, which funds its future development, making it sustainable in the long run.

How to own METFI?

One way to own METFI is to go through a centralized crypto exchange. The first step is to create a Gate.io account and complete the KYC process. Once completed, the user is expected to add funds to the account and check the steps needed to buy METFI on the spot or derivatives market.

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