mStable

Posted by a representative of the mStableDAO

In this forum post, it was requested that the mStableDAO provide the initial grant to fund a Swiss based “mStable Association” that was recently established. This Association was created to indirectly support the mStable ecosystem, and will form a pillar in mStable’s next phase of decentralisation alongside the mStableDAO, ProtocolDAO and grant recipients.

As stated in the post, the Association will exert no control over the mStable protocol. The association can only deploy funds according to its purpose, which is funding development, continued decentralisation and growth of the mStable protocol. Recipients of these grants will be determined through an open and transparent application process.

Meta Governors voting on this proposal are authorising the grant, but tokens will only move on-chain should the mStable Association request them. Should this proposal be approved, the Association has until 31 December 2021 to make the request - beyond this date, the grant approval lapses, and will need to be re-authorised by Meta Governors. Any transfer is dependent on a positive clarification on tax matters (in the form of a respective tax ruling) and regulatory matters (in the form of a no-action letter from FINMA).

The grant request comes in two parts, one for an allocation of Meta tokens, and another for a USD amount which will come as proceeds from liquidated BAL tokens held by the mStable DAO. This proposal is for the MTA token amount.

The option that receives the highest vote percentage will be executed by the mStableDAO.

Any discussion should be written in the forum post here.

What amount of MTA tokens should be provided to the mStable Association as a grant by the mStableDAO?