Congruent Investment Proposal

Background

The Metaverse is not limited to simply Gaming, DeFi, Social, or NFTs. It’s scope is much broader and more inclusive than that. And DAOs, such as MetaversePRO, are reinventing the ways in which members of different societies interact with one another. Indeed, DAOs are much like individual tribes, and when two tribes interact with one another, the result is a non-linear development of both tribes.

New interactions, such as Dao-to-DAO loans and DAO wars, are becoming more common. Taking DAO wars as an example, we currently see very large protocols in the DeFi space snapping up CRV/CVX, and other governance tokens so as to hold sway over Curve Gauge. This represents a major shift in the crypto world and, no doubt, marks just the beginning of the “Curve Wars”.

Curve is truly a behemoth, holding TVL of USD 23 billion, or 8% of the entire DeFi TVL, making it the largest DeFi protocol by far. And, because Curve operates among stablecoins (USD, Euro), it represents an extremely low risk yet high reward platform. Indeed, Curve is a core revenue generator for nearly ⅓ of the entire DeFi space.

The MetaversePRO members and the Core Team are planning a bold new move with the launch of Congruent, which is designed to be an OHM fork focusing on CRV/CVX and operating on the Ethereum network. Congruent is envisioned as a DAO-structured concept that will utilize the OHM model to accumulate CRV/CVX (with other governance tokens to be added later) so as to hold an influential voting position via CRV/CVX and thereby generate rewards back to the platform and increase the overall value of Congruent, itself. To achieve this, MetaversePRO intends to invest in and launch Congruent and to eventually merge MetaversePRO into Congruent, making for a much more formidable project on the larger Ethereum stage, where many more lucrative opportunities exist. It’s time for the Meta Army to gear up, level up, and jump into the “Curve Wars”!

To be sure, by choosing to throw our hat into the “Curve Wars” ring, MetaversePRO is forging a bold and ambitious new path that will put it in a new class within the DeFi space.

Related Article: https://medium.com/coinmonks/convex-curve-curve-d7e28cd6c1d9

We have already seen a number of very large DeFi protocols, such as Ohm, Convex, Frax, Spell, Redacted (OHM subDAO), YFI, entering the Curve Wars. So, let's take a look at this in more depth.

Convex (CVX) is currently the largest yield aggregator in the DeFi space and focuses on earning rewards from CRV and from locking up CRV via its CVXCRV liquidity solutions. As a result, Convex currently holds nearly ⅓ of the circulating supply of CRV, which now makes Convex the focus of many other large DeFi projects as they now battle over CVX in the ongoing Curve Wars. In order for $Meta to become a reserve currency it needs to be used and accepted across a range of platforms within the Meta Build system. We can see that other alliances, such as Frog Nation, have been quite successful with this type of strategy, with Daniele using the income generated from Curve to build things that are giving DeFi OGs a run for their money. In fact, it is very possible that VC-funded projects, like UniSwap, AAVE, and MakerDAO, will be unseated as the power of community-led projects overwhelms them. Congruent is a platform that has been conceived by the MetaversePRO Core Team and its OGs with the aim of creating an OHM fork to focus on fighting for CRV governance control. But, the aim is to expand beyond that to also incorporate other governance tokens and to become a “governance as a service (GAAS) platform. Congruent will use (3,3) staking as a means of attracting an increasing number of CRV/CVX tokens (or other governance tokens) and then hold them in the Treasury, thereby gaining control over the CRV gauge, and then using this as the engine to continue expanding the Meta Build ecosystem.

Plan of Action: Steps to be taken: all assets in the Treasury will be used to invest in the curve war project.

MetaversePRO will use all funds from the Treasury to participate in the token sale of Congruent (essentially investing in Congruent) and will then swap the Congruent tokens received (GAAS, Governance As A Service) at a set ratio of $Meta tokens so that all $Meta holders effectively become GAAS holders (For example, if MetaversePRO currently has 10,000 $Meta tokens in circulation, and 1,000 GAAS tokens are purchased, then every 10 Meta tokens could be swapped for 1 GAAS token). Congruent will hold a new funding round on the Ethereum network.
Congruent will use funds raised to purchase CRV or CVX from public sources or OTC sources and then lock them on convexfinance.com to secure voting rights. Because GAAS will effectively represent CRV governance rights locked in the Treasury, one can view the Congruent Treasury as the value of governance rights held. Congruent will focus on liquidity solutions to attract CRV/CVX and other governance tokens. Congruent will act like a currency and will tokenize governance. The GAAS token will be represented by the mathematical symbol, ≅.

The Benefits of Joining the Curve Wars

CRV /CVX will serve as the backing that will give GAAS its value in governance, and GAAS will also eventually be backed by other governance tokens as well. Going forward, GAAS will allow for different layers of governance, which will allow it to go from controlling a single governance point to controlling multiple governance points. Just imagine the power that Congruent will wield once its tokens hold governance power over multiple platforms at once.
With vlCVX (voting locked CVX) allocated to the bribe pools on Votium, rewards will flow in every two weeks. The most recent such round saw bribes of USD19 million. This will mean direct rewards for Congruent members, both for the Congruent Treasury and for individual GAAS token holders. Each address that participates in the voting receives bribe distributions. Convex currently supports voting with CRV but will soon add Frax and others. Congruent is Meta Build’s foray into the Curve Wars, and will help solidify Meta Build’s position and reputation, and will also attract more developers to build new pieces that connect to the DAO via Meta Build. Controlling the CRV Gauge will be key to forging new cooperations going forward. Purchasing governance tokens while they are undervalued means that this is also a shrewd value play, whereby the Treasury can also benefit from a rise in the value of the CRV/CVX tokens, and thereby expand the Treasury to a much larger scale.

Proposal and Implementation

Summary A 2/3 supermajority threshold in favor will be required in order adopt the resolution MetaversePRO will invest fully in Congruent Meta token holders will have their tokens swapped directly for Congruent tokens (no cost) The Meta DAO, including all of its current structure, teams, and product lines, will continue under the new Congruent name. 1xNW, BMeta, Holy, 0xMeta, Freddy, Carrot, and Io will all stay on as the Core Team of Congruent. Several multisig slots will be reselected so as to bring an added layer of trust Congruent will conduct an NFT auction and LBP sale. Gaas Initial Price: Meta Swap Price = 1.1 x the average of the price each hour from 1am UTC to 8am UTC on Jan 10 / (Total number of Gaas purchased by Meta / Total number of Meta) A Final LBP Price will be ascertained once the LBP has concluded. We will take the higher of either the Meta Swap Price or the Final LBP Price as the Initial Price of Gaas.

Token Migration Meta LP liquidity will be removed within 24 hours after the proposal is approved. Users staked in (6,6) will need to unstake their wsMeta. The timer and penalties will be disabled to allow for this.

Timeline Jan 8
Congruent Front End and NFT Auction contract testing Jan 10 6am UTC: ROI in the (3,3) and (6,6) pools will go to zero. Users will need to claim and unstake any unclaimed rewards before the ROI goes to zero or else such rewards will no longer be available for claim. 8am UTC: The LP pool will be dismantled and all Meta within will be destroyed. 10am UTC: Treasury assets will begin being transferred to the ETH multisig address: 0x4a6bf7737b54195BFB72030d8F2bf7Cf2b466dC3 Jan 11 Congruent Front End goes live and the NFT Auction begins. Auction to run for 20 days, for a total of 40 NFTs, with a 12-hour period for each one. Each NFT is entitled to a set number of Gaas. Jan 15 MetaversePRO will create a pool where those who wish to participate in the Gaas airdrop will need to stake their Meta. A snapshot will be taken on Jan 20. Any Meta not staked in the specified pool by this time will be deemed to have chosen not to participate in the Gaas airdrop.
Please note: this pool will only accept Meta, and will not accept sMeta or wsMeta, which means the latter two will need to be converted to Meta before being staked into this pool. Feb 3 An LBP will be conducted using aGaas tokens and the LBP will be open for 3 days. Feb 7 The following steps will be taken in order

1. Once the LBP has ended, aGaas holders can convert to Gaas at a ratio of 1:1
2. (3,3) Staking comes online and ROI is set to zero 3.Meta holders will have their Gaas converted to sGaas and airdropped to them. Any users who failed to stake their Meta into the appropriate pool will be deemed to have forfeited their rights to Gaas tokens on ETH.
3. There will be no restrictions on the transfer of Gaas, and aGaas can be converted normally.
4. Once the number of Gaas + sGaas holders exceeds 10,000, a Gaas-USDC LP will be created on SushiSwap.
5. (3,3) Staking will begin, ROI will be set, and transfers may begin

Voting Details A ⅔ super majority in favor will be required to pass the proposal