metaCOLLECTIVE wind down and asset distribution

As per discussion [DISCUSSION] Current events and what's next for Solana - #24 by Rdy4gnz, the DAO will be wound down and assets will be distributed to cMETA holders.

Every crypto (token and other digital assets) outside of SOL, USDC, ETH, LDO, LFNTY, SHDW shall be converted to USDC (or SOL for NFTs), with the exception of:

  • the CEGA vault, (current value of ~$5k) which will be liquidated at the end of the month and will be counted at face value towards redemptions, and out of which $1k will be deducted to cover legal expenses
  • any asset in the DAO treasury with cumulative market value of less than $1 (i.e. dust and low value NFTs)

Distribution of the remaining assets will be done pro quota according to the amount of cMETA held. You have right to receive a quota of assets equal to cMETA/total_cMETA where total_cMETA = 50,000,000. For example, if you have 50% of total_cMETA, you will receive 50% of each of the tokens held by the DAO.

The redemption process will start as soon as the proposal has passed AND all the other assets have been liquidated. Before the redemption starts, we’ll communicate the exact conversion ratio for cMETA in terms of each token held by the treasury through the DAO official channels.

To collect the redeemed cMETA, the DAO committee has set up a separate address where DAO members will have to send their cMETA. The address is: 6MYWJLNEYCFgcAyUNwcwJoQzNx3AqnLLupiSSYXKvFrU . Please do not send any other tokens to this address.

To ensure a smooth redemption process, we ask you to fill a form when you have completed the transaction, with your wallet and transaction hash. This is just to facilitate the distribution of the assets.

PLEASE NOTE: Disbursement of the pro quota assets will be exclusively to the same wallet that executed the cMETA transfer, no 3rd party accounts are allowed. Be sure to send the cMETA from a wallet you directly control.

As a reminder, we have decided to forfeit any type of fee and compensation that we received as core team of metaCOLLECTIVE (4M cMETA, which have already been transferred to the new address).

As soon as the redemption is live, we ask you to redeem your cMETA as soon as possible. To incentivize early redemptions, there will be a 3% fee charged on redemptions later than 31-March-2023 (this is to cover the operational/legal costs of the DAO entity). Funds which are not redeemed after 31-December-2023 will be forfeited.



Proposal is live on Realms

UPDATE: all the assets have been liquidated as in the proposal. You can go ahead and start sending your cMETA to the wallet above. Please send only cMETA and do not send other tokens, in particular do not send vMETA.

For your convenience we made a spreadsheet with the token amounts currently in the treasury. You can make a copy and modify the number of cMETA you are redeeming to see a preview of the redemption.amounts.

Finally, please do fill the form after you send the cMETA as this will help us in the redemption process.
We will begin processing redemptions tomorrow. According to Solscan there are more than 200 holders of cMETA so please be patient if your redemption is taking time to process.


What will happen with our vMeta? a souvenir?

1 Like

Figures. I just sold all my cMETA like 2-3 weeks ago for pennies compared to what I put into this project. At least I got SOME of my $ back…

Roughly 75% of cMETA has been redeemed. I recommend everyone who hasn’t done it yet to follow the instructions above and redeem as soon as possible.

As a reminder in less than 2 months (31-March-2023), redemptions will start to be charged a 3% fee to cover operational expenses, so please redeem before then

Roughly 95% of redeemable cMETA has been redeemed. As mentioned previously, redemptions now will be charged a 3% fee.

Funds which are not redeemed by 31-December-2023 will be forfeited, so please redeem before then following the instructions above.