One of many incredible benefits that smart contracts brings to decentralized projects such as MetFi is that the publicly released code contains and defines the ‘laws’ that the MetFi ecosystem operates under and the independent audit of that code by Certik confirms that the smart contracts perform exactly as the whitepaper states without human attributes and potential failings such as decision making, emotions, greed, and biases.
The only biases in our smart contracts is that they must benefit the majority of MetFiers and create a long-term and sustainable protocol where everybody wins now and for many years into the future.
When an author publishes a book, the written words are immutable (cannot be altered). The author would need to write a revised edition of the book which would result in two books that could then be compared.
Similarly, the team authored a series of books (smart contracts) and the only way to alter those words (laws) and how they function would be to revise the code and deploy a new smart contract on-chain.
This action, without the prior approval of the community via a DAO vote would result in the community losing trust in the team and that is the last thing that anyone wants as without its community MetFi DAO is simply a beautifully written series of books that very few people would ever have the pleasure of experiencing and that would be a travesty that the team is determined to avoid which is why they have publicly stated since day one that the MetFi community always come first and that is never going to change so long as the community doesn’t vote them out and replace them with another team.
MetFi is a decentralized autonomous organization (DAO) that is not reliant on any single team member or developer. The project has been designed to function in a decentralized and autonomous manner with on-chain execution and the community primarily needs to trust the smart contracts that have been independently audited and performing flawlessly since May 2022 and counting as that is verifiable on-chain evidence that speaks louder than words.
MetFi DAO and the MFI token were deployed as a fair launch. No MFI tokens were preminted or presold to the team which is very unusual in blockchain.
Furthermore, complete control of the DAO will be incrementally handed over to the community as quickly and responsibly as possible and in such a way that the handover doesn’t negatively impact the operations of the MetFi ecosystem.
The developers of MetFi DAO wish to remain anonymous as some of them hold high-level positions in other non-competing organizations. They also place a value on living peaceful and private lives.
Making their intentions clear the team proposed and executed the following actions via a DAO vote very soon after launching the protocol;
On June 3, 2022, MetFi locked 25,005 LP tokens to a smart contract for 5 years that were valued at approximately $2.5M at the time of locking - making MetFi rug proof for 5 years,
158,550 MFI tokens were burned on July 16, 2022 which would today be valued at over 1 Billion BUSD,
All smart contracts were audited by Certik who confirmed that the smart contracts function exactly as the whitepaper states,
The published smart contracts on GitHub can be read and verified by anyone in the world.
If the teams intent was to try and make a quick buck they would not have spent over one year of their time, effort and funds to deploy MetFi DAO and they wouldn’t have locked the liquidity for 5 years which is practically unheard of in blockchain and crypto because very few Web3 projects have been as meticulously planned and executed as MetFi DAO and they definitely aren’t looking as far into the future either.
The team has also locked themselves out of being able to spend treasury funds without a DAO vote being passed and even then the community can veto the transaction which will automatically stop the funds from leaving the treasury.
Satoshi Nakamoto, an anonymous individual, created Bitcoin, an anonymous project, launching the open-source protocol by anonymously gifting it to the world. Likewise, the team has anonymously launched a never-before-seen protocol and anonymously gifted it to the world.
Rest assured that the team is working harder than ever and is in for the long-haul so trust the code as we build the world’s #1 Metaverse and Web3 incubator together.