Elrond has teased about its Metabonding project a few days ago. But what is it all about?
For Beniamin Mincu, everything is crystal clear: what makes a project strong is the community’s support and involvement. At the dawn of Web3, Elrond Network insists that the economic growth of future companies will come from individuals.
The transition to Web3 will bring about the biggest waves of startups yet. Simply because the end-users themselves are not only using the new apps, but they can now also own and have a say in their directions. This is the driving force behind the new superwave that will transform the internet.
According to Elrond Network, building a community that shares the same values and objectives allows projects to get off to a fast and sustainable start. While Web 2.0 companies rely mainly on maintaining their e-reputation, those who will dominate Web 3 will have new weapons at their disposal. And one in particular: tokenization.
Elrond Network’s Metabonding is presented as “the ultimate way to create a link between a start-up and a community”. The idea here is that each project that will rely on Elrond for its development, will have to establish a long-term commitment with the most active members of the community.
In concrete terms, the partner start-ups will have to distribute at least 10% of their outstanding tokens to EGLD and MEX/LKMEX token stakers.
Projects that join Metabonding will have the opportunity to access not only early adoption but also many benefits. Some of these privileges can be found on the Elrond Network website, such as:
- Visibility and accessibility to the well established Elrond community
- A staking program
- A listing on the decentralized Maiar exchange (DEX)
- A listing on the Maiar application
A SuperWave of Utility and Value
This brings supercharged utility for EGLD and LKMEX. A significant amount – in the range of 10% – of the token supply of projects signing up for Metabonding will be split in two: half will go to the EGLD stakers and delegators, and the other half will go to the LKMEX stakers.
Projects get a powerful tool to amplify that which they need most: community. Ecosystem members will get a piece of every new project proportional to their EGLD and LKMEX holdings.