mStable Association Genesis Grant Request
Posted by a representative of the mStable Association
mStable is governed by Meta Governors. Proposals are put forward to vote and ultimately ratified (if they pass a vote by Meta Governors) by two independent entities in the mStable ecosystem: The mStableDAO and the ProtocolDAO.
Additionally, a Swiss based “mStable Association” was recently established to indirectly support the mStable ecosystem. It will in no way control mStable; it was established to support mStable through giving out grants. Recipients of these grants will be determined through an open application process.
As an open and decentralised protocol, mStable should have multiple entities supporting its development and decentralisation, and this will make it more resilient as a whole going forward.
The association will be run by James Simpson, co-founder of mStable.
About the mStable Association
In simple terms, the mStable Association will serve the following functions:
- The Association can receive donations, bequests and/or independently raise capital to fund the mStable ecosystem pursuant to its purpose.
- The Association is an alternative physical-world supporting entity and funding source in addition to the mStableDAO. It creates redundancy to mStable’s support and funding.
- The non-for-profit entity is based in a stable and crypto friendly jurisdiction (Switzerland).
- The Association will be able to fund the protocol’s growth efficiently and transparently, while supporting and being additive to the protocol in its continued decentralisation.
The Grant request
In order for the Association to begin giving grants to support mStable’s long term development, it is proposing that the mStableDAO seed it upon request until 31 December 2021 with initial funding in the following ranges:
- 5,000,000-8,000,000 MTA
- circa 500,000 USD, derived from the mStableDAO selling its accumulated BAL token holdings
It is worth emphasising that the association can only deploy funds according to its purpose, which is funding development, continued decentralisation and growth of the mStable protocol . The association has committed to being transparent about all approved grants. Any MTA granted to the association will not be used for staking or governance to retain its independence and non-controlling nature.
After discussion on this forum post, the mStable Association requests that a snapshot poll be held to decide on the outcome. If the grant is approved by the community the transfer of the funds can be requested by the Association until 31 December 2021, provided that 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) has been obtained by then.
We look forward to hearing feedback from the broader community, and hope that the mStable community sees value in the ongoing efforts to further decentralise mStable’s funding and governance to make it robust and secure for years to come.