The initial supply is 50,000,000 cMETA and vMETA tokens sold to private investors for a total of 5,000,000 USDC. This implies an initial valuation of 0.10 USDC for cMETA + vMETA, with cMETA being backed by 0.10 USDC and vMETA initally valued at 0 goodwill.
Subject to governance vote, more cMETA can be minted or burned (eg. to finance a new investment or to capture a liquidity premium)

Team unlocking

Some META tokens are unlocked on an annual basis irrespective of performance, while others are unlocked subject to performance of cMETA.
To preserve fairness to existing and new investors, the cumulative token unlock of the team shall never be higher than 30% of the issued supply (ex team allocation).
Subject to the above:
  • 4,000,000 cMETA + vMETA are unlocked every year for 5 years
  • 2,000,000 cMETA+ vMETA are unlocked for every $0.25 increase in TWAP, starting from $0.25 and up to $10. The TWAP will be computed on a 5-day rolling basis with hourly observations, subject to liquidity adjustments
Example token performance unlock for the interval [0.25, 1]