⏹️MMT Series 3-1 NFT Issuance: Strategy or Mistake?
MMT @MMTFinance has recently unveiled plans for NFT issuance ahead of its upcoming TGE. Personally, I speculate that this is a strategic attempt to connect the point system and user rankings within the platform, functioning as an ID or passport in Web3. It seems to aim at visualizing user activity through NFTs and expanding future ecosystem rewards and touchpoints.
However, this strategy faced fierce backlash from the OG community right away.
Why now, and why NFTs?
🔹OG users who have diligently engaged in long-term deposits and point acquisition since MMT's early days expressed disappointment at the structure that requires them to purchase or mint NFTs to receive better rankings.
🔹Their core argument is clear: "We have already shown our trust by depositing our assets and time into MMT for a long time. Now, if we have lower rankings and limited rewards without NFTs, what does our dedication mean?"
Of course, I think some of this concern was alleviated during the AMA a few days ago, but it seems that the worries have not been completely resolved.
This is not just a matter of rewards; it may have caused a greater sense of betrayal regarding the fundamental philosophy of Web3, which is 'recognition of contribution and identity.'
Additionally, there may be direct backlash against the foundation's monetization from NFT sales. There have been numerous failures associated with NFT sales, and this was not mentioned in MMT's roadmap until now.
▶️No solution, no Kaito leaderboard
This issue significantly impacts both MMT's brand trust and market entry timing. Especially now that MMT is gaining attention from major alpha communities through its recent Kaito leaderboard listing, internal community conflicts could undermine its upward momentum.
MMT is now standing at a dilemma of 'expansion vs trust.' If NFT issuance is perceived merely as a 'money-making tool,' OGs will turn their backs, and new user inflow may falter without a foundation of trust.
▶️Projects that grow on trust
For MMT to establish itself as a true Web3-native project, I think the following measures are necessary:
🔹Balanced design between NFT holders and existing OG point users
NFTs should be recognized as 'expansive identities,' while OG point users are acknowledged as 'foundational strength.'
Airdrops of NFTs reflecting past contributions or automatic ranking integration are needed.
🔹Strengthening communication channels with OGs
Clearly explain the functions and purposes of NFTs through official AMAs or public letters, and collaboratively design the big picture of the incentive structure post-token issuance with the community.
🔹Meeting market expectations after the Kaito leaderboard
Strengthen community-centered updates until the TGE (quests, point redesign, NFT missions).
At the initial exchange listing, it is necessary to secure community indicators with strong trust and participation (Kaito leaderboard/mindshare, requiring a sophisticated algorithm).
▶️Real projects do not disappoint healthy communities
NFTs should be a means to an end. MMT's true assets are the time, deposits, and trust that OGs have built. If this is not embraced, no matter how excellent the token design is, it will remain an empty technology.
If MMT can become a 'project that grows on trust,' this NFT controversy could become a turning point for creating even stronger community bonds.
ve(3,3) DEX, veMMT, Move VM, Voting Incentive Multiplier (VIM)
⏹️MMT Series 3 – "The Structure and Risk Checklist of Governance-Driven Emissions"
Subtitle: Token holders are not just investors / They are the roots of the ecosystem
➡️Summary of Key Structure (Important, so let's summarize it again)
🔹As mentioned in Series 1 and 2, on top of the ve(3,3) DEX + veMMT + VIM structure, MMT Finance aims to implement an ecosystem design that focuses rewards on governance participants beyond just being a trading platform.
🔹In other words, users lock up MMT to hold veMMT, and determine the reward pool through voting-based Governance-Driven Emissions.
🔹Here, the Voting Incentive Multiplier (VIM) provides rewards based on the amount of voting participation, aiming to simultaneously promote investment and participation in the liquidity pool.
🔹And all of this system is implemented on the Sui Dex using Move VM-based smart contracts, enhancing processing speed and security.
➡️Essential Conditions for Operational Success
So, what are the essential conditions for this wonderful system to operate smoothly? This is a very important question to have an objective perspective on the future vision of MMT.
🔹Since the system cannot operate without locking up and voting, a liquidity mechanism is needed to encourage long-term holders to secure active veMMT holders.
🔹Excessive VIM may lead to inflation burdens, while low VIM may weaken participation incentives, so it is essential to adjust VIM based on governance participation data to maintain balance.
🔹To eliminate concerns about reward concentration by a few or vote manipulation, it is necessary to secure transparent governance mechanisms, such as a transparent voting system and public results.
🔹A balanced distribution of incentives among liquidity, governance, and ecosystem growth is essential. Multi-balance emissions management, including reward design for long-term members and behavior-based participants, is necessary.
Securing Move VM development capabilities and chain scalability
As the flow increases, the stability of the parallel processing structure and Sui Dex scalability is crucial.
Not easy, right? 😅
➡️Summary Conclusion
Now, let’s summarize. The structure of MMT Finance's ve(3,3), veMMT, VIM, and Governance-Driven Emissions aims for a user participation-centered smart economic design, but for it to operate successfully, it is essential to have a foundation of initial holder inducement, reward balance, transparent governance, technical stability, and inflation management.
🔹I believe you now understand why I said in the subtitle, "Token holders are not just investors / They are the roots of the ecosystem."
Recently, MMT Finance faced unexpected tensions within the community ahead of the TGE (Token Generation Event). The core issue was the issuance of NFTs. This NFT was a strategy to increase potential liquidity and participation, but there were concerns among OG holders who have been protecting the ecosystem from the roots by depositing based on veMMT for months.
Why is that?
OGs are a very important group for MMT. In fact, they have taken on the initial risks, used the system in practice, contributed to the community, and have been the driving force behind the project's direction. And in the MMT system mentioned above, their trust is an asset that guarantees the sustainability and identity of the MMT ecosystem.
The MMT team has begun to listen to the voices of this community, and it is very positive to see them actively communicating with OG holders like MAM on Discord and Telegram.
Without restoring trust to secure initial holders, any new participation, whether NFT or otherwise, will struggle to convert into "sustainable capital." Especially in the structure built around 🔹VIM (Voting Incentive Multiplier), it is expected that the emotions and motivations of governance participants will impact the entire system.
MMT is currently moving towards the next standard of DeFi infrastructure with the two pillars of the completeness of the Sui-based veMMT DEX and the scalability of Move VM. Restoring trust with OGs in this monumental journey is not an option but a necessity.
And as it has emerged with significant attention on the Kaito leaderboard, there is an urgent need for smooth operations that match its scale!!
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