Does MetisDAO (METIS) have something to hide?
The first problem with MetisDAO's tokenomics is that it's really hard to find any information on it. Metis is the only project I've ever seen that doesn't have their official tokenomics anywhere on their website, docs, or even the whitepaper. The only place I could find information was on Coingecko, which is a tad ridiculous.
The next problem is its distribution.
The Coingecko chart (img 1) shows an OK-ish 13% for the team and a very long tail for transaction mining, which I would usually like because it's similar to Bitcoin. However, if about 40% of the full supply is minted over about 10 years to reward miners, then the team allocation is more like 20% of current supply.. Which is very high. Add about 30% investor tokens to that (ca. 50% of current supply), and you end up with about 80% of dumpable team and investor tokens. I don't like it at all.
They also have only 12-18 months vesting for those private tokens. Which is also horrible. This should be at least 5 years. Or 10. Source
It means you have to trust their team and investors to keep the project alive and not dump massive amounts of tokens.
I'm still giving them 4 stars because the token has pumped, allowing a lot of these big holders to dump and it is now pumping again. This means a lot of the team and investors have likely already dumped and the holders might be much more equally distributed now. This would making the current pump more sustainable.
I also like the long tail rewards for miners (network contributions). For me, most projects should start with non or very few tokens and then mint them with project activity. Just like Bitcoin did it.
So who knows, the project might be much more community owned from here on out.
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