Introducing the MENTO Token: A New Era for the Mento Platform
June 3 2024
by Victoria Calmon
Dear Mento Community,
We are thrilled to announce a monumental step forward in our journey: the community voted on the Mento Governance proposal and the launch of the MENTO governance token. This initiative is designed to further support the development of the Mento Platform, enabling new decentralized local currency stablecoins around the world. Read on to learn about the MENTO token, how you can claim yours, and how you can actively contribute to the future of the Mento ecosystem.
Discover the Mento Platform
Read the Mento whitepaper, a community effort that aims to give an overview of the Mento Platform and its use cases.
The MENTO Token: Why Now?
In recent years, Mento has established itself as the largest Celo-native project, supporting five stablecoins and reaching over 3 million active cUSD holders as of March 2024. The Mento stablecoins are currently the fastest growing stablecoins in the field in terms of active users and transactions (check out Artemis dashboards). However, to fulfill the vision of global digital asset adoption, the Mento Platform needs to evolve. This community-driven proposal aims to introduce the MENTO token and separate Mento Governance to accelerate development and create pathways toward self-sustainability.
Why Spin-Off?
The spin-off will strengthen the Mento ecosystem of builders, dApps, and partners. Decentralizing governance will ensure that decisions are made collectively, representing the diverse perspectives within the Mento community.
High-Level Design Components
1. MENTO Token: An ERC-20 utility and governance token on the Celo blockchain.
2. veMENTO Locker: A smart contract where users can lock their MENTO tokens in exchange for governance tokens (veMENTO).
3. Governor: A smart contract that allows any user to create new Mento Governance proposals.
4. Governance Executor: The main governance smart contract, time-locked to allow the Mento Watchdog Multisig to veto malicious proposals.
5. Emission Contract: Emits MENTO tokens from its allocation to the Mento Governance Executor on a predefined schedule.
6. Governance Factory: Deploys the entire Mento Governance system and can’t be used again after Mento Governance exists.
7. Watchdog Multisig: A multisig that consists of technical community members responsible for ensuring the execution code matches the proposal description.
8. Proxy Admin: An admin contract owned by the Mento Governance Executor that can upgrade the system’s contracts.
Initial Token Distribution
The MENTO token will have a maximum total supply of 1,000,000,000 tokens. Here's the breakdown:
The MENTO token will have a maximum total supply of 1,000,000,000 tokens. Here's the breakdown:
• Mento Community Treasury: 45% (450M tokens)
• Mento Labs Team, Investors, Future Hires, Advisors: 30% (300M tokens)
• Mento Liquidity Support: 10% (100M tokens)
• Initial Airdrop to CELO holders and Mento stable assets users: 5% (50M tokens)
• Airdrop to Celo Community Treasury: 5% (50M tokens)
• Mento Reserve Safety Fund: 5% (50M tokens)
Airdrop Details
The initial airdrop “Episode 1” aims to reward existing community members for their past contributions. Eligible addresses can claim their allocation, which will be received as veMENTO locked for 2 years with linear unlock. The claimable amounts are based on:
• At least $10 worth of locked CELO
• Holding more than $10 worth of Mento’s stable assets
• Transacting in Mento’s stable assets with a volume greater than $100
The airdrop period will last for 8 weeks, and unclaimed amounts will revert to the Mento Treasury for future airdrops.
Eligibility and Claiming MENTO
Users can join the Mento Discord to check eligibility for the MENTO airdrop “Episode 1,” and learn more about the process to claim MENTO tokens. Join the Mento community to make your voice heard, shape the future of the Mento Platform, and vote on future governance proposals.
Governance Transition
The governance transition will occur in two steps. First, this proposal will spin up the MENTO token, Mento Governance, locking, and airdrop contracts. A follow-up proposal will transfer ownership of the Mento Platform from Celo Governance to the newly created Mento Governance body.
What’s Next?
An airdrop landing page will be launched to allow community members to claim their allocations. Another Celo Governance proposal will then transfer protocol ownership to Mento Governance.
Don’t miss the Mento Governance AMA session on X Spaces:
- Date: Wednesday June 12th
- Time: 4pm CET
Join the Discussion
We invite you to participate in the open proposal discussion on the Celo Forum. You can also join the Mento Discord for real-time updates and discussions. Together, let's propel Mento towards an exciting future. Your support and participation are invaluable as we continue to grow the Mento ecosystem into a leading decentralized protocol.
FAQ
What is veMENTO?
veMENTO (vote-escrowed MENTO) is a locked version of the MENTO token that allows its holders to participate in governance. The more MENTO you lock and the longer the period, the more voting power you have.
How do I claim my MENTO tokens?
Eligible users can learn more about the claiming process by joining the Mento Discord and / or follow @MentoLabs on X.
What is the restriction list?
To comply with local regulations, residents of certain high-risk jurisdictions will not be able to claim their allocation. We are partnering with Fractal ID for verification and KYC purposes.
We look forward to your continued support and participation in this exciting new chapter for Mento. Let's make history together.
Last but not least, the structure above is the outcome of the work of a broad community, discussions in the Celo and Mento forum, community calls, and partnerships of many teams in the broader community, a big thanks to everyone involved in this process.
Warm regards,
The Mento Labs Team
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