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Season 2 Announcement + Updates

We’d like to thank the amazing community for your patience and understanding as we work towards delivering the best experience possible for the MetaStreet protocol and Ascend XP. For the past few months, we have been working hard behind the scenes to develop new product updates and forge strategic partnerships that would push our mission of Object-Oriented Finance forward.

We believe these developments will change how we finance and unlock liquidity for a wide range of real world assets and other onchain illiquid objects. However, this progress has also led to some adjustments in our timeline, which is why we wanted to address some key protocol updates and shed light on the amended timing for Season 2 below.

Building a Product for a Market Worth Taking

We know you're eager to know when Season 2 will end. While we initially aimed for an August 15 deadline, our focus on developing new protocol updates and feedbacking product-market fit have pushed our timeline back, especially on the “market” side.

As a result, we'll evaluate the end date of Ascend on a weekly basis and give you plenty of notice before it concludes.

We believe that this extra time will allow us to bring more partners, users, and builders into driving adoption of Object-Oriented Finance and making the MetaStreet ecosystem even stronger & more valuable. We’re committed to making this extra time count.

What's Next for Ascend

Ascend will continue beyond Season 2, but in a new format. We'll use it to develop products and ideas that tackle total addressable market expansion, rewarding active community members for their feedback and efforts.

In fact, we’re excited to announce some new product updates and upcoming developments that would grant the community more opportunities to grow their Ascend XP with us:

  • Airdrop Pass: A new primitive that allows users to tokenize yield by splitting NFTs into two assets: Airdrop Pass and Discount Pass tokens. Explore the interface here.
  • Rocket Rush Browser Game: An improved version of our gamified borrowing experience with a new XP system, less bugs, and more interactive gameplay.
  • Yield Club: More opportunities to take advantage of our high-rewards NFT borrowing experience. Join the club to earn swag and cash rewards.
  • New Object Finance Applications: We will have more to announce soon, but expect to see our Yield Tokenization, Automatic Tranche Maker, and ObjectSDK tech being integrated in new digital object use cases – most immediately with DePIN hardware and GPUs. We will have more to share about the product and Ascend XP earning opportunities.

Important Update on Punk Loans and LCT Redemptions

As a follow-up to our previous communication regarding the impact of market volatility on CryptoPunks' floor price, we have now reached the maturity ladder of many Punk loans.

In response, we'll be opening the lending pools for LCT redemption on August 16. Before proceeding with redemption, it's important to carefully consider the following key points.

  • Redemption Timeline: Redeeming your LCTs does not guarantee immediate access to your funds. If there is insufficient liquidity (available cash), you will enter a Redemption Queue, where requests are processed in order of deposit timing. As loans mature and cash becomes available, you can withdraw your funds.
  • Redemption Amount: Redeeming your LCTs does not ensure you will receive the same amount you initially deposited. Some positions may have incurred losses due to fluctuations in the underlying NFT's floor price and corresponding loan defaults/auction proceeds. These losses can range from 0% to 100%.
  • Two-Step Redemption Process: Redeeming your LCTs requires a second action: Withdrawal. This step transfers the funds from the pool to your wallet.

We’ve included guidelines to how you can initiate redemptions in the Appendix below. If you have any questions or concerns, please reach out to our team on Discord before proceeding with redemption.

Bonus XP: Supporting Our Community

We acknowledge that some community members may have incurred losses despite our efforts to outline the risks associated (the protocol is working as intended, but the collateral has dropped in value). As a gesture of goodwill, we'll offer a one-time Bonus XP to select LCT holders and liquidity providers at the end of Ascend. This Bonus claim will be a separate category of XP outside of Reserve XP and Prestige XP. We'll share more details on distribution later.

Conclusion

We appreciate your patience and understanding as we extend Season 2 beyond August 15. We're using this time to expand our ecosystem and build a diverse range of Object financing applications.

In the near term, we're investing meaningfully in building financial tools to support DePIN and AI and other assets that have productive cash flows on top of the Object liquidity solutions we built, which will unlock new opportunities for yield and liquidity. We'll share more on this soon. In the meantime, we're offering Bonus XP to affected LCT holders and liquidity providers as a gesture of goodwill and appreciation for their support. We’re so bullish on expanding the applications of Object-Oriented Finance and onboarding more users and builders to grow the community so that we can collectively Ascend!

Appendix

  1. Go to https://app.metastreet.xyz/portfolio

  2. Click on the Token or row you want to redeem (the row will expand)

  3. Click on Request Redemption and enter the amount you are redeeming

  4. Click on Withdraw and confirm you want the funds sent to your wallet