🚀 Meditations & Form ETH Are Live – Unlock SocialFi Yield & Form Points Today!
Hi all,
It is with great pleasure that we announce the first day of Meditations – Form's pre-deposit staking campaign, and Form ETH – our native yield-bearing ETH asset for Form and the SocialFi category. Shout out to The Defiant for the amazing coverage. Please support us and spread the word through our announcement tweet below 🙏
These collective events mark the first day of Form Season Zero, a monthslong campaign to decentralize the Form network starting with Form points. Points are an early representation of ownership in the Form network and can be accrued by depositing assets into Meditations and Form ETH staking contracts. The more supported assets you stake in Meditations and Form ETH, the more Form points will accrue over time.
When we launched the Form testnet several months ago we saw over 20,000 on-chain users interact with Form and over 100,000 others begin to follow the story of Form across our socials. Today marks another milestone as we begin the decentralization of Form and the journey to Form mainnet. A bit more about Meditations staking, Form ETH and our initial partners below. Scroll down to the bottom for ways you can help.
___
Introducing Meditations and Form Points
Meditations is a pre-deposit staking campaign for the Form Network. This concept was actually popularized by a friend of ours at Edgeware in 2020 who initiated the concept of a 'lockdrop', where users stake or lock up tokens and receive the project's token. They can unstake their original tokens once the lockup period is over.
The L2 Blast brought this concept back to the space in November 2023 and introduced Blast points as an intermediary way to claim ownership in their network. We see the concept of pre-deposit campaigns as an excellent way to "pre-decentralize" Form and bring the most valuable users to the forefront of the network.
Similar to Blast, Form's Meditations pre-deposit campaign enables any user to stake supported assets at any time and receive Form points based on the dollar value of asset staked and the block time the assets are held in the contract.
For this introductory first few weeks, all users will receive 3x Form points for their deposits.
___
Introducing Form ETH (FETH)
Form ETH is a joint project between Form and Nucleus, a default yield provider for networks. As a thesis chain for SocialFi, we envision Form as a collection of applications that will endlessly experiment and evolve the SocialFi asset class.
We've learned so many lessons from friend.tech, pump.fun and others but the most prominent lesson is the importance of interoperability. Most notably, the need for SocialFi apps to interoperate with each other as well as the need for SocialFi as a new asset class to interoperate with DeFi. We see DeFi composability as a natural evolution for SocialFi and contribute Form ETH as a native yield-bearing ETH asset for the SocialFi space. Form ETH will make SocialFi a native yield-bearing asset class.
Today is day 1 of Form ETH. It only exists on the Ethereum mainnet but will simultaneously exist on the Form mainnet once it's live. A comparable to Form ETH would be Mantle's Mantle ETH (mETH). As mETH exists on chains other than Mantle and Ethereum, FETH may also exist on chains other than Form and Ethereum.
___
Our Initial Partners for Form Season Zero
James Carse's idea of infinite games and Thomas Schelling's concept of positive-sum games from game theory are often mentioned by folks in crypto. We are excited about staking campaigns like Meditations because they combine both of these concepts: it's of mutual gain for crypto asset projects to interact with Form and help us decentralize our network, and we can continue to play and evolve this game over time.
It was important for us to start with DeFi partners we admired for their growth, as well as those that have guided us in their own way over the past few months. These are those projects.
Renzo (2x ezPoints, 2x Mellow points, 1x Eigenlayer points, 1x Symbiotic points)
When we first started looking into LRTs (liquid restaking tokens) for Meditations, we wanted to understand who would be the best partner for Form. We looked into metrics like the collective TVL for these types of assets that existed only on L2s and the number of L2s that each asset integrated with. We found that Renzo was the consistent winner across any metric that mattered to Form and the team has been a pleasure to work with.
Renzo is one of the first LRT projects, has over 1B TVL and is a substantial presence in the DeFi space. They have two LRT assets on Ethereum both of which are directly integrated into Meditations: ezETH, their LRT on the Eigenlayer restaking protocol and pzETH, their LRT on the Symbiotic restaking protocol and curated on the Mellow protocol.
ezETH deposits as this current time will earn 3x Form Points, 2x ezPoints and 1x Eigenlayer Points
pzETH deposits at this current time will earn 3x Form Points, 2x ezPoints, 2x Mellow Points and 1x Symbiotic points
Pendle (3x Form points)
Pendle created a brilliant asset class with tokenized yield, splitting the principal and yield-bearing components of a token (like ezETH) into two different tokens: a principal token and a yield-bearing token. The protocol allows you to separate, trade and speculate on the future yield of any token.
We are fascinated with Pendle and will work with them extensively throughout Meditations. We're highlighting Renzo principal token assets on Pendle for our initial launch period.
Pendle PT ezETH (Renzo 26 Dec 2024) deposits at this current time will earn 3x Form Points
Nucleus - Form ETH (3x Form points, 2x Nucleus points)
As Pendle has owned the concept of tokenized yield, Nucleus may inherit market share over the concept of branded native-yield assets for chains. They currently have over 20 partners including Form and we are one of the initial launch partners.
As we've seen in the social token space, projects want to realize concepts in their own way, typically through their own token. In the native yield space, that's often taken a lot of resources to achieve (Coinbase ETH, Mantle ETH etc.) until Nucleus. As we rely on Caldera as our RaaS provider, we'll rely on Nucleus to advance the concepts of native yield as Form ETH evolves.
Form ETH deposits in any asset will give you 3x Form points and 2x Nucleus points.
Turtle Club
Turtle Club will enter our pre-deposit campaign soon. They are a phantom liquidity protocol that directs incentives to those that stake in campaigns like Form’s Meditations. They’ve been significantly helpful for many projects in the DeFi space and we’re very excited to work with them.
___
Decentralizing Form
Form Season Zero starts today with Meditations. This season has two phases: I. Pre-deposit campaign II. Migration and incentivized mainnet. The plan for this season is to conclude with the launch of the FORM token. This is our journey from Zero to One.
We are beginning to speak with many parties about the FORM token and are sharing the following information publicly also of today.
8% of the supply of FORM tokens will go to participants in Meditations Phase 1 & 2 from our Ecosystem & Development tranche.
Over half of FORM tokens will be distributed to our community.
We will share more about the decentralization of FORM and the Phase II incentivized mainnet as pre-launch progresses.
___
How you can help
Connecting with LRTs/LSTs. We know the space well but there are still some projects I'd like to involve in the infinite positive-sum game of Meditations. If there are LRTs and LSTs that you think would be a good for Meditations, we'd like to speak with them. Alternatively, if you are close or involved with any memecoin communities on the Ethereum L1, we'd like to speak with them as well.
Connecting with tokenized Bitcoin projects on Ethereum. We're fascinated by the tokenized bitcoin space on Ethereum and how it can interact with SocialFi. We'd be keen to chat with projects in this space as well.
Points and Decentralization. We’re a highly collaborative team. If you’d like to chat about Form’s points strategies or decentralization strategy, feel free to reach out.
Spread the news. Big day. Please celebrate with us and share our tweet announcing Meditations.
All the best,
Bradley
LFG