> For the complete documentation index, see [llms.txt](https://meta-dao.gitbook.io/meta-dao-docs/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://meta-dao.gitbook.io/meta-dao-docs/introducing-meta-dao/phase-1-meta-dao-is-born.md).

# Phase 1 - Meta DAO Is Born

{% embed url="<https://www.youtube.com/watch?v=ErjRpuqICTE>" %}

Meta DAO would not be possible without the support and participation of the Meta community. We do not believe in giving preferential access to elite groups. We want everyone in the Meta community to have a fair and equal opportunity to participate.

### Introducing Liquidity Bootstrap Event (LBE) for $META, the governance token for Meta DAO.

Our LBE will be open for all. Similar to the Olympus DAO IDO, the Meta DAO LBE will be the main source to provide initial liquidity and treasury’s initial backing for META. We are going to pair this with MIM (Magic Internet Money) from Abracadabra Money. MIM is the core component to sustain the Abracadabra Money’s lending model.

30,000 META tokens will be minted for the event with an initial price of 10 MIM/META reserved for 500 unique addresses. Each address is limited to 60 META only. The LBE event will last for 24 hours.

This will result in $300K MIM in total sales from the LBE.

The first $200K MIM will be used to bootstrap the liquidity and provide initial treasury backing for the META token.

* $140K MIM will be paired with 7K META token on Spooky swap, establishing the initial extrinsic price of $10 MIM per META with initial liquidity of $280,000.
* $60,000 MIM will be deposited to the treasury, backing the initial META supply.
* This will be done within 24 hours after the LBE event.
* The remaining $100K MIM will be used to support the Meta dev work. We believe this is essential for maintaining the health of the Meta protocol. Only the funds from the LBE exceeding $200K will be used for development. That means, if the total raised fund from LBE is only $250K, $200K will be used to initial liquidity and treasury backing, and $50K will be used to support dev work.

### To summarize, the Meta DAO token Distribution is as follows

1. Community: 100%
2. Venture Capital: 0%
3. Advisors: 0%

**Community owned, community driven (⚡️, ⚡️)**


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