mStable Governance: Meta

mStable (MTA) presents a unique case of a technically sound and ethically managed protocol that has commercially failed and is effectively winding down. The overall score is heavily weighed down by the cessation of Active Development and the evaporation of Community Support following its acquisition by dHEDGE in early 2023. The project is no longer a standalone entity; its GitHub is dormant, and its social channels are inactive. The Market and Use Case score reflects the reality that mStable lost the stablecoin wars to competitors like Curve and has seen its original utility nullified. Conversely, the Team and Governance and Security scores are notably high. This is because the team acted with high integrity during the failure, executing a transparent DAO-led merger that established a treasury-backed 'floor price' to protect holders, and the protocol has a flawless security history with no exploits. Tokenomics are now contractionary, focused on redemption rather than growth. While the floor price offers a safety net against total loss, the token is essentially a 'zombie' asset with no organic growth prospects, functioning primarily as a liquidation claim.