The MEZO Allocation Methodology - Phase 1

On Monday, January 26, phase 1 of MEZO allocations went live. This post explains the methodology behind the numbers, what was allocated, how eligibility was structured, and what’s next.

As a team, we want to work with long-term people. We’ve designed MEZO to be an infinite game. That means a place where people with long-term horizons can find each other and build a community together.

To support that, we’ve structured allocations to reward people who are interested in the project and stick around. We hope it will be the foundation of something with staying power, across cycles.

The Big Picture

The community airdrop represents 5% of the total MEZO supply. That 5% is split across two phases. Phase 1 represents roughly 2% of the supply and is what you see now.

Registration was required to qualify for a Phase 1 allocation. If you did not register, you did not qualify. Follow Mezo on Twitter and join the Discord with notifications enabled for updates on a possible second registration window.

Over 100,000 users registered for phase 1 of the MEZO airdrop. Of those, 11,845 addresses cleared the minimum threshold and received a claimable allocation. 13% of those addresses chose to lock their allocations as veMEZO. A total of 19,824,782 MEZO was distributed in phase 1.

Phase 2 is coming.

An allocation in Phase 1 does not guarantee an allocation in Phase 2. Conversely, users who register before Phase 2 may be eligible regardless of their Phase 1 outcome. More details in the coming weeks.

What Phase 1 Rewarded

Phase 1 was most responsive to behavior that created repeated on-chain activity over time, such as bridging to mainnet, swapping, borrowing against collateral, providing liquidity, participating in vaults, and engaging with veBTC and related emissions. The majority of allocations received between 100-999 MEZO.

Users who tended to do well
Phase 1 outcomes generally tracked sustained participation patterns such as:

• Depositing early and then migrating to mainnet
• Using multiple Mezo features over time, including MUSD and Borrow, swaps, pools, and vaults
• Remaining active across both seasons, rather than concentrating activity in a single period

Users who tended to see less in Phase 1
Lower Phase 1 outcomes resulted from patterns such as:

• Participating during early periods but not continuing after mainnet
• Concentrating activity in one season and not returning in the next
• Limited product usage beyond an initial deposit

How mats Worked

Mezo used a points program to track participation before TGE. These points were known as mats. Mats were earned from specific onchain actions across Mezo products. Two addresses with the same deposited amount could earn very different mats depending on how often they used Mezo features. At TGE, mats converted to MEZO allocations.

Mezo ran two seasons of mats accumulation. Season 1 covered early activity through mainnet launch. Season 2 ran from mainnet through the allocation snapshot. Each season had its own issuance pool and conversion rate.

The mats shown in the claim window reflect your combined Season 1 and Season 2 totals. Each season's mats are converted to MEZO separately using season-specific rates.

Season 1

Season 1 ran from March 2024 through May 2025, covering the predeposit campaign to mainnet launch.

Season 1 issued: ~13.3 billion mats.
Season 1 conversion: 1 MEZO = 679.9 mats

Season 1 includes both mainnet activity and early Mezo participation before mainnet. That early participation (known as matsnet) covered the pre-deposit period and related social and community actions, such as Discord and Twitter-based tasks. Matsnet participation provided some early exposure to Mezo but was not weighed as heavily as participation in Season 1 or Season 2.

Most Season 1 mats came from passive deposits sitting in the TVL campaign. More capital competing for the same token pool meant more dilution.

Because Season 1 issued far more mats and saw higher peak participation, earning a large allocation generally required sustained mainnet usage. Users who bridged to mainnet and consistently used Mezo features such as MUSD and Borrow, swaps, pools, and vaults tended to see stronger outcomes than users who only parked capital.

Season 2

Season 2 ran from May 2025 through January 2026, covering mainnet activity to the allocation snapshot.

Season 2 issued approximately 640 million mats.
Season 2 conversion: 1 MEZO = 36.78 mats.

Season 2 had a tighter distribution with lower overall issuance. Season 2 mats were weighted toward usage-driven actions, including bridging to mainnet, Mezo Market activity, MUSD usage, liquidity participation, vault usage, and veBTC-related activity where applicable. If you deposited in Season 1 but never bridged to mainnet or used the product, you earned zero Season 2 mats. Users who bridged and stayed active all the way through the allocation snapshot maximized their mats rewards.

Season 2 also included a cross-season participation adjustment. Addresses that participated in both Season 1 and Season 2 received a 25% bonus to their base allocation.

Partner campaigns

We also ran partner campaigns, including Bankcard, Mezo Statement, Nansen, Layer3, and Bitget. These campaigns contributed mats and yielded allocations in combination with product usage. Sustained onchain activity remained the main driver.

Two important details:

• All allocations were subject to the same thresholds and eligibility rules.
• Where participation was tied to off-chain identifiers, a connected wallet was required for eligibility

Liquidity provision and emissions drove the majority of mats. Partner campaigns like Mezo Statement and Bankcard contributed less than 5% of total mats issued.

Integrity, Eligibility, and Sybil Resistance

Mezo structured eligibility to ensure allocations reflect meaningful participation and can be attributed to a single, registered wallet address.

During phase 1 of MEZO allocation, approximately 160k addresses interacted with Mezo. That initial set was filtered down substantially (to ~30k) after removing bonus-abuse patterns. Of those, 11,845 addresses cleared the minimum threshold and received a claimable allocation.

Wallet attribution and minimum claimable allocation

The mats and resulting MEZO allocation were calculated against the wallet address a user provided at registration. All your activity across Mezo, partner campaigns, and Discord should tie back to that single address. If you did not register, you did not qualify for a Phase 1 allocation, even if you earned mats elsewhere.

If a user participated across multiple wallets, those mats stayed with the wallets that earned them. They were not merged across addresses. In practice, spreading activity across many wallets tends to fragment mats and reduces the likelihood that any single wallet clears the minimum claim threshold.

Phase 1 used a minimum claimable allocation of 60 MEZO.

This serves two purposes. First, it ensures allocations reflect substantive participation. Users who engaged across multiple seasons and features clear the threshold easily. Second, it protects users from spending more on gas than the claim is worth. Allocations below this threshold were zeroed out as a courtesy.

The goal was to keep Phase 1 centered on meaningful participation and to make claiming practical. In any large distribution, you will always have a long tail of wallets that participated lightly or only at the margin. If a large cohort of wallets sits right around the minimum claim threshold, then the threshold itself becomes the simplest and most transparent lever to ensure Phase 1 outcomes are driven by sustained onchain usage. Users who stacked activity across seasons and features cleared this threshold comfortably.

Some partner mats originated from systems that tracked participation via off-chain identifiers until a wallet was connected. In those cases, mats could only be included in the airdrop calculation once a wallet was properly connected and attributable. This helped prevent misattribution and abuse.

Looking Ahead to Phase 2

Phase 2 will be an additional allocation on top of Phase 1.

An allocation in Phase 1 does not guarantee an allocation in Phase 2. Conversely, users who register before Phase 2 may be eligible regardless of their Phase 1 outcome.

MEZO has been designed as an infinite game. To build a robust community, Mezo wants to work with people who stick around, people who make long-view decisions rather than short-term plays, and people who have skin in the game.

Phase 2 will reflect that. Mezo is paying attention to what users spend, lock, earn, save, and borrow. The period after Phase 1 allocations were revealed will be telling. Some users will continue building. Others will move on. Phase 2 will recognize those who fulfill their role as infinite players.

If you missed Phase 1 registration, follow Mezo on Twitter and join the Discord with notifications enabled. More details on Phase 2 timing and registration in the coming weeks.

Mezo is live. The infinite game is underway.
Borrow Against BTC | Provide Liquidity | Earn BTC | Explore Vaults
If you're here for the long game, see you in Phase 2.