Meter is DeFi infrastructure that makes use of two types of tokens – MTR, a Proof-of-Work-based, truly decentralized stable currency, and a Proof-of-Stake-based governance token called MTRG. In order to expand the decentralized ecosystem and transfer value, Meter has decided to create a bridge with the Ethereum ecosystem via the ERC-20 version of its governance token called eMTRG.
The Ethereum blockchain plays a pivotal role in the DeFi ecosystem, thus Meter has decided to create this bridge between the two ecosystems. eMTRG is slated to get listed on Uniswap on August 9th by 17:00 UTC. This bridge would enable the transfer of decentralized value between both the platforms.
The Ethereum contract addresses of the ERC20 tokens, eMTR and eMTRG, are as follows:
- eMTR (Meter Stable mapped by Meter.io) – 0x29e9fdf5933824ad21bc6dbb8bf156efa3735e32
- eMTRG (Meter Governance mapped by Meter.io) – 0xBd2949F67DcdC549c6Ebe98696449Fa79D988A9F
In the beginning, the bridging would be one way i.e MTRG token holders can map their token to eMTRG. In the first 6 months after launch, the Meter-Ethereum bridge will have a limited capacity of 1.5 million eMTR and 3 million eMTRG. The bridge will allow mapping of the initial 3M MTRG to eMTRG in the following amounts:
- 30% of current circulating supply (2.1M) = 630,000 MTRG (to be mapped by current MTRG holders on a first-come, first-served basis)
- 30% of the Mater Foundation’s operations budget (4.9M) = 1.47M MTRG (already mapped)
- 30% of the Marketing/Community budget (3M) = 900,000 MTRG (already mapped)
The firm will seed the initial liquidity pool with around $150,000 and $75,000 each of eMTRG and ETH, based on the market prices of MTRG and ETH on Gate.io at the time. This initial liquidity will come out of our Marketing/Community budget.
Users who currently hold MTRG token can sign in to their official Meter wallet and map their MTRG into eMTRG very soon.
Holders of eMTRG will be able to participate in Meter’s upcoming liquidity mining program.
About Meter
Meter is a global currency that maintains long-term, stable purchasing power and can’t be censored or manipulated by third parties. Meter uses an innovative economic and consensus design that separates currency creation (Proof of Work) with record keeping (Proof of Stake). Its value is supported by the price of 10 kWh of electricity, which is more stable in purchasing power than any fiat currency in the world.
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About Uniswap
Uniswap is a fully decentralized protocol for automated liquidity provision on Ethereum.A simple formalized equation drives unstoppable liquidity for thousands of users and hundreds of applications. Uniswap empowers developers, liquidity providers, and traders to participate in a financial marketplace that is open and accessible to all.
