Briefly about the Meson project
Meson, which is designed to provide a secure and convenient cross-chain product for ordinary users. the name Meson is taken from the name of particles in quantum mechanics that serve as a bridge between protons and neutrons. The goal of the Meson protocol is to allow users to enjoy a more convenient, faster, cheaper and safer cross-chain exchange of stabelcoins. The Meson protocol will focus on stablecoins to maximize the user experience.
Meson is a platform that is designed for executing low-cost, zero-slippage stablecoin cross-chain swaps across various blockchains. The platform has been launched on 14 high-performance chains, including Ethereum, BNB Chain, Tron, Avalanche, Polygon, Fantom, Harmony, Aurora (NEAR), Evmos (Cosmos), Conflux eSpace, Moonbeam, Moonriver, as well as Arbitrum and Optimism.
The platform plans to work on network expansion throughout 2022. It is also mentioned that Meson will closely monitor the stablecoin market and plans to introduce more widely-adopted stablecoins, such as DAI and BUSD, to meet growing demand.
In addition, thanks to the new product design and technology stack, Meson achieves fast swap finality by out-of-order processing the swap from the origin to destination chain, where HTLC (Hash Time-Locked Contracts) guarantees eventual execution of the swap. This innovative model also frees Meson from existing cross-chain bridges and significantly reduces cost, offering the lowest fee on the market.
The Meson protocol can be connected to any public chain that runs smart contracts. Liquidity Providers are welcome to join Meson to enjoy the best available yields with industry-leading security commitments. The Meson protocol has undergone repeated audits by SSLabs at Georgia Institute of Technology and is currently undergoing a robust code review by Trail of Bits. Further internal and external security reviews will be conducted by the Meson team and renowned auditors regularly to ensure compliance with the highest level of security standards.
Meson, offers a way to perform low-cost cross-chain exchanges of stablecoins between any publicly available chains. The Meson protocol differs from atomic exchanges based on HTLC in the following ways: It is recommended that the party making the exchange has previously locked its stabelcoin assets in a liquid pool, which shows readiness for transactions; network service fees (gas fees) are waived for users using meta-transaction techniques; signatures are used as authentication to unlock transactions, eliminating security risks associated with insecure random number generators and hash collisions.
There are three main stages in the Meson protocol exchange. Preparatory stage: in the preparatory stage, LPs (liquidity providers) can deposit the stabelcoins they are willing to provide for the cross-chain exchange into the liquid pool in the Meson contract in advance to ensure liquidity during the exchange. Exchange stage: a user who wants to make a cross-chain exchange of stabelcoins can complete the process with the liquidity provider (LP) without using bridges. Therefore, this process will be fast and cheap. Rebalancing stage: once the LP has accumulated a certain number of exchanges, it can go through a rebalancing stage if it wants to adjust the size of its stock pools on different chains. At this stage, other long-term cross-chain methods (bridges, exchanges, etc.) can be used to perform the actual cross-chain transfer of assets. However, this process is not temporarily sensitive, and since LPs can accumulate many exchanges and perform a single cross-chain transfer operation in a uniform manner, it also saves cross-chain fees.
Exchange requests from users can be better matched with our improved HTLC scheme. Similar to atomic exchange, in the Meson process, both participants exchange their assets on two circuits.
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Information taken from: https://docs.meson.fi/
Twitter: https://twitter.com/mesonfi
Website: https://meson.fi/
