How to Map MTR to eMTR and MTRG to eMTRG Using the Meter Wallet
Here is a step-by-step tutorial on how to use the Meter-Ethereum bridge in the Meter wallet to map your MTR and MTRG to eMTR and eMTRG, respectively.
Hello Methereans!
On Sunday, August 9, 2020, we listed eMTRG, the ERC20 version of MTRG, on Uniswap. This allowed ETH holders to acquire eMTRG.
The listing kicked off the first step in providing cross-chain interoperability between Meter and Ethereum. The availability of eMTR (the ERC20 version of our stablecoin MTR) and eMTRG will allow you to take part in Ethereum’s DeFI offerings, such as providing liquidity to the Uniswap pool, participating in our upcoming liquidity mining program, and much more.
Please read on for important information about the bridge and a step-by-step tutorial on how to use it.
Details of the Meter-Ethereum bridge
First of all, please note that the bridge is still in Beta. Use it at your own risk.
The bridge is live right now to map MTR 1:1 to eMTR.
You’ll be able to map your MTRG 1:1 to eMTRG starting on Tuesday, August 18, 18:00 PT / 21:00 ET / Wednesday, August 19, 01:00 UTC.
Here are the relevant addresses where token activity will occur:
And here are links to our tokens on Uniswap:
Here are the relevant addresses where token activity will occur:
- Ethereum contract address for eMTR (Meter Stable mapped by Meter.io): 0x29e9fdf5933824ad21bc6dbb8bf156efa3735e32
- Ethereum contract address for eMTRG (Meter Governance mapped by Meter.io): 0xBd2949F67DcdC549c6Ebe98696449Fa79D988A9F
- Ethereum address where eMTRG tokens are stored: 0x62e3E1DF0430E6Da83060b3CfFc1AdEb3792DAF1
- Meter bridge address: 0x5c5713656c6819ebe3921936fd28bed2a387cda5
And here are links to our tokens on Uniswap:
For now, the bridge will only map Meter coins to their ERC20 versions. The Ethereum-to-Meter direction of the bridge will go live before January 2021.
Over the first 6 months after launch, we will limit the capacity of the bridge to 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 Meter Foundation’s operations budget (4.9M) = 1.47M MTRG (already mapped for liquidity)
- 30% of the Marketing/Community budget (3M) = 900,000 MTRG (already mapped for liquidity)
There may be limitations to how much MTRG can be mapped to eMTRG each week. We will release this information when this functionality is released. There will be no additional limitations aside from the ones mentioned above.
The limit of 3M MTRG mapped to eMTRG can be eventually increased via governance. There will be no long-term limit for MTR mapped to eMTR.
Because of the high cost of gas on the Ethereum side of the bridge, there will be a fee of 0.5% of the volume mapped (with a minimum fee of 10 MTRG or 20 MTR, depending on which coin you map) at this moment to avoid abuse of the bridge. Any transactions that attempt to pay transfer fees lower than 10 MTRG or 20 MTR will fail, and these fees will not be refunded.
Thus, it may only make sense to map your MTRG to eMTRG if you are seriously planning to participate in our upcoming liquidity mining program. More details will come on Thursday, but here is some early information:
- We will create a special pool for liquidity mining after the bridge is open.
- We estimate that the annual return for early liquidity mining participants may be higher than 150%.
- Liquidity mining calculations will start around Friday evening US time.
How to map MTR/MTRG to eMTR/eMTRG with your Meter wallet
Here are the steps you need to take to map your MTR to eMTR and MTRG to eMTRG:
1)If you haven’t already, download the Meter wallet and move the coins you want to map there. If you already have the Meter wallet, go to “Settings” and make sure you are using version 1.2.0 or above. If not, click “Check” to upgrade. Please note that you will have to buy some MTR to pay gas fees to a) move your coins from exchanges to the Meter wallet and b) to map your MTR/MTRG to eMTR/eMTRG (currently at 0.0105 MTR per transaction).
2) Before using the bridge, you will need to back up your Meter wallet and import it to an ETH wallet (such as Metamask); eMTRG and eMTR will be mapped to the same address by the bridge. Here are instructions to do so:
a) Open the Meter wallet app and click into your wallet
b) Click “Backup” in the submenu toward the top of your wallet. Then enter your password when prompted.
c) Your keystore will appear in a modal. Click “Save” and save it to your computer.
d) We will use Metamask as our ETH wallet for this example. Open up Metamask, log in, click on the favicon in the upper right corner, and click “Import Account”.
e) In the “Select Type” dropdown, choose “JSON File”.
f) Click the “Choose File” button and select the keystore file you recently saved.
g) Enter the password of your Meter wallet (not your Metamask password), then click the “Import” button.
h) You should see a new wallet appear in Metamask with an “imported” note next to it. Make sure the imported wallet address is the same as your Meter wallet address.
i) Next you’ll have to add the eMTR and eMTRG tokens to the Account you just imported. Click into the account, and click the “Add Token” button at the bottom.
j) Click on the “Custom Token” tab.
k) Copy and paste the contract address into the Token Contract Address field — 0x29e9fdf5933824ad21bc6dbb8bf156efa3735e32 for eMTR, 0xBd2949F67DcdC549c6Ebe98696449Fa79D988A9F for eMTRG. The other fields will auto-populate. Click the “Next” button.
l) Metamask will then confirm that you want to add the token. Click “Add Tokens”.
m) Once you click back to the main imported account screen, you will see the added token.
You can repeat steps 2i-2m for the other Meter ERC20 token you haven’t added yet.
3) Now that you’ve imported your Meter wallet to an ETH wallet and added the tokens, return to the Meter wallet. In the upper left corner of the wallet app, click “Bridge”.
4) Please read the Bridge Exchange Rules and disclaimer carefully before executing an exchange.
5) Enter the amount of MTR or MTRG you would like to map to eMTR or eMTRG, respectively. Select the appropriate token in the dropdown to the right of the amount.
6) Click the “Send” button.
7) The Meter wallet will show you the details of the transaction. Click the “Next” button.
7) Enter your password then click the “Sign” button.
8) The wallet will then confirm your transaction. You can view the transaction details by navigating back into your wallet and clicking on the “Load” button.
9) This will bring up your recent transactions. You can click on “Trade Details” to see the details of your bridge transaction.
10) The details of your bridge transaction will be displayed in a new tab in the Meter wallet. You can click on the link next to “Inbound Transaction” to display information of the transaction sent to the bridge. The link next to “Outbound Transaction” will send you to an Etherscan page with the Ethereum transaction details.
11) You should then see your eMTR or eMTRG in your ETH wallet within a few minutes. Now you’re a Metherian!
If you run into any issues, please save your Meter network transaction hash and contact us on our Telegram group or Discord server.
Conclusion
We’re excited to launch the Meter-Ethereum bridge!
This bridge will be the foundation of our upcoming liquidity mining program and bring the Meter and Ethereum DeFi worlds closer together.
Stay tuned for more information about our liquidity mining program.
Thanks for your support!
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Originally published at https://www.meter.io on August 17, 2020.
