Key Highlights — 30 Million MTRG Burn, Meter BuildBox Hackathon, Liquid Staking Validator Decentralization
Meterians,
Welcome to the Meter Monthly Newsletter, a window to the ‘Meter’verse and its thriving ecosystem. At Meter Foundation, our primary focus is on fostering network growth and providing critical support for the development of new dApps and a better experience for our users and developers. This month, we did leg work for a Hackathon on Meter in partnership with Buidlbox and pushed through a governance proposal to burn 30 Million MTRG equivalent to 40% of total supply.
Let us dive in for the details for the month of May.
Change in Tokenomics with 30 Million MTRG Burn
The burn accounts to >40% of Total Supply
In May, the community ratified through governance an important change to MTRG tokenomics — MIP 14: MTRG Tokenomics Update (30M MTRG Burn) with an aim to enhance the long-term value and stability of the Meter ecosystem.
The 30 Million token burn is set to take place on June 17 and will reduce the fully diluted valuation (FDV) of $MTRG by approximately 40%, while increasing the market cap-to-FDV ratio to over 75%. As the burn will come from unreleased tokens, it will not have a direct impact on the circulating supply or the token price.
CALL TO ACTION: Apply now for a decentralized Liquid Staking Validator Set
New Governance Proposal aims to decentralize the liquid staking validator set
We call all interested Meter Community and Professional services to apply under “MIP 15 — Decentralized Liquid Staking Validator Registry” in an effort to decentralize the liquid staking on the Meter network by expanding the validator set supporting the liquid staking registry.
The key requirements for registering as Validator supporting Liquid Staking on Meter are;
Minimum Stake: 10,000 MTRG
Minimum Hardware Requirements: 4 Core CPU, 16 GB RAM, 200 GB NVMe storage (Avoid unstable VPS providers)
Availability for direct communications with the team for upgrade and bailout
Fill in the registration form here at the earliest as we finalize the 10 whitelisted spots.
Gasbot x Meter: Seamless refueling MTR
We are excited to partner with Gasbot.xyz. This partnership will enable users on Meter Network to seamlessly refuel their $MTR with any ERC20 tokens. The transactions are gasless, secure and fast. Read details on the announcement here. Access Gasbot here.
Buidlbox Hackathon HackMeter is open for submissions
HackMeter, a 4-week hackathon powered by Meter enables developers to build on our HotStuff-2 consensus based EVM chain with supercharged performance, scalability, and decentralization. The hackathon features 3 tracks;
- Application Track: Focus on DeFi solutions (derivatives, DEXes, stablecoins, and RWAs), Gaming (P2E models, metaverse projects, and GameFi), alongside meme tokens, NFT collections, and marketplaces.
- Innovation/Infrastructure Track: Explore projects in AI, SocialFi, and DePin as well as infrastructure improvements (e.g. API key-based interfaces, and more)
- No-Code Track: Demonstrate creativity through memes, tutorials, video guides, infographics, or marketing materials.
Check out the useful resources for the hackathon landing page, Info session + AMA, Kickoff Ceremony, Workshop 1: Meter Development Overview, Workshop 2: In-depth building on Meter,
Symmetric, Meridian MTRG incentives continue…
Symmetric on Meter brings innovative features such as highly customizable liquidity pools and advanced trading options for stablecoins and soft pegged assets, all built on Balancer smart contracts. Meridian finance expands the DeFi opportunities within the Meter ecosystem with their lending and borrowing market. Users can lend & borrow USDC, USDT, ETH, MTRG, and wstMTRG on their Money Market. Both protocols continue to provide MTRG incentives for liquidity providers.
AMA: Gasbot x Meter
0xDjangoOnChain and Xiaohan discussed Gasbot’s innovative features — seamless crosschain refuel mechanism, gasless relay, and gas swap, and how they benefit Meter users and developers. Listen to the AMA here.
Articles featuring Meter and Sumer
This month, we saw a few articles featuring Meter and Sumer and weighing on the broader trends in the cryptocurrency ecosystem. They were;
Understanding HotStuff: The Next Evolution in Blockchain Consensus
Siemens and NVIDIA Forge Path to Industrial Metaverse with Generative AI
Is Parallel EVM the Solution for Ethereum Scaling?
Governance Proposal
A new form discussion MIP 15: Decentralized Liquid Staking Validator Registry was pitched for discussion with the aim to decentralize liquid staking on the Meter network by expanding the validator set supporting the liquid staking registry. Presently, only the Meter Foundation Node is part of the liquid staking validator registry. Expanding this set will enhance the network’s security, performance, and decentralization.
Total Value Locked
The TVL on the Meter ecosystem is $5.7million.
Staking and Node Operation
There are currently 318 nodes on the mainnet supporting 10% APY on staking with 50% of the circulating supply staked.
Blocks and Transactions
We are over 55.5 million blocks on the Meter mainnet with an average latency of 1.7 seconds. Total transactions stood just over 30 million.
User Wallets
The user wallets continued to grow to 382,527 wallets.
Key focus of Meter Foundation in the month of June are;
- 30 Million MTRG Burn
- Meter BuildBox Hackathon
- Governance Proposal — Decentralized Liquid Staking Registry
About Meter.io
Meter is a layer 1 blockchain with Freedom and Fairness as the first principle. It is highly decentralized, censorship resistant yet blazing fast and MEV resistant. Its native metastable gas token completes Satoshi’s vision of a sound money independent of the fiat system.
Meter Ecosystem
Explorer: Meter Scan | Bridge: Meter Passport | DEFI: Voltswap , Jioswap, Chee Finance, Sumer Money, Minimax Finance, GemPad, Optical Finance, iZUMi Finance | P2E: Business Builders, TreasureBlox, CryptoBlades, Zomland, DragonMaster, CryptoPolis | NFT Collections: MTRG SQUAD, Meter Punks, Meter Mallows, NFTBattles, Universal NFT | NFT Marketplace: NFTing, Voltswap, TofuNFT, Meter Town | Domains: MTRG Domains, WEB3 Names | Miscellaneous: Golucky.io, Meter Miner, Daily Coin Crypto, LlamaPay | Infrastructure/ Tooling: Meter Multisig, Defillama, POKT, Sourcify, C14 (Fiat on-ramp) | Oracles: Witnet, Band Protocol, Pyth
Meter official website and community
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