Meter.io has launched its fully-featured mainnet, named “Tesla”, with staking and on-chain auctions starting on March 22, 2021.
Meter is a highly decentralized Ethereum scaling solution with a built-in metastable gas currency. It functions as a layer-two side chain for Ethereum and connects Ethereum with other public chains.
Meter is the world’s first heterogeneous blockchain network. It uses proof-of-work to create a fully decentralized, low-volatility coin, called MTR, for gas fees and payments and uses HotStuff-based proof-of-stake with the MTRG governance coin to validate transactions.
Meter just completed its Warring Stakes testnet last week, with 528 validators running the network with an average block period of 2.33 seconds. Earlier benchmark testing has shown that the network could process 1,500 transactions per second on each chain. The team is expecting Meter to become the most decentralized and fastest layer-two side chain for Ethereum with its mainnet launch.
Meter introduced an Ethereum backward compatible mode that allows developers to use the existing Ethereum toolchain and libraries to migrate Ethereum decentralized applications to the layer two with almost no modifications. Layer-two deposits and withdrawals for Ethereum are expected to come in April.
Meter is backed by Pantera Capital, DHVC, DTC Capital (Spencer Noon), GBIC, LD Capital and ZMT Capital.
Comparing Meter with other scaling protocols
Meter is now the world’s first and only heterogenous (PoW and PoS) multi-blockchain network. It is also the only mainnet implementation of the HotStuff consensus.
The following table compares Meter with other Ethereum scaling solutions with multi-billion dollar valuations. Meter excels in almost all aspects, with a market cap of a mere $15 million at the time of writing.
Full-featured mainnet
Meter launched its foundation-operated mainnet, Edison, in July 2021 and completed a vastly oversubscribed initial exchange offering on gate.io.
The Tesla mainnet enables staking, dual token economics and a fully decentralized network.
MTRG staking and NFTs
You can stake the mainnet MTRG using the native Meter wallet to earn MTRG or MTR and help to secure the Meter network.
Depending on the staking participation ratio, the APR will likely be greater than 20%. There are currently over 560,000 MTRG staked.
You can stake MTRG directly as a PoS validator or delegate to other validator candidates on the network.
The minimum requirement to become a validator candidate on the Meter mainnet is 2,000 MTRG, and the minimum amount to stake is 100 MTRG.
The top 100 validators on Meter will receive a founding validator Nikola Tesla nonfungible token.
Details and instructions on how to stake MTRG are available here.
On-chain auctions
One of the most important use cases of the MTR token is obtaining MTRG to participate in the safeguarding, governance and growth of the Meter system.
This is done via on-chain auctions that are automatically generated by the Meter system every 24 epochs (roughly 24 hours). The only way to participate in these auctions is to use MTR as the bidding currency. To learn more about Meter’s on-chain auctions, click here. You can participate in on-chain auctions in the native Meter wallet.
Upcoming developments
Now that the mainnet is fully launched, the Meter team will focus on building more products on its network and expanding the ecosystem.
Upcoming initiatives include:
- Fully decentralized layer-two deposits and withdrawals for Ethereum
- Launching the Meter developer program
- New DeFi products, including a decentralized exchange and synthetic assets
- Interconnecting multiple public chains
- And More.
To learn more about Meter, visit its website, Twitter, Telegram, Discord and discussion forum.