Foreword: Meter issued a bond token PASS worth 425w due to the hacking incident, but at present these tokens only rely on the verbal commitment of the Meter foundation as a guarantee, we think this is a very web2 behavior, so we want to These bond tokens are provided with certain guarantees in the form of UMA’s KPI synthetic assets to ensure their true value.
Deploy UMA on the Meter chain
UMA provides a KPI synthetic asset solution on the Meter chain, which uses a certain amount of MTRG as collateral to issue new PASS tokens to replace the original bonds.
New PASS Token Requirements:
New PASS tokens will be issued in the form of KPI synthetic assets. If the mature assets have not been redeemed, a new bond plan will be issued until the bonds are fully redeemed. (The Meter Foundation 100% guarantees the bond value)
Mortgage assets: 10w MTRG tokens (insufficient mortgage, replenish at any time)
This is an interesting proposal and I also see it on UMA’s forum (I’m part of Risk Labs - the foundation that supports UMA protocol). I want to make sure I understand how this works.
The KPI option is collateralized with $MTRG and at each TVL milestone a portion of the $MTRG is redeemable by the holder?
The amount of $MTRG is already set using a price of $2.62 on Feb 5, 2022 to compensate people who suffered from the hack?
And the idea of using TVL is that the price and liquidity of $MTRG will stabilize as TVL on Meter chain rises?
Is there no maturity to these KPI options?
Technical aspects to consider:
KPI options at the moment cannot be partially redeemed, so one simple fix would be to provide a KPI option for each TVL milestone. We can try to think of something more elegant if that is an issue.
Will need to check with engineers with regards to deployment on Meter.
Would it make sense if we did a call on this with anybody who’s interested so we can better understand requirements and desired design?
I’m Mhairi, the community manager from UMA protocol.
We’ve had UMA’s engineers take a look at your docs and it seems like a deployment on meter would be relatively straightforward. We can also get our Dev-X team to develop an options contract should you the Meter Foundation choose to guarentee its PASS tokens through a collateralised contract. The UMA oracle would then be available on the Meter Chain for any protcol using Meter to integrate with.
Let us know when the formal proposal is made to Meter Governance and we will prepare to deploy the required contracts.