Introduction
METER: Empowering decentralized economies of tomorrow!
Fast. Fair. Low Cost. Stable Value
For its users:
Meter is an open source blockchain platform with Freedom and Fairness as the first principle. It is highly decentralized, censorship resistant yet blazingly fast. Its native metastable coin completes Satoshi’s vision of a sound money independent of the fiat system.
For its builders:
Meter brings Frontrunning/ MEV Resistance and instant finality to Ethereum. It supports 1000s TPS at stable & low cost and is highly decentralized with potential to scale to 1000s of validators.
Decentralized Economies of tomorrow are built around the robust communities of builders and users
Equipped with the goal, the Meter foundation is committed to fostering an ecosystem of users and builders where this community owns a fair share of the network platform that they are so heavily invested in.
In comes the ‘METER UP’ on-chain incentive program!
With this incentive program, all TVL on the Meter Network is proposed to be incentivized across the critical vertical of WEB3 – DeFi.
The program will provide an avenue for the builders to deploy projects on a network with tested infrastructure and seamless interoperability (multiple bridge providers being onboarded) with a potential for explosive growth. Adjunctly, the program also enables the community to own a larger share of the network.
Program Terms & Eligibility
All DeFI projects deploying on Meter Network are eligible for MTRG incentives based on TVL achieved on the network.
Not all TVL is equal. Structurally, deep liquidity on MTRG pairs is critical for the success of the program. With this in mind, we propose below incentive mechanism;
- All TVL on MTRG pairs with Blue chip Assets (Top 30 assets by market cap) is proposed to get MTRG incentives at 10%
- All other TVL is proposed to get MTRG incentives at 7.5%
| TVL on | MTRG Incentives |
|---|---|
| MTRG Pairs with blue chip assets | 10% |
| All Other TVL | 7.5% |
The MTRG incentives are proposed to be reviewed when the total TVL reaches 25 Million or at the end of 1 year post launch of the program (whichever is earlier).
Key Points to Remember:
- Builders can use the rewards to internalize profits or use as liquidity incentives back to users.
- As all rewards are directly correlated to TVL, we anticipate users to be fairly incentivized by the dApps
- Only TVL mentioned on Defillama will be used
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In case of change in key contracts, it is the responsibility of the project team to update the information on Defillama. Requests to consider TVL not updated on Defillama will not be reviewed. We propose to make no exception to this rule to reduce operational overheads
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To ensure builders do not game the program, we propose to reserve the right to waive incentives for non-qualified TVL. Some examples of non-qualified TVL are;
- TVL in native dApp token with no liquidity to support current/ inflated market cap
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Incentives will be distributed by 3rd of the ongoing month based on TVL reported
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MTRG incentives will be over and above incentives provided by the dApps
- Example - VOLT emissions on Voltswap
Eligibility
To be eligible to receive DeFi incentives on Meter Network, protocols must:
- Register their protocol with DeFi Llama (https://defillama.com/) to track the TVL
- Usage will be calculated by the time-weighted total value locked (TVL) of the protocol
- Be deployed on the Meter Network at the time of the monthly distribution
- Have a minimum TVL of US$10,000 at the time of distribution
MTRG Incentive Distribution
- MTRG Rewards are distributed at the end of every month to each protocol’s “Deployer Address” submitted in the ‘Meter Up’ Registration Form.
- Rewards are calculated by taking the protocol’s time-weighted-average TVL over the period
Example:
Project Rewards = Project time-weighted-average TVL of MTRG pairs with blue chip assets x 10% + Project time-weighted-average TVL x 7%
Project time-weighted-average TVL of MTRG pairs with blue chip assets = $2,000,000
All other Project time-weighted-average TVL = $5,000,000
Project Rewards = 2 Million USD x 10% + 5 Million USD x 7% = 0.55 Million USD
*Rewards may vary based on the price of MTRG. Builders can use the rewards to internalize profits or use as liquidity incentives back to users.
‘Meter Up’ and Node Operations
The current program - MIP 6: Incentivizing TVL and Node Operations through Meter Foundation Node Delegation would serve users greatly by running a node in parallel. Users can get additional MTRG delegation on nodes for the TVL provided on the network.
This topic is recreated. Original creation date was January, 2023. The corresponding governance proposal can be found here - Snapshot