Meter and Elrond will work together to bring MTR to the Elrond blockchain to enable payments and DeFi functionality.
We’re excited to announce that we’re partnering with Elrond to issue our low-volatility coin, MTR, on the Elrond blockchain!
The Elrond Standard Digital Token (ESDT) model will allow MTR to be transferable on the Elrond mainnet at high speeds and negligible fees. This expands the reach of MTR to the Elrond ecosystem and will increase its use for payments and in DeFi applications.
“The pursuit of purchasing power stability, which is happening outside of the traditional fiat pegging solutions, is a novel way of thinking that we’re curious to explore. The Meter team is on a good path and we are happy to support them. ”-Beniamin Mincu, Elrond CEO.
While issuing MTR on the Elrond mainnet will be the first step, we will explore more interoperability options to expand on this partnership. This may include potentially issuing our governance coin, MTRG, on their blockchain, among other collaborations.
“Circulating the MTR coin on Elrond will be only the beginning of our collaboration. Elrond has a lot of very interesting technology that we are looking forward to working with.”Xiaohan Zhu, Co-Founder and CEO of Meter founder.
Elrond becomes the second blockchain to which we’re building bridges. The first was Ethereum, and we recently listed eMTRG, the ERC20 version of MTRG, on Uniswap.
Elrond is a new blockchain architecture, designed from scratch to bring a 1000-fold cumulative improvement in throughput and execution speed. To achieve this, Elrond introduces two key innovations: a novel Adaptive State Sharding mechanism, and a Secure Proof of Stake (PoS) algorithm, enabling linear scalability with a fast, efficient, and secure consensus mechanism. Thus, Elrond can process upwards of 10,000 transactions per second (TPS), with 5-second latency, and negligible cost, attempting to become the backbone of a permissionless, borderless, globally accessible internet economy. Visit Elrond at https://elrond.com.
Meter is Layer 1 DeFi infrastructure with a Proof-of-Work-mined, low-volatility coin, MTR, at its core. MTR is a fully-decentralized, permissionless, stable cryptocurrency that eliminates counterparty, regulatory, and oracle risks found with crypto- and fiat-backed coins. The Meter system uses Proof of Work to create the MTR stablecoin and Proof of Stake with the MTRG governance coin to validate transactions. DeFi app developers can use Meter as a programmable Layer 1 infrastructure with MTR as the secure medium of exchange, or as a sidechain to other blockchains to allow value interaction across crypto assets.
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