Earn strong returns and help govern the Meter network by participating in our liquidity mining program.
We are excited to announce the details about the Meter Liquidity Mining Program!
We recently launched the Meter-Ethereum bridge so you can map your MTR and MTRG to eMTR and eMTRG, respectively.
This bridge brings the Meter and Ethereum networks closer together and will let you participate in the Ethereum DeFi ecosystem - including our liquidity mining program!
Here are all of the details about the liquidity mining program that you need to know.
Click on a link below to jump to a particular section:
- Details of the Meter Liquidity Mining Program (including rewards information)
- Balancer tutorial
- Uniswap tutorial
Details of the Meter Liquidity Mining program
The goals of the Meter Liquidity Mining program are to:
- Bootstrap the liquidity for eMTRG and eMTR within the Ethereum DeFi ecosystem
- Incentivize MTRG token holders to contribute to the Meter ecosystem
- Improve upon the Meter-Ethereum bridge
There are currently two eMTRG pools used for liquidity mining:
The Meter team will bootstrap the liquidity mining program with our Foundation and Marketing budgets (these funded the 3M eMTRG already mapped), but we will not receive liquidity mining rewards.
Up to 700K eMTRG tokens from our Foundation working capital budget may be distributed to community sale participants and lent to early equity investors like Pantera, DHVC, and GBIC to encourage them to provide liquidity to the program (their tokens are still locked, so they won’t be able to use them for liquidity mining). Another 670K eMTRG tokens may be used to seed and provide liquidity to the market.
Up to 1M eMTRG tokens from our marketing and community budget may be allocated to this liquidity mining program and other marketing and community development initiatives.
When open staking and on-chain inflation goes live, a portion of these tokens will support the liquidity mining program.
There is currently no set timeline for how long the program will run. We will monitor and assess the program’s effectiveness to see if any changes need to be made.
Liquidity mining earnings and distribution information
Now onto the fun and important stuff - earnings information!
Rewards will be distributed in eMTRG and we approximate an APR of 30%.
If you add liquidity to our Balancer pool, you will receive Balancer Governance Tokens (BAL) tokens as rewards as well.
Note: Because of the structure of the Balancer pool and the fact that you will also receive BAL tokens, you will garner a higher annual percentage rate (APR) using Balancer as opposed to Uniswap. But Balancer forces you to create a proxy contract with the Ethereum network, which can be expensive due to high gas fees. So the pool you choose will depend on how much eMTRG you plan on contributing and the amount of Ethereum gas you are willing to pay.
eMTRG will be distributed to participants each Saturday. BAL token distribution typically takes place on Tuesdays or Wednesdays.
We may adjust the weekly distribution amount and the vesting design based on community feedback, participation rate, and impact to token prices via the community governance process.
Now on to the tutorials!
How to add liquidity on Balancer to participate in the Meter liquidity mining program
Below are the steps to add liquidity to our Balancer pool. As mentioned above, contributing to this pool instead of the Uniswap pool will allow you to earn a higher APY, but you will have to create a proxy contract (see Step 4) and incur Ethereum gas fees.
1. Click here to navigate to our Balancer pool and click on the “Connect Wallet” button in the upper right corner of the screen, and connect to the wallet of your choice.
2. Click on the “Add Liquidity” button.
3. If you’ve never used Balancer with the wallet you selected, the app will ask you to set up a proxy contract. Click the “Setup” button. Your ETH wallet will then ask you to pay gas fees. Click “Confirm” in your ETH wallet.
4. Once Balancer confirms that your proxy has been set up, click “Next” to return to the liquidity pool. Note that this proxy contract can be used for all future activity on Balancer, not just eMTRG liquidity mining.
5. Click the “Add Liquidity” button again and a modal will appear.
Please remain in the “Multi assets” tab. Enter the amount of eMTRG (or USDC) that you would like to contribute. The amount of the other asset will automatically populate based on the 90% eMTRG / 10% USDC ratio of the pool. Please do not add eMTRG as a single asset to this pool, as this may crash the price unintentionally.
6. You may see blue “Unlock” buttons next to each asset you’re contributing. Click on these buttons to unlock these tokens from your ETH wallet. You will have to pay associated ETH transaction fees.
7. Review any warnings Balancer provides, and check the box if you’re OK with moving forward. Then click “Add Liquidity”.
8. Your ETH wallet will ask you to pay gas fees. Click “Confirm” in your ETH wallet.
9. Once the transaction goes through, you’ll see a “You’ve successfully added liquidity” message at the bottom of the page.
10. When you return to the pool (you may have to refresh your screen), the “My pool share” metric should be updated. You’re all done!
Over time, you will receive Balancer Pool Tokens (BPT) in your ETH wallet for adding liquidity. Please don't move these tokens, as we will use these to track your eMTRG rewards.
How to add liquidity to our Uniswap pool for Meter liquidity mining rewards
As mentioned prior, our Balancer pool will provide a better APY. But you can earn rewards by contributing to our Uniswap pool if you don’t want to pay the gas fees associated with creating a proxy contract on Balancer.
Also, you will need to add equal amounts of eMTRG and ETH to this pool, so make sure you have both assets in your wallet.
Here are the steps to add liquidity to our Uniswap pool:
- Navigate to our eMTRG-ETH Uniswap pool by clicking here. In the upper right corner, click the “Add liquidity” button. This will open up a new tab.
- In the upper right corner of the new tab, click on “Connect to a wallet”.
- Select the wallet of your choice and connect it to Uniswap.
- After you’ve connected your wallet, in the “Add Liquidity” box, enter the amount of eMTRG or ETH you would like to contribute. The amount of the other asset will auto-populate based on what you input.
- Click on the “Approve eMTRG” button. Confirm the transaction in your ETH wallet.
- Once the transaction goes through, you’ll see some approval notifications on screen, and the “Add liquidity” box will have a big red “Supply” button. Click that button.
- A modal will pop up with information about the amount of pool tokens you’ll receive and other details. Click “Confirm Supply”.
- Uniswap will submit your transaction to the Ethereum network. Once that transaction gets confirmed, you’ll see an approval notification. And you’re all done!
Over time, you will receive Uniswap liquidity provider tokens in your ETH wallet for adding liquidity. Please don't move these tokens, as we will use these to track your eMTRG rewards.
We are super excited to get our liquidity mining program going!
We hope you can contribute liquidity to earn eMTRG rewards. This is one of many projects where we will closely integrate with the Ethereum DeFi ecosystem and help change the global financial landscape for the better.
Please let us know if you have any questions, and we can’t wait to start giving you your rewards soon!
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