With this upgrade, you can now use MetaMask to interact with the Meter mainnet and much more.
We are excited to announce that we’ve performed an upgrade to the Meter network!
This network upgrade makes Meter much more compatible with Ethereum and puts us in a great position to achieve our cross-chain interoperability goals.
In this post, we’ll go over why we’re building toward Ethereum, what we’ve launched already, and the key features that this network upgrade brings.
Why we’re building toward Ethereum
Meter was developed from the ground up for DeFi.
Before starting Meter in 2018 (and before DeFi was really ever a thing), we recognized that DeFi needed a low-volatility currency that can be used as a more stable medium of exchange and collateral. Additionally, DeFi apps had to have speed, scalability, and low fees in order to be easily usable for the masses.
While we believe that we’ve built the absolute best blockchain for DeFi, there’s no arguing that Ethereum is at the center of the DeFi universe.
Thus, it makes a lot of sense for us to interact with Ethereum’s DeFi ecosystem in order to grow the Meter ecosystem.
Additionally, we see a huge opportunity to use the Meter network to help improve Ethereum.
We’ve all felt the pain of high gas fees and slow transaction times when using DeFi apps built on Ethereum. Meter is in a great position to help scale Ethereum because it is:
- The most decentralized Ethereum-compatible chain: Our HotStuff-based PoS consensus is much more decentralized and censorship resistant than other existing side chains, which all use a variant of Proof of Authority.
- Fast with low and stable transaction costs: The Meter network can process over 1500 transactions per second, more than 100x faster than Ethereum. And transactions cost less than $0.01 per transaction.
- Cross-chain interoperable: Meter can function as a Layer 2 side chain/rollup chain for Ethereum and interconnect with Polkadot, Cosmos, and other chains in the future.
With all of these features, we believe that Meter is well-positioned to help scale Ethereum’s DeFi ecosystem and leverage it to grow our ecosystem.
What we’ve done already
We’ve already launched products and programs that have closely linked the Meter and Ethereum ecosystems.
We launched our liquidity mining program, with liquidity pools on Balancer and Uniswap.
We’re working with Chads.vc to build Chadswap, a decentralized exchange. The exchange will first launch on Ethereum but then will be migrated to the Meter network with cross-chain interoperability with Ethereum, Polkadot, and other public chains.
Over the last couple of months, we’ve been upgrading the Meter network to increase interoperability with Ethereum. Here’s everything that we’ve been working on.
Latest updates to increase Ethereum compatibility
Meter has been EVM-compatible but there were many important aspects missing in order for the network to be more closely connected to Ethereum. We’ve created a “wrapper” around the Meter network in order to increase Ethereum compatibility, and here are some of the benefits you’ll see from this.
Integrating Meter with MetaMask
You can now use MetaMask to send and receive mainnet MTR and MTRG!
While our mainnet Meter wallets will have the highest performance and full functionality (such as access to the Meter-Ethereum bridge and mainnet staking when it goes live in January 2021), you can now use MetaMask and other popular Ethereum wallets for simple MTR and MTRG transactions.
Read our docs to learn how to set up MTR and MTRG on MetaMask.
Easy integration of MTR and MTRG into Ethereum DeFi apps
Existing DeFi apps built on Ethereum can now integrate MTR and MTRG with little modification, which will allow their users to trade our coins and use them as collateral.
Also, these DeFi apps can be easily migrated to Meter without additional wallet integrations.
As such, we will launch a Uniswap fork on the Meter mainnet with MTRG and MTR trading pairs to prepare for open staking and on-chain auctions in January 2021.
ERC-20 token bridge
We are building a Layer-2-style bridge contract so you’ll also be able to transfer ERC-20 tokens between Ethereum and the Meter mainnet.
Right now, the only assets that you can map between Ethereum and Meter are eMTRG and eMTR. But with this new bridge, you’ll be able to transfer any ERC-20 between the two networks.
This will be the start of our support for multiple interconnecting chains. This functionality will allow developers to build smart contracts and application-specific chains on Meter. We will also build these types of bridges to Polkadot, Cosmos, Elrond, and many other public chains for full interconnectivity.
Improved block explorer
Finally, we are currently developing a brand new block explorer that will provide data analytics for Meter mainnet tokens, ERC-20s, ERC-721s (NFTs).
Increased compatibility with Ethereum is very important to build the Meter ecosystem and is the first step in creating an interoperable, cross-chain world.
We are excited about what we’ve built so far and believe that this network upgrade will increase the use of MTR as a medium of exchange and bring more value to MTRG and the Meter network as a whole.
Stay tuned as we continue to launch new products and functionality. Thanks for your support!
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