Here is what we plan to do to increase interoperability with Ethereum, how that impacts our roadmap, and how we’re changing our team token release schedule.
When we started building Meter, one of our goals was to create interoperability with other public blockchains to enable value interaction between them and even help them scale.
Recently, we’ve all seen the issues that the Ethereum DeFi is facing - very high fees and long transaction confirmation times - if transactions get confirmed at all. These problems make Ethereum DeFi applications slow and extremely expensive to use for everyone but whales.
We’ve listened to you and how you believe that Meter needs to better integrate with Ethereum and that we’re the best solution to help scale it. We agree.
“We need...the easy way to move funds from meter chain to ethereum and the other side.”- Maxi info (@MaxiInfo)
“It's due to all these defi projects - It really shows the problems of Ethereum, I'm expecting a mass migration to other alternatives over the next couple of months.”- BB (@bboisen)
“Meter is the best solution for scaling eth.”- Meter community member
We believe that the Meter network is well-positioned to solve these pressing scalability issues that Ethereum faces and are working on increasing interoperability.
This enhanced interoperability will increase the use of MTR and MTRG across many public blockchains and get us closer to our goal of a more stable, scalable DeFi landscape.
This blog post will outline (click to jump to section):
- Why Meter is a great candidate to help solve Ethereum’s DeFi issues.
- How we will better integrate with Ethereum and the benefits we’ll see.
- The timing of our roadmap.
- Future function of eMTRG.
- Information about the delay of the release of our team tokens.
Why Meter is the best sidechain to help scale Ethereum DeFi
In short, Meter is a great solution to help scale Ethereum because it is:
- The most decentralized Ethereum-compatible chain
- Fast with low and stable transaction costs
- Can function as a Layer 2 side chain/rollup chain for Ethereum and interconnect with Polkadot, Cosmos, and other chains in the future.
Almost all the existing Ethereum-compatible chains, including xDai and Binance Smart Chain, are variants of Proof of Authority (PoA) designs, where there is basically no consensus in the system and you have to completely trust the elected super nodes. Meter’s HotStuff-based Proof-of-Stake consensus allows the network to randomly select several hundred validators from a pool of thousands of candidates, making it much more decentralized and censorship-resistant than any other scaling solution.
The Meter network can process over 1500 transactions per second (with the bottleneck in EVM itself instead of consensus), which is more than 100x faster than what Ethereum can handle.
Meter transaction costs are paid in our metastable coin MTR. Transactions currently cost less than $0.01 per transaction, which would allow small investors to participate in and profit from DeFi.
With all of these features, we believe that we are well-positioned to help scale Ethereum’s DeFi ecosystem and the most suitable chain on which to build decentralized exchanges, derivative markets, and other DeFi applications.
How we will better integrate with Ethereum, and benefits of doing so
While Meter is already EVM-compatible, there are many other aspects of the ecosystem, such as integrations with wallets, DApps, block explorers, and more, that we need to address.
To achieve this, we are working on an Ethereum “compatible mode” that essentially wraps our mainnet to increase compatibility.
There is a lot of work to be done, but here are the improvements you’ll see once everything is complete:
- Mainnet MTR and MTRG will be easily integrated into popular Ethereum wallets such as MetaMask and many others. The Meter Mainnet wallet will still provide additional features and high performance, but you will be able to use ETH wallets to send and receive MTR and MTRG and switch between the Ethereum and Meter ecosystems seamlessly.
- Existing DeFi apps like Uniswap won’t need additional wallet integrations to use MTR and MTRG, and these DApps will be able to run on the Meter network with almost no modification.
- Our improved block explorer (which is currently under development) will be able to provide data analytics for ERC-20, ERC-721, and our mainnet tokens.
- ERC20 tokens can be transferred between Ethereum and the Meter Mainnet through a Layer-2-style bridge contract.
- This will also make it easier for Meter to support multiple interconnecting chains. It will allow developers to build both smart contracts and application-specific chains on Meter. We will build these bridges to Polkadot, Cosmos, Elrond, and many other public chains to connect them all.
These improvements will increase the use of MTR as a medium of exchange and bring more value to MTRG and the Meter network as a whole.
Changes to our roadmap
These improvements will be our focus for the next phase of Meter’s development, and the target is to complete these upgrades by the end of 2020.
Because these developments will cause a major network upgrade, we believe it is safer to complete this work before we launch open staking and on-chain auctions.
Here is the updated roadmap for the next few months:
- Increase integration with Ethereum wallets - October 2020
- Upgrade the Meter EVM to the latest Istanbul release - October 2020
- Update Save and Earn (alternative staking programs) - October 2020
- Launch the oracle guided decentralized exchange with Chads.vc - October to November 2020
- Release improved block explorers - December 2020
- Launch open staking and on-chain auctions - January 2021
Future function of eMTRG
When we created eMTRG, one of the most important goals was to allow MTRG users to participate in the composability of the Ethereum DeFi ecosystem, starting with liquidity mining. Although we had a few bumps there, the learning experience helped the creation of our new smart AMM engine. As we integrate more closely with Ethereum, eMTRG will serve another important role in the future interoperability between Ethereum and Meter.
For an Ethereum Layer 2 side chain or optimistic rollup chain to function, there has to be a group of aggregators / relayers that guarantees inclusion of users’ Layer 2 state changes to the Ethereum main chain. They post bonds in a smart contract on Ethereum and anyone who finds an aggregator / relayer who posts invalid transactions can get rewarded by the smart contract. eMTRG will be needed for posting bonds on Ethereum for the aggregators / relayers.
Also we aim to make MTRG / eMTRG conversion as frictionless as possible. In addition to our bridge mechanism, we will work with Gate.io to support depositing and withdrawing eMTRG (it will be treated as an equivalent of MTRG). This will also make it possible for other exchanges to list eMTRG as a quick integration alternative for trading MTRG.
Changes to MTRG token release schedule
We will also delay the first release of team tokens, which was scheduled for January 2021.
3.75M MTRG tokens, which consists of team, investor, and advisor allocations, was scheduled to be released in January 2021. Unfortunately, we cannot delay the release of investors’ tokens, but we will push back the release of 2.9M team tokens until July 2021.
We are doing this to reassure you of our long-term commitment to developing and growing the Meter Network.
Cross-chain interoperability is crucial to increasing the usage of MTR and bringing more long-term value to MTRG and the Meter network.
We are taking the necessary steps to build this functionality now. This will help us realize our vision of a more stable, open, and accessible DeFi environment.
Thank you for your support and please let us know your thoughts.
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