Meter Passport Subsidy Program

June 23, 2021

Meter Passport Subsidy Program

Meter Passport: Our vision for Passport is to become the ‘Chainlink of Interoperability’ and to enable a web of interconnectedness of assets and liquidity across all public blockchains. As a first major rollout, meter passport will enable free flow of assets across Meter, Ethereum and Binance Smart Chain. The infrastructure will be available to all crypto users looking to transfer assets and liquidity across blockchains.

Purpose of Bridge Fee: In Meter bridge design, relayers play a critical role in ensuring the security and decentralization of the bridge infrastructure and in turn of assets. The fees paid by the users in native chain gas token to help incentivize the bridge operations for the relayers and do away with the need to maintain native gas token balance for voting and validating transactions.

We also understand and acknowledge the need to enhance the user experience of investors and community in leveraging the bridge functionalities.

Subsidizing Passport transfers:

As Meter looks to grow adoption of its infrastructure and create value for the meter community, we are launching a program for subsidizing the bridge fees for transactions with the Meter Tesla Mainnet.

Passport transfer into Meter Tesla Mainnet: All bridge transfers across all assets into the Meters Tesla Mainnet will be reimbursed to 85% of the bridge fees.

Passport transfer in all other directions: We believe in free flow of assets but at the same time want to create value for the meter community. As an attestation to our belief:

1) Every address gets 30% reimbursement on the first 3 bridge transfers.

Meter stakers on Tesla Mainnet are further incentivized as the following:

2) Address > 100 MTRG staked — 30% reimbursement on all bridge fees

3) Address > 500 MTRG staked — 50% reimbursement on all bridge fees

4) Address > 1000 MTRG staked — 70% reimbursement on all bridge fees

5) Address > 5000 MTRG staked — 85% reimbursement on all bridge fees

Additional Details of Reimbursement:

1) Start Date — 8th June (retroactive to meter passport launch.)

2) Reimbursement Token — Combination of MTR/ MTRG based on foundation reserves.

3) Exchange Rate — At the time of reimbursement

4) To qualify for the reimbursement, the from and to addresses on the source and destination addresses have to be the same (default option for Meter Passport). They also have to be the same as your Meter mainnet staking address.

5) Frequency — Daily

NOTE — Please join ‘Meter Announcements’ to stay on top of updates to the subsidy program. We will continue to evolve the program based on feedback. Changes to the subsidy program will be made after 2 days from the announcement(1).

(1) — Meter team holds the right to make immediate changes to the program under extraordinary circumstances.

Need to set up and configure your Metamask?

The easiest way to configure MetaMask is to click on the “Configure MetaMask” button on the wallet page of Meter website.

Here is an expanded explanation in case you are not using the MetaMask browser plug in:

https://docs.meter.io/wallet-setup/interacting-with-meter-mainnet-using-metamask


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