Announcing Meter’s Fully-Featured “Tesla” Mainnet Release

March 19, 2021
mikechan

With the launch of staking and on-chain auctions, the Meter mainnet now has full functionality.

We are excited to announce that Meter’s full-featured mainnet, named “Tesla”, has just been released! 

After successfully completing the final round of the Warring Stakes testnet for three weeks with 528 community validators, we have finally reached this important milestone. 

The new release has been deployed to the mainnet on March 19th, 2021 at 1am UTC, and staking will start at the first epoch after block height 9,470,000 (roughly Monday, March 22nd). The first on-chain MTRG auction will start 24 epochs afterwards.

The Road to the Tesla Mainnet

Meter’s journey started in March 2018.  

On July 4, 2020, we released the Meter’s Edison mainnet maintained by foundation nodes

In November 2020, we upgraded the Meter network for increased compatibility with Ethereum. 

Now, with the open staking and on-chain auctions launch, we have delivered all the features described in the whitepaper!

Meter is now the world's first and only heterogenous (PoW and PoS) multi-blockchain network.  It is also the only mainnet implementation of HotStuff consensus (similar to Facebook Libra).  

With the upcoming open staking launch, we are looking forward to it becoming the most decentralized and the fastest Layer 2 side chain for Ethereum.  

The following table compares Meter with other hyped projects with multi-billion dollar valuations (the current market cap for MTRG can be found on CoinGecko). As you can see, Meter excels when compared to these protocols. 

New Features

MTRG Staking

After block height 9,470,000 (roughly Monday March 22nd), you will be able to stake your mainnet MTRG using the native Meter wallet to earn MTRG or MTR and help secure the Meter network.  

Depending on the staking participation ratio, the APR will likely be greater than 20%.  

You can stake MTRG directly as a PoS validator or delegate to other validator candidates on the network.

The minimum requirement to become a validator candidate on Meter mainnet is 2000 MTRG, the minimum amount to stake is 100 MTRG.

Details and instructions on how to stake can be found here:https://docs.meter.io/full-node-and-validation/staking-mtrg-how-to-stake-and-staking-details

The mainnet will start with 300 validators in the consensus group and we will gradually expand to support more validators in the coming months as the code gets more mileage out in the wild.

On-Chain Auctions

On-chain auctions will begin shortly after staking launches.

One of the most important uses of the MTR token is to obtain MTRG to participate in safeguarding, governance, and growth of the Meter system. 

This is done via on-chain auctions that are automatically generated by the Meter system every 24 epochs (roughly 24 hours). The only way to participate in these auctions is to use MTR as the bidding currency. Here’s a visual of how auctions work:

To learn more about on-chain auctions, click here. You can participate in on-chain auctions in the native Meter wallet

Mainnet Founding Validators Will Receive Rare Meter Tesla NFTs

As a token of our appreciation, the top 100 ranked mainnet validators will receive Meter Founding Validator Nikola Tesla NFTs. This NFT could be used as an acceleration card for future liquidity mining programs on Meter products. 

To determine who receives the NFTs, we will take snapshots during the two weeks starting from March 25th. The validators have to maintain a healthy state (not jailed) and ranked in the top 100 nodes.

Conclusion

We are excited to launch the fully-featured Tesla mainnet! We will now be able to realize the full vision of a better, faster, more stable DeFi environment. 

We'd like to thank you, our awesome community, for your support over the last three years! We know it's been a roller coaster ride but we are ecstatic that you've stuck around.

We appreciate all the support from our investors including Pantera Capital, DHVC, DTC Capital (Spencer Noon), AU21 Capital, LD Capital, and ZMT Capital.

We look forward to continue building and growing!

We hope you liked this article! If you did, please share it with the share buttons on your left so others can discover it. 

To stay updated on all things Meter, sign up for our email newsletter below and join us on Twitter, Telegram, Discord, Reddit, Facebook, and our discussion forum.

Sign up to our monthly newsletter

Stay on top of everything Meter related!
Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.