Meter May Latest Progress

Meterians,

Welcome to the monthly progress column of Meter, a window to understand the "Meter" universe and its thriving ecosystem.

At the Meter Foundation, our primary focus is to promote ecosystem growth, provide key support for the development of new DApps, and bring a better experience to users and developers. This month, we collaborated with Buidlbox to prepare for the Meter hackathon and passed a governance proposal to burn 30 million MTRG, which is equivalent to 40% of our total supply.

Now, let's take a look at the detailed progress of Meter in May!

Key Highlights

Changes in Token Economics Due to the Burning of 30 Million MTRG

This burn accounts for over 40% of the total supply

In May of this year, the community approved an important proposal related to changes in MTRG token economics through the governance process --- --- MIP 14: MTRG Token Economics Update (Burning 30 Million MTRG), aimed at enhancing the long-term value and stability of the Meter ecosystem.

The burning of 30 million tokens is scheduled to be executed on June 17, which will reduce the fully diluted valuation (FDV) of MTRG by approximately 40%, while increasing the market cap to FDV ratio to over 75%. Since the burned tokens have not been issued, there will be no direct impact on the circulating supply or token price.

Call to Action: Apply Now to Become a Decentralized Liquid Staking Validator Node

New governance proposal aims to decentralize the liquid staking validator community

We invite all interested Meter community members and professional node service providers to register for the "MIP 15 --- --- Decentralized Liquid Staking Validator Application" proposal, committed to decentralizing liquid staking on the Meter network by expanding the validator community that supports liquid staking applications.

The main requirements for supporting Meter liquid staking validator nodes are as follows:

• Minimum staking amount: 10,000 MTRG
• Minimum hardware requirements: 4-core CPU, 16GB RAM, 200GB NVMe storage (avoid unstable VPS providers)
• Ability to communicate directly with the team for upgrades and emergency assistance

Please fill out the registration application form as soon as possible; we are confirming the final 10 whitelist spots.

Partnership & Integrations

Gasbot x Meter: Seamless Recharge of MTR

We are excited to partner with Gasbot.xyz. This collaboration will allow users on the Meter network to recharge their MTR tokens for gas fees using any ERC20 token. The transactions are completely gasless, secure, and convenient. You are welcome to click this link to read the detailed announcement, and you can also click here to experience it!

Ecosystem

HackMeter Hackathon in Collaboration with Gitcoin BuildBox is Open for Submissions

HackMeter will be a Meter-supported, 4-week hackathon inviting all developers to build on our EVM chain based on Hotstuff 2.0 consensus, offering strong performance, scalability, and decentralization. This hackathon will cover the following 3 tracks:

• Application Track: Focused on DeFi solutions (including derivatives, DEX, stablecoins, and RWAs), gaming (P2E models, metaverse projects, and GameFi), as well as meme tokens, NFT collections, and trading markets.
• Innovation/Infrastructure Track: Exploring projects in areas like AI, SocialFi, and DePin, as well as technical infrastructure improvements (e.g., API key interface).
• No-Code Track: Through meme expressions, tutorials, video guides, infographics, or promotional copy.

Feel free to check the hackathon's registration page, information summary + AMA, kickoff event, Workshop 1: Overview of Meter Development, and Workshop 2: In-Depth Development on Meter.

Symmetric, Meridian MTRG Incentives Continue

Symmetric has introduced its innovative features to Meter, such as highly customizable liquidity pools, advanced trading options for stablecoins and soft-pegged assets, all based on Balancer smart contracts. Meridian Finance has expanded DeFi opportunities within the Meter ecosystem through their lending market, allowing users to borrow USDC, USDT, ETH, MTRG, and wstMTRG. These protocols will continue to empower liquidity providers with MTRG incentives.

Community

AMA: Gasbot x Meter

0xDjangoOnChain and Xiaohan delved into the innovative features of Gasbot --- --- seamless cross-chain gas recharge mechanism, gasless relays, and gas token swaps, and how they benefit Meter users and developers. You are welcome to click here to listen to the AMA.

Articles on Meter and Sumer

This month, we saw some reports on Meter and Sumer, focusing on articles analyzing the major trends in the cryptocurrency ecosystem. These include:

Understanding HotStuff: The Next Evolution in Blockchain Consensus Siemens and NVIDIA Forge Path to Industrial Metaverse with Generative AI Is Parallel EVM the Solution for Ethereum Scaling?

Governance Proposal

A new governance proposal "MIP 15 --- --- Decentralized Liquid Staking Validator Application" has been posted on the community forum, aimed at decentralizing liquid staking on the Meter network by expanding the validator community that supports liquid staking applications. Currently, only Meter Foundation nodes support liquid staking applications. Expanding this community will significantly enhance the network's security, performance, and decentralization.

Network Statistics

Total Value Locked on Chain

The current TVL of the Meter ecosystem is $5.7 million.

Staking and Node Operations

There are currently 318 nodes on the mainnet supporting a 10% APY, with 50% of the circulating supply participating in staking.

Blocks and Transactions

We have run over 55 million blocks on the Meter mainnet, with an average latency of 1.7 seconds. The total transaction volume exceeds 30 million.

User Wallets

The number of user wallets has rapidly grown to 382,527.

What's in Store

In June, the Meter Foundation's focus will be on:

• Burning 30 million MTRG
• Meter BuildBox Hackathon
• Governance Proposal - - Decentralized Liquid Staking Validator Application

About Meter.io

Meter is a high-performance infrastructure that allows smart contracts to interact across different blockchains. The Meter mainnet utilizes HotStuff consensus and is secured by 327 validator nodes from the community (scalable to thousands of nodes). Meter is also one of the most decentralized and high-performance Ethereum sidechains.

Meter Ecosystem

• MeterScan: https://scan.meter.io/
• VoltSwap: https://swap.meter.io/#/swap
• MeterPassport: https://passport.meter.io/transfer
• Sumer Money: https://app.sumer.money/

Meter Official Website and Community

• Official Website: https://www.meter.io
• Telegram: https://t.me/Meter_IO
• Twitter: https://twitter.com/Meter_IO