Stargate Deployment On Meter (Pathway Change)

Based on Stargate team’s feedback on the previous governance proposal vote https://snapshot.org/#/stgdao.eth/proposal/0x57dfc29fe901e154f294e9e5fc6f7b26e58e4f9446d2d131168bb4531bd2a448 , we created a new proposal for the Meter deployment with only USDC and fewer pathway support. The most up to date proposal can be found at https://commonwealth.im/stargatetoken/discussion/12864-stargate-deployment-on-meter The following is a copy of the new proposal :

Background Meter.io had been working with Layerzero team to enable Layerzero endpoint from Meter to multiple blockchains. Today Layerzero is one of the top transaction generating applications on Meter mainnet. In this proposal we are aiming to deploy Stargate on Meter mainnet to allow on/off major crypto assets from multiple blockchains to Meter and bring more activities to Stargate. About Meter.io Meter is a high performance blockchain built on hybrid PoS/PoW and HotStuff consensus. It is Ethereum compatible, highly decentralized (currently 337 consensus nodes, scalable to thousands) with unique features like MEV/front running resistant, instant finality and a PoW created flatcoin for payments and transaction fees. Meter has a unique feature lists that is taylor made for decentralized financial applications: Censorship resistant. Meter’s highly decentralized consensus ensures the network is highly decentralized and robust. Transactions will be processed smoothly even the network is under attacks. High throughput and instant finality designed for trading. Meter is not only capable of processing thousand of transaction per second but also each ensuring each transaction in the blockchain is finalized with no possibility of rollbacks.
Fair transaction ordering. Each year, blockchain users lost billions of dollars due to MEV and front running attacks when they use Ethereum, L2 and other blockchains. Meter is the only blockchain that is built from ground up to be MEV/front running resistant. Users will enjoy the safe and smooth trading environment provided by Meter. Fully decentralized flatcoin to build the future DeFi stack and ensure transaction costs both low and stable. Meter has a dual token design, governance token MTRG used for PoS and security and gas token MTR created by PoW and used for paying transactions fees and bidding newly emitted MTRG. Creating one MTR requires 10kwh of electricity burnt on mainstream Bitcoin miners. Such design creates an economic equilibrium for MTR and made it the only non collateralized flatcoin that maintains its value over the past 3 years since its launch. MTR is aim to complete Satoshi’s original vision of a sound money that is independent of the fiat system. Currently Meter has a healthy ecosystem including DEX, lending, synthetic assets, liquid staking and games. The existing bridge only supports USDC, USDT and ETH transfers between Ethereum and the Meter mainnet. The goal of this proposal is to improve the users experience by allowing them to on/off ramp Meter from multiple blockchains. Proposal Based on the Stargate Foundation’s feedbacks. We would like to create a new proposal for Stargate’s deployment on Meter: We propose to launch Stargate initially on the Meter mainnet with the support of the following endpoints in Stargate V1: USDC (between Avalanche, Arbitrum, Polygon and USDC.eth Meter) The Meter community is very excited with the upcoming release of the Stargate v2 Hydra and would like to be one of the first adopters to Hydra on the following pathways: USDT (between Ethereum, Avalanche, Arbitrum, Polygon and Meter USDT.eth or Stargate could create a stgUSDT and Meter community will create liquidity pool to facilitate the conversion) ETH(Ethereum, Arbitrum, OP and Meter) All the detailed pathways and provisions may be adjusted based on the discussion with the Stargate Foundation at the time of implementation. The Meter team will make sure necessary OFT proxies/compatibility layers will be implemented to the existing tokens to accommodate the technical requirements from the Stargate and Layerzero Foundation for Stargate V1 and future V2 deployments. User incentives and application supports: Pools deployed on Meter should receive STG emission based on SIP#23 The TVL incentive on the Stargate USDT & ETH LP pool is expected to receive Meter’s network token MTRG as rewards based on the Meter TVL Incentive Program, which will provide 7.5% to the TVL locked on Stargate. For example a $6M pool will receive $37.5k/month incentives in MTRG, which should cover the incentives needed to support the pool by itself. Meter community will provide $8M total worth of liquidity support dApps leveraging Layerzero and Stargate will be supported based on the Meter Developer Incentive Program Meter team will also work closely with the Stargate team on various marketing activities to maximize the exposure and activities for both Stargate’s launch and continued success on the Meter network. Summary Meter and Stargate carry similar vision of a multichain fully connected blockchain Ineternet future. This proposal will bring better user experience to Meter and more transaction volume and TVL for both Stargate and Meter. Meter team is also working new multichain products like Sumer.money that leverages both Layerzero and Stargate. It will become the begining of the official collaborations between the two teams. Useful Links Meter Website:https://meter.io/ Meter Twitter:https://twitter.com/Meter_IO Meter Docs:https://docs.meter.io/