Meter Passport Subsidy Program
Meter introduced Passport Subsidy Program, so a $MTRG holder can not only farm APY by staking the token, but now also receive up to 85% reimbursement on bridge fees.
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.
They 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: they 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
What is Meter?
Meter.io envisions a borderless financial and information ecosystem empowering people to reimagine the world. We take Ethereum to the next level by enabling scalable and interoperable dapps with the safety and security of full decentralization.
📰 INFO:
https://medium.com/meter-io/meter-passport-subsidy-program-393ebb6dde64
