We are excited to announce that we are partnering with Meter to launch their fully-decentralized, meta-stable coin, MTR, on Harmony.
Meter is DeFi infrastructure with a built-in meta-stable currency, MTR. MTR will be transferable on the Harmony Mainnet and used as one of many stablecoins.
How is MTR Unique?
MTR is not pegged to any fiat currency and no collateral is needed to create MTR. Meter uses a combination of proof-of-work to create MTR and proof-of-stake for consensus. The value of MTR is supported by pegging to the cost of 10kWh in the global electricity market, which is quite stable. Because MTR is quite stable, MTR can potentially maintain better purchasing power than other stablecoins.
MTR will be available alongside 1BUSD, 1USDT, which are the HRC20 versions of the ERC-20 counterparts, giving developers and applications options and more use cases.
As we grow our DeFi ecosystem, our aim is to increase the range of crypto assets deployed on Harmony. Stablecoins are a necessary piece of infrastructure for DeFi and we’re excited to have MTR on Harmony. By launching MTR on Harmony, developers will have access to a highly decentralized and stable form of collateral for DeFi apps built on Harmony.
Meter and Harmony also share a similar vision of a highly interoperable, cross-chain blockchain world. So our engineering teams will explore additional interoperability projects, such as building bridges between the Harmony and Meter chains, potentially running Meter on a Harmony shard, running cross-chain liquidity mining programs, and more.
Stablecoins are an essential part of any financial system. As Harmony actively creates a Defi ecosystem, we will be bringing more and more stablecoins on-chain, which will enable multiple use cases leading to very interesting applications for developers and users. We’re excited to be working with Meter and look forward to adding value to their ecosystem and they to ours.
— Stephen Tse, Co-Founder and CEO of Harmony
We are impressed with what Harmony has built and are excited to work with them to bring MTR to their blockchain. We are also working on many similar cross-chain projects, and we can help each other accelerate our progress there.
— Xiaohan Zhu, Co-Founder and CEO of Meter
Meter is DeFi infrastructure with a fully-decentralized, low-volatility coin, MTR, at its core.
The Meter system uses Proof of Work to create MTR and Proof of Stake with the MTRG governance coin to validate transactions. This hybrid consensus mechanism makes Meter fast — the system can process thousands of transactions per second, reaching finality almost instantly — and super secure.
DeFi app developers can also use our highly-decentralized, HotStuff-consensus PoS chain as an EVM-compatible sidechain to increase the speed and scalability of decentralized exchanges, derivative trading platforms, yield farming programs, and other DeFi apps.
Developers can build on Harmony today, a fast and open blockchain for decentralized applications, suited to handle DeFi, cross-chain, and cross-border finance. Harmony Mainnet supports state sharding with instant finality. Our staking mechanism reduces centralization while supporting delegation and slashing.
We ❤️ Developers.