Meter Passport x Theta — Mobilizing power of DeFi on the Theta Blockchain!
Theta Roadmap 2022
The Theta Roadmap 2022 and blogs extensively mention bringing the benefits of DeFi to the Theta Blockchain. The strategic focus has now moved from protocol development to building the Theta ecosystem and accelerating adoption of Theta as the leading media and entertainment blockchain. With a view to growing alongside Ethereum and other dev communities, Theta will offer an Ethereum compatible dev environment where DApps (Lending, AMM, DAO, stablecoins and many more) can port over and run seamlessly. Ethereum Developers who have focused on entertainment and media service offerings can now pick up Theta easily and start building. With the EVM Compatible smart contract support, streamers and content creators can find innovative ways to access decentralized funding.
With the ability to run DeFi DApps on the Theta Blockchain comes the need to transfer the capital and crypto assets across different Networks:
In comes Meter Passport: a leading cross-chain bridge connecting blockchains like Ethereum, Avalanche, Moonriver, Binance Smart Chain (BSC) and Meter. With the ‘Meter — Theta’ partnership; the high-performance Passport Infrastructure now supports assets and information transfer across available networks and Theta Blockchain.
Meter Passport
Architecture
One of Meter’s goals is maximizing interoperability with other public blockchains. Meter Passport is an N-way multi-chain router that enables smart contracts to both transfer assets and communicate across blockchains.
Token Model and Security
Passport supports the Lock/Unlock and Lock+Mint/Unlock+Burn token models for bridge asset transfers. In both models, tokens in the destination chain are called “wrapped representations” of the original tokens. Passport enables seamless transfer of assets between different blockchains, greatly expanding the accessibility, reach, and liquidity of the crypto assets.
Meter Passport is based on multi-sig contracts secured by five relayers including Protofire, Harshquark, Wetez, InfinityStones, and Meter team. Meter Passport works with a 3/5 threshold. 3 out of 5 of the relayers group secured the Avalanche-Ethereum Bridge with more than $300M value locked on the bridge and the other relayers are highly reputable staking service providers validating on Polkadot, BSC, Cosmos, and many other PoS networks.
Stay Tuned! — Meter Passport v2 will be implemented later this year by the Meter team and will support an unlimited number of relayers running consensus on the status of the source chains through the HotStuff consensus on Meter and create threshold signature-based verifications.
Highly Integrated Meter Wallet
Wallet.meter.io is a highly integrated web wallet that holds information of all participating networks and assets. You can easily leverage wallet.meter.io to add networks and assets to your MetaMask wallet.
Bridge Cost
The bridge cost includes cost of transaction fees on source and destination networks and operational cost of bridge infrastructure across 5 relayers. The bridge cost is minimal across all participating networks with the exception of Ethereum.
Key Deployments
Ampleforth (AMPL):
One of the first dApps launching on Meter Passport. The infrastructure allows Ampleforth to not only transfer AMPL tokens across blockchains but also use inter-blockchain smart contract calls to control the token rebasing and the total circulation on all blockchains through the master smart contract on Ethereum. We are the official bridge for AMPL across all networks.
Moonriver/Moonbeam:
Meter’s full bridge to Moonriver is their official bridge enabling 20+ assets to transfer between blockchain networks. This will connect the Moonriver parachain and Kusama network to Ethereum, Binance Smart Chain and Meter. Meter Passport will also be deployed to Moonbeam once it launches on Polkadot later this year.
THETA:
With Theta blockchain now integrated, the Meter Passport bridge can be used to move any asset on Theta blockchain to Ethereum, BSC, Moonriver, Avalanche or Meter. A few significant benefits to theTheta Community are outlined below:
1. Additional Capital infusion into Theta Ecosystem — Crypto assets from key blockchains can now seamlessly access the large Theta userbase through DeFi protocols.
Thetaswap DEX — Access to stablecoins on Theta enables deeper liquidity and ease of trading on Thetaswap DEX. Smart contract support will now enable steamers and content creators on THETA to access decentralized funding through the DeFi protocols.
Lending Protocols — Lending protocols (AAVE. Compound) will enable Theta users to access funds without reducing exposure to THETA or TFUEL.
2. Ethereum Developers focused on entertainment and media service offerings can now pick up Theta easily and start building with full access to interoperability across networks
3. Expansion of user base — This opens up the potential to significantly expand Theta’s userbase through availability of THETA, TFUEL, TDROP across multiple networks (Ethereum + Binance Smart Chain + Avalance + Moonriver + Meter). The bridge enables creation of liquidity pools on AMMs (e.g.: Uniswap) or integration with other popular DeFi protocols like lending (e.g. AAVE, Compound).
IMPORTANT NOTE: Meter Passport support for Theta will be restricted to Theta Testnet at launch to allow continued user and stress testing. This will also enable the Theta community to familiarize itself with the process of sending assets cross-chain. We expect Mainnet support to be enabled after a short period of additional testing.
Additional deployments on Meter Passport include Seascape, Polkamarkets, UTU, Rai Finance and DefiCliq. Meter Passport is quickly becoming a premier cross-chain bridge in crypto with support for Ethereum, Avalanche, Moonriver and BSC. Meter is backed by leading crypto funds like Pantera Capital and DHVC.
About Meter.io
Meter.io is a highly decentralized Ethereum scaling solution with a built-in metastable gas currency. It connects to Ethereum and other blockchains as a layer-two protocol and allows smart contracts to scale and communicate seamlessly through heterogeneous blockchain networks.
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