The Meta Protocol being launched on the Arbitrum network is not a coincidence. We chose Arbitrum due to several reasons.
Here are some of the reasons why Arbitrum was our favorite blockchain of choice to build the Meta Protocol on:
- Arbitrum’s TVL is soaring
Despite a bear market, Arbitrum’s TVL has doubled since the beginning of this year. The TVL went from $978 million to $2.1 billion, making it the 4th largest chain by TVL and the biggest Ethereum scaling solution in the market.
- Unique wallet addresses are at an all-time high.
More users are joining Arbitrum every day. Since the beginning of 2023, the number of unique wallets on Arbitrum has been 4x—they went from 2.3m wallets to over 9.6m today.
- The surge in daily transactions on Arbitrum
The number of transactions on Arbitrum is growing rapidly. The daily transactions per day average at around 1 million transactions. Arbitrum has facilitated over 290 million total transactions—singlehandedly smashing its two closest competitors by a big margin:
- Gas fees on Arbitrum
Transaction fees on Arbitrum are almost 40X cheaper than on Ethereum. The average gas price on Arbitrum is 0.10 Gwei ($0.06); whereas on Ethereum, it is: 21.79 Gwei ($2.5)
- Dapp growth on Arbitrum:
- Why is MetaProtocol using GMX’s GLP token to back mUSD?
GMX is the largest DeFi protocol and DEX on Arbitrum, with a TVL of over $600 million. This TVL represents 24.18% of Arbitrum’s entire TVL. In fact, Arbitrum came into the spotlight in the summer of 2022, with $GMX jumping from 13$ to 40$. $GMX is currently traded at 55$.
Most of GMX’s success is attached to $GLP. An index token with:
~50% allocation to Bitcoin/Ethereum
~50% allocation to stablecoins USDC/USDT
$GLP holders earn a solid 70% of platform fees paid in $ETH
The Meta IDO
$META is the native token underpinning the META Protocol.
It’s an ERC-20 token that will be used for governance, voting, staking, minting, and issuing liquidators’ rewards.
The more META tokens someone has, the higher their veto power in decision-making for the Meta Protocol.
The IDO for the Meta token is going to happen on July 17.
5% of META’s total supply, i.e., 5 million $META tokens, will be issued at a minimum rate of $0.16/META.
To get whitelisted for the IDO, you must participate in a simple 5-step quest.
Here is a step-by-step guide on how to do it.