# Welcome To Meridian

Meridian is building a suite of decentralized financial services non-custodial, including stablecoin, lending, exchange, and perpetuals trading services all within one unified and user-friendly application.

The Meridian ecosystem aims to empower users with the tools and flexibility to navigate the decentralized financial landscape with confidence and efficiency.

{% embed url="<https://youtu.be/pfOc6WmMRmU>" %}

* [USDM Stablecoin ](/usdm-meridian-mint)
* [Trading](/trading-meridian-trade) & [Zero Slippage Swaps](/trading-meridian-trade/meridian-trade/zero-slippage-swaps)
* [Lending ](/lending-meridian-lend)& [Borrowing](/lending-meridian-lend/borrowing)
* [Liquidity Pools](/swaps-meridian-swaps/liquidity) & [Swaps](/swaps-meridian-swaps)
* [Earning with Meridian](/earning-with-meridian)
* [The $MST Token](/the-usdmst-token)

#### Join the community! <a href="#join-the-community" id="join-the-community"></a>

* Twitter <https://twitter.com/MeridianFi>
* Medium <https://medium.com/@meridianFinance>
* Telegram <https://t.me/meridianFinance1>
* Discord: <https://discord.com/invite/SCHCXz9Mnb>

#### [Launch Meridian App](https://www.meridianfinance.net/#/)


# Meridian Mint

Decentralised borrowing protocol

Meridian Mint is a decentralised, non-custodial, governance-free borrowing protocol that enables users to obtain interest-free loans against whitelisted collateral. Loans are paid in USDM, which is a USD pegged stablecoin.&#x20;

Meridian adopts an over-collateralised lending architecture that maintains a [minimum collateral ratio](/resources/faqs#what-is-the-minimum-collateral-ratio-mcr-and-the-recommended-collateral-ratio) of 110% which is algorithmically validated and assured by a [Stability Pool](/usdm-meridian-mint/stability-pool-and-liquidations) to maintain the pegged value of USDM.

As a direct fork of the highly successful Liquity protocol, Meridian shares the exact same smart contract code base. All contracts are fully verified and can be reviewed here on [sourcify](/resources/technical-and-security/usdm-contracts).

## Motivation

Bitcoin and other cryptocurrencies were designed to enable self-custodial asset ownership and seamless online payments free from central control. However, their volatile nature has hindered their ability to function as reliable payment methods, instead, their utility has been overshadowed by their use as speculative vehicles. This has led to concerns about their dependability as a store of value and their suitability for everyday transactions.

Stable-value assets have therefore become an essential building block for Ethereum applications and have grown to represent tens of billions of dollars in value.&#x20;

However, the vast majority of this value remains in the form of fiat-backed stablecoins like Tether and USDC. Truly decentralised stablecoins make up only a small portion of the total stablecoin supply, meaning the vast majority of stablecoins are centralised.

By being highly capital efficient and completely governance-free, Meridian  is helping to create a more decentralised and user-friendly way to borrow stablecoins.

## Benefits of Meridian

* Zero interest rate —  Borrowers can hold USDM for as long as they wish.  As there is no interest to pay there is no need to worry about constantly accruing debt.
* Efficient use of capital — Users only need to maintain a [minimum collateral ratio](/resources/faqs#what-is-the-minimum-collateral-ratio-mcr-and-the-recommended-collateral-ratio) of 110%  providing more efficient usage of  collateral.
* [Earn Fees](/the-usdmst-token/staking-rewards) - Earn a share of fees in the form of ETH and USDM by staking Meridian Stability Token (MST) in the protocol Staking Pool.
* [Earn MST](/the-usdmst-token) - Get rewarded with MST by helping to secure the protocol through the Stability Pool
* Farm USDM - Earn MST by providing liquidity to ETH-USDM.
* Governance free — all operations are algorithmic and fully automated, and protocol parameters are set at time of contract deployment.
* Directly redeemable —  USDM can be redeemed at face value for the underlying collateral at any time.
* Fully decentralised — The Meridian base contracts can be accessed by multiple third parties this allows for different frontend operators and ensures that the protocol remains resistant to censorship.

#### [Launch Meridian App](https://www.meridianfinance.net/#/)


# Meridian Trade

### Meridian Trade <a href="#omnitrade" id="omnitrade"></a>

Meridian Trade is the Leveraged DeFi trading platform within the Meridian suite of products. Leveraged Trading is a popular form of derivative trading that enables investors to speculate on the price movements of crypto assets, such as ETH and USDM without owning the underlying asset.&#x20;

Meridian Trade is margin-based, allowing traders to deposit a set percentage of the full value of a trade in order to offer greater exposure to the markets as compared to buying and holding the underlying asset. Meridian uses a multi-asset liquidity pool that enables both **leveraged trading** and **zero slippage swaps.**&#x20;

As a direct fork of the highly successful GMX protocol, Meridian shares the exact same smart contract code base. All contracts are fully verified and can be reviewed [here](broken://pages/nc62pXgCyHz6AN215rc7).

#### [Launch Meridian App](https://www.meridianfinance.net/#/)


# Meridian Lend

### What is Meridian Lend?

Meridian Lend is a decentralized cryptocurrency platform that enables borrowing and lending of crypto assets. It leverages smart contracts to automate the entire process, with predefined rules governing how funds are allocated, how collateral is managed, and how fees are applied.

Meridian Lend focuses on overcollateralized loans, meaning you need to deposit crypto valued higher than the amount you wish to borrow. This safeguards lenders from potential losses due to loan defaults, while allowing the protocol to liquidate the collateral if its value drops significantly.

Meridian Lend also offers its native token, which can be traded on various exchanges or staked within the platform to earn interest. Staking rewards validators for verifying transactions on the proof-of-stake blockchain that powers Meridian Lend.

By utilizing smart contracts, Meridian Lend automates the loan process—calculating terms, securing collateral, and disbursing borrowed cryptocurrency—without the need for intermediaries.

To lend, Meridian Lend allows users to deposit crypto assets and earn interest paid by borrowers. Instead of directly matching lenders and borrowers, Meridian Lend operates liquidity pools where you can deposit crypto assets, which are then lent to borrowers.

### Glossary

If you are unsure about any specific terms feel free to check the [Glossary](/resources/glossary/lending-glossary).<br>

### Meridian Lend Security

\
Meridian Lend has security at its core. It is built on the proven, open-source Aave protocol, providing confidence to both lenders and borrowers. User funds are held in decentralised smart contracts that have been formally verified and audited by third-party auditors. The protocol adopts a fully transparent risk-management framework that is based on the recommendations of specialist quantitative modeling experts.\
\
Meridian Lend Contracts are Verified. [Check them out here](/resources/technical-and-security/lending-contracts).


# Meridian Swap

Meridian Swap is a decentralised liquidity protocol on EVM-compatible blockchains that uses smart contracts to manage pools of two ERC-20 tokens. It eliminates intermediaries, prioritising decentralisation and security. Anyone can provide liquidity by depositing equal values of the tokens, receiving pool tokens in return that represent their share of the reserves, which can be redeemed at any time.&#x20;


# Getting Started - Networks

Meridian is bringing its suite of DeFi tools to an ever expanding list of networks. By partnering with us, networks have access to secure and reliable services to deliver an integrated DeFi experience for their users. This section provides an introduction to Meridian's current partners, and details how you can connect and bridge to their networks. &#x20;

{% content-ref url="/pages/onxySm3o8xk4d6KnBB7t" %}
[Telos Network](/getting-started-networks/telos-network)
{% endcontent-ref %}

{% content-ref url="/pages/wheH75rAumWYtqZ9Icis" %}
[Meter Network](/getting-started-networks/meter-network)
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{% content-ref url="/pages/ORN8Jdf1lMvX51DXCiZj" %}
[Fuse Network](/getting-started-networks/fuse-network)
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{% content-ref url="/pages/fJKUB9LTvuKbBvC5BI30" %}
[Base Network](/getting-started-networks/base-network)
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{% content-ref url="/pages/pgsFfgmNjPWzF2gcQqM1" %}
[Taiko Network](/getting-started-networks/taiko-network)
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# Base Network

## The Base Network

Base is a secure, low-cost, Ethereum L2 built to bring the next billion users onchain.  The network is currently incubated within Coinbase and plans to progressively decentralise in the years ahead in order to help create an open, global cryptoeconomy that is accessible to everyone.

### Benefits of Base

* **Ethereum L2**[​](https://docs.base.org/#ethereum-l2) - Base is built as an Ethereum L2, with the security, stability, and scalability at its heart
* **Open source**[**​**](https://docs.base.org/#open-source) - Base is built on the MIT-licensed [OP Stack](https://stack.optimism.io/), this open source environment ensure that it remains a public good and available to everyone
* **Scaled by Coinbase**[**​**](https://docs.base.org/#scaled-by-coinbase) - Base is intended to provide a platform for efficient leverage of Coinbase’s products and seamless  integrations including easy fiat onramps, and access to millions of current users in the Coinbase ecosystem

### Connecting to The Base Network

* First go to <https://chainlist.wtf/> and connect your wallet by pressing the button in the top right hand corner of the screen
* Enter the word '**Base**' into the search bar at the top
* Click the option to Add Chain
  * Name: Base
  * ChainID: 8453
  * Currency: ETH

### Bridging to Base

As of 3 Aug 2023 Base network have launched a dedicated bridge between Ethereum mainnet and the Base Network.  Base Bridge enables the transfer of certain digital assets and other data back and forth between Ethereum and Base.  The bridge accepts a number of popular  Ethereum wallets like Coinbase Wallet, MetaMask, and Rainbow Wallet.

* To transfer ETH from Ethereum to Base Network go [here](https://bridge.base.org/deposit)
* To transfer ETH from Base to Ethereum go [here](https://bridge.base.org/withdraw)

{% hint style="warning" %}
**Note:**&#x20;

At the time of writing deposits to Base Network took just a few minutes however withdrawals are time locked to take 7 days.&#x20;

Gas fees to use the bridge appear to be higher than using the proxy contract method described below.
{% endhint %}

## Bridging Using The Proxy Contract (superseded)

At the launch of Meridian the Base mainnet is in the early stages of development and as such does not yet have a UI through which to bridge funds.  However a proxy contract does exist that allows users to move funds on chain from Ethereum mainnet.  The process for doing this is described below:

{% hint style="danger" %} <mark style="color:red;">CAUTION</mark>

* **Do not send any asset other than ETH.** The proxy contract only supports receipt of ETH and sending any other asset will result in unrecoverable loss of the asset.
* **Do not send ETH from any network other than Ethereum mainnet.** The proxy contract only supports from Ethereum mainnet and sending from any other network or chain (e.g. another EVM-compatible chain or L2) will result in unrecoverable loss of the asset.
* **Do not send ETH from an exchange.** The portal proxy contract bridges to the address where ETH is sent from, so if sent from an exchange, for example, ETH will be bridged back to the exchange, which could result in unrecoverable loss of the asset.
  {% endhint %}

1. Ensure that you have some native **ETH tokens** in your wallet on the **Ethereum mainnet**
2. The proxy contract address is [0x49048044D57e1C92A77f79988d21Fa8fAF74E97e](https://etherscan.io/address/0x49048044D57e1C92A77f79988d21Fa8fAF74E97e)
3. Use your Metamask wallet to send ETH on Etherum mainnet form your wallet direct to the proxy contract address.  Any funds sent in this way will be transferred from your wallet the Etherum mainnet to your wallet on the Base mainnet.  Transfers can take several minutes to complete.
4. [Connect your wallet to the Base network](#connecting-to-the-base-network) and you should be able to see the transferred funds
5. More detailed information on using the proxy contract for bridging can be found [here](https://docs.base.org/tools/bridges)

{% hint style="info" %} <mark style="color:green;">**Tips**</mark>

* Whenever moving funds  to a new location for the first time, test the process with a small transaction before committing all of your main funds.
* Note that not all wallets support transfers direct to a contract address however this can be done using Metamask
  {% endhint %}

#### [Launch Meridian App](https://www.meridianfinance.net/#/)


# Fuse Network

\
Fuse is an enterprise-grade, use-case agnostic, reliable, and secure decentralised EVM-compatible public blockchain.

The Fuse blockchain uses a **Delegated Proof of Stake (DPoS)** consensus mechanism. DPoS is a variant of the Proof of Stake (PoS) mechanism where token holders vote for a small number of delegates (also known as validators) who are responsible for validating transactions and maintaining the blockchain. This approach is designed to be more efficient and scalable than traditional Proof of Work (PoW) or even standard PoS mechanisms.

In the Fuse network, the DPoS consensus allows for quick transaction finality and low fees, which aligns with the platform's focus on enabling easy and cost-effective payment solutions and decentralised finance (DeFi) applications.

### Benefits Of The Fuse Network&#x20;

1. **User-Friendly**: The Fuse platform caters to end-users, and its user-friendly tools enable them to create and manage digital currencies easily. In an industry that can be intimidating to newcomers, Fuse's straightforward and intuitive platform is a breath of fresh air.
2. **Customisation:** The ability to customise the white-label wallet solution is remarkable. It allows businesses to maintain their brand identity while providing blockchain-based financial services. This customisation is a powerful tool for companies looking to establish trust and loyalty among their users.
3. **Scalability:** The fuse network is scalable thanks to its Proof-of-Authority (PoA) consensus mechanism. Compared to Proof-of-Work (PoW) networks like Bitcoin and Ethereum, transactions are faster and more energy-efficient.

### Connecting To The Fuse Network

* First head to <https://chainlist.org/> and connect your wallet at the top right corner
* Search for the keyword **"Fuse" into the search bar**&#x20;
* **Click the option "Add Chain"**
  * Network name: Fuse Mainnet&#x20;
  * Network URL: <https://rpc.fuse.io&#x20>;
  * Chain ID: 122
  * Currency symbol: FUSE

### Bridging To The Fuse Network

Fuse Console enables the transfer of certain digital assets and other data back and forth between different networks like Polygon, Base, Solana and Fuse. The console also assets the transfer of digital assets from centralised exchanges to Fuse. The console accepts popular wallets like Metamask and Coinbase

To begin transfer between various networks and fuse head over[ here](https://console.fuse.io/bridge)

{% hint style="success" %}
**Tips**

* Whenever moving funds to a new location for the first time, test the process with a small transaction before committing all of your main funds.
* Note that not all wallets support transfers direct to a contract address however this can be done using Metamask
  {% endhint %}


# Meter Network

Meter Network is a decentralised blockchain platform committed to realising Satoshi’s original vision of creating metastable sound money independent of the fiat system. Meter Network is the industry’s first fully decentralised HotStuff2 public network, supporting the EVM (Ethereum virtual machine) and providing users with an unparalleled trading experience — low latency, fast transaction confirmations and instant finality. Meter promotes fairness with its MEV resistant Ethereum run time that safeguards retail users.

The Meter network uses a hybrid consensus mechanism that combines Proof of Work (PoW) and Proof of Stake (PoS). Specifically, Meter employs HotStuff-based Proof of Stake (HotStuff-PoS) for finality and consensus on blocks, while using Proof of Work (SHA-256) to regulate the creation of Meter's native stablecoin, MTR.

In this system:

* **Proof of Work (PoW)**: PoW is used to create and regulate the stablecoin (MTR) supply, ensuring it remains independent of the underlying blockchain's governance.
* **Proof of Stake (PoS)**: Validators participate in the PoS mechanism to validate transactions and secure the network, ensuring fast and secure consensus with finality.

This hybrid approach allows Meter to combine the security and stability aspects of PoW with the scalability and efficiency benefits of PoS.

### Benefits Of The Meter Ecosystem

* **DeFi infrastructure:** Meter was built from the ground up to enable DeFi. DeFi apps like decentralised exchanges, synthetic asset platforms, lending applications, and many others can be built on top of Meter to leverage its fast, decentralised network.And with Meter's EVM compatibility and future interoperability with Polkadot, Cosmos and many other public blockchains, Meter can be used as a side chain to help scale and enable value interaction acros.
* **Everyday payments:** Meter can be used for everyday purchases and payments, such as for your cup of coffee, a new shirt, or payments to friends and family across the world.
* **Store of value:** With governments devaluing their currencies with continuous printing, Meter maintains its long-term value by being pegged to 10 kW/h of electricity, one of the most stable resources in the world.

### Connecting To The Meter Network

* First go to [https://chainlist.org/](https://chainlist.org/?search=) and connect your wallet by pressing the button in the top right hand corner of the screen
* Enter the word **'Meter**' into the search bar at the top
* Click the option to Add Chain
  * **Name**: Meter Mainnet
  * **Network URL**: [https://rpc.meter.io	](<https://rpc.meter.io	>)
  * **Chain Id**: 82
  * **Currency Symbol:** MTR

### Bridging To The Meter Network

Meter Passport bridge enables the transfer of certain digital assets and other data back and forth between different networks like Polygon, Base, Ethereum, Arbitrum and other non EVM chains with meter. The passport bridge accepts popular wallets like Metamask Phanthom Subwallet Compass wallet and so many others.&#x20;

To begin transfer between various networks and meter head over [here](https://passport.meter.io/#/)

{% hint style="success" %}
**Tips**

* Whenever moving funds to a new location for the first time, test the process with a small transaction before committing all of your main funds.
* Note that not all wallets support transfers direct to a contract address however this can be done using Metamask
* Asides using the passport bridge, you can purchase $MTR from centralized exchanges
  {% endhint %}


# Telos Network

The Telos Network was launched in 2018 and is known for its impeccable five-year record of zero downtime. Home to the tEVM, (a high-speed Ethereum Virtual Machine) launched in 2021, Telos has repeatedly demonstrated its commitment to advancing blockchain technology. Now evolving into a Layer 0 network, Telos prioritises scalability, security, and decentralisation, supporting over 15,200 transactions per second with minimal fees. The growing Telos ecosystem includes over 1.2 million accounts, hundreds of partners, and numerous dApps. Telos is contributing significantly to the transition towards Web 3.0 and decentralised solutions.

Telos uses the Delegated Proof of Stake (DPoS) consensus mechanism. This system is similar to the one employed by the EOSIO software, which Telos is built upon.

In Telos' DPoS system:

* Token holders vote for a set of block producers (also known as validators) who are responsible for validating transactions and adding blocks to the blockchain.
* The voting process is continuous, meaning block producers must maintain the support of the community to remain active.
* DPoS is designed to be highly efficient, offering fast transaction speeds and lower costs, which is crucial for Telos' focus on decentralised applications (dApps) and enterprise use cases.

The Telos network has made specific improvements and optimisations over the basic DPoS model to enhance performance, governance, and community engagement.

### Benefits Of The Telos Ecosystem

1. **Cost-Effective:** Telos EVM drastically reduces transaction costs to around 0.1% (1/1000th) of Ethereum fees, making it economically viable for both high-volume transaction applications and microtransactions.
2. **Speed:** With block times of 0.5 seconds and efficient transaction processing, Telos EVM boasts industry-leading speeds of over [15,000 TPS](https://www.telos.net/post/telos-breaking-evm-transaction-records).
3. **Transparency:** The first-in-first-out mempool structure eliminates the potential for front-running and MEV, providing a fair and transparent ecosystem.
4. **Ethereum Compatibility:** Telos EVM's compatibility with Ethereum's programming languages and APIs makes it easy for developers to transition and build upon their existing knowledge

### Connecting To The Telos Network

* First go to [https://chainlist.org/](https://chainlist.org/?search=) and connect your wallet by pressing the button in the top right hand corner of the screen
* Enter the word **'Telos**' into the search bar at the top
* Click the option to Add Chain
  * Network: Telos EVM Mainnet
  * Network URL: <https://mainnet.telos.net/evm>
  * Chain Id: 40
  * Currency Symbols: TLOS

### Bridging To The Telos Network

Telos bridge supported by Layer Zero enables the transfer of certain digital assets and other data back and forth between different networks like Polygon, Binance Smart Chain, Ethereum, Arbitrum ZkSync and others with Telos EVM. The Telos bridge accepts popular wallets like Metamask, Phanthom, Coinbase and others

To begin transfer between various networks and Telos head over[ here](https://bridge.telos.net/bridge)

{% hint style="success" %}
Tips

* Whenever moving funds to a new location for the first time, test the process with a small transaction before committing all of your main funds.
* Note that not all wallets support transfers direct to a contract address however this can be done using Metamask
* Asides using the Telos bridge, you can purchase $TLOS  from centralised exchanges
  {% endhint %}


# Taiko Network

Taiko is building the world’s first Type 1 EVM in order to scale Ethereum without compromises. Taiko is able to offer a superior developer-experience without introducing any additional trust assumptions. Also, given that Taiko is Ethereum-equivalent, all existing Ethereum tooling should work out-of-the-box and any additional audits or code changes become redundant.&#x20;

Taiko is also the only based-rollup that has launched mainnet with fully decentralised proposer/prover from Day 1. This allows Taiko to be most aligned with Ethereum foundation’s vision on scaling the ecosystem without fragmentation.

To achieve its goals, Taiko has focused on protocol design to mitigate any potential performance drawbacks associated with ZK proofs. By optimising the implementation and carefully considering trade-offs, Taiko aims to deliver a decentralised Ethereum-equivalent ZK-Rollup that meets the requirements of scalability, security, and compatibility.

### Benefits Of The Taiko Ecosystem

* Increased Scalability: Taiko significantly increases the number of transactions the network can handle compared to the base layer of Ethereum.
* Reduced Fees: Processing transactions off-chain lowers the gas fees associated with each transaction.
* Security: Even though transactions occur off-chain, they are ultimately secured by the Ethereum blockchain, ensuring their integrity.

### Connecting To The Taiko Network

* First go to [https://chainlist.org/](https://chainlist.org/?search=) and connect your wallet by pressing the button in the top right hand corner of the screen
* Enter the word **'Taiko**' into the search bar at the top
* Click the option to Add Chain
  * Network name: Taiko Mainnet&#x20;
  * Network URL: <https://rpc.taiko.xyz&#x20>;
  * Chain ID: 167000&#x20;
  * Currency symbol: ETH

### Bridging To The Taiko Network

The Taiko bridge enables the transfer of $ETH back and forth between Ethereum and Taiko. The Taiko Bridge accepts popular wallets like Metamask Phantom Subwallet Compass wallet and so many others.

To begin bridging assets to the Taiko Ecosystem head over [here](https://bridge.taiko.xyz/)

{% hint style="success" %}

**Tips**

* Whenever moving funds to a new location for the first time, test the process with a small transaction before committing all of your main funds.
* Note that not all wallets support transfers direct to a contract address however this can be done using Metamask
* Bridges that support multiple assets and multiple chain for transfer can also be used to bridge to the Taiko Network, like Rubic Exchange
* Asides using the Taiko Bridge, you can purchase $TAIKO from centralised exchanges
  {% endhint %}


# Taraxa Network

### The Taraxa Network <a href="#the-base-network" id="the-base-network"></a>

araxa is an innovative ecosystem with a unique BlockDAG architecture, offering high scalability, low latency, and a secure foundation that aligns well with Meridian’s mission. This high-performance infrastructure makes Taraxa an ideal partner for expanding the reach and utility of USDM. By deploying on Taraxa, Meridian can provide users with seamless, efficient transactions, laying the groundwork for a robust DeFi ecosystem on Taraxa. This partnership allows both Meridian and Taraxa to empower users with secure, stable assets, ultimately strengthening decentralized finance opportunities across the network.

#### Benefits of Taraxa <a href="#benefits-of-base" id="benefits-of-base"></a>

* **Scalable & High-Performance DAG-Based Blockchain** – Unlike traditional blockchains, Taraxa uses a **Directed Acyclic Graph (DAG)** structure, which allows for **parallel transaction processing** instead of sequential block confirmations. This results in **faster transaction speeds, lower latency, and near-instant finality**, making it ideal for high-frequency applications.
* **Decentralized Yet Lightweight Infrastructure** – Taraxa is designed to be **highly decentralized while remaining lightweight**, allowing nodes to run with minimal hardware requirements. This significantly **lowers the barrier to entry** for participants and ensures a more **accessible and resilient** network.
* **Cost-Effective Transactions for Real-World Use Cases** – With **low transaction fees** and efficient validation, Taraxa is well-suited for use cases like **audit logging, supply chain transparency, IoT integrations, and informal agreements**. Businesses can leverage Taraxa’s blockchain to **secure off-chain data** in an immutable, verifiable way without excessive costs.
* **Robust Token Economy & dApp Development Support** – The **TARA token** plays a key role in transaction fees, staking, and governance, incentivizing ecosystem participation. Additionally, Taraxa supports **flexible dApp development**, allowing developers to build applications tailored to **enterprise adoption, machine-to-machine transactions, and decentralized financial interactions**.

#### Connecting to The Taraxa Network <a href="#connecting-to-the-base-network" id="connecting-to-the-base-network"></a>

* First go to <https://chainlist.org/> and connect your wallet by pressing the button in the top right-hand corner of the screen
* Enter the word '**Taraxa**' into the search bar at the top
* Click the option to Add Chain
  * Name: Taraxa
  * ChainID: 841
  * Currency: TARA

#### Bridging to Taraxa <a href="#bridging-to-base" id="bridging-to-base"></a>

As of August 2024, the Taraxa network have launched a dedicated bridge between Ethereum mainnet and the Taraxa Network. Taraxa's Ficus Root Bridge enables the transfer of ETH, USDT and TARA back and forth between Ethereum and Taraxa. The bridge accepts a number of popular Ethereum wallets like Coinbase Wallet, MetaMask, and Rainbow Wallet.

* To access the Taraxa's Ficus bridge go [here](https://bridge.taraxa.io/)

Applications on Taraxa​

* [Meridian Mint ($USDM)](/welcome-to-meridian/meridian-trade) - Tradable on [TaraSwap](https://www.taraswap.app/)
* [Meridian Lend](https://lend.meridianfinance.net/) - Supports TARA, ETH, USDT & USDM


# Earning with Meridian

## Overview

Meridian provides a number of ways in which investors can earn rewards and then compound these earnings over time.  Borrow fees and trading fees from the protocol are shared through the [MST staking pool](broken://pages/lW8NnnFG1Yt8zwNwsRlg), the [MLP liquidity pool](/earning-with-meridian/mlp-liquidity-pool) and the [MST Multiplier Pool](broken://pages/si4pWTXKPOQ6jprVtGHy).  Fees are provided as rewards for supporting the protocol and are distributed in the form of ETH and USDM.&#x20;

To benefit from these rewards users will need either the  [Meridian Stability Token (MST)](/resources/faqs#what-is-mst)  or the Meridian Liquidity token (MLP).  MLP is automatically staked in exchange for providing liquidity to the trading platform whereas MST is a tradable ERC20 token that is provided as a reward for supporting either the [Meridian Stability Pool](/usdm-meridian-mint/stability-pool-and-liquidations) or the[ Meridian Liquidity Pool](/trading-meridian-trade/meridian-trade/mlp).

The table below highlights how users can receive rewards from Meridian:

<figure><img src="/files/R93EProvTKviMMpeIYo4" alt=""><figcaption><p>Rewards Distribution Table</p></figcaption></figure>

*All rewards are based on preprogrammed functionality of the protocol and do not represent any sort of claim towards protocol developers or any third party.*

#### [Launch Meridian App](https://www.meridianfinance.net/#/)


# Stability Pool Staking

Earn MST by staking in the Stability Pool

## Stability Pool

The Stability Pool is the first line of defence in maintaining system solvency. It achieves this by acting as the source of liquidity to repay debt from liquidated [Troves](/resources/faqs#what-is-a-trove) thus ensuring that the total USDM supply always remains fully backed by collateral.

To participate in this pool users deposit USDM.  Over time this USDM may be used to [liquidate](/usdm-meridian-mint/stability-pool-and-liquidations#what-are-liquidations) troves and in return the user will receive collateral and [MST](/resources/faqs#what-is-mst) rewards.  As troves are liquidated just below the minimum 110% collateralisation ratio  it is expected that Stability Providers will receive a greater dollar-value of collateral relative to the debt they pay off. &#x20;

More information on how the Stability Pool works can be found [here](/usdm-meridian-mint/stability-pool-and-liquidations)

## Depositing to the Stability Pool

The current earnings APR for the stability pool is shown in the stability pool section of the main dashboard. On the Base Network, rewards are distributed in MST tokens through a decreasing rate curve designed to incentivise early adoption while maintaining long-term availability of rewards. As a result, users who participate in the early months will receive higher MST rewards, with these rewards gradually decreasing over time. You can view the MST emissions curve on Base here:

[ https://docs.meridianfinance.net/tokenomics#stability-pool-rewards](< https://docs.meridianfinance.net/tokenomics#stability-pool-rewards>)

To deposit to the Stability pool and start earning MST users first need to acquire USDM.  This can be achieved by either [opening a trove](broken://pages/9nISr54UByb4mUCo0hO8#opening-a-trove) or purchasing it on the open market.

* Go to the stability pool section of the [main dashboard](https://mint.meridianfinance.net/#/) and click **Deposit**
* Enter the amount of USDM that you wish to add to the [stability pool](/usdm-meridian-mint/stability-pool-and-liquidations) and confirm&#x20;

<figure><img src="/files/Ho9RC22eGzRSEFKgXMIV" alt=""><figcaption></figcaption></figure>

* Following confirmation the section will update to show your share of the pool, any gains that you make through liquidations. It should be noted that the rewards are only updated whenever a user interacts with the stability pool and therefore you may actually have earned more rewards than are immediately shown.

<figure><img src="/files/W5gqS2uZkuA9RsuhWPso" alt=""><figcaption></figcaption></figure>

#### [Launch Meridian App](https://www.meridianfinance.net/#/)


# MLP Liquidity Pool

MLP rewards are derived from fees that are paid by traders on the Meridian Leveraged Trading interface.  This includes both [Leveraged Trading](/trading-meridian-trade) and [Zero Slippage Swaps](/trading-meridian-trade/meridian-trade/zero-slippage-swaps).  These trades are transacted using the [MLP multi-asset liquidity pool](/trading-meridian-trade/meridian-trade/mlp) which is supported by investors depositing tradable tokens in return for a share of the pool and the [fees](/trading-meridian-trade/meridian-trade/fees-and-costs) that it generates. As well as earning fees, liquidity providers will also receive [MST](/resources/faqs#what-is-mst) as an additional reward for supporting the protocol.

MLP rewards are calculated after the deduction of referral rewards and the network cost of keepers.  Keeper costs are typically 1% of total fees.  These net rewards  are then converted to ETH and distributed to MLP token holders, MST stakers and the Treasury. &#x20;

The current allocations are:

* 60% to MLP holders
* 30% to MST stakers
* 10% to Treasury

### Investment Performance

* Information on historic performance of MLP rewards can be found at <https://stats.meridianfinance.net>
* Information on the current composition of the MLP pool can be found [here](https://trade.meridianfinance.net/#/dashboard)
* Information on the current price and APR for MLP investment can be found [here](https://trade.meridianfinance.net/#/earn)
* Information on the current price and APR for MST can be found [here](https://trade.meridianfinance.net/#/earn)

### How to Participate in MLP Rewards

Investors can provide liquidity and receive MLP tokens through the [MLP Liquidity page](https://trade.meridianfinance.net/#/buy_mlp).  This allows users to deposit ETH or USDM tokens and in return mint MLP tokens.  Buying and selling of MLP is discussed in more detail [here](/earning-with-meridian/mlp-liquidity-pool/buying-and-selling-mlp).

### Risks & Benefits

As trading liquidity is provided by the MLP, the MLP token price will change as a result of trading activity.  When traders make a loss then an equal amount of the trade collateral is allocated to the MLP and the price of the MLP token will rise.  Conversely when traders are successful then the profits for the trade will be taken from the MLP and the price of the MLP token will fall.  Historic profit and loss performance for MLP can be tracked at <https://stats.meridianfinance.net>

**Example**

If a trader deposits $100 of collateral to go 5x long on ETH then $500 of ETH (5 x $100) will be reserved in the MLP.  If the price of ETH subsequently falls by 10% then $50 of the opening collateral will be allocated to the MLP.  In effect this means that the MLP holders do not suffer the downward movement in the price of ETH and therefore profit by $50.  However, if rather than falling the price of ETH rises by 10%, then the MLP holders will not benefit from this rise in the price of ETH as the $50 of profit will be allocated to the trader.

#### [Launch Meridian App](https://www.meridianfinance.net/#/)


# Buying & Selling MLP

Investors can provide liquidity and receive a share of the [Leverage Trading](/trading-meridian-trade) and [Zero Slippage Swap](/trading-meridian-trade/meridian-trade/zero-slippage-swaps) fees by  depositing ETH and/or USDM in return for MLP tokens. MLP tokens can be purchased through the [MLP Liquidity page](https://trade.meridianfinance.net/#/buy_mlp).

The price of MLP is determined by the aggregate value of all tokens in the liquidity pool after allowing for all current profits and losses from open trades.

To purchase or sell MLP follow these steps.

1. First go to the  [MLP Liquidity page](https://trade.meridianfinance.net/#/buy_mlp).
2. Select whether you wish to **buy** or **sell** MLP. In order to buy you will need to provide an amount of one of the whitelisted tokens.  If selling you can elect to receive your funds in any of the same whitelisted tokens, initially USDM or ETH.
3.

```
<div align="left"><figure><img src="/files/3h94quBJhvFp77eTJjzx" alt="" width="563"><figcaption></figcaption></figure></div>
```

4. After entering either an amount that you wish to pay or an amount that you wish to receive, the other data entry box will be populated automatically.
5. Depending on the assets being transacted a transaction fee will be displayed below the data entry box. This fee has two key purposes.

* To prevent the buying and selling of MLP being used to achieve achieve zero swap fees.
* To incentivise the optimal token ratios within the MLP pool. If the transaction improves the composition ratios then the fees will be lower and conversely if the transaction drives a deterioration in the composition ratio then the fee will be higher. More information on MLP Rebalancing can be found [here](/earning-with-meridian/mlp-liquidity-pool/mlp-rebalancing).

1. Once the amount's data entry boxes have been filled the current rates fees available for each token type are displayed in the table at the bottom of the MLP page.  Investors may be able to get a more favourable fee by depositing different assets into the pool.
2.

```
<div align="left"><figure><img src="/files/O8hrDpthX5k7cZG3yrde" alt="" width="563"><figcaption></figcaption></figure></div>
```

3. Once you are happy with the amounts and fees the transaction can be completed by pressing the Buy or Sell button.
4. After buying MLP your **tokens will be automatically staked** so that you will start [earning fees](/trading-meridian-trade/meridian-trade/fees-and-costs) and [MST ](broken://pages/lW8NnnFG1Yt8zwNwsRlg)rewards.

#### [Launch Meridian App](https://www.meridianfinance.net/#/)


# MLP Rebalancing

The fees to mint MLP, burn MLP or to perform swaps will vary based on whether the action improves the balance of assets within the MLP or reduces it. For example, if the pool has a large percentage of ETH and a small percentage of USDM, actions which further increase the amount of ETH will have a high fee while actions that reduce the amount of ETH will have a lower fee.

The token weights can be seen on the [Dashboard](https://trade.meridianfinance.net/#/dashboard).  The weighting figures show the current utilisation alongside the target utilisation current/target.

Token weights are adjusted to help hedge MLP holders based on the open positions of traders. For example, if a lot of traders are long ETH, then ETH would have a higher token weight to encourage more ETH deposits, if a lot of traders are short, then a higher token weight will be given to stablecoins.

If token prices are increasing, then the price of MLP will increase as well, even if a lot of traders have a long position on the platform, this is because limits are in place for the maximum proportion of any given token that can be reserved at any given time. The portion reserved for long positions can be treated as stable in terms of its USD value since if prices increase the profits from that portion will be used to pay traders, and if prices decrease, the losses of traders will keep the USD value of the reserve portion the same.

If a lot of traders are short and larger weights are given to stablecoins, then MLP holders would have a synthetic exposure to the tokens being shorted, e.g. if ETH is being shorted then, if the price of ETH decreases then the price of MLP will decrease, conversely, if the price of ETH increases then the price of MLP will increase from the losses of the short positions.

#### [Launch Meridian App](https://www.meridianfinance.net/#/)


# Lending

Getting started with Meridian Lend is easy, simply connect your wallet to the application then select ‘Deposit’ from the Lending menu dropdown. Choose an asset, then when you are ready to deposit press the ‘Deposit’ button in the ‘Your Information’ section.  You will now be able to enter the amount that you wish to deposit and submit the transaction. Once the transaction is confirmed, your funds will be securely held in the relevant smart contract and you begin earning interest. You can deposit as much or as little as you wish into Meridian Lend provided that you have the funds available to do so.

### **How much will I earn**

When users deposit tokens on the Meridian Lend platform, they will receive oTokens. These tokens are receipt tokens that accrue interest when your funds are borrowed by other users.&#x20;

By depositing on Meridian Lend you will receive a share of interest paid by borrowers. The exact yield is determined by the utilisation rate of the asset being borrowed. The higher the utilisation of a reserve the higher the yield for depositors.  Each asset has its own market of supply and demand with its own APY (Annual Percentage Yield) which evolves over time. Details on the market utilisation rate, current APY and other relevant information can be found on the information page for that market.

### **Withdrawing Funds**

You can withdraw your funds by going to the "Dashboard" section of the application and clicking “Withdraw”. Provided that you are not actively using the funds as collateral (see below), you can simply enter the amount to withdraw and submit the transaction. In order for withdrawals to be successful, there needs to be sufficient liquidity in the pool that is not currently being borrowed. In the unlikely event that the liquidity is low, then you will need to wait for more liquidity from either depositors or borrowers repaying. The protocol automatically tries to maintain appropriate liquidity levels by adjusting the lending and borrowing interest rates. In this way, when liquidity is low, the interest paid to lenders will increase in order to encourage new investment. Similarly, borrowers will need to pay a much higher rate for borrowing from that pool which in turn will reduce borrowing and increase liquidity in the pool.

### **Using my funds as collateral**

In order to borrow funds through the Meridian Lend protocol all users need to provide collateral as security for the tokens that they wish to borrow. This collateral is held by the platform to provide confidence to lenders that the loan being made can be repaid.  When you deposit funds to Meridian Lend the funds are automatically available to you as collateral against a future loan that you may wish to take out.  You are able to opt-out of this at any time by toggling the "use as collateral" button. This simply means that you would not be able to use that specific asset as security against a future loan.  &#x20;

You can withdraw your assets without opting out of using them as collateral, as long as those funds are not actively being used to borrow as the withdrawal would cause a liquidation on your loans.&#x20;


# The $MST Token

$MST serves as the governance token for the Meridian Finance protocol, allowing its holders to earn a majority of the fees generated by Meridian Finance products.

### What is MST? 

Meridian Staking Token (MST) is the secondary token issued by the Meridian protocol. It captures fee revenue that is generated by the system and incentivizes early adopters. MST is a tradable ERC20 token, available on leading DEXs across most networks where Meridian Finance is deployed. You can easily check the current liquidity pools and the price of MST through [Meridian's token portal](https://stake.meridianfinance.net/#/tokens).

MST follows a "fair launch" model, ensuring decentralization and transparency. MST can only be acquired through purchases on supported DEXs, with occasional campaigns offering additional incentives in MST tokens. Stay updated via the [Meridian announcement channel here](https://t.me/meridian_announcement).

{% hint style="info" %}
Taraxa MST Staking is available through [TaraPerps staking portal](https://stake.taraperps.com/#/stakemst).
{% endhint %}

<figure><img src="/files/fheRMtAv7EBIqv2kAKky" alt=""><figcaption><p>MST Value Backbones: Staking Rewards, Buybacks &#x26; Partnerships</p></figcaption></figure>

### Meridian Value Backbones & USPs

The MST token is designed to capture value from the Meridian Finance protocol through three key strategies. Click on each to learn more:

* [Staking Rewards](/the-usdmst-token/staking-rewards)
* [Weekly Rewards](/the-usdmst-token/usdmst-buybacks)
* [Partnerships](/the-usdmst-token/parterships)

### Is MST a governance token?&#x20;

Yes. MST can be used as a governance token for voting on important [proposals](https://snapshot.org/#/meridian-foundation.eth).&#x20;

### How can I acquire MST?&#x20;

MST is acquired in two ways:&#x20;

* Purchasing through leading DEXs - [Token Portal](https://stake.meridianfinance.net/#/tokens).
* Special campaigns that distribute MST for supplying liquidity on product launches, follow the [announcements channel](https://t.me/meridian_announcements).&#x20;

### What can I do with MST?&#x20;

MST holders can stake their tokens to earn fees generated by all Meridian Finance products, including fees from USDM minting and redemptions, borrowing fees, perpetual trading fees, and swap fees.

* Learn more about [staking](/the-usdmst-token/staking-rewards) & [buybacks ](/the-usdmst-token/usdmst-buybacks)& [partnerships](/the-usdmst-token/parterships).

### What is MST's distribution schedule?&#x20;

The MST distribution model follows a no-inflation approach since 2025 year launch. Learn more about the [tokenomics](/the-usdmst-token/tokenomics) here.

### What are MST's genesis allocations?&#x20;

Information on MST's genesis allocations can be found [here](/the-usdmst-token/tokenomics#mst-distributions).&#x20;

#### [Launch Meridian App](https://www.meridianfinance.net/#/)


# Staking Rewards

$MST serves as the governance token for the Meridian Finance protocol, allowing its holders to earn a majority of the fees generated by Meridian Finance products - Meridian Mint, Lend, Trade & Swap. MST has a capped supply of 10 million tokens and is distributed across all networks using the LayerZero OFT standard, using [Meridian's Bridge](https://bridge.meridianfinance.net/).

{% hint style="info" %}
Note that fees earned through the Meridian Mint platform on Telos & Base are distributed via the Meridian's Mint Staking Pool and the 'Stake' section.
{% endhint %}

To deposit to the Staking pool and start earning fees users first need to acquire MST.  This can be achieved by purchasing MST on the open market via leading DEXs.

After staking $MST. you will start earning a pro-rata share of the fees generated by the Meridian Finance portal, while also enjoying the upward pressure caused by weekly MST buybacks.

### How much will my staked MST earn?&#x20;

MST provides its stakers with a share of the fees generated from any Meridian Finance product:&#x20;

* 100% of the minting and redemption fees from USDM are distributed to MST stakers ([Meridian Mint](/welcome-to-meridian/meridian-mint)) or towards weekly MST buybacks.
* 21% of borrower fees are allocated to MST stakers ([Meridian Lend)](/welcome-to-meridian/meridian-lend).
* 30% of the fees from opening and closing leveraged positions go to MST stakers. ([Meridian Trade](/welcome-to-meridian/meridian-trade))
* 0.07% of every swap is distributed to MST stakers ([Meridian Swap](/welcome-to-meridian/meridian-swap)).

### Is there a lock-up period?

You have the option to lock your MST tokens for amplified yield, though it's not mandatory. The maximum staking period currently available is 12 months.

### Are staked MST tokens used to backstop the system?&#x20;

No, staked MST are not used to backstop the Meridian system.

## How to stake MST using Meridian's Staking Portal

* Go to the Staking portal & connect your wallet.
* Click 'Stake', choose your preferred lock time (which will increase your net pro-rata allocation in fees accumulated)
* Confirm the amount of MST to stake, click 'Approve, and confirm the transaction on your wallet.
* Click 'Stake' and confirm that transaction as well.
* Once the transaction is confirmed you will be shown your staking dashboard, this includes the size of your stake, your lock time, and your accumulated gains,

<figure><img src="/files/jRT8XT4zLyhwOrtSZgHI" alt=""><figcaption></figcaption></figure>

## How to stake MST on Meridian Mint (Telos & Base only)&#x20;

* Go to the Staking section of the main Meridian dashboard and click - 'Start Staking'
* Enter the amount of MST you wish to stake, confirm the amount and then confirm in your wallet
* Once the transaction confirms you will be shown your staking dashboard, this includes the size of your stake, your share of the pool and the accumulated gains from redemptions and new USDM borrowing. &#x20;
* Initially the accumulated gains will be zero as earnings only start from when you enter the pool and they may also show slightly lower than your actual gains as the values only update whenever someone interacts with the protocol.&#x20;
* You can adjust your staking position at any time by selecting 'Adjust' on the staking card.  Whenever you do adjust your position all gains up to that point will be transferred to your wallet and you will start earning again at the new rate dictated by the adjustment

<div align="left"><figure><img src="/files/ExvUiQFX3tE9X6zeldO5" alt=""><figcaption><p>Staking Card</p></figcaption></figure></div>

#### [Launch Meridian App](https://www.meridianfinance.net/#/)


# $MST Buybacks

Meridian Ventures developed a pool plugin that collects a portion of the Meridian Finance protocol's earnings and performs weekly buybacks to enhance long-term value and strengthen the treasury.

As a finance protocol, it's no surprise that Meridian leverages its revenue and TVL to generate fees. At Meridian, these fees are strategically used to reward $MST holders for their participation in the ecosystem. Through extensive research and experience, we've found that the most lucrative approach for both individual and institutional investors is a combination of real yield paid via [staking](/the-usdmst-token/staking-rewards), consistent price growth driven by [weekly buybacks](/the-usdmst-token/usdmst-buybacks), and strategic [partnership deals](/the-usdmst-token/parterships).

Since November 2024, we transitioned to using buybacks as a way to reward $MST holders. These buybacks are fully transparent, announced every Wednesday on Meridian's social media accounts, and tracked on the buybacks dashboard [here](https://flipsidecrypto.xyz/pepperatzi/meridian-finance-buybacks-wI8TCu). Recent buyback activity suggests Meridian is on pace to achieve an annual deflation rate of approximately 5% of the max supply (10 million tokens) and around 25% of the circulating (unstaked) supply.

<figure><img src="/files/r96xQv322ynIHgmVObIT" alt=""><figcaption></figcaption></figure>

Meridian's weekly buybacks are funded by four primary revenue sources, each contributing flexible percentage:

1. **MST-ETH Liquidity Pool**: $AERO generated from trading fees and liquidity provision on Aerodrome.
2. **Meridian Lend Reserve Factor on Incentivized Markets**: Income derived from reserve fees collected on lending activities within incentivized markets.
3. **USDM Redemptions & Mints**: Fees earned through the minting and redemption of USDM stablecoins.
4. **Partnerships**: Additional contributions from collaborative efforts with ecosystem partners.

This balanced approach ensures sustainable and consistent funding for weekly buybacks.

**Do note:** All buybacks are made on the open market [DEX pairs](https://aerodrome.finance/swap?from=eth\&to=0x2f3b1a07e3efb1fcc64bd09b86bd0fa885d93552).

<figure><img src="/files/700RKyl3xTttL2FN6Jke" alt=""><figcaption></figcaption></figure>

**Objective: To measure the efficiency and impact of buybacks funded by Meridian Finance revenue on the MST ecosystem.**

-Total MST Bought Back: Monitor the cumulative number of MST tokens repurchased.\
\- Revenue Allocation: Break down the revenue streams contributing to the buyback fund (e.g., lending fees, trading fees).\
\- Average Buyback Price: Calculate the average MST price at the time of each buyback to assess cost-effectiveness.

Market Impact:

\- Price trends before and after buybacks.\
\- Liquidity changes in MST trading pairs.\
\- Circulating Supply Reduction: Analyze how buybacks influence the circulating supply of MST over time.\
\- Protocol Revenue Growth: Measure the correlation between increased revenue streams and buyback capacity.


# Parterships

<figure><img src="/files/rh49lSDMRo9jiSqdCH1M" alt=""><figcaption><p>Meridian Ventures Partnerships</p></figcaption></figure>

To ensure the $MST token grows alongside the Meridian Finance protocol, Meridian Ventures aims to structure deals that funnel value to the protocol through MST purchases. These deals can be structured in three main ways:

1. MST purchase from the market with an obligation to stake for 1 year.
2. MST purchase from the market, with the bought tokens sent to the Meridian Finance treasury.
3. OTC-style structured deals, where a percentage of the tokens are bought off the market, with the remaining tokens sold OTC under a long staking obligation.


# Tokenomics

Meridian Staking Token (MST) is the secondary token issued by the Meridian protocol. It captures the fee revenue that is generated by the system and incentivises early adopters.  All of the processes and functionality for the creation and distribution of MST are preprogrammed and as such ownership of the token does not represent any claim on the development team.

The fee revenue generated by the Meridian protocol is distributed to $MST holders who stake their tokens in the [Staking Pool](/the-usdmst-token/staking-rewards) or hold $MST. These mechanisms are designed to increase value over time through consistent [buybacks ](/the-usdmst-token/usdmst-buybacks)and [strategic partnerships](/the-usdmst-token/parterships). USDM and ETH fees are earned in a direct ratio to the number of tokens staked by an individual user relative to the total staked by all users at the time the fee was earned. &#x20;

<figure><img src="/files/ThJGtPrBDbfKiNuhyQ93" alt=""><figcaption><p>All MST tokens are fully released. No dilution risk.</p></figcaption></figure>

## MST Tokenomics

MST has a fixed total supply of **10,000,000 tokens**, minted at deployment for specific utility purposes. After recent adjustments, almost all $MST tokens are now fully released, with the supply breakdown as follows:

* **Circulating or Staked**: 8,000,000 tokens are in public hands, either staked or available for trading.
* **Protocol Treasury**: 1,000,000 tokens are vesting into the Meridian treasury wallet, designated for funding campaigns, initiatives, OTC sales, or community-approved proposals via governance voting.
* **Team & Advisors**: 1,000,000 tokens were allocated during the TGE event to developers and advisors for salaries and to incentivize the Meridian Ventures team.

### The MST airdrop & Fair Launch

<figure><img src="/files/JXHBZBlQbBmCsVQPuzaY" alt=""><figcaption></figcaption></figure>

Prior to launching Meridian the development team created the [OmniDex](https://omnidex.finance/#/) ecosystem of products on the Telos blockchain.  [OmniDex](https://omnidex.finance/#/) was founded in January 2022 and had established a loyal and committed community. Unfortunately during the second quarter of  2023 the Telos blockchain suffered a significant setback caused by the failure of the Multichain cross-chain provider and the [OmniDex](https://omnidex.finance/#/) developers decided to pivot  to a new blockchain with the launch of Meridian. However in doing so we wanted to reward the loyalty and commitment of the long time OmniDex community and it is this community that received the airdrop.

A snapshot of OmniDex CHARM holders was taken on 31 July 2023 and all wallets with more than 1000 CHARM were sent a share of the MST airdrop in proportion to their CHARM holding. The final airdrop was distributed across a total of 509 separate wallet addresses, which airdropped a total of 3,000,000 MST tokens.

## MST Circulating Supply at Launch

The circulating supply of MST at the launch of Meridian represented 45% of the maximum supply with the remaining tokens being distributed over time as incentives for early adoption.

<div align="left"><figure><img src="/files/B3ZvD08kPObQG5s6yAXj" alt="" width="563"><figcaption><p>Circulating Supply of MST at Launch</p></figcaption></figure></div>

## TGE event (Deprecated)&#x20;

MST has a **fixed total supply of 10,000,000** tokens which were minted on deployment to specific utility operations.  After latest ramifications, currently all $MST tokens are circulating, and the total minted supply is as shown below.

<div align="left"><figure><img src="/files/85eLPpRqcTZpQBWb23eR" alt="" width="563"><figcaption><p>Total Allocations of MST</p></figcaption></figure></div>

* [Community airdrop](/the-usdmst-token#was-there-an-mst-airdrop) - 3,000,000 tokens distributed to OmniDex community members to encourage adoption of the Base Network and support of the Meridian protocol.
* [Stability Pool rewards](/usdm-meridian-mint/stability-pool-and-liquidations#why-should-i-deposit-usdm-to-the-stability-pool) - 3,000,000 tokens were minted to the protocol issuance distribution contract which manages the allocation over time of these tokens to users that support the Stability Pool.
* Liquidity rewards - 2,500,000 tokens have been sent to the MLP Trading rewards contract and will be automatically distributed over time to users that provide liquidity via MLP.
* Seed LP Funding - 500,000 tokens were used to provide the initial liquidity for the ETH-MST liquidity pool.
* Team & Advisors - 1,000,000 tokens have been distributed to the developers and advisors of Meridian in TGE event.

#### [Launch Meridian App](https://www.meridianfinance.net/#/)


# Meridian Loyalty Staking Points

Loyalty deserves to be rewarded. Meridian launched a pilot program offering staking points for users who believe in Meridian’s long-term success. Discover how MST holders can benefit from this new initiative, earning MST grant airdrops and securing a larger share of Meridian’s revenue.

**Earning Meridian Staking Points**\
Meridian Staking Points are automatically earned for [MST staked](https://stake.meridianfinance.net/) in 6-month or 1-year locked positions. This means that once you stake MST for these durations, you’ll start accumulating points.

<figure><img src="/files/o6F852ZxyaMR14E7CEt6" alt=""><figcaption></figcaption></figure>

**Rules:**

1. Meridian will take a monthly snapshot of current staked positions to calculate earned points.
2. For 1-year locked positions, each staked MST earns 1 Meridian Loyalty Staking Point. For 6-month positions, each staked MST earns 0.5 points.
3. The more points you accumulate, the greater your chances of winning MST rewards.
4. Stakers will continue to earn USDM rewards for their positions on Meridian.
5. Users with existing staked positions will start earning points like everyone else, beginning today.

*Currently, only staking on TelosEVM is eligible for points. If successful, we plan to expand the program to other chains in the future.*

**Prizes allocation**

1. Meridian Ventures will contribute 500 MST (worth $60) to the prize pool for every wallet that stakes over 10,000 MST for at least 6 months on the MST staking portal on Telos.
2. Each month, we will randomly select 3 wallets to receive a 500 MST airdrop, with selection based on the total points earned. The draw will be conducted proportionally, reflecting the points each address has accumulated.
3. Wallets can win multiple times.
4. Prizes will be distributed on the TelosEVM Mainnet, with potential expansion to more networks in the near future.

**Airdrop Probability and Randomness Calculation**&#x20;

Airdrops take place on a monthly cycle, where 2-3 wallets are randomly selected based on their staked position at the time of the snapshot. Previous snapshots can be viewed below.

Once the winning probability is calculated, we use Random.com to randomly select the designated number of wallet addresses for the airdrop. You can verify the draw here.


# Get MST Tokens

Getting MST is easy! Swap into MST on the following DEXs.

<table><thead><tr><th>Network</th><th>Address</th><th>Exchange</th></tr></thead><tbody><tr><td>Base Network</td><td><pre><code>0x88558259ceda5d8e681fedb55c50070fbd3da8f9
</code></pre></td><td><a href="https://aerodrome.finance/swap?from=eth&#x26;to=0x88558259ceda5d8e681fedb55c50070fbd3da8f9">Aerodrome</a></td></tr><tr><td>Telos Network </td><td><pre><code>0x568524DA340579887db50Ecf602Cd1BA8451b243
</code></pre></td><td><a href="https://oku.trade/?inputChain=telos&#x26;inToken=0xf1815bd50389c46847f0bda824ec8da914045d14&#x26;outToken=0x568524DA340579887db50Ecf602Cd1BA8451b243&#x26;inAmount=%221000%22&#x26;outAmount=%2210222.164959749816107277%22">Oku.trade</a><br><a href="https://telos.swapsicle.io/swap?outputCurrency=0x568524DA340579887db50Ecf602Cd1BA8451b243&#x26;inputCurrency=0xB4B01216a5Bc8F1C8A33CD990A1239030E60C905">Swapsicle</a></td></tr><tr><td>Taraxa Network</td><td><pre><code>0x8b7fcf9934e58674d9bc6fc9ad8e684380da1fd4
</code></pre></td><td><a href="https://www.taraswap.app/#/swap?outputCurrency=0x8b7fcf9934e58674d9bc6fc9ad8e684380da1fd4">TaraSwap</a></td></tr></tbody></table>

Bridge MST tokens to other networks using [Meridian Bridge](https://bridge.meridianfinance.net/#/).

Bridge MST tokens from or to the Taraxa network can be done [here](https://via.meridianfinance.net/).


# Protocol Economics


# Liquidity Growth for Ecosystems

Meridian provides network foundations with an easy solution to boost liquidity and TVL on their networks.

In today's web3 landscape, ecosystems and networks are frequently evaluated based on their Total Value Locked (TVL) and the liquidity of their on-chain markets. Strong liquidity can attract whales, major liquidity providers, investors, and institutional interest.

Boosting liquidity, however, can be challenging on a limited budget, especially without depleting stablecoin reserves or impacting the value of the native token.

<figure><img src="/files/UEujMhBWjHlQNt9rJl09" alt=""><figcaption></figcaption></figure>

Meridian offers a solution by centering its liquidity growth strategy around the USDM stablecoin, which is minted using the native token as collateral. This approach creates a suite of complementary products and utilities that encourage the minting of more USDM, thereby reducing the circulating supply of the native token available for sale.

Potential use-cases for USDM may include:

1. Deploy USDM/X liquidity pools. It is cheaper to open native token and USDM liquidity pools, as they can minted against the native token collateral.
2. Use USDM as collateral or debt on Meridian Lend or other lending markets
3. Use USDM as colletoral on leverage trading platform, such as Meridian Trade.
4. Use USDM as a stablecoin on other protocols, such a prediction markets.&#x20;
5. Earning liquidity provider fees from pairs contains USDM.
6. Pay with USDM for incentives on the ecosystem, salaries and more.

<figure><img src="/files/kwkmxVo3rFM1qEXy3VBw" alt=""><figcaption></figcaption></figure>

In this graph, using Telos as an example, it shows the cumulative USDM redemptions denominated in TLOS. While it's difficult to gauge how much of these redemptions contributed to sell pressure on TLOS, the chart suggests that TLOS price appears largely unaffected by the redemption volumes.\
\
This is a great sign for foundations looking to use USDM to pay for incentives, salaries, bribes and overall utility on the ecosystem, rather then using their native token.\
\
Read more about using USDM by the foundations here:&#x20;

{% file src="/files/KQvrMxazupDWsoLcJFOD" %}
A letter was sent to the TF regarding the adoption of USDM as the standard. The same offer will be extended to other foundations in the future.
{% endfile %}

Foundations can use the following [Google Sheet](https://docs.google.com/spreadsheets/d/1UzDWMNhs9mGrZ8v1cUZWmoW3LDMPPe6V/edit?usp=sharing\&ouid=100918165986774040754\&rtpof=true\&sd=true) to calculate the effectiveness of using USDM instead of their native token:

{% embed url="<https://docs.google.com/spreadsheets/d/1UzDWMNhs9mGrZ8v1cUZWmoW3LDMPPe6V/edit?ouid=100918165986774040754&rtpof=true&sd=true&usp=sharing>" %}

Foundations may [connect with Meridian Ventures](/resources/contact) to integrate Meridian infrastructure.


# User Growth Startegy

Incentivized USDM staking can strengthen stability and boost demand for the network token, attracting new investors.

The goal, and also the challenge, with a new network, ecosystem, and infrastructure is to familiarize users with the technology and potentially convert them into token holders.

Meridian recognizes that crypto users seek yield on their assets, with stablecoin yields being the largest market right now. Meridian's USDM enables newcomers to earn yield on a stablecoin while ultimately holding an asset backed by the network’s token, making them token holders in the process.

<figure><img src="/files/NEnjTNAYWZhtNq2AI0gB" alt=""><figcaption></figcaption></figure>

The benefits coming with foundation subsidizing yield for USDM stakers, lenders or liquidity providers:&#x20;

1. Attractive yields encourage users to mint $USDM for staking, lending on [Meridian Lend](/earning-with-meridian/lending), or providing liquidity. The only way to mint new USDM is by purchasing network tokens from the market, thereby driving up demand for the network token.
2. A significant amount of minted USDM reduces the circulating supply of the network token, lowering market supply and increasing the potential for a price rise.
3. Since USDM is natively backed by the network token, it effectively creates a broad base of token holders through those holding USDM.


# USDM - Meridian Mint

Meridian Mint is a decentralised, non-custodial, governance-free borrowing protocol that enables users to obtain interest-free loans against whitelisted collateral. Loans are paid in USDM, which is a USD pegged stablecoin. As a direct fork of the Liquity protocol, Meridian shares the exact same smart contract code base, which are fully verified and can be reviewed on [Sourcify](https://docs.meridianfinance.net/resources/technical-and-security/usdm-contracts).


# Borrowing

### **Why would I use Meridian for borrowing?**

Meridian protocol offers interest-free loans and is more capital efficient than other borrowing systems (i.e. less collateral is needed for the same loan). Instead of selling Ether to have liquid funds, you can use the protocol to lock up your ETH, or any other supported collateral asset, borrow against the [collateral](#what-do-you-mean-by-collateral) to withdraw USDM, and then repay your loan at a future date.&#x20;

For example: Borrowers speculating on future ETH price increases can use the protocol to leverage their ETH positions up to `11 times`, increasing their exposure to price changes. This is possible because USDM can be borrowed against Ether, sold on the open market to purchase more ETH , and the process repeated.\*&#x20;

\**Note: This is not a recommendation for how to use Meridian. Leverage can be risky and should be used only by those with experience.*&#x20;

### **What do you mean by collateral?**

Collateral is any asset which a borrower must provide to take out a loan, acting as a security for the debt. Currently, Meridian only supports ETH as collateral.&#x20;

### **How can the Meridian offer interest-free borrowing?**

The protocol charges one-time borrowing and redemption fees that algorithmically adjust based on the last redemption time. For example: If more redemptions are happening (which means USDM is likely trading at less than 1 USD), the borrowing fee would continue to increase, discouraging borrowing.

### **How can I borrow with Meridian?**

To borrow you must [open a Trove](broken://pages/9nISr54UByb4mUCo0hO8#starting-with-meridian) and deposit a certain amount of collateral (ETH) to it. Then you can draw USDM up to a collateral ratio of `110%`. A **minimum debt** of `200 USDM` is required.

### **What is a Trove?**

A Trove is where you take out and maintain your loan. Each Trove is linked to an Ethereum address and each address can have just one Trove. If you are familiar with Vaults or CDPs from other platforms, Troves are similar in concept.

Troves maintain two balances: one is an asset (ETH) acting as collateral and the other is a debt denominated in USDM. You can change the amount of each by adding collateral or repaying debt. As you make these balance changes, your Trove’s [collateral ratio](/resources/faqs#what-is-the-collateral-ratio) changes accordingly.

You can close your Trove at any time by fully paying off your debt.

### **Do I have to pay fees as a borrower?**

Every time you draw USDM from your [Trove](#what-is-a-trove), a one-off borrowing fee is charged on the drawn amount and added to your debt. Please note that the borrowing fee is variable (and determined algorithmically) and has a minimum value of `0.5%` under normal operation. The fee is `0%` during [Recovery Mode](/usdm-meridian-mint/recovery-mode).\
\
A `20 USDM` Liquidation Reserve charge will be applied as well, but returned to you upon repayment of debt.&#x20;

Another consideration is the price of USDM at the time of repayment. If at the time you want to repay your loan USDM is trading at $1.02 on the market and you need to buy it, you are incurring a 2% 'fee'. You can avoid this by having your borrowed funds readily available or by being able to wait for USDM to return to peg.

### **How is the borrowing fee calculated?**

The borrowing fee is added to the debt of the [Trove](#what-is-a-trove) and is given by a `baseRate` . The fee rate is confined to a range between `0.5%` and `5%` and is multiplied by the amount of liquidity drawn by the borrower.

For example: The borrowing fee stands at `0.5%` and the borrower wants to receive `4,000 USDM` to their wallet. Being charged a borrowing fee of `20.00 USDM`, the borrower will incur a debt of`4,040 USDM` after the Liquidation Reserve and issuance fee of `0.5%` are added.&#x20;

### **When do I need to pay my loan back?**

Loans issued by the protocol do not have a repayment schedule. You can leave your Trove open and repay your debt any time, as long as you maintain a collateral ratio of at least `110%`.

### What is the collateral ratio?

This is the ratio between the Dollar value of the collateral in your Trove and its debt in USDM. The collateral ratio of your Trove will fluctuate over time as the price of ETH changes. You can influence the ratio by adjusting your Trove’s collateral and/or debt — i.e. adding more ETH collateral or paying off some of your debt.&#x20;

For example: Let’s say the current price of ETH is `$3,000` and you decide to deposit `10 ETH`. If you borrow `10,000 USDM`, then the collateral ratio for your Trove would be `300%`.

$$\frac{10 ETH \ \* \ $3.000}{10.000 \ USDM} \* 100% = 300%$$

If you instead took out `25,000 USDM` that would put your ratio at `120%`.&#x20;

### **What is the minimum collateral ratio (MCR) and the "recommended" collateral ratio?**

The minimum collateral ratio (or MCR for short) is the lowest ratio of debt to collateral that will not trigger a liquidation under normal operations (aka Normal Mode). This is a protocol parameter that is set to `110%`. So if your Trove has a debt `10,000 USDM`, you would need at least `$11,000` worth of Ether posted as collateral to avoid being liquidated.

To avoid liquidation during [Recovery Mode](/usdm-meridian-mint/recovery-mode), it is recommended to keep ratio comfortably above `150%` (e.g. `200%` or better `250%`).

### **What happens if my Trove is liquidated?**

You lose your collateral as your debt is paid off through liquidation, i.e. you will no longer be able to retrieve your collateral by repaying your debt. A liquidation thus results in a net loss of `9.09% (= 100% * 10 / 110)` of your collateral’s Dollar value.

### **What is the Liquidation Reserve?**

When you open a Trove and draw a loan, `20 USDM` is set aside as a way to compensate gas costs for the transaction sender in the event your Trove being liquidated. The Liquidation Reserve is fully refundable if your Trove is not liquidated, and is given back to you when you close your Trove by repaying your debt. The Liquidation Reserve counts as debt and is taken into account for the calculation of a Trove's collateral ratio, slightly increasing the actual collateral requirements.

### **What happens if my Trove is redeemed against?**

When USDM is redeemed, the ETH provided to the redeemer is allocated from the Trove(s) with the lowest collateral ratio (even if it is above `110%`). If at the time of redemption you have the Trove with the lowest ratio, you will give up some of your collateral, but your debt will be reduced accordingly. &#x20;

The USD value by which your ETH collateral is reduced corresponds to the nominal USDM amount by which your Trove’s debt is decreased. You can think of redemptions as if somebody else is repaying your debt and retrieving an equivalent amount of your collateral. As a positive side effect, redemptions improve the collateral ratio of the affected Troves, making them less risky.

Redemptions that do not reduce your debt to 0 are called partial redemptions, while redemptions that fully pay off a Trove’s debt are called full redemptions. In such a case, your Trove is closed, and you can claim your collateral surplus and the Liquidation Reserve at any time.&#x20;

Let’s say you own a Trove with `2 ETH` collateralised and a debt of `3,200 USDM`. The current price of ETH is `$2,000`. This puts your collateral ratio (CR) at `125% (= 100% * (2 * 2,000) / 3,200)`. Let’s imagine this is the lowest CR in the Meridian system and look at two examples of a partial redemption and a full redemption:

**Example of a partial redemption**

Somebody redeems `1,200 USDM` for `0.6 ETH` and thus repays `1,200 USDM` of your debt, reducing it from `3,200 USDM` to `2,000 USDM`. In return, `0.6 ETH,` worth `$1,200`, is transferred from your Trove to the redeemer. Your collateral goes down from `2 to 1.4 ETH`, while your collateral ratio goes up from `125%` to `140% (= 100% * (1.4 * 2,000) / 2,000)`.

**Example of a full redemption**

Somebody redeems `6,000 USDM` for `3 ETH`. Given that the redeemed amount is larger than your debt minus `20 USDM` (set aside as a Liquidation Reserve), your debt of `3,200 USDM` is entirely cleared and your collateral gets reduced by `$3,000` of ETH, leaving you with a collateral of`0.5 ETH (= 2 - 3,000 / 2,000)`.

### How can you offer a collateral ratio as low as 110%?

By making liquidation instantaneous and more efficient, Meridian needs less collateral to provide the same security level as similar protocols that rely on lengthy auction mechanisms to sell off collateral in liquidations.

### **How can I take advantage of leverage?**

You can sell the borrowed USDM on the market for ETH and use the latter to top up the collateral of your Trove. That allows you to draw and sell more USDM, and by repeating the process you can reach the desired leverage ratio.&#x20;

Assuming perfect price stability (`1 USDM = $1`), the maximum achievable leverage ratio is `11x`. It is given by the formula:&#x20;

maximum leverage ratio =$$\frac{MCR}{(MCR - 100%)}$$where MCR is the Minimum Collateral Ratio.

{% hint style="warning" %}
Leveraged borrowing can be risky as both the profits and losses of a position are increased.  This  should only be undertaken by experienced investors
{% endhint %}

### **Why did the collateral and debt of my Trove increase without my intervention?**

If Troves are liquidated and the Stability Pool is empty (or gets emptied due to the liquidation), every borrower will receive a portion of the liquidated collateral and debt as part of a redistribution process.

#### [Launch Meridian App](https://www.meridianfinance.net/#/)


# Stability Pool & Liquidations

### What is the Stability Pool?

The Stability Pool is the first line of defence in maintaining system solvency. It achieves this by acting as the source of liquidity to repay debt from liquidated Troves—ensuring that the total USDM supply always remains backed by collateral.

When any [Trove](/resources/faqs#what-is-a-trove) is liquidated, an amount of USDM corresponding to the remaining debt of the Trove is burned from the Stability Pool’s balance to repay its debt. In exchange, the **entire collateral** from the Trove is transferred to the Stability Pool.&#x20;

The Stability Pool is funded by users transferring USDM into it (called Stability Providers). Over time Stability Providers lose a pro-rata share of their USDM deposits, while gaining a pro-rata share of the liquidated collateral. However, because Troves are likely to be liquidated at just below `110%` collateral ratios, it is expected that Stability Providers will receive a greater dollar-value of collateral relative to the debt they pay off.

### Why should I deposit USDM to the Stability Pool?

Stability Providers will make [liquidation gains](#how-do-i-benefit-as-a-stability-provider-from-liquidations) and receive rewards in form of Meridian Stability Tokens (MST).

### What are liquidations?

To ensure that the entire stablecoin supply remains fully backed by collateral, [Troves](/resources/faqs#what-is-a-trove) that fall under the minimum collateral ratio of `110%` will be closed (liquidated).

The debt of the Trove is cancelled and absorbed by the Stability Pool and its collateral distributed among Stability Providers.

The owner of the Trove still keeps the full amount of USDM borrowed but loses `~10%` value overall hence it is critical to always keep the ratio above `110%`, ideally above `150%`.

### Who can liquidate Troves?&#x20;

Anybody can liquidate a Trove as soon as it drops below the Minimum Collateral Ratio of `110%`. The initiator receives a gas compensation (`20 USDM` + `0.5%` of the Trove's collateral) as reward for this service.

### How am I compensated for liquidating a Trove?

The liquidation of Troves is connected with certain gas costs which the initiator has to cover. The cost per Trove was reduced by implementing batch liquidations of up to 160 **-** 185 Troves but with the aim of ensuring that liquidations remain profitable even in times of soaring gas prices the protocol offers a gas compensation given by the following formula:

`gas compensation = 20 USDM + 0.5% of Trove's collateral (ETH)`

The `20 USDM` is funded by a Liquidation Reserve while the variable `0.5%` part (in ETH) comes from the liquidated collateral, slightly reducing the liquidation gain for Stability Providers.

### How do I benefit as a Stability Provider from liquidations?

As liquidations happen just below a collateral ratio of `110%`, you will most likely experience a net gain whenever a [Trove](/resources/faqs#what-is-a-trove) is liquidated.&#x20;

Let’s say there is a total of `1,000,000 USDM` in the Stability Pool and your deposit is `100,000 USDM.`&#x20;

Now, a Trove with debt of `200,000 USDM` and collateral of `400 ETH` is liquidated at an Ether price of `$545`, and thus at a collateral ratio of `109% (= 100% * (400 * 545) / 200,000)`. Given that your pool share is `10%`, your deposit will go down by `10%` of the liquidated debt (`20,000 USDM`), i.e. from `100,000` to `80,000 USDM`. In return, you will gain `10%` of the liquidated collateral, i.e. `40 ETH`, which is currently worth `$21,800`. Your net gain from the liquidation is `$1,800`.&#x20;

Note that depositors can immediately withdraw the collateral received from liquidations and sell it to reduce their exposure to ETH, if the USD value of ETH is expected to decrease (for an exception see[ Can I withdraw my deposit whenever I want?](#can-i-withdraw-my-deposit-whenever-i-want)).

### How do I benefit as a Stability Provider from MST rewards?

First you need to open a Trove, borrow USDM, and deposit it to the Stability Pool. After making your deposit, you will start accumulating a reward (in MST) proportional to the size of your deposit on a continuous basis. The reward is calculated according to the rewards schedule. Rewards will be the highest for early adopters of the system.&#x20;

At any point in time, you can withdraw your pending rewards to your Ethereum address.

### Can I withdraw my deposit whenever I want?

As a general rule, you can withdraw the deposit made to the Stability Pool at any time. There is no minimum lockup duration. However, withdrawals are temporarily suspended whenever there are liquidatable [Troves](/resources/faqs#what-is-a-trove) with a collateral ratio below `110%` that have not been liquidated yet.

### What oracle are you using to determine the price of ETH?

The protocol uses [DIA](https://www.diadata.org/) ETH:USD price feed, falling back to a direct relay price feed from the Chainlink price feed ETH:USD on Ethereum mainnet under the following (extreme) conditions:

* DIA price has not been updated for more than `4 hours`
* DIA response call reverts, returns an invalid price or an invalid timestamp
* The price change between two consecutive DIA price updates is `>50%`.

### Can I lose money by depositing funds to the Stability Pool?

While liquidations will occur at a collateral ratio well above `100%` most of the time, it is theoretically possible that a [Trove](/resources/faqs#what-is-a-trove) gets liquidated below `100%` in a flash crash or due to an oracle failure. In such a case, you may experience a loss since the collateral gain will be smaller than the reduction of your deposit.&#x20;

If USDM is trading above `$1`, liquidations may become unprofitable for Stability Providers even at collateral ratios higher than `100%`. However, this loss is hypothetical since USDM is expected to return to the peg, so the “loss” only materialises if you had withdrawn your deposit and sold the USDM at a price above `$1`.

Please note that although the system is diligently audited, a hack or a bug that results in losses for the users can never be fully excluded.

### What happens if the Stability Pool is empty when liquidations occur?&#x20;

If the Stability Pool is empty, the system uses a secondary liquidation mechanism called redistribution. In such a case, the system redistributes the debt and collateral from liquidated Troves to all other existing Troves. The redistribution of debt and collateral is done in proportion to the recipient Trove's collateral amount.&#x20;

<figure><img src="/files/XilA9ONrWoliKukPrLFD" alt=""><figcaption><p>Example of liquidation using redistributions</p></figcaption></figure>

#### [Launch Meridian App](https://www.meridianfinance.net/#/)


# Redemptions & USDM Price Stability

### How does USDM closely follow the price of USD?&#x20;

The ability to redeem USDM for ETH at face value (i.e. 1 USDM for $1 of ETH) and the minimum collateral ratio of `110%` create a price floor and price ceiling (respectively) through arbitrage opportunities. We call these "hard peg mechanisms" since they are based on direct processes.&#x20;

USDM also benefits from less direct mechanisms for USD parity — called "soft peg mechanisms". One of these mechanisms is parity as a Schelling point. Since Meridian treats USDM as being equal to USD, parity between the two is an implied equilibrium state of the protocol. Another of these mechanisms is the borrowing fee on new debts. As redemptions increase (implying USDM is below $1), so too does the `baseRate` — making borrowing less attractive which keeps new USDM from hitting the market and driving the price below $1.&#x20;

### What are redemptions?

A redemption is the process of exchanging USDM for ETH at face value, as if 1 USDM is exactly worth $1. That is, for x USDM you get x Dollars worth of ETH in return.

Users can redeem their USDM for ETH at any time without limitations. However, a redemption fee might be charged on the redeemed amount.

For example, if the current redemption fee is 1%, the price of ETH is $500 and you redeem 100 USDM, you would get 0.198 ETH (0.2 ETH minus a redemption fee of 0.002 ETH).

Note that the redeemed amount is taken into account for calculating the base rate and might have an impact on the redemption fee, especially if the amount is large.

### Is a redemption the same as paying back my debt?&#x20;

No, redemptions are a completely separate mechanism. All one has to do to pay back their debt is adjust their Trove's debt and collateral.&#x20;

### How is the redemption fee calculated?

Under normal operation, the redemption fee is given by the formula `(baseRate + 0.5%) * ETHdrawn`

### How is the `baseRate` calculated?

Redemption fees are based on the `baseRate` state variable in Meridian, which is dynamically updated. The `baseRate` increases with each redemption, and decays according to time passed since the last fee event - i.e. the last redemption or issuance of USDM.

Upon each redemption:

* `baseRate` is decayed based on time passed since the last fee event
* `baseRate` is incremented by an amount proportional to the fraction of the total USDM supply that was redeemed
* The redemption fee is given by `(baseRate  + 0.5%) * ETHdrawn`

### As a borrower, do I lose money if I'm redeemed against?&#x20;

If your Trove is redeemed against, you *do not* incur a net loss. However, you will lose some of your ETH exposure. Your Trove's collateral ratio will also improve after a redemption.&#x20;

### How can I avoid being redeemed against?&#x20;

The best way to avoid being redeemed against is by maintaining a high collateral ratio relative to the rest of the Trove's in the system. Remember: The riskiest Troves (i.e. lowest collateralised Troves) are first in line when a redemption takes place.&#x20;

#### [Launch Meridian App](https://www.meridianfinance.net/#/)


# Recovery Mode

### What is Recovery Mode?&#x20;

Recovery Mode kicks in when the [Total Collateral Ratio (TCR)](#what-is-the-total-collateral-ratio) of the system falls below `150%`.  Recovery mode is one of the mechanisms that is designed to protect the integrity of Meridian, maintain adequate liquidity and hold the USD peg for USDM.

During Recovery Mode, Troves with a collateral ratio **below 150%** can be liquidated.&#x20;

Moreover, the system blocks borrower transactions that would further decrease the TCR. New USDM may only be issued by adjusting existing Troves in a way that improves their collateral ratio, or by opening a new Trove with a collateral ratio`>=150%`. In general, if an existing Trove's adjustment reduces its collateral ratio, the transaction is only executed if the resulting TCR is above `150%`.&#x20;

### What is the Total Collateral Ratio?

The Total Collateral Ratio or TCR is the ratio of the Dollar value of the entire system collateral at the current ETH:USD price, to the entire system debt. In other words, it's the sum of the collateral of all Troves expressed in USD, divided by the debt of all Troves expressed in USDM.

### What is the purpose of Recovery Mode?&#x20;

The goal of Recovery Mode is to incentivise borrowers to behave in ways that promptly raise the TCR back above 150%, and to incentivise USDM holders to replenish the Stability Pool.

Economically, Recovery Mode is designed to encourage collateral top-ups and debt repayments, and also itself acts as a self-negating deterrent: the possibility of it occurring actually guides the system away from ever reaching it. Recovery Mode is not a desirable state for the system.&#x20;

### **What are the fees during Recovery Mode?**

While Recovery Mode has no impact on the redemption fee, the borrowing fee is set to `0%` to maximally encourage borrowing within the limits described above.

### **How can I make my Trove safe in Recovery Mode?**

By increasing your collateral ratio to `150%` or greater, your Trove will be protected from liquidation. This can be done by adding collateral, repaying debt, or both.

### Can I be liquidated if my collateral ratio is below `150%` in Recovery Mode?&#x20;

Yes, you can be liquidated below `150%` if your Trove's collateral ratio is smaller than 150%. In order to avoid liquidation in Normal Mode and Recovery Mode, a user should keep their collateral ratio above `150%`.&#x20;

### How do liquidations work in Recovery Mode?&#x20;

* ICR = Individual Collateral Ratio&#x20;
* MCR = Minimum Collateral Ratio&#x20;
* TCR = Total Collateral Ratio&#x20;
* SP = Stability Pool&#x20;

| Condition                                 | Liquidation Behaviour                                                                                                                                                                                                                                                                                                                                                                             |
| ----------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |
| ICR <=100%                                | Redistribute all debt and collateral (minus ETH gas compensation) to active Troves.                                                                                                                                                                                                                                                                                                               |
| 100% < ICR < MCR & SP USDM > Trove debt   | USDM in the Stability Pool equal to the Trove's debt is offset with the Trove's debt. The Trove's ETH collateral (minus ETH gas compensation) is shared between depositors.                                                                                                                                                                                                                       |
| 100% < ICR < MCR & SP USDM < Trove debt   | The total Stability Pool USDM is offset with an equal amount of debt from the Trove. A fraction of the Trove's collateral (equal to the ratio of its offset debt to its entire debt) is shared between depositors. The remaining debt and collateral (minus ETH gas compensation) is redistributed to active Troves.                                                                              |
| MCR <= ICR < 150% & SP USDM >= Trove debt | The Stability Pool USDM is offset with an equal amount of debt from the Trove. A fraction of ETH collateral with dollar value equal to `1.1 * debt` is shared between depositors. Nothing is redistributed to other active Troves. Since its ICR was `> 1.1`, the Trove has a collateral remainder, which is sent to the `CollSurplusPool` and is claimable by the borrower. The Trove is closed. |
| MCR <= ICR < 150% & SP USDM < Trove debt  | Do nothing.                                                                                                                                                                                                                                                                                                                                                                                       |
| ICR >= 150%                               | Do nothing.                                                                                                                                                                                                                                                                                                                                                                                       |

### How much of a Trove's collateral can be liquidated in Recovery Mode?&#x20;

In Recovery Mode, liquidation loss is capped at `110%` of a Trove's collateral. Any remainder, i.e. the collateral above `110%` (and below the TCR), can be reclaimed by the liquidated borrower using the standard web interface.

This means that a borrower will face the same liquidation “penalty” (`10%`) in Recovery Mode as in Normal Mode if their Trove gets liquidated.

#### [Launch Meridian App](https://www.meridianfinance.net/#/)


# Trading - Meridian Trade

### Meridian Trade <a href="#omnitrade" id="omnitrade"></a>

Meridian Trade is the Leveraged DeFi trading platform within the Meridian suite of products. Leveraged Trading is a popular form of derivative trading that enables investors to speculate on the price movements of crypto assets, such as ETH and USDM without owning the underlying asset. Meridian Trade is margin-based, allowing traders to deposit a set percentage of the full value of a trade in order to offer greater exposure to the markets as compared to buying and holding the underlying asset. Trading with margin (or leverage) therefore amplifies both profits and losses equally.

**With Leveraged Trading**

* You don’t own the underlying asset; instead, you speculate on the direction you think the market will go.
* You can trade on both sides of the market and go [long](/resources/glossary/trading-glossary#long-order) (‘buy’) or [short](/resources/glossary/trading-glossary#short-order) (‘sell’) depending on your view.
* You only need to deposit a percentage of the full trade value and can select the degree of leverage that you wish to take for each position. This offers greater exposure to the markets compared with traditional investing.
* Your profits and losses are amplified based on the full value of the trade, so if you invest $100 with a 5x leverage then, when the price of the underlying asset rises by $4 your gross trading profit will be $20, however if the price of the underlying asset falls by $4 then your trading collateral will be reduced to $80.
* Provided that you have sufficient underlying collateral, you can maintain your position for as long or short a period as you wish.
* Trading strategies range from scalping, which is a very short-term form of trading, through to much longer-term investment positions.
* ​[Triggers](/resources/glossary/trading-glossary#trigger-price) can be used to manage risk by allowing you to take profit at a predefined level or to minimise losses if the price moves in the wrong direction. However, for technical reasons triggers are not guaranteed to operate and should not be the only risk management strategy that is employed.

​[Launch Meridian App](https://www.meridianfinance.net/#/)


# Meridian Trade


# Trading Principles

## **Leverage Explained**

Leveraged Trading allows you to get enhanced exposure to the market without having to pay the total underlying cost upfront. Instead, you only need to deposit a percentage of the full value of the trade to open a position. This initial stake is known as collateral. Trading with leverage magnifies your returns and losses, as they’re based on the full value of the trade:

<div align="left"><figure><img src="/files/PUEteFbiB8kHiyOWJ7hl" alt="" width="375"><figcaption></figcaption></figure></div>

The most appropriate degree of leverage for any given trade will be dependent on the degree of volatility of the underlying asset the preferred risk profile of the trader and the anticipated duration for the trade.

## **What is Collateral**

When you use leverage trading, you put down an initial deposit to open a position, this is known as [collateral](/resources/glossary/trading-glossary#collateral). The size of the position that you can open is based on this initial funding deposit multiplied by the size of the leverage that you select.  If the trade position, less any fees, remains in profit, then the collateral remains unchanged, however if an open position starts to incur losses, then these losses will be offset against the collateral.&#x20;

Collateral can be added to an open trade at any point in order to maintain a healthy account position.  However, if a situation arises whereby the collateral less fees and losses is less than 1% of the value of the trade then the position will be automatically liquidated and the collateral used to cover the fees and losses on the account. If there is any collateral remaining after deducting losses and fees, then the corresponding amount would be returned to the account.

## **Trading Strategy**

A Leverage Trading strategy is a predetermined plan that helps you to define your entry and exit points, and any accompanying risk-management conditions, such as [stop-loss triggers](/resources/glossary/trading-glossary#trigger-price). When utilising a trading plan as part of your wider trading strategy, you aim to create a process in which you can monitor and aim to forecast trade outcomes.

A trading strategy template can help you to define a set of rules to follow for every trade, helping to remove emotions, or irrational responses. This keeps consistency within your trades and can help improve your trading mindset.

## **Risk Management**

The first step in risk management is to assess the potential risks associated with a particular trade. This may involve assessing the current market conditions, past price movements, price volatility and any news or events that could affect its price.

Once potential risks have been identified, users should determine the appropriate level of leverage to use when placing the trade. Using too much leverage can result in large losses if the trade goes against the anticipated direction.  It is therefore essential to find the right balance between risk and reward.

Another critical aspect of risk management is the use of[ limit orders](/resources/glossary/trading-glossary#limit-price) and [triggers](/resources/glossary/trading-glossary#trigger-price). These are orders that can automatically open or close trades if the price hits a predetermined level.   By using triggers, traders can limit their potential losses and minimize the impact of any unexpected market movements.  Traders should always bear in mind that, under certain circumstances, triggers are not guaranteed to operate at the predefined level and users should always keep a close track of open orders and collateral usage.  Leverage Trading involves continuously monitoring and adjusting positions to account for any changes in market conditions or events. By staying vigilant and being prepared to adjust positions as needed, traders can minimize their risk exposure and increase their chances of success.

#### [Launch Meridian App](https://www.meridianfinance.net/#/)


# Step by Step Trading

## The Trading Page

Meridian Trade is accessed by pressing selecting the Trade option on the main Meridian menu located in the page header. This page provides all of the information and functionality to open, close and manage your Leverage Trading positions.  This page includes:

* Asset price information for the past 24 hours
* A live [candle chart](/resources/glossary/trading-glossary#candle-chart) showing the price movements for the selected assets over selected periods of 5m, 15m, 1hr, 4hr and 1day intervals
* A panel showing [open positions](/resources/glossary/trading-glossary#open-positions) or [open orders](/resources/glossary/trading-glossary#open-orders) for the currently active account
* The main trading control panel

<figure><img src="/files/LLrGLd6Yfyhew3hPXFUS" alt=""><figcaption></figcaption></figure>

#### The Trading Panel

The Trading Panel allows users to select between [Long](/resources/glossary/trading-glossary#long-order), [Short](/resources/glossary/trading-glossary#short-order) or [Swap](/resources/glossary/trading-glossary#swap-order) orders as well as defining the price entry criteria for a given order, [Market price](/resources/glossary/trading-glossary#market-price), [Limit price](/resources/glossary/trading-glossary#limit-price) or [Trigger price](/resources/glossary/trading-glossary#trigger-price).&#x20;

Users can select their preferred trading assets along with the amount of [collateral](/resources/glossary/trading-glossary#collateral) that they wish to use and, in the case of long and short orders, the size of the [leverage](/trading-meridian-trade/meridian-trade/trading-principles#leverage-explained) that they wish to use.

<figure><img src="/files/7SNxD72zKfPR3T7tPti3" alt="" width="374"><figcaption></figcaption></figure>

#### Opening a Position

To open a simple, market position:

1. Select the type of trade that you wish to execute. &#x20;
   * [Long](/resources/glossary/trading-glossary#long-order) - if you wish to profit when the price rises
   * [Short](/resources/glossary/trading-glossary#short-order) - if you wish to profit when the price falls
   * [Swap](/resources/glossary/trading-glossary#swap-order) - if you wish to execute a **zero slippage** swap from one token to another
2. Select how you would like the trade to be executed
   * [Market](/resources/glossary/trading-glossary#market-price) - execute the order at the current market price
   * [Limit](/resources/glossary/trading-glossary#limit-price) - execute the order when the market price equals a specific price or better
   * [Trigger](/resources/glossary/trading-glossary#trigger-price) -  trigger prices can only be set against existing positions listed in 'open positions' panel.  They cannot be set in the trading panel
3. In the top 'Pay' box select the token that you would like to use as collateral.   It should be noted that:
   * For long positions, if the selected collateral is not the same as the trade that is being made then the collateral will be converted to the trade token. eg if you are going long on BTC then the collateral will be converted to BTC.  This conversion will incur a [fee](/trading-meridian-trade/meridian-trade/fees-and-costs#fees) which will be included in the summary box below the leverage slider.
   * For short positions, if the selected collateral is not USDM then it will first be converted into USDM as a part of the trade and this conversion will incur a fee which will be included in the summary box below the leverage slider
4. Move the Leverage Slider to set the amount of leverage that you wish to apply to the trade.  Note that the minimum leverage for Long and Short orders is 1.1.  As the leverage slider is increased or decreased the [liquidation price](/resources/glossary/trading-glossary#liquidation-price) and the transaction fees will be updated in the panel below.
5. The panel below the Leverage Slider provides details of the trade that is being made including the Entry Price for the trade, the [Liquidation Price](/resources/glossary/trading-glossary#liquidation-price) and the [Fees](/trading-meridian-trade/meridian-trade/fees-and-costs#fees).   Once you are happy that the trade has been configured correctly it can be submitted by pressing the transaction button at the bottom of the Trading Panel. &#x20;
6. While there are no price impacts for trades,  price movements can occur between the time when the transaction is submitted and when it is confirmed on the blockchain. The maximum permissible slippage can be customised by clicking on the "..." icon next to your address at the top right of the page.

#### **Example**

In the trade shown above 0.1 ETH of start collateral is being used with a 5.3x leverage to go long on ETH at a market price of $1,849.94.  The calculated open fee for this trade is $0.97.

The opening position is calculated based on the size of the initial collateral after deducting the opening fees and the amount of leverage that has been selected.

![](/files/gLuDp7JjorlujLDNo4J1)

The Liquidation Price is calculated as the price at which the (collateral - losses - fees) is less than 1% of the position's size. If the token's price crosses this point then the position will be automatically closed.  More details on liquidations can be found [here](/trading-meridian-trade/meridian-trade/liquidations).

#### Extending Existing Positions

Long and short positions can be held on the same token at the same time.  These will be shown separately on the Positions Table.  However if you select to open a new position for an asset in the same direction as an existing position for that same asset then this will result in the current position being updated.  When you do this the Entry Price, The Liquidation price and  Leverage will show two sets of numbers.  The grey numbers to the left indicate the values from your current position and the white values on the right represent the new values for that position once you execute the new trade.  This is shown in the diagram below.

<figure><img src="/files/VVZmcLX97K7MeWuqYziM" alt="" width="375"><figcaption></figcaption></figure>

#### [Launch Meridian App](https://www.meridianfinance.net/#/)


# Limit Orders

#### Limit Orders

The process for setting Limit Orders on Meridian Trade is similar to [opening a standard market order](/trading-meridian-trade/meridian-trade/step-by-step-trading#opening-a-position), however for Limit Orders there is an additional step required to set the Entry Price.

With standard market price orders, the price at which the trade is executed is derived from the [Market Price](/resources/glossary/trading-glossary#market-price) at the time that the order is set, however, for limit orders the user is able to specify a particular price at which they would like the order to execute.  This can be useful in managing risk and maximising profits as the order will not become live until the Market Price achieves the pre-set target.

&#x20;For example if the price of ETH is currently $1965.00 and you believe that it will continue to rise through to $2000 before correcting down to $1800  then you could set a Short Limit order with an Entry Price of $2000.  This will ensure that once the market price rises to $2000 or above then the specified short order will be placed.

The Entry Price for a Limit Order is set in the price box that will appear when the Limit Order selector is selected.  The current [Market price](/resources/glossary/trading-glossary#market-price) (Mark) is shown on the right hand side and the user can enter the order price on the left.  Note that for [Long Orders](/resources/glossary/trading-glossary#long-order) the order price must be set to **below** the current Market Price and for [Short Orders](/resources/glossary/trading-glossary#short-order) the order price must be set **above** the Market price.  Depending on  the market conditions there may be a spread between the market buy price and the market sell price this will occur when there is high volatility in the market.  Under these circumstances the Market Price shown for long orders will be higher than those shown for short orders.&#x20;

**Caution**: Limit orders and triggers are useful trading tools for [Risk Management](/trading-meridian-trade/meridian-trade/trading-principles#risk-management) however they are not guaranteed to execute, this can occur in a few situations including but not exclusive to

* The market price which is an aggregate of exchange prices did not reach the specified price
* The specified price was reached but not long enough for it to be executed
* No keeper picked up the order for execution

#### [Launch Meridian App](https://www.meridianfinance.net/#/)


# Managing Positions

After opening trades, you will be able to view them under your positions list in the Positions Table.  You can switch between viewing the [Positions Table](/resources/glossary/trading-glossary#positions-table) and the [Orders Table](/resources/glossary/trading-glossary#orders-table) by selecting the appropriate option at the top of the table.  You can also elect to view your orders and positions on the [Candle Chart](/resources/glossary/trading-glossary#candle-chart) by selecting the Chart Positions tick box in the top right hand corner of the table.

The Positions Table allows users to  **view**, **edit**, and **close** their positions.

<figure><img src="/files/F7mfgBw5aMOhNOLGBhdU" alt=""><figcaption></figcaption></figure>

* **Positions**: Shows the current position (long/short) for token and the leverage of the trade
* **Net Value**: Shows the total current value of the trade and the profit/loss both in USD and as a percentage of the initial collateral.  The Net Value = Collateral +/- Profit/Loss - fees
* **Size**: Displays the [Opening Position in USD](/trading-meridian-trade/meridian-trade/step-by-step-trading#opening-a-position)
* **Collateral**: Shows the snapshot of the USD value of the [collateral](/resources/glossary/trading-glossary#collateral) when the trade was opened.  Unless updated by depositing or withdrawing collateral this will not change during the duration of the trade.
* **Mark Price**: The current [Market Price](/resources/glossary/trading-glossary#market-price) of the token
* **Entry Price**: The market price at the time the position was opened or last updated
* **Liquidation Price**: The price at which the position will be automatically closed&#x20;

Clicking on the three dots at the end of each row in the Positions Table provides users with the options to **Edit** their position

#### Editing Collateral

As a trade ages the Net Value of the trade will increase or decrease as the position makes profits or losses.

When a trade is in profit it may be possible for a trader to withdraw some of the collateral used to fund the position whilst still maintaining a sufficient margin between the current market price and the automatic liquidation price. This can be achieved through the Edit Collateral option on each row of the Positions Table.

Similarly, if a trader wishes to maintain an open position on a trade that is approaching a liquidation position then more collateral can be added to the position.  This can also be achieved through the Edit Collateral option.  By adding more collateral a trader can move the liquidation position so that the trade does not get closed automatically before the market changes direction.

&#x20;[Launch Meridian App](https://www.meridianfinance.net/#/)


# Closing Positions

A trader's open positions can be closed by navigating to the Positions Table on the [Trading Page](/trading-meridian-trade/meridian-trade/step-by-step-trading#the-trading-page).  Each row of the table shows a currently open position and the status of that position. Positions  can be closed partially or completely by selecting the '**Close**' button at the end of the required row.

<figure><img src="/files/F7mfgBw5aMOhNOLGBhdU" alt=""><figcaption></figcaption></figure>

### Closing a Position at the current Market Price

* Navigate to the close dialogue box for the relevant position via the '**Close**' button on the Positions Table of the Trading page
* The dialogue that appears provides the relevant information about the trade including&#x20;
  * the leveraged value of the position
  * the current collateral
  * the current market price at which the trade will be executed
  * the market price at which the position was opened
  * the Liquidation Price at which the position will be automatically closed

<figure><img src="/files/pJzrSjzFjrOYmgE1KGp2" alt="" width="375"><figcaption></figcaption></figure>

### Closing a Position at a Trigger Price

The Close dialogue box allows the user to select whether to close the position at the current [Market Price](/resources/glossary/trading-glossary#market-price) or at a defined [Trigger price](/resources/glossary/trading-glossary#trigger-price)

The process for closing a position at a trigger price is identical to the process described above except in this instance the user should choose the '**Trigger**' option at the top of the dialogue box and will then need to enter a target price at which they would like the trade to take place.

<figure><img src="/files/OOZwmSzDlBVsuMFCmeDe" alt="" width="375"><figcaption></figcaption></figure>

Trigger prices can be set to above or below the Market Price depending on the Risk Strategy that is being applied.  They can be used to:

* Take profit at a predefined level on a profitable trade
* Minimise losses by closing a losing position if the market goes against the trade&#x20;

**Caution**: Triggers are useful trading tools for [Risk Management](/trading-meridian-trade/meridian-trade/trading-principles#risk-management) however they are not guaranteed to execute, this can occur in a few situations including but not exclusive to

* The market price which is an aggregate of exchange prices did not reach the specified price
* The specified price was reached but not long enough for it to be executed
* No keeper picked up the order for execution

### How Profits Are Paid

For long positions, profits are paid in the asset you are longing, e.g. if you go long on ETH you would get the profits from the trade as ETH.

For short positions, profits are paid out in the same stable coin that you used to open the position, e.g. USDM

#### [Launch Meridian App](https://www.meridianfinance.net/#/)


# Fees & Costs

The Meridian Trade platform makes use of a simple and transparent fee structure to reward the liquidity providers that support the platform.   There are four basic fees used by the protocol:

### Fees

* **Open Fee**: is the fee that is applied to open a position and is equal to 0.1% of the Position Size.
* **Close Fee**: is the fee that is applied to close a position and is equal to 0.1% of the Position Size.
* **Borrow Fees**: Leveraged trading involves the user borrowing funds from the protocol for the duration of the trade.  These funds are provided by the protocol liquidity providers via the MLP.  In return for the loan of the assets a transaction borrow fee is charged.  This fee is calculated as&#x20;

![](/files/5aTD6BeOas47N2hzfor6)

**Swap Fee**: is the fee that is applied to swap from one token to another and is between 0.2% and 0.8% depending whether the swap improves or reduces the [MLP Target Ratios](/trading-meridian-trade/meridian-trade/mlp#mlp-target-asset-allocation) for the tokens involved in the swap

### Transaction Costs (Gas)

When opening, closing or editing a position there are two, separate blockchain actions that are required. &#x20;

1. First, the user sends a transaction to request the open position,  close position, deposit collateral or withdraw collateral
2. Then the Keepers observe the blockchain for these requests and execute them

The cost of the second transaction is displayed in the confirmation box as the "**Execution Fee**" and is the gas paid to the network for the second transaction.

### Price Spreads

Meridian Trade uses zero spread trading technology so that users can execute large trades at the exact Market Price (Mark).  This means that there is **no inherent slippage** for trades or swaps.  However, during times of high volatility there may be some variation between the market prices reported by the reference price feeds and in these situations long positions will be opened at the higher of the reported prices and closed at the lower price while short positions will be opened at the lower of the reported prices and closed at the higher price.

### Transaction Times <a href="#transaction-times" id="transaction-times"></a>

On some occasions there may be a short lag between when a transaction is submitted and when it is confirmed on the blockchain. If as a result of volatility the Market price changes during this period then the actual execution price may vary from the transaction Mark price. Users can configure the default maximum slippage size in their user settings, and if the slippage exceeds this value then the transaction will be cancelled and funds will be returned to the user.

### Stablecoin Pricing <a href="#stablecoin-pricing" id="stablecoin-pricing"></a>

The current price of all tokens, including stablecoins are continuously tracked using the system price feeds. As with other tokens, all transactions involving stablecoins are executed using the current Market Price (Mark). As a result of this if a stablecoin depegs then a spread will occur for that coin resulting in the following actions:

1. Opening and closing short positions when a stablecoin is not at its pegged price will reduce the value of the collateral deposited based on a spread of 1 USD to the current Market Price. For example, if the price of the stablecoin depegs to 0.95 USD, opening a position using 1000 of that stablecoin would result in a position collateral of 950 USD. When closing the same position, 950 of the stablecoin would be withdrawn based on a price of 1 USD, this is to prevent front-running issues during a depeg since collateral is stored as a USD value and converted to tokens based on the latest price.
2. Similar to other tokens, if a spread occurs in the price of the stablecoin then, to ensure that profits for all short positions can always be fully paid out, the protocol will pay profits in the stablecoin based on a high price of the spread. This high price will be either 1 USD or the current current Market Price (Mark) for the stablecoin, whichever is higher.
3. For swaps using the depegged stablecoin, the spread from 1 USD to the current Market Price of the stablecoin will similarly apply.
4. Long positions are not directly effected by the depegging of stablecoins however a spread will apply to any collateral swaps that are required to open a position if they involve the depegged stablecoin.

#### [Launch Meridian App](https://www.meridianfinance.net/#/)


# Liquidations

When users take out leveraged positions on Meridian Trade they borrow funds from the [MLP](/trading-meridian-trade/meridian-trade/mlp) in order to fund the position. As security for this borrowing the users deposit [collateral ](/resources/glossary/trading-glossary#collateral)with the protocol. This collateral is held by the protocol to cover any losses that might be incurred by the trade and to manage any risk to liquidity providers.

When a trade is opened a snapshot USD value of the collateral is stored. If while the trade is active the amount of collateral remaining after the deduction of [fees](/trading-meridian-trade/meridian-trade/fees-and-costs#fees) and losses is less than 1% of the position size then the position will be automatically closed. If, after closing the position there is any collateral remaining after deducting losses and fees, then this will be returned to the user account.

{% hint style="danger" %}
**Caution:** The liquidation process can sometimes be triggered unexpectedly by sudden market movements or other factors, this could result in losses for traders if the value of their collateral drops rapidly. As such, it's important for users to carefully manage risk and maintain appropriate collateralisation to avoid liquidation
{% endhint %}


# MLP

The Meridian Liquidity Pool is the multi-asset liquidity pool for both **zero slippage swaps** and **leveraged trading**.  The MLP token is the Meridian liquidity provider token and can be minted using any of the tokens within the liquidity pool.  In return for providing this liquidity MLP holders receive a proportion of the [fees](/trading-meridian-trade/meridian-trade/fees-and-costs) earned by Meridian Trade.

The MLP token price is determined by the total value of all tokens within the pool after factoring in the profits and losses for all currently [opened positions](/resources/glossary/trading-glossary#open-positions)

### MLP Target Asset Allocation

The target asset allocation within the pool is

* 55% ETH
* 35% USDC
* 10% USDM

The MLP asset ratios are dynamically managed by the protocol to ensure that sufficient liquidity is maintained. This is achieved by adjusting the fees paid by users for swapping, depositing and withdrawing assets. Transactions that improve the allocation ratios will have lower fees than transactions that have a detrimental impact on the ratios.

### MLP Utilization

#### Maximum Asset Utilisation

Users can open a long position by depositing an amount of the trade token as collateral.  A snapshot USD value of this collateral is taken when the position is opened. To ensure the MLP has sufficient funds to pay out any profits, an amount of the traded token equivalent to the position’s size (collateral x leverage) is marked as reserved. In order to maintain ongoing liquidity each asset within the MLP has a maximum utilisation rate of 60%. This ensures that, at any given time, for any token, a maximum of 60% of the MLP balance can be reserved.

#### Maximum Global Short Sizes

Similarly, users can open a short position by depositing an amount of stablecoin as collateral. When a short position is opened an amount of stablecoin equal to the position size (collateral x leverage) is marked as reserved to pay for any profits on the position. The maximum value of stablecoins that can be reserved at any given time is set to 40%. This limits the total value of short positions that can be placed on OmniTrade and protects the MLP liquidity.

#### [Launch Meridian App](https://www.meridianfinance.net/#/)


# Zero-Slippage Swaps

Meridian operates a multi-asset liquidity pool which offers zero slippage swaps between any of the liquidity pool assets. Tokens that currently support zero slippage are:&#x20;

* USDC
* USDM
* ETH

To carry out a zero slippage swap follow the steps below:&#x20;

1. Go to the Meridian Swap page [here](https://swaps.meridianfinance.net/swap)&#x20;

<figure><img src="/files/IQNTlH8sgiNsP3PCxXlt" alt="" width="375"><figcaption></figcaption></figure>

1. If necessary connect your wallet.
2. Select the **Market** option to carry out an immediate swap at the current [Market Price](/resources/glossary/trading-glossary#market-price).
3. Use the first pulldown to select the token that you wish to swap **from.**&#x20;
4. Use the second pulldown to select the token that you wish to swap **to.**
5. If you wish to spend a specific amount of your original token then enter this amount into the first data entry box. However if you wish to receive a specific amount of the token that you are swapping to then enter this value in the second data entry box.
6. The [Swap fees](/trading-meridian-trade/meridian-trade/fees-and-costs#transaction-costs-gas) that will be paid to the liquidity providers will be shown below the data entry boxes along with the current Market Price of the from and to token. &#x20;
7. Once all details have been entered the swap can be executed by pressing the **Swap** button. There is **no inherent slippage** for swaps between the listed MLP tokens, however, during times of high volatility a price spread may occur or there may be a delay between the placement of the order and when it is transacted on the blockchain. In these circumstances the swap price may change.  More details and how to manage this risk can be found [here](/trading-meridian-trade/meridian-trade/fees-and-costs#price-spreads).

#### Limit Order Swaps

The process for setting Limit Orders is similar to carrying out a standard swap as described above, however for Limit Order Swaps there is an additional step to set the Execution Price.

With standard market price orders the price at which the swap is executed is derived from the [Market Price](/resources/glossary/trading-glossary#market-price) at the time that the order is set, however, for limit order swaps the user is able to specify a particular price at which they would like the swap to execute. When an execution price is set the trade will not take pace until the market price achieves this price or better. This can be useful in managing risk and maximising profits. More information on Limit Orders can be found [here](/trading-meridian-trade/meridian-trade/step-by-step-trading/limit-orders).

#### [Launch Meridian App](https://www.meridianfinance.net/#/)


# Referrals

Users can get discounted fees by introducing new members to Meridian

## Referral Codes

Users can create and share referral codes to help introduce new users to the Meridian ecosystem.  Whenever new users use your referral code you earn discounts on any leverage trading fees.

To create a referral code:

* Go to <https://trade.meridianfinance.net/#/referrals>
* Click on the Affiliates tab
* Create a referral code using any combination of letters, numbers and underscores and referral codes are case sensitive.
*

```
<div align="left"><figure><img src="/files/2zTyNZEKfPALgoSrwhaY" alt="" width="372"><figcaption></figcaption></figure></div>
```

Once you've created your code, click on the copy icon next to the code to get your referral link, it should look something like this: <https://meridianfinance.net/#/?ref=\\><your code>.

You can share this link on any platform, e.g. Twitter, Telegram. When a user clicks on your link, your referral code would be stored with the user's account. When the user makes a trade they would receive a discount and you would earn rebates from their trading fees. You will continue to earn rebates even if the user uses another device later on as the referral code is stored on the blockchain the first time the user makes a trade.

The discounts and rebates will be distributed once each week as ETH and the rebates history will be viewable on <https://meridianfinance.net/#/referrals>.

Note that currently rebates and discounts are only available for leveraged trades that are made on the Meridian trading platform.  **The referral program is subject to change and may be updated or withdrawn at any time.**&#x20;

### Tiers

The referral program has a tier system to prevent abuse through self-referrals, this helps to ensure that referrers receive the rebates for the users they brought onto the platform.&#x20;

* Tier 1: 5% discount for traders, 5% rebates to referrer
* Tier 2: 10% discount for traders, 10% rebates to referrer

Anyone can create a Tier 1 code. To upgrade a Tier 1 code to Tier 2 the referrers must have at least 15 active users using their referral codes each week **and** a combined weekly volume above $5 million.

If your account fulfils this criteria, please email <team@meridianfinance.net>.

### Rebates

Rebates and discounts only apply on the opening and closing fees for leverage trading. The standard opening and closing fees are 0.1%. &#x20;

Referrer rebates are calculated before user discounts in this way referrers earn on the full maker fee.  This ensures that the Meridian rebates compare very favourably when compared to other referral programs.

#### [Launch Meridian App](https://www.meridianfinance.net/#/)


# Lending - Meridian Lend

### What is Meridian Lend?

Meridian Lend is a decentralized cryptocurrency platform that enables borrowing and lending of crypto assets. It leverages smart contracts to automate the entire process, with predefined rules governing how funds are allocated, how collateral is managed, and how fees are applied.

Meridian Lend focuses on overcollateralized loans, meaning you need to deposit crypto valued higher than the amount you wish to borrow. This safeguards lenders from potential losses due to loan defaults, while allowing the protocol to liquidate the collateral if its value drops significantly.

Meridian Lend also offers its native token, which can be traded on various exchanges or staked within the platform to earn interest. Staking rewards validators for verifying transactions on the proof-of-stake blockchain that powers Meridian Lend.

By utilizing smart contracts, Meridian Lend automates the loan process—calculating terms, securing collateral, and disbursing borrowed cryptocurrency—without the need for intermediaries.

To lend, Meridian Lend allows users to deposit crypto assets and earn interest paid by borrowers. Instead of directly matching lenders and borrowers, Meridian Lend operates liquidity pools where you can deposit crypto assets, which are then lent to borrowers.

### Glossary

If you are unsure about any specific terms feel free to check the [Glossary](/resources/glossary/lending-glossary).<br>

### Meridian Lend Security

\
Meridian Lend has security at its core. It is built on the proven, open-source Aave protocol, providing confidence to both lenders and borrowers. User funds are held in decentralised smart contracts that have been formally verified and audited by third-party auditors. The protocol adopts a fully transparent risk-management framework that is based on the recommendations of specialist quantitative modeling experts.\
\
Meridian Lend Contracts are Verified. [Check them out here](/resources/technical-and-security/lending-contracts).


# Depositing

### How to Deposit

Getting started with Meridian Lend is easy, simply connect your wallet to the application then select ‘Deposit’ from the Lending menu dropdown.  Choose an asset, then when you are ready to deposit press the ‘Deposit’ button in the ‘Your Information’ section.  You will now be able to enter the amount that you wish to deposit and submit the transaction.  Once the transaction is confirmed, your funds will be securely held in the relevant smart contract and you begin earning interest.  You can deposit as much or as little as you wish into Meridian Lend provided that you have the funds available to do so.

<figure><img src="/files/rLdMkcUfvdHGETXgZoOq" alt="" width="563"><figcaption><p>Telos Market</p></figcaption></figure>

### **How much will I earn**

When users deposit tokens on the Meridian Lend platform, they will receive oTokens. These tokens are receipt tokens that accrue interest when your funds are borrowed by other users.&#x20;

By depositing on Meridian Lend you will receive a share of interest paid by borrowers. The exact yield is determined by the utilisation rate of the asset being borrowed. The higher the utilisation of a reserve the higher the yield for depositors.  Each asset has its own market of supply and demand with its own APY (Annual Percentage Yield) which evolves over time.  Details on the market utilisation rate, current APY and other relevant information can be found on the information page for that market.

### **Withdrawing Funds**

You can withdraw your funds by going to the "Dashboard" section of the application and clicking “Withdraw”. Provided that you are not actively using the funds as collateral (see below) then simply enter the amount to withdraw and submit the transaction.   In order for withdrawals to be successful, there needs to be sufficient liquidity in the pool that is not currently being borrowed.  In the unlikely event that the liquidity is low, then you will need to wait for more liquidity from either depositors or borrowers repaying.   The protocol automatically tries to maintain appropriate liquidity levels by adjusting the lending and borrowing interest rates.  In this way, when liquidity is low, the interest paid to lenders will increase in order to encourage new investment.  Similarly, borrowers will need to pay a much higher rate for borrowing from that pool which in turn will reduce borrowing and increase liquidity in the pool.&#x20;

<figure><img src="/files/FJo2kRrQWU9qftaaKVtx" alt="" width="563"><figcaption></figcaption></figure>

### **Using my funds as collateral**

In order to borrow funds through the Meridian Lend protocol all users need to provide collateral as security for the tokens that they wish to borrow.  This collateral is held by the platform to provide confidence to lenders that the loan being made can be repaid.  When you deposit funds to Meridian Lend, the funds are automatically available to you as collateral against a future loan that you may wish to take out.  You are able to opt-out of this at any time by toggling the "use as collateral" button.  This simply means that you would not be able to use that specific asset as security against a future loan.  &#x20;

You can withdraw your assets without opting out of using them as collateral, as long as those funds are not actively being used to borrow and the withdrawal would cause a liquidation on your loans.


# Borrowing

### Why would I want to borrow?

Meridian Lend enables you to obtain liquidity without the need for selling your existing assets. This means that you can benefit from the potential upside of multiple investments at the same time. Users normally choose to borrow in order to leverage their holdings, cover unexpected costs, or for new investment opportunities.

### How to borrow

Before borrowing you need to deposit an approved asset to be used as collateral (see here to find out more). The maximum amount you can borrow depends on your health factor (see below) and the available liquidity. Provided that these criteria have been met you can simply head to the Borrow section of the application and click on “Borrow” for the asset you want to borrow. Set the amount that you wish to borrow, select either stable or variable interest rate and confirm your transaction. Note that you can swap between a fixed or variable interest rate for your loan at any time and without penalty.

### What is my health factor?

Your health factor helps to determine how much you can safely borrow without the risk of being liquidated. It represents the safety of your deposited assets that are available as collateral against the borrowed assets and their underlying value. The higher the value is, the safer the state of your funds are against a liquidation scenario. If the health factor goes below 1, your deposits are likely to be liquidated in order to pay back the lenders.

For example, if your health factor is 2, the value of your collateral will have to decrease by 50% relative to borrowed funds for your position to be at risk of liquidation. However, if the value of your collateral increases relative to your borrowed funds, your health factor increases, making the liquidation threshold less likely to be reached.

Each token has its own specific set of risk management parameters that govern how it is used as collateral and how it can be borrowed. These parameters are used to define the loan to value ratio (LTV) and liquidation thresholds for each asset. The protocol applies these parameters, along with the assets that you are using for collateral and the assets that you are borrowing, in order to establish your health factor. Details of the risk management parameters for each asset can be found [here](https://app.gitbook.com/s/lHkaGqpDP7KZC4W4aOtQ/products/lending/risk-management#introduction).

We recommend Meridian Lend users maintain proper risk management when borrowing. Make sure to monitor your health factor and keep it high to avoid liquidation. Keeping your health factor over 2, for example, gives you more of a margin to avoid liquidation.

<figure><img src="/files/T64ZuvOmeQyAnJji5lyP" alt="" width="563"><figcaption></figcaption></figure>

### **How much interest will I pay?** <a href="#how-much-interest-will-i-pay" id="how-much-interest-will-i-pay"></a>

The interest rate that you pay for borrowing assets is derived from the supply and demand ratio of the specific asset. If you have elected to use a variable interest rate then this rate changes dynamically over time. If you want to be more confident about the interest that you will pay then you can use a stable interest rate. Stable rates act as a fixed rate in the short term but can be re-balanced in response to changes in market conditions. The stable rate will only be rebalanced in the unlikely event that the reserve utilisation rate is over 95% and the rate being paid to lenders is less than 40% of the maximum variable interest rate. You can swap between stable and variable rates at any time and the current rates can be found on the Borrowings section of your dashboard.

### **How do I repay my loan?** <a href="#how-do-i-repay-my-loan" id="how-do-i-repay-my-loan"></a>

You can repay your loans at any time by repaying the principal and the interest accrued. There is no fixed time period to pay back the loan provided that your health factor remains above 1. However, the longer that you have the loan, the more interest will accrue and this may cause your health factor to decrease. When you do choose to repay, your repayment is made in the same asset that you borrowed. For example, if you borrow 100 TLOS you will pay back 100 TLOS + interest accrued. You can also use your collateral to repay your loan. If partial repayment is made, the borrow balance may be non-zero and continue to accrue interest.

In order to repay a loan, you simply go to the Borrowings section of your dashboard and click on the repay button for the asset you want to repay. Select the amount to pay back and confirm the transaction.

<figure><img src="/files/9V8cKwJTrdtlmOMBnbrT" alt="" width="563"><figcaption></figcaption></figure>


# Liquidations

If a borrower’s total collateral value falls below the value required to meet the liquidation ratios for the assets that they are borrowing then the liquidation process may be triggered. This might happen when the collateral value decreases relative to the value of the borrowed asset. If liquidation does occur, up to 50% of a borrower's debt is repaid by the liquidator and that value, plus a liquidation fee is taken from the collateral available. This process reduces the remaining debt to be repaid, however, the borrower has incurred the additional liquidation fee. This liquidation fee depends on the asset that is used as collateral and details of these can be found in the risk [parameters section](https://app.gitbook.com/s/lHkaGqpDP7KZC4W4aOtQ/products/lending/risk-management#introduction) of this documentation.

### **Liquidation Example** <a href="#liquidation-example" id="liquidation-example"></a>

* Charlie deposits 10 ETH as collateral against a USDC loan which is valued at 6 ETH giving a loan to value ratio (LTV) of 60%.
* ETH has a maximum LTV of 80% and a liquidation threshold of 82.5% which makes Charlie’s loan acceptable.
* However, if the value of ETH falls with respect to USDC such that the LTV becomes greater than 82.5% then Charlie may be liquidated.
* A liquidator chooses to repay the maximum 50% of Charlie’s loan this being 3 ETH worth of USDC and in return claims a liquidation fee of 5% (0.15 ETH).
* The total cost of the liquidation will be 3.15 ETH and this will be taken from the 10 ETH of collateral provided by Charlie. This will leave Charlie with 6.85 ETH of collateral and a remaining loan of 3 ETH bringing the residual loan LTV ratio below the liquidation threshold.

### **How to avoid liquidation** <a href="#how-to-avoid-liquidation" id="how-to-avoid-liquidation"></a>

In the above example, Charlie could have avoided liquidation by maintaining a strong health factor. This can be achieved by depositing more collateral assets or by repaying part of the loan. Users should note that loan repayments increase your health factor by more than deposits. We recommend Meridian Lend users maintain proper risk management when borrowing. Make sure to monitor your health factor and keep it high to avoid liquidation. Keeping your health factor over 2, for example, gives you more of a margin to avoid liquidation.


# Risk Management

### Risk Parameters

As all borrowing is supported by collateral, the risk parameters support the mitigation of market risks across the different assets. Sufficient margin and incentives are needed to maintain a healthy market and for positions to remain collateralised in adverse market conditions. These parameters are used to provide security to lenders whilst avoiding unnecessary liquidations of borrowing positions.

### Loan to Value

The Loan to Value (LTV) ratio defines the maximum amount of currency that can be borrowed with a specific collateral. It’s expressed in percentage.

**For example:** at an LTV=75%, for every 100 TLOS worth of collateral, borrowers will be able to borrow 75 TLOS worth of the corresponding currency. Once a loan is taken, the LTV evolves with market conditions.

For each wallet the maximum LTV is calculated as the weighted average of the LTVs of the collateral assets and their value:

$$
MaxLTV = ∑Collateral in TLOS × LTV / Total Collateral in TLOS
$$

### Liquidation Threshold

The liquidation threshold is the percentage at which a position is defined as under-collateralised. For example, a Liquidation threshold of 80% means that if the value rises above 80% of the collateral, the position is under-collateralised and could be liquidated.

The delta between the Loan-To-Value and the Liquidation Threshold is a safety cushion for borrowers.

For each wallet the Liquidation Threshold is calculated as the weighted average of the Liquidation Thresholds of the collateral assets and their value:

$$
LiquidationThreshold= ∑Collateraliin TLOS × LiquidationThreshold / Total Collateral in TLOS
$$

### ​Liquidation Fee

The fee paid to liquidators on the price of the collateral assets when they are purchased as part of the liquidation of a loan.

### Health Factor <a href="#health-factor" id="health-factor"></a>

For each wallet, the risks parameters enable the calculation of the health factor:

$$
Hf = ∑Collateral in TLOS × LiquidationThreshold / Total Borrowed in TLOS
$$

When Hf < 1 the position may be liquidated to maintain solvency

### Reserve Factor <a href="#reserve-factor" id="reserve-factor"></a>

The reserve factor allocates a share of the protocol's interests to a collector contract as reserve for the ecosystem. This reserve is used to reward MST holders and pay protocol contributors.

### Translating risks into Risk Parameters <a href="#from-risks-to-risk-parameters" id="from-risks-to-risk-parameters"></a>

The market risks that have the most direct impact on the risk parameters are:

#### **Liquidity** of a given asset <a href="#liquidity" id="liquidity"></a>

The liquidity is based on the volume of the markets, which is key for the liquidation process. This can be mitigated through the liquidation parameters: the lower the liquidity, the higher the incentives.

#### Volatility of assets <a href="#volatility" id="volatility"></a>

The volatility of price can negatively affect the collateral which safeguards the solvency of the protocol and must cover the liabilities. The risk of the collateral falling below the borrowed amounts can be mitigated through the level of coverage required, the Loan-To-Value. It also affects the liquidation process as the margin for liquidators needs to allow for profit. The less volatile currencies are the stablecoins followed by ETH, they have the highest LTV and the highest liquidation thresholds. Likewise, the more volatile tokens have significantly lower LTV and a wider band between LTV and the liquidation thresholds. This helps to protect lenders from under-collateralisation and borrowers from unnecessary liquidations.

#### **Market Capitalisation** <a href="#market-capitalisation" id="market-capitalisation"></a>

The market capitalisation represents the size of the market, which is important when it comes to liquidating collateral. This can be mitigated through the liquidation parameters: the smaller the market cap, the higher the incentives.

#### Overall Risk <a href="#overall-risk" id="overall-risk"></a>

The overall risk rating is used to calibrate the Reserve Factor with factors ranging from 10% for the less risky assets to 35% for the riskiest.


# Lending and Borrowing Incentives

Meridian Lend incentivizes both lenders and borrowers to participate actively on the platform, fueling DeFi activity and enhancing liquidity. These incentives, which are typically paid in $USDM or the native network token, are usually subsidized by the foundations that Meridian collaborates with. The specific incentive—whether in $USDM or the native token—varies depending on the supporting foundation and its objectives.

<figure><img src="/files/kapm8KWU5sPfmSpxafdj" alt=""><figcaption><p>Example Market with $USDM Incentives</p></figcaption></figure>

## Lending Incentives

Lenders are rewarded for providing liquidity by depositing assets into the lending pools. These rewards are paid in either $USDM or the native network token, depending on the foundation's arrangement. These incentives are designed to encourage liquidity provision, which helps to ensure a sufficient supply of assets for borrowers and supports the overall health of the DeFi ecosystem.

## Borrowing Incentives

Borrowers on Meridian Lend can also earn rewards, which help to offset borrowing costs. By participating in the borrowing program, users can access liquidity while benefiting from network incentives, contributing to active DeFi participation and market activity.

## Driving Ecosystem Growth

The incentives offered through Meridian Lend are aimed at fostering high levels of liquidity and engagement, which ultimately benefits both the platform and the broader ecosystem. These rewards help fuel token adoption, increase transaction volumes, and strengthen the foundations Meridian collaborates with, all while enhancing the overall DeFi landscape.

**Key Benefits of Incentives:**

* For Lenders: Earn rewards for providing liquidity, increasing asset availability on the platform.
* For Borrowers: Access liquidity while reducing borrowing costs through network incentives.
* For the Ecosystem: Boosted DeFi activity leads to greater token utilization, liquidity depth, and ecosystem growth.

Meridian Lend’s incentives structure ensures that both lenders and borrowers are encouraged to participate in the platform, supporting a dynamic and thriving DeFi ecosystem.


# Swaps - Meridian Swaps

The Meridian Ventures team is thrilled to introduce the latest addition to our array of DeFi products - **Meridian Swap**

Meridian Swap is an AMM oriented decentralised liquidity protocol on EVM-compatible blockchains that uses smart contracts to manage pools of two ERC-20 tokens.

<figure><img src="/files/zOAPtCAW5was2oaJSuCZ" alt=""><figcaption><p>Swap</p></figcaption></figure>

Swap eliminates intermediaries, prioritising decentralisation and security. Anyone can provide liquidity by depositing equal values of the tokens, receiving pool tokens that represent their share of the pool, which can be redeemed at any time.

### Features Of Meridian Swap

**Safe & Transparent:** Both core principles, Meridian swap is designed to be safe and transparent involving every transactions made on its platform.

**Decentralisation:** Also being one of its core principles, Meridian swap brings the concept of decentralisation alive, with each transaction done without the need to reveal any identity.

### Who Can Use Meridian Swap

The Meridian Swap ecosystem includes four main user types:

* Liquidity Providers
* Traders
* Voters
* Partners

<figure><img src="/files/VSkmLDIi4I00McFqGUAB" alt=""><figcaption><p>Participants</p></figcaption></figure>

**Liquidity Providers (LPs):** They contribute ERC-20 tokens to liquidity pools and earn trading fees. LPs can be passive investors, professional market makers, token projects seeking liquidity, or DeFi pioneers exploring advanced strategies.

**Traders:** They swap tokens on the platform, paying a 0.30% fee to LPs. Types include speculators, arbitrage bots, DAPP users, and smart contracts executing trades.

**Voters:** They vote to direct incentives to preferred liquidity pools, with MST-sTLOS liquidity providers having more voting power.

**Partners:** These are projects that launch their tokens on Meridian Swap, ensuring liquidity and demand.


# Step by Step Swaps

Being an AMM Dex, Meridian swap provides users a vast selection of ERC20 tokens and allows trading without relying on a Centralised Exchange (CEX).

### How To Get Started:

1. Start by heading over to Meridian Swap and Click on **"Connect".**

<figure><img src="/files/670FFHTduKDLZps8GiOr" alt=""><figcaption></figcaption></figure>

2. A prompt will be displayed showing the wallets available to connect.

> (Metamask Wallet Recommended)

<figure><img src="/files/F9GLPHJjYMWhjPxFyySg" alt=""><figcaption></figcaption></figure>

3. &#x20;Click the drop down menu in the "From" and "To" section to select the tokens you want to trade.

<figure><img src="/files/21OIUhD2z9tEcimCcnWc" alt=""><figcaption></figcaption></figure>

4. A menu would be displayed with a list of tokens to trade from.

<figure><img src="/files/0hz1KeWLkpKRhSwI5Lg2" alt=""><figcaption><p>Swap</p></figcaption></figure>

5. Below the swap are displayed parameters which should be taken note of:

* **The Minimum Received** - this is the minimum amount that you will receive from the swap.
* **Price Impact** - this is the price slippage that will occur as a result of the transaction and is dependent on the amount of liquidity available for the transaction. In some instances it may be possible to reduce the price slippage by splitting the transaction into more than one part.
* **The Liquidity Provider Fee** - is the fee that will be paid to the liquidity provider for providing the funds to enable the transaction.

<figure><img src="/files/UP8oF9eImOrB5RJRmoZm" alt=""><figcaption><p>Swap</p></figcaption></figure>

6. If the token you're choosing to trade has not been enabled, make sure you enable it by approving and signing the token contract.

{% hint style="info" %}
&#x20;A transaction prompt will be displayed on Metamask, approve it and sign the transaction before proceeding
{% endhint %}

<figure><img src="/files/X3UZYsgpC6X5TJTvVa2k" alt=""><figcaption><p>Swap</p></figcaption></figure>

7. &#x20;After looking through the parameters, click on Swap

<figure><img src="/files/JGUpoefiMDBfzd31qk3j" alt=""><figcaption><p>Swap</p></figcaption></figure>

8. &#x20;After clicking on swap, the Swap UI brings a confirmation prompt, so make sure the details of the swap is correct before proceeding to **"Confirm Swap".**

<figure><img src="/files/Zqnbkabvv5zqTGc2xOKu" alt=""><figcaption><p>Swap</p></figcaption></figure>

9. &#x20;A transaction prompt will be brought up by Metamask, click on "Confirm".&#x20;

{% hint style="info" %}
Note: Make sure you have gas in native token if not the transaction wouldn't go through.
{% endhint %}

<figure><img src="/files/nbnRx34qvEwioBmsBVhG" alt=""><figcaption><p>Swap</p></figcaption></figure>

10. &#x20;Once the transaction is complete, you've successfully swapped from one token to another, you can click on close and also choose to add the token directly to your metamask.

<figure><img src="/files/qVd0dyGYokLTLoOe4cPM" alt=""><figcaption><p>Swap</p></figcaption></figure>

When you make a token swap you will pay a 0.25% trading fee, which is distributed as follows:&#x20;

* 0.17% - Returned to Liquidity Pools and distributed as rewards to LP providers.&#x20;
* 0.08% - Protocol revenue, distributed to MST stakers.


# Liquidity

Meridian Swap, being an AMM DEX,  relies on Liquidity Providers creating a pool of tokens where users can swap one token for the another. Each pool consists of two different tokens and it is called a Liquidity Pool Pair.

By adding liquidity, Liquidity Providers put an equal value of two tokens to make LP tokens, in return for this service, these providers recieve trading fees for their share of that LP trading pair.

### How To Get Started

### Add Liquidity

1. Start by heading to Meridian Swap and click on "Connect".

<figure><img src="/files/L3qfb3cNarjBbi15C3Pd" alt=""><figcaption></figcaption></figure>

2. A prompt will be displayed in which you would need to connect your wallet (Metamask wallet is Recommended).

<figure><img src="/files/MT5jVBaooDxdUuMNNAye" alt=""><figcaption><p>wallet</p></figcaption></figure>

3. Head over to "Liquidity".

<figure><img src="/files/TeD95G1SZ9kdhnQRtL4L" alt=""><figcaption></figcaption></figure>

4. At the Liquidity Section, a list of pools in which you've supplied liquidity will be shown, to supply liquidity, click the **"Add Liquidity".**

<figure><img src="/files/nPYa6OFkQ7SfVnbwEphV" alt=""><figcaption></figcaption></figure>

5. After clicking **"Add Liquidity"**, click on **"Select A Currency"** a display page with a list of assets will be shown so you can choose the assets you wish to provide liquidity.

<figure><img src="/files/9SbzR3KA1wE8SXy8qR7v" alt=""><figcaption></figcaption></figure>

6. A list of tokens will be shown from the dropdown.

{% hint style="info" %}
If the token you wish to provide liquidity is not on the list, you can search for it using its contract address and add it to the list.
{% endhint %}

<figure><img src="/files/Xzypy7Nht7uPftltTXP7" alt=""><figcaption></figcaption></figure>

7. After selecting the first and second token, choose the number of tokens you wish to provide liquidity. You can also click on **"MAX"** to max out. The other token amount will automatically adjust to the same value in USD.

{% hint style="info" %}
The amount of tokens being supplied as liquidity are of equal value (in a 50:50 ratio)
{% endhint %}

<figure><img src="/files/oMxAusIShyLF0NJlaGJs" alt=""><figcaption><p>Liquidity</p></figcaption></figure>

8. After choosing the amount to supply, click on "Enable" to authorize the supply of the pair.

<figure><img src="/files/FEZxyVPLaFWY4mzTFVac" alt=""><figcaption><p>Liquidity</p></figcaption></figure>

9. After enabling the pair, a transaction prompt will be issued by your wallet, in which you have to approve and sign the transaction.

<figure><img src="/files/aWGsXnhz9mM1tN9HjAAF" alt=""><figcaption></figcaption></figure>

10. After enabling both tokens to be provided as liquidity, procced to supply liquidity by clicking **"Supply".**

{% hint style="info" %}
Before proceeding to supply the pair, a prompt will be displayed below the "Supply" button providing information of the pool you're providing liquidity in as well as your % share in the pool.&#x20;
{% endhint %}

<figure><img src="/files/WhecJC1E49fBDb148YS1" alt=""><figcaption></figcaption></figure>

11. A confirmation window will then be shown, make sure the values are correct before proceeding, if correct, proceed by clicking **"Confirm Supply"**.

<figure><img src="/files/BlHzD1GvxI03eoNdabEx" alt=""><figcaption></figcaption></figure>

12. Once you've clicked on confirm supply, a transaction prompt is brought by your wallet, sign the transaction by clicking ''**Confirm**". &#x20;

{% hint style="info" %}
Make sure you have gas (Native Token), else the transaction won't go through
{% endhint %}

<figure><img src="/files/833cjZFVqnBnTuEo6gCs" alt=""><figcaption></figcaption></figure>

13. Once you've confirmed the transaction, Click on "Close". You can also choose to add the LP tokens to your Metamask.

<figure><img src="/files/hICaBhlt557dzUVRUBdU" alt=""><figcaption></figcaption></figure>

14. Congratulations, you have now deposited liquidity and will now start earning trading fees! You can now see your deposited LP tokens displayed on your Liquidity dashboard.

<figure><img src="/files/VwTRWHvMH5Z5D9R9uH1e" alt=""><figcaption></figcaption></figure>


# Farming

Meridian Swap provides a way to bootstrap liquidity as well as a way to generate extra yields which is through the use of **"Farms"**

Farming allows you to earn extra yields by staking your LP tokens . Rewards are calculated dynamically and so you will be able to see how much you have earned as it happens.'

### How Yields Are Calculated

The Farm APR calculations include both:

* **LP rewards APR** earned through providing liquidity and;
* **Farm Base Reward APR** earned staking LP Tokens in the Farm.

This is because, when you stake your LP tokens in a farm, you're still providing liquidity to the liquidity pool and so you earn LP rewards.

**FarmTotalApr = FarmBaseApr + LPRewardsApr**

### Farm Base APR <a href="#farm-base-apr" id="farm-base-apr"></a>

The **Farm Base APR** is calculated according to the farm multiplier and the total amount of liquidity in the farm.&#x20;

The multiplier reflects how much of the total available asset(reward) is given to any particular pool and the value of this allocated asset is then compared to the total liquidity in that pool in order to establish the farm APR.

The **LP reward APR** is calculated by comparing the total liquidity in a pool with the transaction volume of that pool.

### &#x20;LP Reward Apr

1. **LP fee in 24H**: Use the 24H volume to calculate the **fee share** of liquidity providers in the pool (based on the 0.17% trading fee structure) = 0.17 x 24H volume / 100
2. **LP fee Yearly**: Next, use that **fee share** to estimate the projected **yearly fees** earned by the pool (based on the current 24h volume): LP fee in 24H x 365 (1 year)
3. **LP Reward Apr:** (LP fee yearly / total liquidity of the pool) x 100


# Get Started

Before you start farming you’re going to need "LP Tokens". Farms can only accept their own LP Token; for example, the MST- STLOS Farm will only accept MST-STLOS LP Tokens. To get these LP Tokens, you'll need to provide Liquidity for that trading pair.&#x20;

Learn To Provide Liquidity[ here](/swaps-meridian-swaps/liquidity)

Once you have your LP tokens you are all set to get farming!

### Finding Your Farm

1. Start by heading over to Meridian swap page and clicking **"Connect".**

<figure><img src="/files/L3qfb3cNarjBbi15C3Pd" alt=""><figcaption></figcaption></figure>

2. Head over to the farming section by clicking on **"Farms".**&#x20;

<figure><img src="/files/0SxuV4QDUwBx5DnGJUmq" alt=""><figcaption></figcaption></figure>

3. In the Farms Section, you'll see a list of pools. Navigate the pools available and choose the farm you wish to supply your LP token.

{% hint style="info" %}
if you're having difficulty locating the pool in which you wish to provide liquidity, you can search for the pair using the search bar.
{% endhint %}

<figure><img src="/files/JrLJQW82aUKerWuxmJs0" alt=""><figcaption></figcaption></figure>

4. After selecting the pair you wish to supply your LP tokens to, click on **"Enable"**, approve and sign the transaction prompt brought by your wallet. After authorising the pair, the **"Enable"** button changes to **"Stake LP"**

{% hint style="info" %}
Be aware of the **APR** of the pool you're providing liquidity, as well as the **Multiplier** and the **Liquidity.**
{% endhint %}

<figure><img src="/files/GVrwi6FQbK2S0iw4AEOZ" alt=""><figcaption></figcaption></figure>

5. Once you've clicked on "Stake LP", a new window will be displayed, showing your balance of LP tokens. Choose the amount of LP Tokens you would like to farm with into the field, or just click **Max** to use all of your LP Tokens and click on **"Confirm".**

<figure><img src="/files/mrHT4Fx81khcGBXUC15N" alt=""><figcaption></figcaption></figure>

6. After selecting the amount you wish to provide and clicking on "**Confirm**", a transaction prompt will be brought by your wallet, then sign the transaction.

<figure><img src="/files/wsXz7yJFUBxWHNDBRtPB" alt=""><figcaption></figcaption></figure>

7. Immediately after the transaction has been confirmed on the block, you'll get a notification saying "Your Funds Have Been Staked In The Farm" plus you will see your new staked LP Token balance in the details.

<figure><img src="/files/RUsjsNmSfHmtcnt2h57B" alt=""><figcaption></figcaption></figure>


# Voting

With Meridian Swap, users who hold whitelisted LP Tokens are able to vote on the allocation of incentives to their preferred liquidity pools. This section summarises how you can get involved with this process.&#x20;


# Get Started

Before you can vote incentives to a certain pool, you’re going to have provided "LP Tokens" to a certain Farm.

Learn To Provide "LP token" to a Farm[ here](/swaps-meridian-swaps/farming).

Once you have your LP tokens staked in a Farm, you are set to start voting.

1. Start by heading over to Meridian Swap and Connect Your Wallet.

<figure><img src="/files/L3qfb3cNarjBbi15C3Pd" alt=""><figcaption></figcaption></figure>

2. After connecting wallet, head over to the "Vote" section by clicking "Vote".

<figure><img src="/files/ZmwiAmpdBte52QhOViYX" alt=""><figcaption></figcaption></figure>

3. At the Voting section, a list of Farms will be available in which you can vote the amount of incentives they get, as well as see your **"Current Voting Power".**&#x20;

<figure><img src="/files/39T8Q27YJMM1IEe5BIwp" alt=""><figcaption></figcaption></figure>

4. You'll be able to see the current weighting of each farm, the APR, and the multiplier of each farm, as well as get the opportunity to vote on the new weighting on each farm based on your Voting Power.

<figure><img src="/files/8wf9LTvQiybPku8N3qNM" alt=""><figcaption></figcaption></figure>

5. On the **"New Weighting Section"**, choose the amount of votes each farm get, total votes allocated to voter is **100%.**&#x20;

{% hint style="info" %}
The Votes distributed must be equal to 100% else you won't be able to submit the vote as well as get the error **"Total Votes Must Be Equal 100%".**
{% endhint %}

<figure><img src="/files/mumLmRv5fZ95UFwMXVQ0" alt=""><figcaption></figcaption></figure>

6. After distributing votes amongst the different Farm(s). Click on **"Submit Votes".**

{% hint style="info" %}

* A transaction prompt will be displayed by your wallet, sign the transaction.
* Make sure you have gas in native token, else transaction won't go through.
  {% endhint %}

<figure><img src="/files/agWwC4di4gg0ujOjc18L" alt=""><figcaption></figcaption></figure>

7. Once the transaction has been confirmed on the block, you get a pop up window saying **"Votes Successfully Cast!".**&#x20;

<figure><img src="/files/wDDHNe7rwhWa2zOs2v8W" alt=""><figcaption></figcaption></figure>


# Token Whitelisting

Meridian is offering the opportunity to whitelist specific tokens on the Meridian Swap interface. This ensures that users can easily find and trade your token, avoiding imitations and increasing its visibility.

<figure><img src="/files/qGFn4iscM6wYflfrwDdo" alt=""><figcaption></figcaption></figure>

To have your token whitelisted, it must first pass a QA check conducted by Meridian Ventures, the team responsible for managing Meridian Finance.

Your token must:

* Stand out in the ecosystem by being a unique asset, not a replica of another token.&#x20;
* Provide a verified contract address for review.&#x20;
* Maintain active social media channels with at least some community engagement.&#x20;
* Have over $5,000 in liquidity deployed on Meridian Swap.

To submit this information, open a ticket on the [Meridian Discord server](https://discord.com/invite/SCHCXz9Mnb). The whitelisting process typically takes up to one week.


# Farm Listing & Incentives

Meridian is excited to support other projects by helping them attract new liquidity providers, increasing both liquidity and token stability. This is achieved by launching a farm for the liquidity pool, offering USDM incentives to new liquidity providers for the pair. \
**Incentives are distributed during specific periods and are subject to change at any time.**\
\
Most incentives are [distributed based on MST-sTLOS votes](/swaps-meridian-swaps/voting), allowing Meridian Ventures the flexibility to allocate some votes towards new farms through its MST-sTLOS liquidity pool.

<figure><img src="/files/ZPLXjF8POggNSUlRFWdC" alt=""><figcaption><p>Meridian Swap Farms</p></figcaption></figure>

To qualify for incentives for your pool, you must meet the following conditions:

* The liquidity pool holds more than $20,000 worth of liquidity.
* The project holds at least 1% of the voting power, directed to their pool.
* The token is already whitelisted.

By meeting these conditions, you'll qualify to receive additional USDM incentives for your pool, alongside the voted liquidity.

To apply, fill out [this form](https://docs.google.com/forms/d/e/1FAIpQLSeSciDu5OytcDADlcZzawiZCzj80dOaUl0Mv9JbECPcc3RDPw/viewform), or open a [Discord ticket](https://discord.com/invite/SCHCXz9Mnb).


# Integrations

Discover Meridian's 3rd-party integrations and partnerships, enabling you to utilize Meridian's products and assets across supported ecosystems.

| Name                                                                                                                                                                              | Type of Integration                                                                        | Information Links                                                                                                                                                                                                                                                                                                                                                         |
| --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------ | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |
| [**1delta**](https://app.1delta.io/margin?chain=taiko\&lender=meridian)                                                                                                           | Decentralized Margin & Lending Aggregator, built on Meridian Lend on the Taiko network.    | <https://medium.com/@meridianFinance/meridian-partners-with-1delta-to-offer-decentralized-margin-lending-aggregator-24876887c9e2>                                                                                                                                                                                                                                         |
| [**OpenOcean**](https://openocean.finance/)                                                                                                                                       | Efficient DEX / DeFi Aggregator, supports Meridian Swap on the TelosEVM network.           | <https://hellotelos.medium.com/partnership-announcement-telos-x-openocean-a64876bb5799>                                                                                                                                                                                                                                                                                   |
| [**Swing**](https://swap.meridianfinance.net/)                                                                                                                                    | Trade MST from any network.                                                                | <https://x.com/swing_xyz/status/1762579305442533653>                                                                                                                                                                                                                                                                                                                      |
| [**Lynx**](https://app.lynx.finance/?chainId=42161)                                                                                                                               | Perpetuals trading using $MST as collateral                                                | <p><a href="https://medium.com/@meridianFinance/meridian-partners-with-lynx-to-enable-perpatuals-trading-using-mst-b4e1df9d2865"><https://medium.com/@meridianFinance/meridian-partners-with-lynx-to-enable-perpatuals-trading-using-mst-b4e1df9d2865></a><br><a href="https://www.youtube.com/watch?v=6vEVG8OU5XQ"><https://www.youtube.com/watch?v=6vEVG8OU5XQ></a></p> |
| **DEXs:** [Swapsicle](https://app.swapsicle.io/swap), [Symmetric](https://app.symm.fi/#/), [Voltage](https://voltage.finance/), [Aerodrome](https://aerodrome.finance/), Taraswap | Trade MST & USDM accross Meridian's supported networks.                                    |                                                                                                                                                                                                                                                                                                                                                                           |
| Oracles: [Chainlink](https://dev.chain.link/), [DIA](https://www.diadata.org/app/), [Pyth](https://www.pyth.network/price-feeds), [Supra](https://supra.com/developers/)          | Price feeds that provide Meridian’s products with real-time, up-to-date price information. | <https://x.com/chainlink/status/1833174085506879538>                                                                                                                                                                                                                                                                                                                      |


# Roadmap

Meridian Ventures is preparing for its next phase of growth. Explore the upcoming initiatives designed to elevate Meridian Finance to new heights.

* [ ] Start MST Buybacks Strategies
* [ ] Deploy USDM on Taraxa mainnet
* [ ] Launch Meridian Lend on Taraxa Mainnet
* [ ] Securing LiquityV2 Business License
* [ ] Deploying USDMv2
* [ ] Next rounds of incentives on Meridian Lend markets
* [ ] Memecoin launch backed by Meridian

PitchDeck >&#x20;


# Community Resources

## Social Media Channels

**Telegram**: <https://t.me/meridianFinance1>

**Twitter:** <https://twitter.com/MeridianFi>

### Medium

{% embed url="<https://medium.com/@meridianFinance>" %}

### GitHub

{% embed url="<https://github.com/MeridianDollar>" %}

####

#### [Launch Meridian App](https://www.meridianfinance.net/#/)


# Technical & Security

#### [Launch Meridian App](https://www.meridianfinance.net/#/)


# Oracles

{% content-ref url="/pages/t0qOFfbta0mrzUFZBFPk" %}
[Pyth](/resources/technical-and-security/oracles/pyth)
{% endcontent-ref %}

{% content-ref url="/pages/pPTrsJVVeaivWyxX68bf" %}
[Stork](/resources/technical-and-security/oracles/stork)
{% endcontent-ref %}

{% content-ref url="/pages/5ilCR1yTIQhSG2SZL0ii" %}
[DIA](/resources/technical-and-security/oracles/dia)
{% endcontent-ref %}

{% content-ref url="/pages/3yqDN8ykPZMHPvYoajRV" %}
[Supra](/resources/technical-and-security/oracles/supra)
{% endcontent-ref %}

{% content-ref url="/pages/iSPk6i0Yc6crNzGHn6Iu" %}
[Chainlink](/resources/technical-and-security/oracles/chainlink)
{% endcontent-ref %}


# Pyth

<figure><img src="/files/cAtCG3r2mFJc2qDPViHK" alt=""><figcaption></figcaption></figure>

**Pyth: Overview**

[Pyth](https://pyth.network/) is an open-source real-time on-chain market data feed. Pyth's market data is contributed by over 95 first-party publishers, including some of the biggest exchanges and market making firms in the world. Over 150 protocols on 40+ blockchains trust Pyth to secure their applications.

Meridian uses Pyth's following price feeds on Meter & Taiko Network

<table><thead><tr><th width="249">Pair</th><th>ID</th><th data-hidden></th></tr></thead><tbody><tr><td>ETH/USD</td><td><pre><code>ff61491a931112ddf1bd8147cd1b641375f79f5825126d665480874634fd0ace
</code></pre></td><td>0.</td></tr><tr><td>MTRG/USD</td><td><pre><code>20d096e088a9b85f8cf09278965b77aeb05c00769e2ddeda5ea2d07ea554b283
</code></pre></td><td>1%</td></tr><tr><td>USDC/USD</td><td><pre><code>eaa020c61cc479712813461ce153894a96a6c00b21ed0cfc2798d1f9a9e9c94a
</code></pre></td><td>0.5%</td></tr><tr><td>USDT/USD</td><td><pre><code>2b89b9dc8fdf9f34709a5b106b472f0f39bb6ca9ce04b0fd7f2e971688e2e53b
</code></pre></td><td>0.5%</td></tr><tr><td>TAIKO/USD</td><td><pre><code>0xd878b9766566a87675421e9b11992c1f2ca2438d5b7d841cb147308e1bd6bb99
</code></pre></td><td>1%</td></tr></tbody></table>

**Pyth Design: Data Sourcing**&#x20;

Pyth allows market participants to publish pricing information on-chain for others to use. The protocol is an interaction between three parties:

* Data providers submit pricing information to Pyth's oracle program. Pyth has multiple data providers for every price feed to improve the accuracy and robustness of the system.
* Pyth's on-chain oracle program on Pythnet combines providers' submitted data to produce a single aggregate price and confidence interval.
* Applications such as Meridian read the price information produced by the oracle program. More specifically, Pyth allows users to “pull” prices onto the blockchain when needed. Those prices become publicly available for everyone on that chain.

**Pyth's Design Goals:**

1\. Robustness: The aggregation algorithm ensures resilience against manipulation. Even if one provider submits an outlier price, the aggregate remains stable.

2\. Weighted Accuracy: It appropriately weighs data sources based on their accuracy levels. This prevents less accurate sources from overly influencing the aggregate price.

3\. Reflective Confidence Intervals: The aggregate confidence interval reflects the variation between prices reported by different providers. During normal market conditions, it aligns with individual providers' confidence intervals, but widens during instances of significant price divergence across exchanges.

\
For an in-depth explanation of the pricing mechanisms, consult Pyth's [Technical Documentation](https://docs.pyth.network/home).


# DIA

Meridian Finance's USDM stablecoin is powered by a custom price oracle provided by [DIA](https://diadata.org/), designed for robust, real-time asset pricing.

**Data Sourcing**

This oracle utilizes a high-frequency, 120-second data aggregation window and fetches data from a curated list of over 20 exchanges. You can view the feed’s data sources in real time on the [DIA APP](https://www.diadata.org/app/price/asset/Ethereum/0x0000000000000000000000000000000000000000/).

**Pricing Methodology**

The price calculation employs the Moving Average Price with Interquartile Range (MAIR) methodology. For an in-depth explanation of the pricing mechanisms, consult [DIA's Technical Documentation](https://docs.diadata.org/products/token-price-feeds/exchangeprices/mair-moving-average-with-interquartile-range-filter).

**Update Mechanism**

The smart contract for this oracle employs a deviation-based update mechanism with a 0.5% threshold. Any price change greater than this value triggers an immediate on-chain update.&#x20;

––

To view the oracle’s most up-to-date configuration, always refer to the [DIA Forum, under Custom Delivery Request CDR #058](https://forum.diadata.org/t/cdr-058-meridian-finance-price-feed-on-base/789)


# Chainlink

## Chainlink Overview

Chainlink Data Feeds provide data that is aggregated from many data sources by a decentralized set of independent node operators. The [Decentralized Data Model](https://docs.chain.link/architecture-overview/architecture-decentralized-model?parent=dataFeeds) describes this in detail.&#x20;

<figure><img src="/files/QLeqop3MR6lGZ45Ua94a" alt=""><figcaption></figcaption></figure>

Meridian uses Chainlink's following price feeds on the Base Network:

<table><thead><tr><th>Pair</th><th>Price Deviation</th><th>ID</th></tr></thead><tbody><tr><td>ETH/USD</td><td>0.15%</td><td><pre><code>0x5f4eC3Df9cbd43714FE2740f5E3616155c5b8419
</code></pre></td></tr></tbody></table>

#### Chainlink Design: Data Sourcing

Chainlink's architecture allows for the secure and decentralized gathering of off-chain data, which is then delivered on-chain for use by smart contracts. The Chainlink network is composed of three main components:

1. **Data Providers:** Chainlink aggregates data from multiple independent data providers to ensure accuracy and reliability. Each data provider pulls data from various sources, such as exchanges and market makers, and submits this data to Chainlink's network.
2. **Chainlink Nodes:** Chainlink nodes retrieve data from these data providers and deliver it on-chain. These nodes are operated by independent node operators, which enhances the network's decentralization and resilience.
3. **Smart Contracts:** Applications like Meridian access Chainlink's data feeds via smart contracts. These contracts can query Chainlink oracles to obtain real-time price information that is used to execute logic within the application. The data is made available on-chain and can be used by any application on the network.

For an in-depth explanation of the pricing mechanisms and security models, consult Chainlink's [Technical Documentation](https://docs.chain.link/).


# Supra

Supra

## Data Feeds

Oracle feeds play a pivotal role in delivering dependable and precise real-world data to blockchain networks, unlocking a multitude of valuable use cases. The Supra team acknowledges the current constraints of conventional oracles, including issues like reliance on trusted intermediaries, higher latency, and slower on-chain finality. That's why Supra took a rigorous, research-based approach to forge a superior oracle solution. This culminated in the creation of DORA, short for Supra's Distributed Oracle Agreement, an advancement in the field grounded in peer-reviewed research.

#### **Distributed Oracle Agreement (DORA)** <a href="#distributed-oracle-agreement-dora" id="distributed-oracle-agreement-dora"></a>

DORA natively employs the most performant consensus algorithm in to the oracle space, and aggregates representative price data (S-value) for a wide array of assets and commodities. To do this, the protocol validates and reports prices derived from up to 21 data sources with Byzantine Fault Tolerant algorithms. Employing a unique Tribe-Clan architecture, DORA is further strengthened and safeguarded by anti-collusion randomness algos (via our decentralised Verifiable Random Function, or dVRF) to ensure the decentralisation qualities of the network persist over time. Likewise, Supra deploys multiple fault-tolerant techniques during the data collection, aggregation, and computation stages to ensure the highest fidelity price feeds and detect abnormal behaviors before they could affect outcomes.

#### **Computation of S-Value** <a href="#computation-of-s-value" id="computation-of-s-value"></a>

Every node obtains data from multiple data sources and computes the median from the set of values obtained from its assigned sources. To begin, nodes are randomly assigned tasks and later reassigned periodically via Supra's decentralised Verifiable Random Function as part of its deliberate, anti-collusion approach.

<figure><img src="/files/4eNhb8Nts2e1fQ10wZTB" alt=""><figcaption></figcaption></figure>

Then, Supra’s calculation methodology identifies a *coherent cluster* formed within the *agreement distance* parameter. This ensures that different nodes’ median values have not abnormally deviated from each other before computing the arithmetic mean (as a proposed S-value), which is subsequently signed by all nodes in the network.<br>

<figure><img src="/files/4Ib9vNaNk9aqUpVV945b" alt=""><figcaption></figcaption></figure>


# Stork

Stork specializes in ultra-low latency, delivering sub-millisecond updates. It aggregates price data off-chain from major exchanges and validates it using techniques like digital signatures and websockets. The data is then sent to TON Blockchain, making Stork suitable for high-frequency trading and volatile market conditions.

**Key Features:**

* **Ultra-Low Latency:** Provides rapid updates for real-time data accuracy.
* **Efficient Data Handling:** Aggregates prices off-chain to reduce latency before transmitting them to the blockchain.
* **Wide Data Coverage:** Sources from top exchanges to ensure broad asset coverage.
* **Applications:** Ideal for real-time trading, futures, and derivatives markets.

Learn more about Stork Price Feeds in the [documentation](https://docs.stork.network/stork-for-real-time/what-is-stork-for-real-time).

Meridian uses the following price feeds on Taraxa mainnet:

<table><thead><tr><th>Feed</th><th>ID</th></tr></thead><tbody><tr><td><pre><code>USDT/USD
</code></pre></td><td><pre><code>0x6dcd0a8fb0460d4f0f98c524e06c10c63377cd098b589c0b90314bfb55751558
</code></pre></td></tr><tr><td><pre><code>WETH/USD
</code></pre></td><td><pre><code>0x8afba5f1a5d4969d23c3b42db1b88f8a9c8176392de5bf066752260478ce82b
</code></pre></td></tr></tbody></table>


# USDM Technical Overview

## Context

Meridian is a direct fork of the highly successful Liquity protocol and as such it shares the exact same smart contract code base.  All contracts are fully verified and can be reviewed on Sourcify&#x20;

As a direct fork of Liquity the economic modelling, security audits and risk assessments conducted by Liquity continue to be relevant for the Meridian deployment and as such these resources are referenced below.  A technical system summary including contract descriptions, function descriptions, and more is available in the **Meridian README**

Due to the deployment constraints on the Base Network Meridian has implemented one simple change to the Liquity core contracts that enables the [price feed](/usdm-meridian-mint/stability-pool-and-liquidations#what-oracle-are-you-using-to-determine-the-price-of-eth) to be updated if required.  This capability was added to provide long term surety for the protocol and will be fully renounced once the network is fully mature and stable.

Verified contracts can be found [here](/resources/technical-and-security/usdm-contracts)

## Technical papers

#### [Whitepaper](https://docsend.com/view/bwiczmy)

[**Scalable Reward Distribution with Compounding Stakes**](https://github.com/liquity/liquity/blob/master/papers/Scalable_Reward_Distribution_with_Compounding_Stakes.pdf) (see this [article](https://medium.com/liquity/scaling-liquitys-stability-pool-c4c6572cf275) for a simpler introduction)

#### [Efficient Order-Preserving Redistribution of Troves](https://github.com/liquity/liquity/blob/master/papers/Efficient_Order-Preserving_Redistribution_of_Troves.pdf)

## Economic modelling and simulation

#### [Liquity Market Risk Assessment by Gauntlet Networks](https://liquity-report.gauntlet.network/)

#### [Macroeconomic Model of Liquity by Prof. Yulin Liu](https://colab.research.google.com/drive/1AyhFfE_EKCcMO6HeG04Se3hbraTxODWU?usp=sharing) &#x20;

## Security audits

[**Trail of Bits Security Assessment**](https://github.com/trailofbits/publications/blob/master/reviews/Liquity.pdf) January 2021

[**Audit by Coinspect**](https://www.coinspect.com/liquity-audit/) March 2021

[**Trail of Bits Liquity Protocol and Stability Pool Final Report**](https://github.com/trailofbits/publications/blob/master/reviews/LiquityProtocolandStabilityPoolFinalReport.pdf) March 2021

[**Trail of Bits Liquity Proxy Contracts Report**](https://github.com/trailofbits/publications/blob/master/reviews/LiquityProxyContracts.pdf) March 2021

## Risk assertions

[**On the Price Stability of LUSD**](https://medium.com/liquity/on-price-stability-of-liquity-64ce8420f753)

[**Addressing Concerns about Liquity**](https://medium.com/liquity/addressing-concerns-about-liquity-2af3e1d0a946)

## Code base

Github Repository

#### [Launch Meridian App](https://www.meridianfinance.net/#/)


# Trading Technical Overview

**Software Architecture**

The main components of the platform are:

1. Vault
2. Routers
3. Price Feeds
4. MST
5. MLP

**Vault**

The Vault contract stores deposits and handles the main trading functions.

* Deposits: Funds are deposited into the Vault through the minting of MLP tokens. e.g. if the price of MLP is $1.50, a user can mint 1 MLP by depositing 1.50 USDM tokens.
* Withdrawals: Funds can be withdrawn from the vault through the burning of MLP tokens. e.g. if the price of MLP is $1.50, a user can burn 1 MLP to redeem 1.50 USDM tokens.
* Swaps: The vault allows swapping of the tokens held in the vault. e.g. if the price of ETH is $2000 a user can swap 1 ETH for 2000 USDM through the swap function of the vault.
* Liquidations: A position can be liquidated by keepers if the losses of the position reduces the collateral to the point where `position size / remaining collateral` is more than the max allowed leverage.

**Router**

The Router contracts provide convenience functions on top of the vault. e.g. the vault requires tokens to be sent to it then the swap function called to execute the swap, the router handles transferring the tokens to the vault as well as wrapping / unwrapping of native tokens if required.

The PositionRouter contract handles a two part transaction process for increasing or decreasing long / short positions, this process helps to reduce front-running issues:

1. A user sends the request to increase / decrease a position to the PositionRouter
2. A keeper requests the index price from an aggregate of exchanges
3. The keeper then executes the position at the current index price
4. If the position cannot be executed within the allowed slippage the request is cancelled and the funds are sent back to the user

A user can execute the position on their own if three minutes have passed between the request transaction and the execution transaction. The function of the position keepers is to provide convenience and the protocol can continue to operate even without these keepers.

**Price Feeds**

The PriceFeed contract accepts submissions from the price feed keeper. This keeper calculates prices using the median price of Binance, Bitfinex and Coinbase. There are two types of keepers:

* Price feed keeper: submits prices routinely for swaps
* Position keeper: submits prices when executing a position

The vault uses the price from the keeper if it is within a configured percentage of the corresponding DIA price. If the price exceeds this threshold then a spread would be created between the bounded price and the DIA price, this threshold is based on the historical max deviation of the DIA price from the median price of reference exchanges. For example, if the max deviation is 2.5% and the price of the token on DIA is $100, if the keeper price is $103, then the pricing on the vault would be $100 to $103. When opening a long position, the higher price is used and when closing the lower price is used, for short positions, the lower price is used when opening and the higher price is used for closing.

Prices from the keeper also have an expiry of five minutes, if the last price has been submitted more than five minutes ago, the DIA price will be used instead.

For liquidations, these can only occur if the DIA price reaches the liquidation price for a position.

Aside from the keeper nodes, watcher nodes are also used to verify that the prices submitted by the keepers have not been tampered with. Watcher nodes continually compute the median price and compare this with the prices submitted by keepers, if the prices submitted by a keeper does not match the computed median price, then the watcher sends a transaction to enforce a spread between the keeper price and the DIA price. For example, if the keeper is operating normally and the DIA price is $100 while the keeper price is $101, there would be no spread and $101 would be used for pricing, if the keeper is not operating normally, and the watcher sends a transaction to enforce a spread, then the pricing used would be $100 to $101.

On each fast price update, contract variables store the percentage change in price for the update as well as the percentage change of the DIA  price since the last update, if the cumulative percentage change in the fast prices over a duration exceeds the cumulative percentage change in the DIA prices by a configured threshold, the spread between the fast price and DIA price will be automatically enabled. The configuration for this is in `Vault.priceFeed.secondaryPriceFeed.maxCumulativeDeltaDiffs`.

As the price feed contract may be updated to improve its security, the most reliable way to find the contract address for it would be to check the value of `Vault.priceFeed`.

**Access Control**

Parameters that can be adjusted by a controller account currently controlled by the contributors:

* Setting of swap and margin trading fees up to a maximum of 5%
* Setting of token weights for the MLP pool, token weights affect the dynamic fees of swaps, these fees are such that a swap which increases the balance towards the specified token weight will be lower, while a swap that moves the token weight away from the desired amounts will have higher fees, the details of the calculation can be found from `Vault.vaultUtils.getSwapFeeBasisPoints`
* Pausing of swaps or leverage trading for emergency use
* Setting of the maximum allowed leverage
* Setting of maximum total capacity for long and short positions

Parameters that can be adjusted by a timelock controlled by contributors:

* Listing of new tokens
* Updating `Vault.priceFeed`
* Updating `Vault.vaultUtils`, the VaultUtils contract validates the opening and closing of positions and also specifies how fees are calculated
* Updating of `gov` values

The Timelock works by requiring a 24 hour gap between when the full details of an action is signalled on-chain to when the action is executed. An example flow would be:

* `Timelock.signalSetPriceFeed` is called, this specifies the Vault address and the address of the new price feed
* At least 24 hours must pass
* `Timelock.setPriceFeed` can be called, this will update the `Vault.priceFeed` value

24 hours was selected as it helps to be able to respond quickly to any issues that may occur.

The Timelock contract is monitored by contributors and can be monitored by anyone without coding by subscribing to the `Timelock.SignalPendingAction` event. This is doable using [OpenZeppelin Sentinel](https://openzeppelin.com/defender/). The Timelock contracts can be found by checking the `gov` values of contracts.

#### [Launch Meridian App](https://www.meridianfinance.net/#/)


# USDM Contracts

All Meridian contracts have been verified with [sourcify](https://sourcify.dev/).

{% content-ref url="/pages/yog6WantDhw9t23nOO8T" %}
[Telos Network](/resources/technical-and-security/usdm-contracts/telos-network)
{% endcontent-ref %}

{% content-ref url="/pages/KZYkUXQkv7v6XmMS0itp" %}
[Fuse Network](/resources/technical-and-security/usdm-contracts/fuse-network)
{% endcontent-ref %}

{% content-ref url="/pages/4UdO678GknU0A7h3y1pR" %}
[Base Network](/resources/technical-and-security/usdm-contracts/base-network)
{% endcontent-ref %}


# Telos Network

<table><thead><tr><th>Contract Name</th><th>Address</th></tr></thead><tbody><tr><td>ActivePool</td><td><pre><code><strong>0x9E0081f597d4381Aa10F6CfC6960165a2431f2F1
</strong></code></pre></td></tr><tr><td>BorrowerOperations</td><td><pre><code>0x83Dc6bB5F433483b4178c749a2e4881398aa5D22
</code></pre></td></tr><tr><td>TroveManager</td><td><pre><code><strong>0xb1F92104E1Ad5Ed84592666EfB1eB52b946E6e68
</strong></code></pre></td></tr><tr><td>CollSurplusPool</td><td><pre><code>0xA452B4Ab7D30CB96035100671a5aF9bC517Cc6F9
</code></pre></td></tr><tr><td>CommunityIssuance</td><td><pre><code>0xC573b879Aae1a74aa6c6a5226F8E2e53644D34a4
</code></pre></td></tr><tr><td>DefaultPool</td><td><pre><code>0x92002eA0AdacEA7200138AFe128c40433fBEe51f
</code></pre></td></tr><tr><td>HintHelpers</td><td><pre><code>0xd0A31AD26c34F7E3A3B25dfaF0dbC7127EB0040B
</code></pre></td></tr><tr><td>Staking</td><td><pre><code>0xE07D7f1C1153bCebc4f772C48A8A8eed1283ecCE
</code></pre></td></tr><tr><td>SortedTroves</td><td><pre><code>0xc522218CDe91fbAd74820F10a4D6068b9b310e37
</code></pre></td></tr><tr><td>StabilityPool</td><td><pre><code>0xE696c38b79307F65F2E00Bc6C572C2B83E048e36
</code></pre></td></tr><tr><td>GasPool</td><td><pre><code><strong>0x96BA09C9498dD324CA7D38B13C6d5e4F4f3141D0
</strong></code></pre></td></tr><tr><td>UniPool</td><td><pre><code>0xEC4603cF3d8A1079cc6e31A29513ec73454A9AfA
</code></pre></td></tr><tr><td>USDM Token</td><td><pre><code>0x8f7D64ea96D729EF24a0F30b4526D47b80d877B9
</code></pre></td></tr><tr><td>MST Token</td><td><pre><code>0x568524DA340579887db50Ecf602Cd1BA8451b243
</code></pre></td></tr><tr><td>MultiTroveGetter</td><td><pre><code>0x8c97e2166C3733CAF0D03b8916b14C95160F8988
</code></pre></td></tr><tr><td>MeridianFallbackOracle</td><td><pre><code>0x9C5f73132a5B2AA90Fa7680a17BdDd6dD9315b44
</code></pre></td></tr><tr><td>PriceFeed</td><td><pre><code>0xE421fC686099C4Dec31c9D58B51DE9608665FBF2
</code></pre></td></tr><tr><td>DiaOracleV2</td><td><pre><code>0x86c5997d10d1df6cbb15c01280e596ed5ac90a33
</code></pre></td></tr></tbody></table>


# Fuse Network

<table><thead><tr><th>Contract Name</th><th>Address</th></tr></thead><tbody><tr><td>ActivePool</td><td><pre><code>0x4f07b570602C6994c204CF44559eA804a3544547
</code></pre></td></tr><tr><td>BorrowerOperations</td><td><pre><code>0x38B613b65d81577649761f0B3Ce4590b594D777d
</code></pre></td></tr><tr><td>TroveManager</td><td><pre><code>0xCD413fC3347cE295fc5DB3099839a203d8c2E6D9
</code></pre></td></tr><tr><td>CollSurplusPool</td><td><pre><code>0x60a8Ec4aD906bEc2C6358406DfDF32B58e7574b9
</code></pre></td></tr><tr><td>CommunityIssuence</td><td><pre><code>0x077d17F8de5F2cC47d887e2e19A66d143ad1F14d
</code></pre></td></tr><tr><td>DefaultPool</td><td><pre><code>0xE7A6fdBf74e4E90182b7312382B8996DaEb2f6c4
</code></pre></td></tr><tr><td>HintHelpers</td><td><pre><code>0xC2C0dD529f68c924376eC07C594e2f6f636bceB5
</code></pre></td></tr><tr><td>SortedTroves</td><td><pre><code>0xE7D6513690Cb41eF711Def87a44308df42a29056
</code></pre></td></tr><tr><td>StabilityPool</td><td><pre><code><strong>0x9cBE9FB07df168e1F1D3A61E665759DDaC100Bd4
</strong></code></pre></td></tr><tr><td>GasPool</td><td><pre><code>0x79Dac7280577f7c41155B558e337a3C1Bd8354A4
</code></pre></td></tr><tr><td>USDMToken</td><td><pre><code>0x4447863cddABbF2c3dAC826f042e03c91927A196
</code></pre></td></tr><tr><td>MultiTroveGetter</td><td><pre><code>0xCe028EB4B8ef8Df7FfDC33ADf325166530Ff09De
</code></pre></td></tr><tr><td>MST Token</td><td><pre><code>0x2363Df84fDb7D4ee9d4E1A15c763BB6b7177eAEe
</code></pre></td></tr></tbody></table>


# Base Network

<table><thead><tr><th>Contract Name</th><th>Address</th></tr></thead><tbody><tr><td>ActivePool</td><td><pre><code>0x8e2bEC29C3e256CC35ba9d834355dD47Da79ee2E
</code></pre></td></tr><tr><td>BorrowerOperations</td><td><pre><code>0x00bd3ba46d5a8b0f397D92E80fD054B24B8636c5
</code></pre></td></tr><tr><td>TroveManager</td><td><pre><code>0x56a901FdF67FC52e7012eb08Cfb47308490A982C
</code></pre></td></tr><tr><td>CollSurplusPool</td><td><pre><code>0x76540F72c0C44e3e13B66ca73896EfdC3DcFc173
</code></pre></td></tr><tr><td>CommunityIssuance</td><td><pre><code>0x89eF5FFdCCaB782B82A354D934070D0Da667a4aF
</code></pre></td></tr><tr><td>DefaultPool</td><td><pre><code>0xD5AA1dEF7165171e0FE5875624230434Ff0c5e6F
</code></pre></td></tr><tr><td>HintHelpers</td><td><pre><code>0x0685E185C6AA00Fee55881D3E0a62799FFE185c1
</code></pre></td></tr><tr><td>Staking</td><td><pre><code>0xfCcD02F7a964DE33032cb57746DC3B5F9319eaB7
</code></pre></td></tr><tr><td>SortedTroves</td><td><pre><code>0x69490577D2CFf0C0235F899C9F4Ac46B5a1ED6B0
</code></pre></td></tr><tr><td>StabilityPool</td><td><pre><code>0xED7FEe2F4A8Fc3Ca353870e3C1a011b24cBe4117
</code></pre></td></tr><tr><td>GasPool</td><td><pre><code>0xa2afaE71773c82A9b889E7ef8AD104Db01F3BED7
</code></pre></td></tr><tr><td>UniPool</td><td><pre><code>0xBd1a6d36Bf476176287Fe65a761B51d1595876Cf
</code></pre></td></tr><tr><td>USDM Token</td><td><pre><code>0x5e06eA564efcB3158a85dBF0B9E017cb003ff56f
</code></pre></td></tr><tr><td>MST Token</td><td><pre><code>0x2F3b1A07E3eFb1fCc64BD09b86bD0Fa885D93552
</code></pre></td></tr><tr><td>MultiTroveGetter</td><td><pre><code><strong>0xa6125E76925bdbDaa20bA0396D3a2339b7dc7674
</strong></code></pre></td></tr><tr><td>MeridianFallbackOracle</td><td><pre><code>0x9E1443f86295839562a34B3594717872d8825eCa
</code></pre></td></tr><tr><td>PriceFeed</td><td><pre><code>0xa71C59637eb8E49f81D1262fECB115b56925Ec31
</code></pre></td></tr><tr><td>DiaOracleV2</td><td><pre><code>0x72301227B359df68637E962b3ED0B46575167277
</code></pre></td></tr></tbody></table>


# Taraxa Network

<table><thead><tr><th>Contract Name</th><th>Address</th></tr></thead><tbody><tr><td>ActivePool</td><td><pre><code>0x18635c29388ACC40c6d2e8123C3f9d8f2f3afa4A
</code></pre></td></tr><tr><td>BorrowerOperations</td><td><pre><code>0xcd4F354CA19fE0D8164D4c7E93d7d4f8D7d229cf
</code></pre></td></tr><tr><td>TroveManager</td><td><pre><code>0xd2ff761A55b17a4Ff811B262403C796668Ff610D
</code></pre></td></tr><tr><td>CollSurplusPool</td><td><pre><code>0xD992E9E8bfa8cEE2b5ff71C5d23F80E5A0FD4f27
</code></pre></td></tr><tr><td>CommunityIssuance</td><td><pre><code>0xCd50b84Ec887982592ceDE81531ae838091fA645
</code></pre></td></tr><tr><td>DefaultPool</td><td><pre><code>0x06752DF5d92Af35BE467ef670f3b06395B763848
</code></pre></td></tr><tr><td>HintHelpers</td><td><pre><code>0xffeFF6760cABeab4D2D559b70FDFEa1844b13DE9
</code></pre></td></tr><tr><td>SortedTroves</td><td><pre><code>0xDCBFC5C54693cfD99Ac619d41D87049122e0788E
</code></pre></td></tr><tr><td>StabilityPool</td><td><pre><code>0xeF72f92Df3d2BDCFE81AEEE0dfF13CDD1f5793C5
</code></pre></td></tr><tr><td>GasPool</td><td><pre><code>0x161F37dD404da552F4e9751FE51421e121BC9509
</code></pre></td></tr><tr><td>USDM Token</td><td><pre><code>0xC26B690773828999c2612549CC815d1F252EA15e
</code></pre></td></tr><tr><td>MultiTroveGetter</td><td><pre><code>0x066645954c242487E5208844Fb2Dd18C24a0e753
</code></pre></td></tr><tr><td>PriceFeed</td><td><pre><code>0x89eF5FFdCCaB782B82A354D934070D0Da667a4aF
</code></pre></td></tr></tbody></table>


# Artela

<table><thead><tr><th>Contract Name</th><th>Address</th></tr></thead><tbody><tr><td>ActivePool</td><td><pre><code>0xD992E9E8bfa8cEE2b5ff71C5d23F80E5A0FD4f27
</code></pre></td></tr><tr><td>BorrowerOperations</td><td><pre><code>0xCd50b84Ec887982592ceDE81531ae838091fA645
</code></pre></td></tr><tr><td>TroveManager</td><td><pre><code>0xd2ff761A55b17a4Ff811B262403C796668Ff610D
</code></pre></td></tr><tr><td>CollSurplusPool</td><td><pre><code>0x06752DF5d92Af35BE467ef670f3b06395B763848
</code></pre></td></tr><tr><td>CommunityIssuance</td><td><pre><code>0xffeFF6760cABeab4D2D559b70FDFEa1844b13DE9
</code></pre></td></tr><tr><td>DefaultPool</td><td><pre><code>0xdd348E31958983e1d4a16432032aAC7EB2c0fc28
</code></pre></td></tr><tr><td>HintHelpers</td><td><pre><code>0xf6Ad62cCa52a5d3c5d567303347E013c2dadec92
</code></pre></td></tr><tr><td>SortedTroves</td><td><pre><code>0x161F37dD404da552F4e9751FE51421e121BC9509
</code></pre></td></tr><tr><td>StabilityPool</td><td><pre><code>0x39276e58fa15bAcad2bAb28a25811C015aD8D114
</code></pre></td></tr><tr><td>GasPool</td><td><pre><code>0xC26B690773828999c2612549CC815d1F252EA15e
</code></pre></td></tr><tr><td>multiTroveGetter</td><td><pre><code>0x90A8ee4Ea6FcbAf4eA32f4c349889018E353aa2c
</code></pre></td></tr><tr><td>USDM Token</td><td><pre><code>0x2Ca8928BB41CCdE37398B8ed9eFcfde2f6EA7B7C
</code></pre></td></tr></tbody></table>


# Lending Contracts

The Meridian Lend smart contracts are direct forks of the Aave V2 smart contracts. Contract addresses for each network can be found below.

{% content-ref url="/pages/f7KPMyZgRCixCJXvV0JA" %}
[Telos Network](/resources/technical-and-security/lending-contracts/telos-network)
{% endcontent-ref %}

{% content-ref url="/pages/UBSVVzf5SjVUHjpyGqw0" %}
[Taiko Network](/resources/technical-and-security/lending-contracts/taiko-network)
{% endcontent-ref %}

{% content-ref url="/pages/oLPJAEEdrP6QAuhJHv2d" %}
[Meter Network](/resources/technical-and-security/lending-contracts/meter-network)
{% endcontent-ref %}

{% content-ref url="/pages/KZYkUXQkv7v6XmMS0itp" %}
[Fuse Network](/resources/technical-and-security/usdm-contracts/fuse-network)
{% endcontent-ref %}


# Telos Network

### **Telos Contracts**

<table><thead><tr><th>Contract Name</th><th>Address</th></tr></thead><tbody><tr><td>LendingPoolAddressesProviderRegistry</td><td><pre><code>0xb84171C0824B4F3C0B415706C99A4A8ED5779b75
</code></pre></td></tr><tr><td>LendingPoolAddressesProvider</td><td><pre><code>0x703cF2C85EA76C54bd863337585673B3DF8FCE72
</code></pre></td></tr><tr><td>ReserveLogic</td><td><pre><code>0xc53Fd77e1E460E784fe6C2FF6EdB43Dc152D5033
</code></pre></td></tr><tr><td>GenericLogic</td><td><pre><code>0xAad52168f7E7cCd26C6D222459Db7975816a3a33
</code></pre></td></tr><tr><td>ValidationLogic</td><td><pre><code>0xBc6E25A8D5D15C3D8196F83c6867811871B70c60
</code></pre></td></tr><tr><td>LendingPool</td><td><pre><code>0xd8d02083570f457f96864CEb1720E368B5C9Fe51
</code></pre></td></tr><tr><td>LendingPoolConfigurator</td><td><pre><code>0x6FFdDEc952Fd7fA9e51828845896b72450eEd42e
</code></pre></td></tr><tr><td>StableAndVariableTokensHelper</td><td><pre><code>0x52044E6389859f94F262CF63E5Ea05d42228FdB7
</code></pre></td></tr><tr><td>OTokensAndRatesHelper</td><td><pre><code>0x93d9727Eb1781ff3F81172D62f5C17D8e7361Ded
</code></pre></td></tr><tr><td>MeridianFallbackOracle</td><td><pre><code>0x7138B62539C410E14E6471c22EC739F6A6985E58
</code></pre></td></tr><tr><td>MeridianOracle</td><td><pre><code>0x1fbcFF583bC6a1d361ee82c344dC78807E2b685D
</code></pre></td></tr><tr><td>LendingRateOracle</td><td><pre><code>0x73332d70e2b3c3Ee14df7F13568a1dD7E7fAbD91
</code></pre></td></tr><tr><td> MeridianProtocolDataProvider</td><td><pre><code>0x6DE58d6dBECF87D7cE972f6E4838fEeCc63B4c5e
</code></pre></td></tr><tr><td>WETHGateway</td><td><pre><code>0x6554a224dbaCE1d137DB6c8c2F0DD000923C26b1
</code></pre></td></tr><tr><td>DefaultReserveInterestRateStrategy</td><td><pre><code>0x3470E8317481107e172f29B21F4C71F48E0921e3
</code></pre></td></tr><tr><td>rateStrategyVolatileOne</td><td><pre><code><strong>0xaf4312484274D116A86A49922C183648492C32c1
</strong></code></pre></td></tr><tr><td>rateStrategyStableOne</td><td><pre><code>0x3470E8317481107e172f29B21F4C71F48E0921e3
</code></pre></td></tr><tr><td>LendingPoolCollateralManager</td><td><pre><code>0x31821c54d915a4405c9376E99E03DDD389b0F7f8
</code></pre></td></tr><tr><td>WalletBalanceProvider</td><td><pre><code>0xD1A006172f14d8C117B5Cf1ED1197dC18cCe66A3
</code></pre></td></tr><tr><td>UiPoolDataProvider</td><td><pre><code>0x002CbD4cf93337DE8c3FD1aeF38348Dc86BfC513
</code></pre></td></tr></tbody></table>

### OTokens and Debt Tokens

<table><thead><tr><th width="187">Token</th><th>Token</th><th>oToken</th><th>variableDebtToken</th></tr></thead><tbody><tr><td>WTLOS</td><td><pre><code>0xD102cE6A4dB07D247fcc28F366A623Df0938CA9E
</code></pre></td><td><pre><code>0xa55E6dC5aEC7D16793aEfE29DB74C9EED888103e
</code></pre></td><td><pre><code>0x99c912A1031393ee374332A74F5110Cf7d2C9050
</code></pre></td></tr><tr><td>STLOS</td><td><pre><code>0xB4B01216a5Bc8F1C8A33CD990A1239030E60C905
</code></pre></td><td><pre><code><strong>0x776ADcF4E1c1C252FA783034fd1682C214Da23d4
</strong></code></pre></td><td><pre><code>0xb52797316C4dD061C29d07bacb7bF64feBC384c8
</code></pre></td></tr><tr><td>ETH</td><td><pre><code>0xA0fB8cd450c8Fd3a11901876cD5f17eB47C6bc50
</code></pre></td><td><pre><code>0x00cb290CA9D475506300a60D9e2A775e730b3323
</code></pre></td><td><pre><code>0x0B8F80Dd1935f018894b8063A7CED8996823FC29
</code></pre></td></tr><tr><td>BTC</td><td><pre><code>0x7627b27594bc71e6Ab0fCE755aE8931EB1E12DAC
</code></pre></td><td><pre><code>0x2E87E434662fFEBA007CA3f6375B20d38a7354d3
</code></pre></td><td><pre><code>0xBC006364c098312dC0bA94776DAE7ADDa345D437
</code></pre></td></tr><tr><td>USDM</td><td><pre><code>0x8f7D64ea96D729EF24a0F30b4526D47b80d877B9
</code></pre></td><td><pre><code>0xdd417E6f46e7247628FA26EFaf28a10eF5E960a8
</code></pre></td><td><pre><code>0x550139d40655F7765fb69502B05379BCEE4fBa59
</code></pre></td></tr><tr><td>USDC</td><td><pre><code>0x8D97Cea50351Fb4329d591682b148D43a0C3611b
</code></pre></td><td><pre><code>0x24b376800dd8F589d92Ba0c5Da099Dcdaa44Ef33
</code></pre></td><td><pre><code>0x89d4560C1cb9353947a501e93D441F42f7e11cef
</code></pre></td></tr><tr><td>USDT</td><td><pre><code>0x975Ed13fa16857E83e7C493C7741D556eaaD4A3f
</code></pre></td><td><pre><code>0x06D8a9CD225c6Ba0e60166C2e7C2c89509892Ccc
</code></pre></td><td><pre class="language-svg"><code class="lang-svg">0x4c21EF6a836A9ccB980b4A94BF0c48E3380846B6
</code></pre></td></tr><tr><td>USDC.e (Stargate)</td><td><pre class="language-svg"><code class="lang-svg">0xF1815bd50389c46847f0Bda824eC8da914045D14
</code></pre></td><td><pre class="language-svg"><code class="lang-svg">0x9EeD5C8E0155aBc3C0946004Af377455e8c9494c
</code></pre></td><td><pre class="language-svg"><code class="lang-svg">0x9a92a718319689dE423122e409BA54cE3F2E9176
</code></pre></td></tr><tr><td>USDT (Stargate)</td><td><pre><code>0x674843c06ff83502ddb4d37c2e09c01cda38cbc8
</code></pre></td><td><pre><code>0xb7c7f4fF127102739d9DeC23DcD494F1fF392ba4
</code></pre></td><td><pre class="language-svg"><code class="lang-svg">0x98aD709f03A2FbAC6482901fb4cfc8Cd1B343afE
</code></pre></td></tr><tr><td>WETH (Stargate)</td><td><pre class="language-svg"><code class="lang-svg">0xBAb93B7ad7fE8692A878B95a8e689423437cc500
</code></pre></td><td><pre class="language-svg"><code class="lang-svg">0xB09919dB290aD745fa66A5dFFD4E70812f5a2088
</code></pre></td><td><pre class="language-svg"><code class="lang-svg">0xfdd4f5D0588fe5A8fb640447d22eE1831752B925
</code></pre></td></tr></tbody></table>

#### [Launch Meridian App](https://www.meridianfinance.net/#/)


# Taiko Network

<table><thead><tr><th>Contract Name</th><th>Address</th></tr></thead><tbody><tr><td>LendingPoolAddressesProviderRegistry</td><td><pre><code>0x8Cf3E0e7aE4eB82237d0931388EA72D5649D76e0
</code></pre></td></tr><tr><td>LendingPoolAddressesProvider</td><td><pre><code>0x9Fe3659aFf8CDaf4cd009ef7a63DaB23b3CA15C7
</code></pre></td></tr><tr><td>ReserveLogic</td><td><pre><code>0x414B589fe4F26EBeD8Cb2561Bd6Cae05a8fcC037
</code></pre></td></tr><tr><td>GenericLogic</td><td><pre><code>0x4Ea9de9bEC4571De26f3328F984192e7EFABB669
</code></pre></td></tr><tr><td>ValidationLogic</td><td><pre><code>0xadbb38C5a39afBAD4988C1B0a15479cB52d7962A
</code></pre></td></tr><tr><td>LendingPool</td><td><pre><code>0x1697A950a67d9040464287b88fCa6cb5FbEC09BA
</code></pre></td></tr><tr><td>LendingPoolConfigurator</td><td><pre><code>0x440a8C55e7e7FD4D2ab91883C6E2716ccF167BbF
</code></pre></td></tr><tr><td>StableAndVariableTokensHelper</td><td><pre><code>0x94bA46c26278661953538fb4AB1d7353A37187cd
</code></pre></td></tr><tr><td>OTokensAndRatesHelper</td><td><pre><code>0x1fD5343aFD78B3bE331Fb3d809c9131c8788DFf9
</code></pre></td></tr><tr><td>MeridianOracle</td><td><pre><code>0x6B9F867e5c86CA9196dEe20b2aaE9eBe1baB24da
</code></pre></td></tr><tr><td>LendingRateOracle</td><td><pre><code>0x6958972e00842E851f8950ec0B2161B5cEec89D6
</code></pre></td></tr><tr><td> MeridianProtocolDataProvider</td><td><pre><code>0xef6881676d7fC7bd6E09927f833a9ACAAab0bA07
</code></pre></td></tr><tr><td>WETHGateway</td><td><pre><code>0x00A332879be62E2CaD5f57DfcB0768BD00d56D2A
</code></pre></td></tr><tr><td>DefaultReserveInterestRateStrategy</td><td><pre><code>0xd5FC79CD3942ba39807A82fDF60bFf36841E6329
</code></pre></td></tr><tr><td>rateStrategyVolatileOne</td><td><pre><code>0x42F48F98E432a3e6Ac2911470202d442D73C2fF0
</code></pre></td></tr><tr><td>rateStrategyStableOne</td><td><pre><code>0xd5FC79CD3942ba39807A82fDF60bFf36841E6329
</code></pre></td></tr><tr><td>LendingPoolCollateralManager</td><td><pre><code>0x87a8b64b88C4A1B3E0E2f2278046E8efbAa04CC9
</code></pre></td></tr><tr><td>WalletBalanceProvider</td><td><pre><code>0x93335200cdbb8c567A205606D7319CC321D085d0
</code></pre></td></tr><tr><td>UiPoolDataProvider</td><td><pre><code>0xF0E8545d106D548c8688795dD9548E0312342018
</code></pre></td></tr><tr><td>OToken</td><td><pre><code>0x7Dd8a1037Faf2CE342c42ce43DBA9FB14Dd64a18
</code></pre></td></tr><tr><td>variableDebtToken</td><td><pre><code>0x8519d96C2d07753B26Ac399B477A396E34c443b2
</code></pre></td></tr></tbody></table>

### **OTokens and Debt Tokens**

<table><thead><tr><th width="130">Token</th><th>Token</th><th width="214">oToken</th><th>variableDebtToken</th></tr></thead><tbody><tr><td>USDC.e</td><td><pre><code>0x19e26B0638bf63aa9fa4d14c6baF8D52eBE86C5C
</code></pre></td><td><pre><code>0xa3f248A1779364FB8B6b59304395229ea8241229
</code></pre></td><td><pre class="language-json"><code class="lang-json">0x22F48Ddbc34Fa22eda937496Fe702f2095D70a8e
</code></pre></td></tr><tr><td>USDC</td><td><pre><code>0x07d83526730c7438048D55A4fc0b850e2aaB6f0b
</code></pre></td><td><pre><code>0x3807A7D65D82784E91Fb4eaD75044C7B4F03A462
</code></pre></td><td><pre class="language-json"><code class="lang-json">0xd37B96C82D4540610017126c042AFdde28578Afa
</code></pre></td></tr><tr><td>WETH</td><td><pre><code>0xA51894664A773981C6C112C43ce576f315d5b1B6
</code></pre></td><td><pre><code>0xB908808F52116380FFADCaebcab97A8cAD9409D2
</code></pre></td><td><pre><code>0x3Ef9b96D8a88Df1CAAB4A060e2904Fe26aE518Ce
</code></pre></td></tr><tr><td>TAIKO</td><td><pre><code>0xA9d23408b9bA935c230493c40C73824Df71A0975
</code></pre></td><td><pre><code>0xc2aB0FE37dB900ed7b7d3E0bc6a194cB78E33FB4
</code></pre></td><td><pre><code>0xce0f8615380843EFa8CF6650a712c05e534A0e3F
</code></pre></td></tr><tr><td>USDT</td><td><pre><code>0x9c2dc7377717603eB92b2655c5f2E7997a4945BD
</code></pre></td><td><pre><code>0x4361736820d9fE2A354225c7afDc246E5013135D
</code></pre></td><td><pre><code>0x6cD8F57977bB325359d0761b6B334D76697dA441
</code></pre></td></tr></tbody></table>


# Meter Network

<table><thead><tr><th>Contract Name</th><th>Address</th></tr></thead><tbody><tr><td>LendingPoolAddressesProviderRegistry</td><td><pre><code>0x64Be9ee529E555860DA0705819138F41247e76E6
</code></pre></td></tr><tr><td>LendingPoolAddressesProvider</td><td><pre><code>0xB1592dBb47A5Cbd2540197Fd552B1d985121c643
</code></pre></td></tr><tr><td>ReserveLogic</td><td><pre><code>0x20f81905d9ecCE27B08B760073991d1BA92cd54C
</code></pre></td></tr><tr><td>GenericLogic</td><td><pre><code>0xC6fe186CAD76899a4C898D07b1e3da253Dd61087
</code></pre></td></tr><tr><td>ValidationLogic</td><td><pre><code>0x897dA5057c501aB601F3C3c0719A415F78eD2F9F
</code></pre></td></tr><tr><td>LendingPool</td><td><pre><code>0xDcA551F04EfA24D7B850D7D6B35F6767b950C840
</code></pre></td></tr><tr><td>LendingPoolConfigurator</td><td><pre><code>0x1523F5276E08Be2a4ebe34262a61eCa979E0134C
</code></pre></td></tr><tr><td>StableAndVariableTokensHelper</td><td><pre><code>0x7aC7F9374E4beaEa4A463Fc751680ec22e2Dc58C
</code></pre></td></tr><tr><td>OTokensAndRatesHelper</td><td><pre><code>0x5e728c55E21870F574049085E1bcfAd5Caf9B52d
</code></pre></td></tr><tr><td>MeridianFallbackOracle</td><td><pre><code>0xD2749ADd793250D091d3a03A1E9e785a43dDA41E
</code></pre></td></tr><tr><td>MeridianOracle</td><td><pre><code>0xb0159581dbA0D6af470750f8cC8441129B0bb024
</code></pre></td></tr><tr><td>LendingRateOracle</td><td><pre><code>0x00Ea12496DEF22230087056b9Af6aCFa5c20434C
</code></pre></td></tr><tr><td> MeridianProtocolDataProvider</td><td><pre><code>0xE2cAA736ACF8C88102830bb7465216dd08172255
</code></pre></td></tr><tr><td>WETHGateway</td><td><pre><code>0x53aC17B12a0EeaFfdEc15D67B3AE0D216e464888
</code></pre></td></tr><tr><td>DefaultReserveInterestRateStrategy</td><td><pre><code>0x131B65D60c3548BbFC1B1A2e39d17F2671E7c8a6
</code></pre></td></tr><tr><td>rateStrategyVolatileOne</td><td><pre><code>0x7dC4130d56e2e69B9cc25AFdE0B572BBEF4eF934
</code></pre></td></tr><tr><td>rateStrategyStableOne</td><td><pre><code>0x131B65D60c3548BbFC1B1A2e39d17F2671E7c8a6
</code></pre></td></tr><tr><td>LendingPoolCollateralManager</td><td><pre><code>0x3bE22531e931e6b1FD760ea6cf3fb5aDba6492aa
</code></pre></td></tr><tr><td>WalletBalanceProvider</td><td><pre><code>0x81d12ec5f1553cC2D9bEECda4B38015a8424C568
</code></pre></td></tr><tr><td>UiPoolDataProvider</td><td><pre><code>0xA2613c743ce09aD55488a2Cba440BFAA226ee45D
</code></pre></td></tr></tbody></table>

### OTokens and Debt Tokens

<table><thead><tr><th width="130">Token</th><th>Token</th><th width="214">oToken</th><th>variableDebtToken</th></tr></thead><tbody><tr><td>MTRG</td><td><pre><code>0x228ebbee999c6a7ad74a6130e81b12f9fe237ba3
</code></pre></td><td><pre><code><strong>0xD03B8C81eCa7311FCc6CC05f21d4Bf5023016080
</strong></code></pre></td><td><pre class="language-json"><code class="lang-json">0x3fCEAD15E7164281510782Eb2907099427e1921C
</code></pre></td></tr><tr><td>wstMTRG</td><td><pre><code>0xE2dE616fBD8cb9180B26FcFB1B761A232FE56717
</code></pre></td><td><pre><code>0x9AB0F138C65B7459D3452179856B88f106e6fA5f
</code></pre></td><td><pre class="language-json"><code class="lang-json">0xb29Ed5EAC05762eb5a3C58393ddD293F8954c1b7
</code></pre></td></tr><tr><td>ETH</td><td><pre><code>0x983147fb73a45fc7f8b4dfa1cd61bdc7b111e5b6
</code></pre></td><td><pre><code>0x041e5F588e6D56830Df499d6cCC30ebDa4AEe3f7
</code></pre></td><td><pre><code>0x11CEDe9cA2C85eD54dE744c23F9896d4a590D400
</code></pre></td></tr><tr><td>USDC</td><td><pre><code>0xd86e243fc0007e6226b07c9a50c9d70d78299eb5
</code></pre></td><td><pre><code>0xd9000e5a0185C523B359b338c4e2B9b97B3964b1
</code></pre></td><td><pre><code>0x096174A71A4e338Ef7292002E106a8f07559A9eb
</code></pre></td></tr><tr><td>USDT</td><td><pre><code>0x5fa41671c48e3c951afc30816947126ccc8c162e
</code></pre></td><td><pre><code>0xdEb37Be007640F86ffB2D8849b2E4DDF87C4ee78
</code></pre></td><td><pre><code>0x6E203CB136eD40caD032ab550B861A58e66C4f0C
</code></pre></td></tr></tbody></table>

#### [Launch Meridian App](https://www.meridianfinance.net/#/)


# Fuse Network

<table><thead><tr><th>Contract Name</th><th>Address</th></tr></thead><tbody><tr><td>LendingPoolAddressesProviderRegistry</td><td><pre><code>0xbdD3d2f93cc1c6C951342C42Ef0795323CE83719
</code></pre></td></tr><tr><td>LendingPoolAddressesProvider</td><td><pre><code><strong>0x89bB8A7F3B031723D580ef9D1800fb7CF6c8870d
</strong></code></pre></td></tr><tr><td>ReserveLogic</td><td><pre><code>0xDc24C5C9b0EC62B51d171ff035dd3D98a1AB0FBe
</code></pre></td></tr><tr><td>GenericLogic</td><td><pre><code>0x9c8E798B11FF3d7dB3eF96D03f7c5e712312b06C
</code></pre></td></tr><tr><td>ValidationLogic</td><td><pre><code><strong>0x879d819c5519e19520129A17F9C10c57dBf67774
</strong></code></pre></td></tr><tr><td>LendingPool</td><td><pre><code>0x08E387E24E3b431790E845D1b3c02913679A8b2F
</code></pre></td></tr><tr><td>LendingPoolConfigurator</td><td><pre><code>0x6e9D6B5B4f2a95c44e3EB7dC3EDE5b90AB427faD
</code></pre></td></tr><tr><td>StableAndVariableTokensHelper</td><td><pre><code>0x0EdbA5d821B9BCc1654aEf00F65188de636951fa
</code></pre></td></tr><tr><td>OTokensAndRatesHelper</td><td><pre><code>0x96a52CdFE64749C146E13F68641073566275433e
</code></pre></td></tr><tr><td>MeridianFallbackOracle</td><td><pre><code><strong>0xD2749ADd793250D091d3a03A1E9e785a43dDA41E
</strong></code></pre></td></tr><tr><td>MeridianOracle</td><td><pre><code>0xb0159581dbA0D6af470750f8cC8441129B0bb024
</code></pre></td></tr><tr><td>LendingRateOracle</td><td><pre><code>0x2234e66B54be2567921EdDD55577395E3622044D
</code></pre></td></tr><tr><td> MeridianProtocolDataProvider</td><td><pre><code>0xdb0554Bc0a86793EEDB4e3ce152d85082c71d7A9
</code></pre></td></tr><tr><td>WETHGateway</td><td><pre><code>0x5507dc1Dde4245F7BEb2E9B0C37Fc3119A327eE1
</code></pre></td></tr><tr><td>DefaultReserveInterestRateStrategy</td><td><pre><code>0x4f48345b7Eead1343264D978E15e406Cf1cf657d
</code></pre></td></tr><tr><td>rateStrategyVolatileOne</td><td><pre><code>0x04D1A11a3b756f5a26fbE62fe364027F40Ee60C1
</code></pre></td></tr><tr><td>rateStrategyStableOne</td><td><pre><code>0x4f48345b7Eead1343264D978E15e406Cf1cf657d
</code></pre></td></tr><tr><td>LendingPoolCollateralManager</td><td><pre><code><strong>0x8F4941aE38721059Df2caA9214f1136Dfe9Ff0DE
</strong></code></pre></td></tr><tr><td>WalletBalanceProvider</td><td><pre><code>0x8A4EEAd335CBd1A7991d7e5B19Cb2788deccB47A
</code></pre></td></tr><tr><td>UiPoolDataProvider</td><td><pre><code>0xAbbb9209eb5E1c90C47051D5882fB05a16ACCe9d
</code></pre></td></tr></tbody></table>

### OTokens and Debt Tokens

<table><thead><tr><th width="130">Token</th><th>Token</th><th width="214">oToken</th><th>variableDebtToken</th></tr></thead><tbody><tr><td>WFUSE</td><td><pre><code>0x0BE9e53fd7EDaC9F859882AfdDa116645287C629
</code></pre></td><td><pre class="language-json"><code class="lang-json">0xb012458830ed5B5A699ed2cc3A29C4b102abed6a
</code></pre></td><td><pre class="language-json"><code class="lang-json">0xc246eBCB3331a866f56a9e6C757809Cc31201b09
</code></pre></td></tr><tr><td>SFUSE</td><td><pre><code>0xb1DD0B683d9A56525cC096fbF5eec6E60FE79871
</code></pre></td><td><pre class="language-json"><code class="lang-json">0x61088BCdb038bBCf33D78C5C9B232Bd6810D2281
</code></pre></td><td><pre class="language-json"><code class="lang-json">0xF3BfbA094c15a1e586B38874160D4BE3c077E6b1
</code></pre></td></tr><tr><td>ETH</td><td><pre><code>0x5622F6dC93e08a8b717B149677930C38d5d50682
</code></pre></td><td><pre class="language-json"><code class="lang-json">0xeC3911CCa56Ad400047EC78BbD4EDc9DcE27A745
</code></pre></td><td><pre class="language-json"><code class="lang-json">0x0A3305108968F63AE5D5cBb16569c81a3baa9C9B
</code></pre></td></tr><tr><td>USDC</td><td><pre class="language-json"><code class="lang-json"><strong>0x28C3d1cD466Ba22f6cae51b1a4692a831696391A
</strong></code></pre></td><td><pre class="language-json"><code class="lang-json">0x8e4eC003B88c0A00229E31d451A9FD1533266FF1
</code></pre></td><td><pre class="language-json"><code class="lang-json">0xFc15f06085e8FE68E02E80072cA8Ee18019033cc
</code></pre></td></tr><tr><td>USDM</td><td><pre><code>0x4447863cddABbF2c3dAC826f042e03c91927A196
</code></pre></td><td><pre class="language-json"><code class="lang-json">0xa32715Cd421475CbFD9773B4234FEb37f68CeA97
</code></pre></td><td><pre class="language-json"><code class="lang-json">0xa18B877f8777b13eb176EA24c7fB8872514029a3
</code></pre></td></tr><tr><td>USDT</td><td><pre><code><strong>0x68c9736781E9316ebf5c3d49FE0C1f45D2D104Cd
</strong></code></pre></td><td><pre class="language-json"><code class="lang-json">0xcf85542F02414f4Ff8888d174B16E27393Bd0AfD
</code></pre></td><td><pre class="language-json"><code class="lang-json">0xF5b748c9692EdeB8C3D317f961d2143252AFf3b3
</code></pre></td></tr><tr><td>wstETH</td><td><pre><code>0x2931B47c2cEE4fEBAd348ba3d322cb4A17662C34
</code></pre></td><td><pre><code>0xe939B9607fD0821310dEf5998A05eb4147Be3423
</code></pre></td><td><pre><code>0xfcC4cFa21eFB7fe64D3fC7Ce63D6dD396c784546
</code></pre></td></tr></tbody></table>

#### [Launch Meridian App](https://www.meridianfinance.net/#/)


# Taraxa Network

<table><thead><tr><th>Contract Name</th><th>Address</th></tr></thead><tbody><tr><td>LendingPoolAddressesProviderRegistry</td><td><pre><code>0x96a52CdFE64749C146E13F68641073566275433e
</code></pre></td></tr><tr><td>LendingPoolAddressesProvider</td><td><pre><code>0x0EdbA5d821B9BCc1654aEf00F65188de636951fa
</code></pre></td></tr><tr><td>ReserveLogic</td><td><pre><code>0x5790B1fD58D867952bebA775cd2bDBD8bfe29A10
</code></pre></td></tr><tr><td>GenericLogic</td><td><pre><code>0xb93AfD12df69B532fAd07Da7434F7aC2E788E77B
</code></pre></td></tr><tr><td>ValidationLogic</td><td><pre><code>0xD9AC49d6776C36E4cB38fEf917dd37884cA9544a
</code></pre></td></tr><tr><td>LendingPool</td><td><pre><code>0x4682f6BC97D7ee6ecF264Ed624374D5Ab7d0E184
</code></pre></td></tr><tr><td>LendingPoolConfigurator</td><td><pre><code>0x7e2486c34a50c39837c04bfb741414eb5fd563d7
</code></pre></td></tr><tr><td>StableAndVariableTokensHelper</td><td><pre><code>0x5507dc1Dde4245F7BEb2E9B0C37Fc3119A327eE1
</code></pre></td></tr><tr><td>OTokensAndRatesHelper</td><td><pre><code>0x04D1A11a3b756f5a26fbE62fe364027F40Ee60C1
</code></pre></td></tr><tr><td>MeridianOracle</td><td><pre><code>0xe2FD3230E31FA17Bb8BdEae22FFF5a74035Da7D5
</code></pre></td></tr><tr><td>LendingRateOracle</td><td><pre><code>0x8F4941aE38721059Df2caA9214f1136Dfe9Ff0DE
</code></pre></td></tr><tr><td> MeridianProtocolDataProvider</td><td><pre><code>0x0208E7B745591f6c2F02B4DcF53B3e1f11c671df
</code></pre></td></tr><tr><td>WETHGateway</td><td><pre><code>0x9Dd921D458Db6A0029BAaf4B26aCc7335965e387
</code></pre></td></tr><tr><td>DefaultReserveInterestRateStrategy</td><td><pre><code>0x2E4824F5D30B714F5b0c22e19Dfc8CB8B2a5D4CB
</code></pre></td></tr><tr><td>rateStrategyVolatileOne</td><td><pre><code>0x2E4824F5D30B714F5b0c22e19Dfc8CB8B2a5D4CB
</code></pre></td></tr><tr><td>rateStrategyStableOne</td><td><pre><code>0x87c1918CDa0e746B5aAd09Ff9613Cb0701524a1e
</code></pre></td></tr><tr><td>LendingPoolCollateralManager</td><td><pre><code>0xC99046c69F63bb2c14928453946CF4A8391E9C8e
</code></pre></td></tr><tr><td>WalletBalanceProvider</td><td><pre><code>0x63b06B0C55727b74AD3460098B08AdfF92e6b3B8
</code></pre></td></tr><tr><td>UiPoolDataProvider</td><td><pre><code>0x8485edc6436afA1856864E4CB4B01520DdF082d4
</code></pre></td></tr></tbody></table>

### OTokens & Debt Tokens

<table><thead><tr><th width="130">Token</th><th>Token</th><th width="214">oToken</th><th>variableDebtToken</th></tr></thead><tbody><tr><td>WTARA</td><td><pre><code>0x5d0fa4c5668e5809c83c95a7cef3a9dd7c68d4fe
</code></pre></td><td><pre class="language-json"><code class="lang-json">0x2d816fcE0b1E644B4Ee6af3e45bc685C1864d5bb
</code></pre></td><td><pre class="language-json"><code class="lang-json">0x28b88B5c8df2009127AeBb3AB43EA1558c48F283
</code></pre></td></tr><tr><td>USDM</td><td><pre><code>0xC26B690773828999c2612549CC815d1F252EA15e
</code></pre></td><td><pre class="language-json"><code class="lang-json">0x58bA39dee8f2d402fbE7CC74912C44dceF46d9fA
</code></pre></td><td><pre class="language-json"><code class="lang-json">0x2ad3Ed0F7e3223745C68d72420cc050024CEc037
</code></pre></td></tr><tr><td>ETH</td><td><pre><code>0x39b1fC930C43606af5C353e90a55db10bCaF4087
</code></pre></td><td><pre class="language-json"><code class="lang-json">0xDd8C0C5dED5709EcE7E49308Ee9a4206Cc26Df63
</code></pre></td><td><pre class="language-json"><code class="lang-json">0xD3e40e85b08Fdfe81926ac0c961F28B4f3af0aE4
</code></pre></td></tr><tr><td>USDT</td><td><pre class="language-json"><code class="lang-json">0x69D411CbF6dBaD54Bfe36f81d0a39922625bC78c
</code></pre></td><td><pre class="language-json"><code class="lang-json">0x9107A9f1Fbe209345Bf40148C0120D34896918fD
</code></pre></td><td><pre class="language-json"><code class="lang-json">0xa98967e1Af626aadac1DC4aD18A5A18173258304
</code></pre></td></tr><tr><td>stTARA</td><td><pre><code>0x37Df886BE517F9c75b27Cb70dac0D61432C92FBE
</code></pre></td><td><pre><code>0xe30cfA982424Daab5d4901cd136b6b69D876C58b
</code></pre></td><td><pre><code>0x2E4a55B9BE90242539E804aD6BF2D0B716A29fa8
</code></pre></td></tr></tbody></table>


# Artela Network

<table><thead><tr><th>Contract Name</th><th>Address</th></tr></thead><tbody><tr><td>LendingPoolAddressesProviderRegistry</td><td><pre><code>0xA85587f81787055649916E6b0A0377277fFd5EBf
</code></pre></td></tr><tr><td>LendingPoolAddressesProvider</td><td><pre><code>0xA1249362f38dbe78A73f0915c92D9A4A38Fba06D
</code></pre></td></tr><tr><td>ReserveLogic</td><td><pre><code>0x35545b6827e7fb4556Fa298bd9269FD8e62077a8
</code></pre></td></tr><tr><td>GenericLogic</td><td><pre><code>0xCb83296BAAE6792B1ec85b049aC2E2DA89d18b0c
</code></pre></td></tr><tr><td>ValidationLogic</td><td><pre><code>0xABCEc3373692e57AA40d41Cd2E75443C6edC1B12
</code></pre></td></tr><tr><td>LendingPool</td><td><pre><code>0x6F01F552AC50992Cd51E1fBcD14a26eE319F0198
</code></pre></td></tr><tr><td>LendingPoolConfigurator</td><td><pre><code>0x5396d41CD4d93013aAD8cF6C0741e66aF21Af9b4
</code></pre></td></tr><tr><td>StableAndVariableTokensHelper</td><td><pre><code>0xddc403637a9A4ffC151AeAc044d1c47592309c4D
</code></pre></td></tr><tr><td>OTokensAndRatesHelper</td><td><pre><code>0x2979cD52E834A8a185674Ad0b64AaFF4428124c3
</code></pre></td></tr><tr><td>OToken</td><td><pre><code>0xeB597980646167b50Ed5B5e208dACE924b58a236
</code></pre></td></tr><tr><td>StableDebtToken</td><td><pre><code><strong>0x7c235040d77a648D3B17077eD4ad26767476014b
</strong></code></pre></td></tr><tr><td>VariableDebtToken</td><td><pre><code>0x964c581735bC5B8085F7b126351eAe670c3631f7
</code></pre></td></tr><tr><td>MeridianOracle</td><td><pre><code>0xdCed4D76b844BE6d02Fdf9997d6b9a864e16F4C1
</code></pre></td></tr><tr><td>LendingRateOracle</td><td><pre><code>0x65a5f4636233B7B4c4B134BA414c6EaB9fF79594
</code></pre></td></tr><tr><td> MeridianProtocolDataProvider</td><td><pre><code>0x9b313fC3949f6235ddB58Ff463BdddBc6D2B3DF2
</code></pre></td></tr><tr><td>WETHGateway</td><td><pre><code>0x0dF8e4a226EDB013c7f20E4A4D223f518d69fAdc
</code></pre></td></tr><tr><td>DefaultReserveInterestRateStrategy</td><td><pre><code>0xBCafBD87d0f601cDaB5B23c43352d8C3a572044c
</code></pre></td></tr><tr><td>rateStrategyVolatileOne</td><td><pre><code>0xBCafBD87d0f601cDaB5B23c43352d8C3a572044c
</code></pre></td></tr><tr><td>rateStrategyStableOne</td><td><pre><code>0x23bB088DBd1B9c4Ad1A55d8e0423EC94D29f5873
</code></pre></td></tr><tr><td>LendingPoolCollateralManager</td><td><pre><code>0x53B85F019E9Ce9517B3e7CBBc56935fE751A1A10
</code></pre></td></tr><tr><td>WalletBalanceProvider</td><td><pre><code>0x967B1ed7e130F0faF2a7793B1Ef7293CF538Fca0
</code></pre></td></tr><tr><td>UiPoolDataProvider</td><td><pre><code>0x84d7f90Bb62180098aA084E4AC588A8D7dA4927D
</code></pre></td></tr></tbody></table>

### OTokens & Debt Tokens

<table><thead><tr><th width="130">Token</th><th>Token</th><th width="214">oToken</th><th>variableDebtToken</th></tr></thead><tbody><tr><td>WART</td><td><pre><code>0x7fc6A0c5Fa947e41F42dD1DB6b64E071748eA85e
</code></pre></td><td><pre><code>0x6Ea56d697886f996f841c3F9B8072460BD8d5aA5
</code></pre></td><td><pre class="language-json"><code class="lang-json">0xAB11623E3039aA0bBbD7cC236105E0A0584e6c8F
</code></pre></td></tr><tr><td>USDM</td><td><pre><code>0x2Ca8928BB41CCdE37398B8ed9eFcfde2f6EA7B7C
</code></pre></td><td><pre><code>0x4f083415FaF692C9b95612B858dF434d0BDB2170
</code></pre></td><td><pre class="language-json"><code class="lang-json">0x0E6BCa53Bc890800F6e4600CDc4742d0D9bC8603
</code></pre></td></tr><tr><td>WETH.a</td><td><pre><code>0xfae4e14D01D9E13FB5db20A0329ED0472A2D96C7
</code></pre></td><td><pre><code>0x8a46AF9A4516f245FB71c3Bf78d243D15D6cD698
</code></pre></td><td><pre><code>0x820AcC914FF15B022A40b85e36642D8820a8e115
</code></pre></td></tr><tr><td>USDC.a</td><td><pre><code>0x8d9Bd7E9ec3cd799a659EE650DfF6C799309fA91
</code></pre></td><td><pre><code>0xF8E67f5934Fc5a469fa2f099179bd8F7575d264F
</code></pre></td><td><pre><code>0xCA91aa43802B8C51C111cC914C024FB16Dd3C72C
</code></pre></td></tr></tbody></table>


# Trading Contracts

The Meridian Trade smart contracts are direct forks of the GMX V1 smart contracts. Contract addresses for each network can be found below.

All Meridian contracts have been verified with [sourcify](https://sourcify.dev/).

{% content-ref url="/pages/KXiTAuao5PpppDGP34t0" %}
[Meter Network](/resources/technical-and-security/trading-contracts/meter-network)
{% endcontent-ref %}

{% content-ref url="/pages/ZUeP7GiOj1zGYvV8EXfH" %}
[Base Network](/resources/technical-and-security/trading-contracts/base-network)
{% endcontent-ref %}


# Meter Network

<table><thead><tr><th width="150">Contract Name</th><th width="329">Address</th></tr></thead><tbody><tr><td>Timelock</td><td><pre><code>0x5dE2edF3bcBa0235Ed2E7B441Ce85A4135d4a4bD
</code></pre></td></tr><tr><td>ReferralReader</td><td><pre><code>0x1EbeAAbE521d6e423d610da701706890E913424B
</code></pre></td></tr><tr><td>MLP</td><td><pre><code>0x7342fAD4Bf8b316C321122A83760CC6E50F2e1E6
</code></pre></td></tr><tr><td>USDG</td><td><pre><code>0x90f0f076b2de1ddf022d55851AE34E5615839317
</code></pre></td></tr><tr><td>YieldTracker</td><td><pre><code>0xA9A8C04eaDADB3579a31313048A1404d679E2F7B
</code></pre></td></tr><tr><td>FeeGlpDistributor</td><td><pre><code>0x38B83E80EA68dE2463D6eF7F7567e669D7206014
</code></pre></td></tr><tr><td>StakedGlpDistributor</td><td><pre><code>0x9aFF8D6133559FcB2df83580457b12817E4A1cFf
</code></pre></td></tr><tr><td>GlpBalance</td><td><pre><code>0x4c332431cA0529Fe590fA860Fd0d97563a01ca0F
</code></pre></td></tr><tr><td>RewardDistributor</td><td><pre><code>0xD744C952c20B96292D29A52af071d4c23c9d1AF5
</code></pre></td></tr><tr><td>FeeGlpTracker</td><td><pre><code>0xb90861E385F53757b5A154517Ca31FDF32FA5b52
</code></pre></td></tr><tr><td>RewardRouter</td><td><pre><code>0x80EFBE6324b321cac28C640483e39e31d3D317E7
</code></pre></td></tr><tr><td>GlpRewardRouter</td><td><pre><code>0xB0A7Df00CB9C8E89Cb1b9e3a228e099c028c5Aa6
</code></pre></td></tr><tr><td>StakeManager</td><td><pre><code>0xCCe501C91A1a31349155e53133293B0e972810bE
</code></pre></td></tr><tr><td>StakedGlpTracker</td><td><pre><code>0x60e9E23af06B09C5918474eE7aA759B6113fED09
</code></pre></td></tr><tr><td>StakedGlp</td><td><pre><code>0xa33595e98d042eA0a3fA5e848B078b18FF4a5F17
</code></pre></td></tr><tr><td>FastPriceEvents</td><td><pre><code>0xD5699f1A9601b7B18B822b57f05EB1f6bb19142B
</code></pre></td></tr><tr><td>FastPriceFeed</td><td><pre><code>0xA150DC026aD78F67D8b0dC1218D9c861dF18e6b5
</code></pre></td></tr><tr><td>PositionManager</td><td><pre><code>0x2c2280cD95ea3f5793829761fc770D693380310c
</code></pre></td></tr><tr><td>GlpManager</td><td><pre><code>0x7129a5B00cAd63985b75c26D9DDa57aEE57259e7
</code></pre></td></tr><tr><td>OrderBook</td><td><pre><code>0x54487521C4a8cdD2f71465CCDA613A5B033aDCEf
</code></pre></td></tr><tr><td>Vault</td><td><pre><code>0x95cd3F1DE20A29B473FcC1773069316a424c746D
</code></pre></td></tr><tr><td>PositionRouter</td><td><pre><code>0x37a00606f0CbD4e61D710EF70A6EA90d4458a8b9
</code></pre></td></tr><tr><td>ShortsTracker</td><td><pre><code>0x428ee112D5Ad56F02500E398f2Cd1f1B81Ed6fd2
</code></pre></td></tr><tr><td>Router</td><td><pre><code>0x7E24b55d1a1EE2c95a10a1Faa85032943144F382
</code></pre></td></tr><tr><td>VaultErrorController</td><td><pre><code>0xe46A901aC9393548fa98E87c92c254C98EBa2dD9
</code></pre></td></tr><tr><td>VaultPriceFeed</td><td><pre><code>0x97911b2EcBFac5698C8c655caC11D985983Beb74
</code></pre></td></tr><tr><td>VaultUtils</td><td><pre><code>0xD82253cfCC76FfFa70B84a63A7BE196b185be9B8
</code></pre></td></tr><tr><td>Reader</td><td><pre><code>0x8E16107ea84Ee3bf3512D731C59703b612E35837
</code></pre></td></tr><tr><td>VaultReader</td><td><pre><code>0x6c90E39106Daffe1dAc69ca831e16CA964fA8759
</code></pre></td></tr><tr><td>BalanceUpdater</td><td><pre><code>0x30Da98C14ED1A094eaE949e3715dfE4AF82AC6f3
</code></pre></td></tr><tr><td>OrderBookReader</td><td><pre><code>0xbb4De80ad54be42051156fF7121C1471EE5b2589
</code></pre></td></tr><tr><td>RewardReader</td><td><pre><code>0xff1D165648f1c0e5586b8f42EaBA1BAC7D30Ecae
</code></pre></td></tr><tr><td>BatchSender</td><td><pre><code>0x1a556a01E7c606bBDcA696f8ce441db0D58bbeB2
</code></pre></td></tr><tr><td>ReferralStorage</td><td><pre><code>0x4B5B0f2f7E02e7d6De003Bb73A57299702247776
</code></pre></td></tr></tbody></table>


# Base Network

<table><thead><tr><th width="150">Contract Name</th><th width="329">Address</th></tr></thead><tbody><tr><td>Timelock</td><td><pre><code>0x77Bc62764241A2A8e45B69ceF0560fc36463b64A
</code></pre></td></tr><tr><td>ReferralReader</td><td><pre><code>0x3382059BFbfA06044CEEFd1c0Efb23d30DC6923d
</code></pre></td></tr><tr><td>MLP</td><td><pre><code><strong>0xDfF36D3A84ff458Fd2242D49DFEdbb897E869AB4
</strong></code></pre></td></tr><tr><td>BN_GMX</td><td><pre><code><strong>0xcA244D828b94E19b5Af881F43a91176f6A6556bC
</strong></code></pre></td></tr><tr><td>USDG</td><td><pre><code>0xAEC117E93F7087c277BB520B80785113d91dA11B
</code></pre></td></tr><tr><td>YieldTracker</td><td><pre><code>0xAC5882Bc06Ce37f1BB96c794caa9d8133831bC43
</code></pre></td></tr><tr><td>BonusDistributor</td><td><pre><code>0xE57c01662065Ca93A13d4C6Be7a636AC748c8A00
</code></pre></td></tr><tr><td>BonusGmxDistributor</td><td><pre><code>0x1B82b0D2C1ef8aDdE4ea110d58673Cb383463C4D
</code></pre></td></tr><tr><td>FeeGlpDistributor</td><td><pre><code>0x568c8c9dA4306bc694b3a6A16F58544b9Ba42356
</code></pre></td></tr><tr><td>StakedGlpDistributor</td><td><pre><code>0x4594C63f00A596451797aBf77b9aD5074c3470B4
</code></pre></td></tr><tr><td>StakedGmxDistributor</td><td><pre><code>0xc1FA1063A81dE2c5aC1c9c13D1135bab36E61c93
</code></pre></td></tr><tr><td>GlpBalance</td><td><pre><code>0x8391ec8bE6A04C2647353E6F176dd196426aDD72
</code></pre></td></tr><tr><td>RewardDistributor</td><td><pre><code>0x73e044D55dA5fDEc98E54d226123c339574e8BC4
</code></pre></td></tr><tr><td>FeeGlpTracker</td><td><pre><code>0xe677F9CC83c512770da2cC80a7CB8C79D89801E5
</code></pre></td></tr><tr><td>BonusGmxTracker</td><td><pre><code>0xc5c585F3abf1aE67A42Ef32ED3082ffdA971b99E
</code></pre></td></tr><tr><td>FeeGmxTracker</td><td><pre><code><strong>0xc6F502B0A5079342d8e153441FeA9621bD27Be4D
</strong></code></pre></td></tr><tr><td>FeeGmxDistributor</td><td><pre><code>0x234C602258D26358dc54Dc2E4d26E347356F4a98
</code></pre></td></tr><tr><td>RewardRouter</td><td><pre><code>0x287639d6B744533102F10C95bE627311E452055F
</code></pre></td></tr><tr><td>GlpRewardRouter</td><td><pre><code>0xfBca183fF1bb1DaD622663224620d97D6Ff570eD
</code></pre></td></tr><tr><td>StakeManager</td><td><pre><code><strong>0xe1BF234830fa341D188ed697c7165a2B54484f38
</strong></code></pre></td></tr><tr><td>StakedGlpTracker</td><td><pre><code>0x0dD255eb87087b7AfB8EE6074F91CFF8DD394e9F
</code></pre></td></tr><tr><td>StakedGlp</td><td><pre><code><strong>0x7Aa1FAA013f2aFBcdA244CF898E9a4661846806a
</strong></code></pre></td></tr><tr><td>StakedGmxTracker</td><td><pre><code><strong>0xF4cd03207D6f590A9b001A91ccFcc81D95626B27
</strong></code></pre></td></tr><tr><td>FastPriceEvents</td><td><pre><code>0x8bf30c34dc4bd03Eb0AEb7503ec4c4c25c5F8532
</code></pre></td></tr><tr><td>FastPriceFeed</td><td><pre><code>0x384D22AF07f777D291f0B9159040f24563954e6E
</code></pre></td></tr><tr><td>PositionManager</td><td><pre><code>0xbcceFfa6866BE8f13D5c73C662e0b89004515eA7
</code></pre></td></tr><tr><td>GlpManager</td><td><pre><code><strong>0x9F1b6e10cB9b0543C7144fa136b0408780188cc2
</strong></code></pre></td></tr><tr><td>OrderBook</td><td><pre><code>0xAbd18360D023e0F61c7E5Bbe5A27d35e9882a916
</code></pre></td></tr><tr><td>Vault</td><td><pre><code>0x853a8cE6B6338f5B0A14BCfc97F9D68396099C9C
</code></pre></td></tr><tr><td>PositionRouter</td><td><pre><code>0xd5cA7F157b23919347b9D6bA963E456F3E2195e8
</code></pre></td></tr><tr><td>ShortsTracker</td><td><pre><code>0x8E5CaB4E44b7626A530B258a0f52e8f554e50190
</code></pre></td></tr><tr><td>Router</td><td><pre><code>0xd00c4Ad1E462c99369b5E4B79427756EDeDfcE14
</code></pre></td></tr><tr><td>VaultErrorController</td><td><pre><code>0x067517CC3EA23AC0DeDb3fdd4EEA72252BA4B817
</code></pre></td></tr><tr><td>VaultPriceFeed</td><td><pre><code>0x95670cC1B2bFeF1D3Bd9aE38cf81691bAFD2B005
</code></pre></td></tr><tr><td>VaultUtils</td><td><pre><code><strong>0x4d97bb5df9d1E0B34EF268d1EC3a9b17AfAAB737
</strong></code></pre></td></tr><tr><td>Reader</td><td><pre><code>0x0044b50a759BcBD9e57A866982b4BF8735Be7fb6
</code></pre></td></tr><tr><td>VaultReader</td><td><pre><code>0x377910B6b46f2F02E7c23DA8D39994EC08944972
</code></pre></td></tr><tr><td>BalanceUpdater</td><td><pre><code>0xED222Cb4cfe9afCcCF13d4213eC4bE06c0d32Fae
</code></pre></td></tr><tr><td>OrderBookReader</td><td><pre><code>0x49a5F053325d61369dde4b4760E2546EC8373170
</code></pre></td></tr><tr><td>RewardReader</td><td><pre><code>0x69EcA412FFDe3F70A3AFeDFC2212c1c9Cfe2299B
</code></pre></td></tr><tr><td>BatchSender</td><td><pre><code>0x8e954981fA433e493c616d658B99e6fDc6D62589
</code></pre></td></tr><tr><td>ReferralStorage</td><td><pre><code>0x8e9e2957F2220247A810695aa006489A819fb6D5
</code></pre></td></tr></tbody></table>


# Taraxa Network

<table><thead><tr><th width="150">Contract Name</th><th width="329">Address</th></tr></thead><tbody><tr><td>Timelock</td><td><pre><code>0x60851f1919748A5840Bb35cC9aAd1cdf87ED5460
</code></pre></td></tr><tr><td>ReferralReader</td><td><pre><code>0xB4CF6d2737Ea13400958394ea09C0Bf9dE1aA17f
</code></pre></td></tr><tr><td>MLP</td><td><pre><code>0x0254fd91E14e2ED375c82624D59921E1E8D5c1AD
</code></pre></td></tr><tr><td>USDG</td><td><pre><code>0x3f0f2AB2EE13feD38e1BCA2654E5B4BCdf2d4EC2
</code></pre></td></tr><tr><td>YieldTracker</td><td><pre><code>0x290a1d9FD51778A26007244D4A1a947900846871
</code></pre></td></tr><tr><td>FeeGlpDistributor</td><td><pre><code>0x9774fB99375D903A48CA603831a270a699371f05
</code></pre></td></tr><tr><td>StakedGlpDistributor</td><td><pre><code>0x2DFa5Fba8333F98b04F34F1dF3362eB077576C15
</code></pre></td></tr><tr><td>GlpBalance</td><td><pre><code>0x6d7F0282D2b24391701E4C07912e075D72DD989B
</code></pre></td></tr><tr><td>RewardDistributor</td><td><pre><code>0xa15180A07Dd8DeAdF4B03688849CE02304e35b5A
</code></pre></td></tr><tr><td>FeeGlpTracker</td><td><pre><code>0x07aF6991a23F127cF908bF904B417Df04566b17B
</code></pre></td></tr><tr><td>RewardRouter</td><td><pre><code>0xBF417C63e03fF5BB902cE0D1701E39C1F73ee01A
</code></pre></td></tr><tr><td>GlpRewardRouter</td><td><pre><code>0x9e23853193330966aF035ab56547f60c35d69F7a
</code></pre></td></tr><tr><td>StakeManager</td><td><pre><code>0x5f4aa359Ec3952d8151989894d3585cF75ece1cd
</code></pre></td></tr><tr><td>StakedGlpTracker</td><td><pre><code>0xb8b8cF9AE3DB3032fDd4aD4B9e6A9505cBD81e4a
</code></pre></td></tr><tr><td>StakedGlp</td><td><pre><code>0xf78590609DFF417E66ca09622122f053a39A915F
</code></pre></td></tr><tr><td>StakedGmxTracker</td><td><pre><code><strong>0xF4cd03207D6f590A9b001A91ccFcc81D95626B27
</strong></code></pre></td></tr><tr><td>FastPriceEvents</td><td><pre><code>0x8D49076Ba29B6Ac99c17bA57d2b2d3C1d458142D
</code></pre></td></tr><tr><td>FastPriceFeed</td><td><pre><code>0x27705d29fF2f9B3a13E4aB1f7AA8B584e23c627e
</code></pre></td></tr><tr><td>PositionManager</td><td><pre><code>0xeF8251dFDaE11b3bEf0bB9d17bf2c460D720f732
</code></pre></td></tr><tr><td>GlpManager</td><td><pre><code>0x524A8375530E816ff7145AcFCF7E91F5cc44ad46
</code></pre></td></tr><tr><td>OrderBook</td><td><pre><code>0x878ED82C15f5065357AfE06185E7F3A895cbD2dA
</code></pre></td></tr><tr><td>Vault</td><td><pre><code>0xCCA1234b65FF576572E6D278aE6cacfF6989D93D
</code></pre></td></tr><tr><td>PositionRouter</td><td><pre><code>0xf7Cb856e269f50F1bCf5F8e0333017D1ebeAf291
</code></pre></td></tr><tr><td>ShortsTracker</td><td><pre><code>0x9457E0C853D50599b8e078185C2910fa5B6A7091
</code></pre></td></tr><tr><td>Router</td><td><pre><code>0x38273f16aD2fd2911055b328E22F0e416A4F2DeC
</code></pre></td></tr><tr><td>VaultErrorController</td><td><pre><code>0x214d363f69B7BAA82118e38d9bCe56baB54bAE56
</code></pre></td></tr><tr><td>VaultPriceFeed</td><td><pre><code>0x82398EBe9B833B9b43475945DEfB7Cd2c7f22CCc
</code></pre></td></tr><tr><td>VaultUtils</td><td><pre><code>0x57539275Ffb6A39c06Fa8513F54E6b924b577C66
</code></pre></td></tr><tr><td>Reader</td><td><pre><code>0x9Fa74fe01C3fC96dBB9eb5bdaD62e8B508e48803
</code></pre></td></tr><tr><td>VaultReader</td><td><pre><code>0xf942c56A21a3b960DC444984eC82d8A0F2111C00
</code></pre></td></tr><tr><td>BalanceUpdater</td><td><pre><code>0xA37BC8dE6765f9A4B5445CD94b60261650A376c0
</code></pre></td></tr><tr><td>OrderBookReader</td><td><pre><code>0xc5504Ede2A286E8E0668f92CD424F2261bcE52E3
</code></pre></td></tr><tr><td>RewardReader</td><td><pre><code>0x06afc1625D6c7725DFEE7Ff38fb24072Ea3973Db
</code></pre></td></tr><tr><td>BatchSender</td><td><pre><code>0xa12C86fdfB3Bb17Da121627f93b21Be5D265E578
</code></pre></td></tr><tr><td>ReferralStorage</td><td><pre><code>0xb18e3A9aF73D9B6e7612BE562088Ac4f837002dc
</code></pre></td></tr></tbody></table>


# Telos Network

<table><thead><tr><th width="150">Contract Name</th><th width="329">Address</th></tr></thead><tbody><tr><td>Timelock</td><td><pre><code>0xCe7c3a2816BDE077091DA1afB23492462f4BE9A1
</code></pre></td></tr><tr><td>ReferralReader</td><td><pre><code>0x064f9E5adab3E3f2A78263A71a32f3214eC34749
</code></pre></td></tr><tr><td>MLP</td><td><pre><code>0xCEe60C6a5728A8F3fFFA99599e8fFA96A52a7118
</code></pre></td></tr><tr><td>USDG</td><td><pre><code>0xbf9D2a387734Cd2150a0fcFE4ac4E12C6Cc65969
</code></pre></td></tr><tr><td>YieldTracker</td><td><pre><code>0x41501aE12037028731f99717A6b86DFeBc75Ddf7
</code></pre></td></tr><tr><td>FeeGlpDistributor</td><td><pre><code>0xb702E0722F2A167732619728a2dd78BAb1cB0f60
</code></pre></td></tr><tr><td>StakedGlpDistributor</td><td><pre><code>0x1C5C8e76b901b7202f6ef960B3abdF19F2797CBC
</code></pre></td></tr><tr><td>GlpBalance</td><td><pre><code>0x9341a578c054EDBBFD9b17C3168A034b2631E3f4
</code></pre></td></tr><tr><td>RewardDistributor</td><td><pre><code>0x483b708e4B924700558347780a4d8A65c9f65457
</code></pre></td></tr><tr><td>FeeGlpTracker</td><td><pre><code>0xA78F0735Fb7230335e81bf6Ce396411a27fB0f16
</code></pre></td></tr><tr><td>RewardRouter</td><td><pre><code>0xC0dC6E5E4c511465fc562Da0C91d9e472d83a823
</code></pre></td></tr><tr><td>GlpRewardRouter</td><td><pre><code>0x624251ef582031D96F5046481871ba06FCDc1453
</code></pre></td></tr><tr><td>StakeManager</td><td><pre><code>0xB36235F959C769D2089d7fb6a9134fD7e10298f6
</code></pre></td></tr><tr><td>StakedGlpTracker</td><td><pre><code>0xC6401d6B132F4FadDD0A4CC11Ba6A44880c51935
</code></pre></td></tr><tr><td>StakedGlp</td><td><pre><code>0xD94c84bcA2fF89f761eC18E11F07207233486616
</code></pre></td></tr><tr><td>FastPriceEvents</td><td><pre><code>0x2a49fa5f21F6792a594389556220A5D61E59f5eF
</code></pre></td></tr><tr><td>FastPriceFeed</td><td><pre><code>0x80522CEd45e0562AA07db1B52c7630a654a1a68B
</code></pre></td></tr><tr><td>PositionManager</td><td><pre><code>0xE779A661c3A271Df0CD77cCB539D03017bB1a748
</code></pre></td></tr><tr><td>GlpManager</td><td><pre><code>0x307902bea84F70f9a7B7fac6b258160b025f7722
</code></pre></td></tr><tr><td>OrderBook</td><td><pre><code>0xF80c2bBe92f85D976138802890665b67Fa170326
</code></pre></td></tr><tr><td>Vault</td><td><pre><code>0x4e568F4AdBF87f8D5a0F1EFca558ed5975E4591e
</code></pre></td></tr><tr><td>PositionRouter</td><td><pre><code>0x7580947f57939158Cb8f08Fc5961593028C48C7E
</code></pre></td></tr><tr><td>ShortsTracker</td><td><pre><code>0xcb19c10F420bE72F6056Aa1A2f38518FA9764E68
</code></pre></td></tr><tr><td>Router</td><td><pre><code>0x4FD7175b6958C2A76004b44650E68E5521903eC6
</code></pre></td></tr><tr><td>VaultErrorController</td><td><pre><code>0x0891D83A0f0aCc6b7DfE15874742268C8aAeE191
</code></pre></td></tr><tr><td>VaultPriceFeed</td><td><pre><code>0x1632Af76fa982e3441176859fB874F5d29be2c50
</code></pre></td></tr><tr><td>VaultUtils</td><td><pre><code>0xE212d2731A0DB0eeb92d226619AA3D8a5a486a34
</code></pre></td></tr><tr><td>Reader</td><td><pre><code>0xE82CE32C3FC508fd349689984aE12eAc64Df290f
</code></pre></td></tr><tr><td>VaultReader</td><td><pre><code>0x9FFF9CE0435B93773Ec1eD282EC2c4A711A65a8C
</code></pre></td></tr><tr><td>BalanceUpdater</td><td><pre><code>0xAe1c0b36089C48E9b3EaAeD997892106E1846aB5
</code></pre></td></tr><tr><td>OrderBookReader</td><td><pre><code>0x7Ff1D4cdc27984818465E4De63B972dDBD7d8489
</code></pre></td></tr><tr><td>RewardReader</td><td><pre><code>0x4dAe0745d5EbcA36D76c0bE1339206d5C5bA56d6
</code></pre></td></tr><tr><td>BatchSender</td><td><pre><code>0xfDc9011dA9878A556861192E3aBc816f7791b839
</code></pre></td></tr><tr><td>ReferralStorage</td><td><pre><code>0xAfd7307A393C4402621F0b7782e2D1A0E7B89116
</code></pre></td></tr></tbody></table>


# Swap Contracts


# Telos Network

<table><thead><tr><th>Contract Name</th><th>Address</th></tr></thead><tbody><tr><td>Factory</td><td><pre><code>0x1F2542D8F784565D526eeaDC9F1ca8Fbb75e5996
</code></pre></td></tr><tr><td>Router</td><td><pre><code>0x7a01e196540663fE9af4bc26d8Ca1ac4dE1a27C6
</code></pre></td></tr><tr><td>FarmMaster</td><td><pre><code>0x2D08Ee8C3E69839f0Cd9660f47544B6638Ee6beE
</code></pre></td></tr><tr><td>RewardsController</td><td><pre><code>0x726Cd342F3f61e456dd5E643d1548aB3D1c8F759
</code></pre></td></tr><tr><td>RewardsAllocator</td><td><pre><code>0x33D84D312e14b645A26e96f1a1b6Ab59256D8583
</code></pre></td></tr></tbody></table>


# Staking & Rewards Contracts

{% content-ref url="/pages/BbgtXLgKZdIpnNoN27i7" %}
[Telos Network](/resources/technical-and-security/staking-and-rewards-contracts/telos-network)
{% endcontent-ref %}

{% content-ref url="/pages/QNejUO3HKlkqo0IoQmjl" %}
[Fuse Network](/resources/technical-and-security/staking-and-rewards-contracts/fuse-network)
{% endcontent-ref %}

{% content-ref url="/pages/TKjyxpj5VfakN3NlwHZj" %}
[Meter Network](/resources/technical-and-security/staking-and-rewards-contracts/meter-network)
{% endcontent-ref %}


# Telos Network

<table><thead><tr><th>Contract Name </th><th>Address</th></tr></thead><tbody><tr><td>PullRewardsIncentivesControllerV1</td><td><pre><code><strong>0x406F044A5aBF071db08E4482c3487331Cf284ADc
</strong></code></pre></td></tr><tr><td>MeridianIncentivesVaultV1</td><td><pre><code>0xbd83131122C10d9BD7c3F25b97557113E744cE99
</code></pre></td></tr><tr><td>PullRewardsIncentivesControllerV2</td><td><pre><code>0xdD55c9200a8CBA7A1d62F440660f1EAE16d02e20
</code></pre></td></tr><tr><td>MeridianIncentivesVaultV2</td><td><pre><code>0xb0B6f96F5DcD18D6C92CD2C02104517d5C0408a5
</code></pre></td></tr><tr><td>CommunityIssuance</td><td><pre><code>0xC573b879Aae1a74aa6c6a5226F8E2e53644D34a4
</code></pre></td></tr><tr><td>MultiPoolStaking</td><td><pre><code>0xd056EFf05b69B3C612bf0e7e58b3D44d6CCCC731
</code></pre></td></tr><tr><td>PullRewardsIncentivesControllerV3</td><td><pre><code>0x79c8e165E4A9192cE1647420C8CC8cE7969686a3
</code></pre></td></tr><tr><td>MeridianIncentivesVaultV3</td><td><pre><code>0xb895053990b9617b3ebC483513006F2270eA0d6d
</code></pre></td></tr></tbody></table>


# Fuse Network

<table><thead><tr><th>Contract Name </th><th>Address</th></tr></thead><tbody><tr><td>PullRewardsIncentivesController</td><td><pre><code>0xd2Fa60C6fab6EdF77E78A0908066d04a5F5EB1E0
</code></pre></td></tr><tr><td>MeridianIncentivesVault</td><td><pre><code>0x8Fc56E9c01998A7FDb7b97504b435f25a5bc9855
</code></pre></td></tr><tr><td>CommunityIssuance</td><td><pre><code>0x077d17F8de5F2cC47d887e2e19A66d143ad1F14d
</code></pre></td></tr><tr><td>MultiPoolStaking</td><td><pre><code>0xb513fE4E2a3ed79bE6a7a936C7837f0294AFFEAd
</code></pre></td></tr></tbody></table>


# Meter Network

<table><thead><tr><th>Contract Name </th><th>Address</th></tr></thead><tbody><tr><td>PullRewardsIncentivesController</td><td><pre><code>0xBAE27c0F27A7bff3f391A19E0dE2d241E2497a09
</code></pre></td></tr><tr><td>MeridianIncentivesVault</td><td><pre><code>0x1cBe9728C0fCE5D4834D636b0DE58A120C277f05
</code></pre></td></tr><tr><td>MultiPoolStaking</td><td><pre><code>0xe50882F137e0E00C06E62634f8A2b25c9FC64971
</code></pre></td></tr></tbody></table>


# Taraxa Network

<table><thead><tr><th>Contract Name </th><th>Address</th></tr></thead><tbody><tr><td>MultiPoolStaking</td><td><pre><code>0x8a8D0Bd11A632711C9dDE4297fd6F29455D30E02
</code></pre></td></tr></tbody></table>


# Taiko Network

<table><thead><tr><th>Contract Name </th><th>Address</th></tr></thead><tbody><tr><td>PullRewardsIncentivesController</td><td><pre><code>0xb3020EbFD800B488B64E92A8717E826cBf0d63E2
</code></pre></td></tr><tr><td>MeridianIncentivesVault</td><td><pre><code>0xb0e103e2A80489Ba697D882EEd0Ba552389Ca31E
</code></pre></td></tr></tbody></table>


# MST Contracts

### LayerZero Bridge

<table><thead><tr><th>Network</th><th>Address</th><th>LayerZero EID</th></tr></thead><tbody><tr><td>Base Network (Deprecated)</td><td><pre><code>0x2F3b1A07E3eFb1fCc64BD09b86bD0Fa885D93552
</code></pre></td><td>N/A</td></tr><tr><td>Base Network - Proxy (Deprecated)</td><td><pre><code>0xeE1fB34b3e322e04984F8c2D34fBd30b239F586C
</code></pre></td><td>184</td></tr><tr><td>Base Network</td><td><pre><code>0x88558259ceda5d8e681fedb55c50070fbd3da8f9
</code></pre></td><td>184</td></tr><tr><td>Telos Network </td><td><pre><code>0x568524DA340579887db50Ecf602Cd1BA8451b243
</code></pre></td><td>199</td></tr><tr><td>Fuse Network </td><td><pre><code>0x2363Df84fDb7D4ee9d4E1A15c763BB6b7177eAEe
</code></pre></td><td>138</td></tr><tr><td>Meter Network </td><td><pre><code><strong>0x5647f6cc997e45b81d786bAa9ECd8A1ad40Ef25f
</strong></code></pre></td><td>176</td></tr><tr><td>Taiko Network</td><td><pre><code>0x9cf571FD53a49993993D0BE98045EF8416bCF4F2
</code></pre></td><td>290</td></tr><tr><td>Ethereum Network</td><td><pre><code>0x0F579B2Fc0ea6449680f0941eB70c117285C9a75
</code></pre></td><td>101</td></tr><tr><td>Moonbeam</td><td><pre><code>0xf6Ad62cCa52a5d3c5d567303347E013c2dadec92
</code></pre></td><td>126</td></tr></tbody></table>

### Via Bridge

<table><thead><tr><th>Network</th><th>Address</th><th>ChainID</th></tr></thead><tbody><tr><td>Taraxa Network</td><td><pre><code>0x8B7FCf9934E58674D9bC6FC9aD8E684380DA1FD4
</code></pre></td><td>841</td></tr></tbody></table>


# Liquidity Pool Addresses

### Base Network

<table><thead><tr><th>Exchange </th><th>Pool</th><th>Address</th></tr></thead><tbody><tr><td>Uniswap</td><td>MST/ETH</td><td><p></p><pre class="language-json"><code class="lang-json">0x0ecAcFa17c6B42181457868BEf346375FC457BFE
</code></pre></td></tr><tr><td>Uniswap</td><td>USDM/USDC</td><td><p></p><pre><code>0x11B97BE35C049a6a8Fd4b9EEdce4a60D1e712F73
</code></pre></td></tr></tbody></table>

### Telos Network

<table><thead><tr><th>Exchange </th><th>Pool</th><th>Address</th></tr></thead><tbody><tr><td>Swapsicle</td><td>MST/TLOS</td><td><p></p><pre class="language-json"><code class="lang-json">0x205366d4243B21AeB8f4118E643466864b271c77
</code></pre></td></tr><tr><td>Swapsicle</td><td>USDM/TLOS</td><td><p></p><pre class="language-json"><code class="lang-json">0xA1215e65157538719FE225933a5e322f16964516
</code></pre></td></tr><tr><td>Swapsicle</td><td>USDM/USDC</td><td><p></p><pre class="language-json"><code class="lang-json">0xb148CfBBaF28198324AADfA8D286F72865b71bC3
</code></pre></td></tr><tr><td>Symmetric</td><td>USDM/USDC-USDT</td><td><p></p><pre class="language-json"><code class="lang-json">0x058D4893eFa235D86CcEeD5a7Eef0809B76c8c66
</code></pre></td></tr></tbody></table>

### Fuse Network

<table><thead><tr><th>Exchange </th><th>Pool</th><th>Address</th></tr></thead><tbody><tr><td>Voltage</td><td>MST/FUSE</td><td><p></p><pre class="language-json"><code class="lang-json">0xc92d76fbfF42685011e496178A1b725d842629Bb
</code></pre></td></tr><tr><td>Voltage</td><td>USDM/FUSE</td><td><p></p><pre class="language-json"><code class="lang-json">0x633Feb7c4E690C9A0C79541056Bf53DD3adc1CF2
</code></pre></td></tr></tbody></table>




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