Meter (MTRG) Price

MTRG is the governance token of the Meter system and is used for HotStuff-based PoS ledger consensus; MTR is another native token within Meter. MTRG holders may use it directly for validation or delegate it to validators, thereby participating in transaction approval and network ledger security. Accordingly, MTRG's staking and governance functions should not be confused with MTR: the official documentation identifies MTRG as the governance token, while the staking rewards described in the documentation can be settled in MTR or in MTRG acquired through auction.

MTRG can be used in two participation modes: running a validator node and staking directly, or delegating stake to another validator candidate. Votes obtained by validators and their delegations affect whether they enter the consensus committee; the documentation states that the 500 validator nodes currently ranked highest by votes can participate in consensus. The purpose of staking is to help a PoS chain resist Sybil attacks and participate in ledger keeping. Non-node operators can participate through delegation, but only validators actually in the consensus committee during a given period can receive that period's staking rewards; if the delegated candidate is jailed, the delegator loses the corresponding potential rewards.

MTRG holders can participate in Meter system governance and vote on material changes including monetary policy, MTR production parameters, new features, and other governance matters. Governance determines network rules and parameters; it does not constitute company equity or ownership of company assets. This authority is related to, but not the same as, the staking mechanism: staking primarily serves PoS consensus and rewards, whereas governance voting concerns changes to network policy and functionality.

The minimum staking amount listed in Meter documentation is 100 MTRG. A stake is recorded as a bucket (also called a Vote ID) containing a specified quantity of MTRG, and the bucket may be voted for the user's own validator candidate or another candidate. To exit, users must first unbind the entire bucket; MTRG returns to the wallet and becomes available only after 7 days and the end of the current epoch. The documentation also states that, at present, reducing only part of a stake generally requires first unbinding and fully withdrawing that bucket, rather than directly partially unbinding it.

The funding source for MTRG staking rewards is annual network issuance, which is generally provided to staking addresses on the Meter mainnet every 24 epochs (approximately 24 hours). The documentation lists the annual network issuance rate as 5%, but explicitly states that this parameter can be changed by governance, so it is not a fixed yield rate. The official return relationship is “annual inflation rate ÷ staking rate.” The staking rate is the proportion of circulating MTRG that is staked; for example, in the documentation's historical example, a 5% annual inflation rate divided by a 48.31% staking rate is approximately 10.35%. This calculation describes a theoretical gross-return relationship under that methodology and does not guarantee an individual's actual proceeds; whether a validator is in the committee, whether it is jailed, and commissions all affect the outcome.

Auto Bid determines how stakers receive rewards for the day. Delegators or node operators participating in ledger keeping first receive MTR by epoch; this MTR comes from prior on-chain auction processes. If Auto Bid is selected for that bucket, the MTR received is entered into that day's Dutch auction to bid for newly issued MTRG for the day. At the end of 24 epochs, participants with Auto Bid enabled receive the corresponding MTRG based on the MTR they entered into the auction; if it is not enabled, they retain MTR as the day's reward. It changes the reward settlement path and the type of token received, and does not promise the value of auction outcomes.

Meter staking and on-chain MTRG auctions were not open to the community from the beginning of the mainnet. When the Edison mainnet launched in July 2020, it was operational but staking and on-chain MTRG auctions had not yet been enabled, and nodes were run by the Meter Foundation; after the Tesla mainnet launched in March 2021, staking, on-chain auctions, and community node operations became full mainnet features. This change moved the network from its early state of Foundation-operated nodes to a state in which the community could run nodes, delegate stake, and process newly issued MTRG through auctions, and it is a prerequisite for understanding the current MTRG participation mechanism.