A Quick Guide To:
TELOS EVM🟣
You’re on the Telos EVM chain now, and excited about all the opportunities that await, but you still have some questions about Meridian and how it works on the Telos EVM chain. This guide is here to help answer some of the most common questions asked.
FAQ’s
-Will USDM and TLOS tokens also be transferable?
Only MST will be bridgeable. The idea is that the USDM always stays native on the blockchain it is minted on and it will not be a wrapped asset bridged on another chain
-Will the MST on the TLOS be the same MST on Base ie a total supply of 10M?
MST is bridgeable with LayerZero technology. Same tokens, so the 10M cap is effective, making it scarce
-Will the collateral be telos on telos EVM?
Yes, it is $Tlos on EVM
-Where can I swap USDM and swap MST?
The liquidity pools to swap MST & USDM will be on app.Swapsicle.io/swap & provide liquidity in the USDm/TLOS pool and earn wTLOS
Earn swap fees for being a liquidity provider and/or swap $USDm for $TLOS, which can be used to then interact with other defi protocols on telos EVM
-What role does MST perform on Telos?
The opportunity to stake MST on the Meridian Mint protocol on the Telos chain and receive a pro-rata share of the protocol-generated fees from both mints and redemptions paid out in TLOS.
-What can we do with USDM?
The USDM minted can either be staked or swapped or even used to provide liquidity
-What are the contracts on Telos?
USDM: 0x8f7D64ea96D729EF24a0F30b4526D47b80d877B9
MST: 0x568524DA340579887db50Ecf602Cd1BA8451b243
What is a trove? and How to open one
Opening a trove is kind of like opening a bank account and taking out a loan. But instead of a bank, this is DeFi, and the “loan” is you borrowing from yourself… with no interest.
Still confused? Let’s say you have 10,000 $TLOS, and the current price of $TLOS is $0.10. That means the current value of all your $TLOS is $1000. Great!
Now let’s say that you hear of an awesome new project, and you want to buy some of their tokens because you think it’s going to the moon 🌕 but you don’t have any extra money to put into crypto, and you certainly don’t want to sell your beloved $TLOS. So what do you do?
You open a Trove in meridian finance 😏👍
By opening a trove you can deposit your $TLOS in the platform and receive USDM for depositing your $TLOS. Don’t worry your TLOS is not going ANYWHERE, it’s just being locked up, and you can retrieve it at any time, all you have to do is pay back the USDM you borrowed, and your $TLOS is unlocked and in your wallet again.
So what can you do with your newly received USDM? You can go ahead a use that USDM for anything you want, like buying into that new project that you know is going to the moon 🚀
How to open a Trove
The first thing you do is go to “Launch Meridian Mint”
Connect
Make sure you are on the Telos network
Then open a Trove!
Note When opening a trove there are a couple of things you need to keep in mind.
1. Your Trove must be opened with AT LEAST a value of $200 meaning that for our example we will need to deposit at least 2,000 $TLOS
2. The second thing to keep in mind is that whenever you open a trove, the platform will automatically set aside a $20 USDM deposit. This means that if you open a trove of 2,000 $TLOS you will receive $180 USDM. When you close your trove, you will receive that amount back to you.
3. Under normal circumstances the minimum collateral ratio must be 110%. This means you will never be able to take out the full current value amount of your TLOS (This is done to make sure that the USDM you receive is backed properly)
4. There is a Borrow fee of 0.05% This amount is deducted from the borrowed amount as a one-time fee. There are no recurring fees for borrowing, which is thus interest-free.
You now should have USDM in your wallet to use however you want 💰💰💰🤑
STILL UNDER CONSTRUCTION👇🏗️