What Is Meteorite.network (METEOR)?

What Is Meteorite.network (METEOR)? Complete Guide Review About Meteorite.network.

What Is Meteorite.network (METEOR)?

Meteorite.network is a “Hold-to-farm” Defi protocol which rewards every one of its holders with a percentage fee from every transaction made in its ecosystem. Meteorite finance launched its first product, Meteorbet. Meteorbet is the first ever cryptocurrency sport betting platform which allows holders of meteorite place bets on major sporting events and stand a chance to win a set amount of meteorite token.

Supplying assets such as cryptocurrencies or digital assets to Venus gives the users the ability to participate as a lender while maintaining the security of collateral in the protocol. Meteorite.network Users will earn a variable-based interest rate depending on the yield curve utilization of that specific market. All user assets are pooled into smart contracts so that users can withdraw their supply at any time, given that the protocol balance is positive.

Users who supply their cryptocurrency or digital asset to Venus will receive a vToken, such as vBTC, which is the only token that can be used to redeem the underlying collateral supplied. This will enable users to use these tokens to hedge against other assets or move them into cold storage wallets that support Binance Smart Chain.

Meteorite.network Storage Key Points

Coin BasicInformation
Coin NameMeteorite.network
Short NameMETEOR
Circulating SupplyN/A
Total Supply15,000
Source CodeClick Here To View Source Code
ExplorersClick Here To View Explorers
Twitter PageClick Here To Visit Twitter Group
WhitepaperClick Here To View
Official Project WebsiteClick Here To Visit Project Website

Contract re-architecture

Meteorite.network One design priority for Uniswap v2 is to minimize the surface area and complexity of the core pair contract—the contract that stores liquidity providers’ assets. Any bugs in this contract could be disastrous, since millions of dollars of liquidity might be stolen or frozen. When evaluating the security of this core contract, the most important question is whether it protects liquidity providers from having their assets stolen or locked.

Any feature that is meant to support or protect traders—other than the basic functionality of allowing one asset in the pool to be swapped for another—can be handled in a “router” contract. In fact, even part of the swap functionality can be pulled out into the router contract. As mentioned above, Uniswap v2 stores the last recorded balance of each asset. The new architecture takes advantage of this to further simplify the Uniswap v1 contract.

Handling non-standard and unusual tokens

The ERC-20 standard requires that transfer() and transferFrom() return a boolean indicating the success or failure of the call [4]. The implementations of one or both of these functions on some tokens—including popular ones like Tether (USDT) and Binance Coin (BNB)—instead have no return value. Meteorite.network Uniswap v1 interprets the missing return value of these improperly defined functions as false—that is, as an indication that the transfer was not successful—and reverts the transaction, causing the attempted transfer to fail.

Initialization of liquidity token supply

Meteorite.network sets the initial share supply to be equal to the amount of ETH deposited. This was a somewhat reasonable value, because if the initial liquidity was deposited at the correct price, then 1 liquidity pool share (which, like ETH, is an 18-decimal token) would be worth approximately 2 ETH.

However, this meant that the value of a liquidity pool share was dependent on the ratio at which liquidity was initially deposited, which was fairly arbitrary, especially since there was no guarantee that that ratio reflected the true price. Additionally, Uniswap v2 supports arbitrary pairs, so many pairs will not include ETH at all.

Wrapping ETH

The interface for transacting with Ethereum’s native asset, ETH, is different from the standard interface for interacting with ERC-20 tokens. As a result, many other protocols on Ethereum do not support ETH, instead using a canonical ”wrapped ETH” token, WETH. Meteorite.network is an exception. Since every Uniswap v1 pair included ETH as one asset, it made sense to handle ETH directly, which was slightly more gas-efficient.

Since Uniswap v2 supports arbitrary ERC-20 pairs, it now no longer makes sense to support unwrapped ETH. Adding such support would double the size of the core code base, and risks fragmentation of liquidity between ETH and WETH pairs12. Native ETH needs to be wrapped into WETH before it can be traded on Uniswap v2.