MEER DEFI Eco-Development
Qitmeer is born out of demand, after 4 years of technical innovation and dedication to break through the impossible triangle of the industry, balancing the relationship between decentralization, security and TPS. The implementation of Block DAG underlying technology makes the impossible triangle achievable, from the chain structure of traditional blockchain to the graphical structure of DAG, the bondage of TPS is greatly broken, Qitmeer underlying network combines Block DAG underlying technology, POW consensus mechanism and UTXO data model to create a decentralized, secure and efficient underlying blockchain network.
On September 30, 2021, Qitmeer officially went live on the mainnet, after 18 months of the test network, so far the mainnet has been running smoothly for more than 5 months, so the MEER DEFI ecosystem has been opened up!
Preparation for MEER DEFI ecosystem
We can foresee the high growth of DeFi in the next few years, what is DeFi on the hand? DeFi is the abbreviation of Decentralised Finance (Decentralised Finance), the first place to innovate in the field of blockchain is the financial sector and blockchain is no exception.
DEFI development from 1.0 into DEFI 2.0 era, Qitmeer Foundation can see that in the next few years DEFI is going to usher in high-speed development, in 2020 out of many underlying public chain, respectively, Avalanche Protocol (AVAX), Solana (SOL), Terra (LUNA), Binance Coin Smart Chain (BNB), these four underlying public chain were launched between April and September 2020, and while each network is going in a different direction, all four are relatively successful, and they have all seen hundreds or thousands of increases in the value of their underlying networks in less than two years, and the driver of this growth is the DeFi firestorm.
The trend is unstoppable and the Qitmeer network is learning and progressing and the main Qitmeer network is live, Qitmeer supports the EVM smart contract system and the DEFI segment is an important segment of Qitmeer’s development.
In November 2021 MEER DEFI began preparations and warm-ups to build the momentum and energy for the development of MEER DEFI.
The first liquidity protocol for MEER DEFI
The first MEER DEFI eco-protocol was officially launched on January 6, 2022. The launch of this protocol was strongly supported by the Qitmeer Foundation and the community and the liquidity mining protocol that engages with the native token MEER has yielded a much greater value.
The Qitmeer network has just gone live and the integration of EVM smart contracts will take some time. The first liquidity mining protocol unfolded through the BSC and formed the arithmetic to mine the daily MEER output with the LP combination of pancakeswap.
The timeline for the migration of MEER DEFI back to the mainnet will be described below.
EVM Integration in Qitmeer Networks
With the rapid development of the DEFI field, a large number of DEFI products are created to serve everyone. Smart contracts allow rules to run automatically and achieve greater transparency in financial products, and the creation of smart contracts requires the support of EVM which also requires an underlying network that supports EVM. Qitmeer’s underlying network supports the implementation of EVM, and the integration of EVM in Qitmeer’s mainnet is now nearing its final stage, with extensive testing underway the integration of EVM is expected to be achieved by May at the latest.
From a technical point of view, EVM is the environment in which smart contracts run, with EVM you can create a variety of DEFI products and applications, from the DEFI infrastructure, DEFI’s development also requires 2 very important facilities.
2, stable coin
The role of DEX as the basic value exchange market is crucial, the value flowing on the Qitmeer network needs to be exchanged through DEX.
And stablecoin is the anchor asset for the underlying value. There must be a stable asset to anchor the value during its flow to demonstrate its value and hedge the risk.
DEX and stablecoin will also be officially launched around May 2022.
Q3/Q4 2022 Development Plan
With the completion of the Qitmeer network seamlessly integrating EVM and DEFI infrastructure (DEX and stable coins), the third quarter and fourth quarter of 2022 will usher in the rapid development of the Qitmeer network DEFI ecosystem and various DAPPs will also appear in the Qitmeer network in the second half of the year including but not limited to the following segments.
1, Liquidity mining protocol
4, Aggregate assets
MEER DEFI migrates to Qitmeer’s mainnet
Qitmeer Network 2.0 will go live at the end of 2022, with the official launch of the 2.0 network, Qitmeer will see many major updates (stay tuned)
When 2.0 goes live, all MEER DEFI protocols in the BSC network will be migrated back to the Qitmeer network, and the MEER DEFI consensus community will return to the Qitmeer network.
The above is the MEER DEFI Eco 2022 development plan, which will be updated with the launch of the MEER DEFI 2.0 network.
What is MEER DEFI?
Qitmeer is the next-generation public chain based on BlockDAG which is dedicated to serving the ecosystem of Islamic Finance, ethical finance, and socially responsible investment, thereby enhancing financial inclusion and creating social impact.
In contrast to the competition model, BlockDAG’s collaboration model in the mining achieves a desirable balance of typical blockchain metrics among the security, openness, fairness, and scalability.
Qitmeer adopts a classic POW consensus and UTXO data model and designs a unique asset issuing mechanism which requires the reserve of native currency, which is in line with core ethical financial values.