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MERIDIANpre-launch

How it works

Meridian has four moving parts: the pools, the desk, the fee loop, and the distribution loop.

TRADE      trader ⇄ sTOYOTA/HYPE pool
                         │
                         └─ swap fee, in HYPE
                               │
FEE LOOP                       ▼
           BuybackVault ─▶ buys $MRDN on MRDN/HYPE ─▶ burned

PAYOUT     desk ─ HYPE, Mondays 09:00 JST ─▶ Distributor
                                                │ streams over 7 days
                                                ▼
                                           $MRDN stakers

1 · The pools

Every market is a pool on Meridian's AMM that pairs one market token with HYPE. Price discovery happens here. The pools are constant-product: each one holds reserves of both tokens, and the ratio between them is the price. A buy adds HYPE and takes out market tokens, so the price rises. A sell does the reverse. The bigger a trade is next to the pool's reserves, the more it moves the price.

The swap fee is —pre-launch, taken in HYPE on buys and sells alike.

All prices on Meridian are in HYPE. A market token's price therefore moves with three things: the company's home-market price, its home currency, and HYPE.

2 · The desk

Meridian's desk makes the market in every pool. It does three things:

  • Seeds: puts the first liquidity into each pool, minting the market tokens that go in.
  • Quotes: trades against each pool to keep its price near the desk's reference for the home listing.
  • Supplies depth: adds or removes liquidity as each market needs it.

Because the desk makes the market, it is often on the other side of your trade. Sometimes it takes the trade directly, and sometimes it trades the pool back toward its reference afterward.

The desk mints, trades and provides liquidity only from addresses published on the Contracts page, so every desk action on-chain can be attributed to the desk. The desk trades to move a price toward its reference or to manage its inventory, and never to manufacture volume.

Reference prices

The desk's reference for each market is the company's home-market price, converted into HYPE. The desk's data sources are its own. The pool is the on-chain record, and you can check the anchor yourself by comparing a pool's price with the home listing.

Off-hours

Home exchanges keep hours and pools don't. While a home market is closed there's no live home price to anchor to, so the desk keeps quoting on its own judgment and traders keep trading. When the home market reopens, its first price can be away from where the pool has been trading, and the desk moves the pool toward it.

That gap is the trade: round-the-clock access to companies whose home markets sleep. It is also the main way a Meridian price and a home price come apart. Risk →

3 · The fee loop

  1. Every swap sends its fee, in HYPE, to the BuybackVault.
  2. The vault swaps its HYPE for $MRDN on the MRDN/HYPE pool.
  3. The vault burns all the $MRDN it receives.

The contracts enforce this loop. Pools send fees only to the vault, and the vault's HYPE only leaves through buybacks. Every buyback and burn is a transaction.

So far the vault has spent —pre-launch HYPE and burned —pre-launch $MRDN.

4 · The distribution loop

  1. Every Monday at 09:00 JST (00:00 UTC), a new epoch opens.
  2. The desk funds the epoch by sending HYPE to the Distributor.
  3. Over the next seven days, that HYPE streams to $MRDN stakers in proportion to their stake.
  4. Stakers can stake, unstake and claim at any time.

Unlike the fee loop, this loop depends on the desk. The contract distributes what it is sent, and the desk decides how much to send each week. Every funding transaction is on-chain and on the calendar.

Reading the terminal

  • Candles are built only from swaps in Meridian's own pools. An hour without a swap has no candle, and nothing is filled in.
  • The depth ladder is the pool's constant-product curve expressed as a book: how much of the market token the pool releases or absorbs to move its price by each step, before the swap fee. A pool has no resting orders, so this is its depth.
  • All prices are in HYPE and all times are in JST.
  • Before launch, each market shows preview data generated by the site, and every surface that shows it carries a "preview data" label. A market switches to on-chain reads the moment its pool address is configured, and if a configured pool can't be read, the terminal shows "unavailable" rather than any other number.

What's not in the contracts

Nothing on-chain links a market token to its company. There is no oracle, no collateral, no redemption and no shares. The pool and the desk are the whole mechanism. That is the design, and it's why the risk page exists.