Meridian

135°E · the meridian that sets Tokyo's clock.

Meridian is a synthetic equities desk on Elysium. It lists markets in seven non-US companies, each traded against HYPE, around the clock. Every market is a pool on Meridian's own AMM, and Meridian's desk makes the market in each one.

This page sets out the whole design. Every factual statement on it maps to a contract you can read or a transaction you can look up. See Contracts.

#Markets

#What a market token is

Each market has its own token, an ERC-20 on Elysium: sTOYOTA, sSONY and so on. A market token's price is its pool's price. The desk trades in each pool to keep that price near the company's home-market price, converted into HYPE.

That is what synthetic means on Meridian: price exposure, kept in line by market-making. A market token isn't a share and isn't backed by shares. It carries no vote, no company dividend, and no claim on the company or on anything the desk holds. No contract ties its price to the home exchange, so the price can drift. Risk covers this in full.

#How a price is made

Prices are discovered in the pools, and every trade moves them. Each pool is a constant-product AMM: buying a market token with HYPE raises its price, and selling lowers it. The desk keeps a reference price for every home listing and trades against the pool whenever the two drift apart. It sells when the pool runs above the reference and buys when it runs below. That is the anchor.

Home exchanges keep hours. Meridian doesn't. While Tokyo, Taipei, Seoul, Frankfurt or Paris is closed, the pools keep trading and the desk quotes on its own judgment. Prices made in those hours are Meridian's prices, so when the home market reopens, the two can be apart. How it works →

#Where the fees go

Every swap on a Meridian pool pays a fee, taken in HYPE. All of it goes to the BuybackVault. The vault spends that HYPE buying $MRDN on the MRDN/HYPE pool and burns every $MRDN it buys. Liquidity providers, the desk included, get no share of swap fees.

#Distributions

Stake $MRDN in the Distributor to receive HYPE. Each week is an epoch that opens on Monday at 09:00 Tokyo time. The desk funds each epoch in HYPE, and the Distributor streams that amount to stakers over seven days in proportion to their stake. Amounts are set week by week. The calendar lists every epoch and what each one paid.

#$MRDN

$MRDN has a fixed supply of —pre-launch, minted once at deployment. The token has no mint function, so supply can only fall as buybacks burn it. Tokenomics →

#Tokyo time

The desk runs on Tokyo time. Its week opens with Tokyo's Monday morning, and the calendar is kept in JST. The Tokyo desk →

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Meridian is not affiliated with, endorsed by or sponsored by any company named on this site. Market tokens are synthetic and give no rights in those companies.