Introduce Metis: L2 Ethereum with the Lowest Fees!
Metis Andromeda has seamlessly etched its mark as Ethereum's scalability savior. Not only does it accelerate transaction processing, but Metis boasts transaction fees lower by a staggering 100 times compared to Ethereum. Moreover, it's poised to pioneer as the first Layer-2 with a decentralized sequencer. Intrigued about the intricacies of Metis and their technological prowess? Discover the answers in the forthcoming discourse.
Synopsis
- Metis Andromeda stands as an Ethereum Layer-2 (L2) roll-up protocol, simplifying the swift deployment of smart contracts across a network.
- Through the fusion of optimistic roll-up technology and the InterPlanetary File System (IPFS), a decentralized storage haven, Metis secures its status as Ethereum's L2 with the most economical transaction fees.
- The ongoing testing of Metis' decentralized sequencer could potentially crown it as the inaugural L2 on Ethereum implementing a decentralized sequencer.
- The METIS token, native to the Metis ecosystem, assumes duties for transaction fee payments and staking.
What is Metis?
Metis Andromeda, a Layer-2 (L2) Ethereum roll-up protocol, takes the helm in streamlining the uncomplicated and rapid deployment of smart contracts across a network. It aspires to navigate the blockchain trilemma, harmonizing the pursuit of decentralization, security, and scalability.
Metis sets out to aid developers in enhancing existing decentralized applications (dApps) and offers support to those keen on introducing new dApps. A pivotal strategy involves integrating the Decentralized Autonomous Company (DAC) framework into the Layer-2 infrastructure, simplifying the transition for developers and businesses from the Web 2.0 to Web 3.0 ecosystem.
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| Metis TVL - source: L2BET |
Metis, as a nascent L2 protocol, has flexed its muscles, evident in the burgeoning Total Value Locked (TVL). L2Beat data positions Metis at an impressive fourth rank with a TVL of $744 million, outshining fellow L2 projects like Base and zkSync.
Who are the Founders of Metis?
Founded by Metis Labs in 2018, with its mainnet taking flight in November 2021, Metis boasts a distinguished lineup of founders. Natalie Ameneline, mother of Vitalik Buterin, headlines this ensemble, accompanied by key figures Kevin Liu, Yuan Siu, and Elena Sinelnikova.
In terms of financial backing, Metis has garnered support from diverse venture capital entities such as gate.io labs, AU21 Capital, Master Ventures, and a host of others.
How Metis Works
Metis operates on the foundation of optimistic roll-up technology, bundling transactions in L2 and dispatching them back to L1 (Ethereum). However, the distinctive hybrid setting of Metis' roll-up model significantly reduces costs while upholding swift confirmation times.
The utilization of the InterPlanetary File System (IPFS), a decentralized storage with a peer-to-peer architecture, plays a pivotal role. Unlike centralized off-chain data storage and processing, Metis scatters data across nodes in the IPFS network, enhancing efficiency and mitigating risks of data loss or breaches. Coupled with roll-up technology, Metis achieves a transaction cost reduction exceeding 100 times compared to Ethereum's Mainnet, clinching the title of Ethereum's L2 with the most economical fees.
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| Metis Transaction Fees - source: L2Fees |
Unlike other L2 platforms featuring EVM-compatible processing engines, Metis boasts the Metis Virtual Machine (MVM)—an EVM-equivalent engine. This proves advantageous as MVM excels in security, structure, and programming language (Solidity) compared to EVM-compatible engines. Developers can seamlessly deploy native Ethereum applications on Metis with minimal code alterations.
Metis Features
Apart from its roll-up capabilities, Metis introduces several key features:
Decentralized Sequencer
Metis eyes the pioneering role of the first L2 implementing a decentralized sequencer. While other L2s currently rely on centralized sequencers, Metis aims to eliminate this vulnerability, fortifying decentralization and network stability.
The ongoing community testing of Metis' decentralized sequencer subjects it to resilience and security evaluations through stress tests before its official launch on the Metis mainnet.
Decentralized Autonomous Company Framework
Metis adopts a community-based governance model but diverges from the typical Decentralized Autonomous Organization (DAO) mechanism. Instead, it embraces the Decentralized Autonomous Company (DAC) format.
In the DAC model, rules are pre-established by developers through smart contracts, mirroring an organized company structure. This helps Metis maintain an efficient, comprehensive, and well-managed decentralized business structure.
Metis Bridge
A highlight of Metis is the Metis Bridge—an instrument facilitating the seamless transfer of tokens between L1 and L2. Beyond native tokens like ETH and METIS, Metis Bridge supports various other ETH-based tokens. The Metis NFT Bridge extends support for the transfer of ERC-721 and ERC-1155 NFT tokens. To transcend Ethereum's bridging limitations, Metis implements an omnichain token transfer protocol through LayerZero, enabling users to bridge to diverse blockchain platforms.
Advantages of Metis
- L2 Ethereum with unparalleled affordability: Thanks to IPFS technology and decentralized storage, Metis slashes transaction costs by over 100 times compared to Ethereum.
- Pioneer in L2 with a decentralized sequencer: Tackling the issue of centralized sequencers in L2, Metis eliminates the risk, reinforcing decentralization and network stability.
- MVM compatible with EVM: Metis' MVM operates similarly to Ethereum but with lower costs, faster speeds, and user-friendly features. Supporting smart contracts in the Solidity language, Metis eases the implementation of Ethereum-based dApps.
Metis Token as an Investment
METIS, the native token of the Metis Andromeda ecosystem, assumes a dual role for transaction fee payments and staking. Boasting a maximum supply of 10 million tokens, METIS sees 49.3% minted in 2021. These tokens find their way to various entities, including Metis cold launch, the core team, angel investors, and ecosystem/community development. The remaining 50.7% is earmarked for the community, early-stage rangers mining, and community development in the Discovery Age.
As of January 19, 2024, the total supply of METIS stands at 5.42 million, with a circulating supply of 4.57 million. The market capitalization has reached $426 million, with METIS priced at $93.34. Recent milestones include METIS achieving an all-time high of $122.89 on January 17, 2024.
Metis recently announced a substantial ecosystem incentive of 4.6 million METIS tokens, equivalent to $330 million, aiming to accelerate the adoption of the Metis ecosystem. Similar initiatives, like Avalanche's successful incentive program, have demonstrated significant growth in user base and liquidity. This suggests the potential for a substantial surge in Metis following the implementation of the Metis Ecosystem Development Fund (Metis EDF) program, acting as a positive catalyst for the METIS token.
Conclusion
Metis Andromeda emerges as the go-to solution for Ethereum's scalability challenges, showcasing innovative technology and a range of features and incentives for
users. Positioned as Ethereum's L2 with the most economical transaction fees, Metis stands out with its optimistic roll-up technology, IPFS integration, and a suite of distinctive features. The METIS token, with its dual utility for transactions and staking, adds an investment dimension to the Metis ecosystem. In summary, Metis Andromeda shapes up as a promising force in the Ethereum landscape, setting new standards in scalability solutions and user incentives.
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