Metis (METIS)
Metis is a Layer 2 rollup platform designed to enhance the Ethereum network by facilitating efficient smart contract deployment. The platform addresses common Ethereum issues such as transaction speed, cost, and scalability. Metis was co-founded by Elena Sinelnikova, Yuan Su, and Kevin Liu.
Overview
Metis offers a comprehensive suite of tools tailored for developers, DAOs, and users, including an NFT bridge, testnet, Graph, and Metis Node. These solutions are designed to assist developers and Web3 enthusiasts in Ethereum Layer 2 development, promoting faster and more cost-effective transactions while advancing the Web3 ecosystem. Metis is accessible to a wide range of users, from Web3 advocates to seasoned developers, and can be integrated into various projects.
| Ticker | METIS |
| Category | Smart Contract Platform |
| Website | https://www.metis.io/ |
| Contract Addresses | |
|---|---|
| ethereum | 0x9e...8e Copied! |
| metis-andromeda | 0xde...00Copied! |
Technology
Metis Virtual Machine (MVM)
Metis features the Metis Virtual Machine (MVM), an EVM-equivalent optimistic rollup solution. This innovation separates computing and storage functions, facilitating easy migration of Ethereum dApps to Metis. The MVM offers lower gas fees and faster withdrawal times, maintaining consistent addresses across EVM chains to help new projects address cold-start issues.
Hybrid rollups
In March 2023, Metis introduced Hybrid Rollups, which combine the scalability of Optimistic Rollups with the security and finality of Zero-Knowledge Rollups. This approach provides Ethereum developers with a secure Layer 2 solution for deploying decentralized applications, enhancing user experience by integrating the strengths of both architectures.
Polis
Polis is a middleware program designed to simplify the transition of DApps to Metis' Layer 2. It enables developers to create DApps and DACs without specialized blockchain skills and facilitates user interaction with DApps through features like METIS coin staking. Polis also offers a smart contract domain service for domain management and trading, enhancing decentralized application adoption through a user-friendly authentication service.
METIS Token
METIS is an ERC-20 token integral to the Metis ecosystem. It is used in Metis' Layer-2 solution for transaction validation and fee payment on the Metis Andromeda network. METIS tokens can be staked to earn rewards, and a 'Builder Mining' program incentivizes transactions on the Andromeda network.
Tokenomics
The total supply of METIS tokens is capped at 10,000,000. In 2021, 49.3% of the total supply was allocated for initial distribution among the cold launch, team, advisors, investors, and ecosystem development. Additional allocations include 7% for the founding team, 4% for the MetisLab Foundation, and various percentages for community development and liquidity reserves.
Metis DAC
Metis emphasizes community governance through its Decentralized Autonomous Company (DAC) model. Unlike traditional DAOs, DACs use smart contracts to establish governance rules, allowing for tailored decision-making processes. Key actors within this model include Commons, who can propose and stake METIS tokens, and EcoNodes, who have greater voting influence.
Partnerships
OpenDeFi
In June 2020, Metis partnered with OpenDeFi, allowing decentralized finance projects to leverage Metis' Layer 2 infrastructure for cost-effective and scalable dApp development. This collaboration enables the use of OpenDeFi assets on Metis' platform.
PAID Network
Metis partnered with PAID Network in June 2020, facilitating the construction of Apollo-X and Ignition launchpads on Metis' Layer 2 infrastructure. This partnership provided lower gas fees and improved scalability, enhancing the development and user experience for PAID Network's platforms.
Parsiq
Before its June 15th Beta testnet launch, Metis formed a strategic partnership with PARSIQ, a blockchain monitoring platform. This collaboration enhances real-time transaction data monitoring within Metis' Layer 2 ecosystem, benefiting DeFi projects with advanced analytics and security features.
Ethena
On February 28th, 2024, Metis announced a partnership with Ethena, focusing on return-generating assets. The collaboration aims to enhance DeFi strategies by supporting Ethena in offering high-quality yields and reshaping the perception of fiat currency.
Recent developments
Sequencer mining launch
In April 2024, Metis launched a decentralized sequencer mining system to improve network efficiency and decentralization. Sequencers play a vital role in transaction ordering, and nodes can earn METIS tokens for their contributions. The platform introduced a 20% Mining Rewards Rate to encourage participation.
Shared network ownership and governance (June 2024)
Metis expanded its decentralized sequencer system to include external node operators, enhancing network security and reliability. This initiative fosters broader community participation, with governance rights and sequencing rewards tied to network success.
Chainlink CCIP integration (March 2024)
In March 2024, Metis integrated Chainlink’s Cross-Chain Interoperability Protocol (CCIP) to enhance cross-chain functionality. This integration improves token transfer times and cross-chain interactions, positioning Metis for broader adoption in DeFi and Web3 applications.
Router Protocol partnership (May 2024)
Metis joined the Router Nitro ecosystem in May 2024, enabling efficient asset transfers between Metis and other blockchain networks. This partnership reduces transaction costs and enhances performance, supporting Metis’ goal of making Ethereum more accessible for Web3 developers and users.