Metis Crypto: Exploring the Potential of Layer 2 Solutions
Apr 18 2023
Metis Crypto: A Comprehensive Guide to Layer 2 Innovations
Written by Van - Perfected by ChatGPT
Introduction
Have you ever been frustrated by the high gas fees and slow transaction times on the Ethereum network? It’s time to explore the world of layer 2 blockchains. In the realm of layer 2 solutions, Metis is a name that truly stands out.
Offering the perfect blend of security, scalability, and decentralization, Metis is reshaping the layer 2 crypto list. In this guide, we’ll discuss the fundamentals of Metis, its unique features such as Metis DAO, Metis Andromeda, and Metis Bridge, as well as its integration with popular tools like Metamask. So, let’s look into the world of Metis and find out why it is quickly becoming one of the top choices among layer 2 blockchains.
A Closer Look at Metis Crypto: The Layer 2 Blockchain Project
Introducing Metis
Did you know that Metis was founded by Elena Sinelnikova in 2019, with a team that includes Natalia Ameline, the mother of Ethereum’s co-founder Vitalik Buterin? Starting as a hard fork of Optimism, Metis utilizes Optimistic Rollups to enhance Ethereum’s capabilities. Its vision is to evolve DAOs into DACs - decentralized businesses that function like traditional companies but with added security and decentralization.
The vision of Metis is to evolve DAOs into DACs, transforming them into fully functioning businesses capable of executing functions like payroll, project management, HR, and communications in a decentralized manner. In November 2021, Metis launched Andromeda, a Layer 2 scaling protocol that leverages Optimistic Rollup technology to boost Ethereum’s scalability. Andromeda enables developers to run applications, process transactions, and store data on a separate layer above Ethereum, making it an attractive option in the layer 2 crypto list.
Metis’ mission is two-fold: to advance blockchain technology by scaling Ethereum with a Smart Layer 2 and to accelerate the world’s transition to an open, fair, and decentralized economy by pioneering and empowering DACs. Metis addresses the blockchain trilemma for Ethereum, achieving decentralization, security, and scalability all at once. With the growing demand for Ethereum, transaction prices have soared, and transaction speeds have suffered. Metis combats these issues by increasing transaction speed and throughput, making blockchain solutions accessible, affordable, and adaptable for everyone.
The Metis DAO Ecosystem and its Versatile Tools
Metis is more than just a layer 2 solution; it offers an array of innovative tools that enhance the experience for developers and users alike. Let’s take a closer look at these powerful solutions:
- Token Bridge: A key component in the Metis ecosystem that enables seamless token transfers between networks.
- NFT Bridge: Expanding the world of non-fungible tokens, this bridge facilitates smooth transfers of NFTs across different platforms.
- Metis Oracles: Connecting blockchains to external systems, these oracles provide smart contracts with real-time data from the outside world for reliable actions, making the Metis DAO more versatile.
- Metis Nodes: Emphasizing security and reliability, these nodes store a complete copy of the distributed network, playing a vital role in the blockchain ecosystem.
- Metis Graph: An innovative indexing protocol designed to collect, process, and store data for use in the blockchain network. This service streamlines information retrieval using GraphQL.
- Andromeda Explorer: A user-friendly tool for tracking transactions, blocks, and other essential data on the Metis Andromeda network.
- KORIS: A powerful, yet-to-be-revealed component in the Metis ecosystem, set to bring even more functionality to the table.
- Matrix Reputation: A system that enhances trust and credibility within the Metis network, providing a comprehensive overview of user and project reputations.
- Metis Virtual Machine: An EVM-compatible virtual machine that allows developers to construct contracts in a familiar environment. The MVM has a shorter validation time, is highly scalable, and is integrated with IPFS. It is used to create smart contracts on the Metis network, which can be used for a variety of purposes, including yield farming, trading on DEXs, and adding more value to the economy.
- Polis: Acting as middleware, this platform simplifies the management of smart contracts deployed on Metis, allowing developers to focus on their core projects.
By offering these comprehensive tools, Metis sets itself apart from other layer 2 crypto options on the list and delivers an exceptional experience for developers and users alike.
Metis Crypto vs. Other Layer 2 Solutions: A Comprehensive Comparison
A detailed look into the features of Metis and how it stands out among other layer 2 crypto options:
Metis Unique Features
- EVM Equivalence: Metis boasts EVM equivalence, which means that two different EVM implementations produce identical results when executing the same smart contract code. This is different from EVM compatibility, where a smart contract written for one EVM implementation can be executed on another EVM implementation without any modifications.
- Open Protocol: Metis operates on an open protocol, fostering innovation and collaboration within the blockchain community.
- Radical Storage Layer: Metis employs a groundbreaking storage layer, enhancing efficiency and performance.
- Simple Integration: The Metis platform allows for effortless integration, streamlining the process for developers and users.
- Multi VMs & Sequencers: Metis supports multiple virtual machines and sequencers, providing flexibility and scalability for various projects.
- Low Gas Fees: Metis boasts exceptionally low gas fees (latest gas fee: $0.00946491), making transactions more affordable for users.
- Fast Transactions: Metis processes transactions in less than a second, significantly improving transaction speed and user experience.
- Distributed Peer Nodes: The Metis network utilizes distributed peer nodes, ensuring a secure and robust infrastructure.
- 100% Uptime: Metis guarantees 100% uptime, providing users with a reliable and consistent experience.
- Ready to Go: Metis is fully operational and ready for immediate use, making it an attractive choice for users and developers alike.
What Sets Metis Apart from Other Layer 2 Blockchains
Metis distinguishes itself from other Layer 2 blockchains with several unique features:
- Optimistic Rollup Technology: Metis uses Optimistic Rollup technology to offload smart contract execution and data storage responsibilities to a layer above networks like Ethereum, enabling faster and more affordable transactions.
- Additional Products: Metis offers a suite of products related to NFTs, DAOs, and middleware atop its Andromeda network, providing a comprehensive toolkit for users and developers.
- NFT Bridge: Metis features an NFT bridge between its Layer 2 network and Ethereum, allowing seamless transfer of NFTs between the two networks.
- Polis for Developers and Polis for Everyone: Metis offers a robust set of tools and resources for developers to build on the Metis network through Polis for Developers, while also providing a user-friendly interface for non-technical users to interact with the Metis network via Polis for Everyone.
These distinctive characteristics make Metis a top choice among the layer 2 crypto list, highlighting its potential for continued growth and innovation within the blockchain ecosystem.
Exploring the MetisDAO Token METIS: Utility, Tokenomics, and Staking Benefits
The METIS token, an integral part of the Metis crypto ecosystem, serves several functions and offers multiple advantages to token holders. As an ERC-20 governance token, it is now available on Metis Andromeda, Ethereum, and BNB Smart Chain. Let’s examine its utility, tokenomics, and the benefits of staking METIS tokens:
Utility
- Users pay for transaction fees in METIS when using the Metis Layer 2 platform.
- The METIS token is required to activate the Metis Virtual Machine (MVM) to create a smart contract on the Metis network.
- METIS token is used for staking and voting in the MetisDAO governance system, where holders can vote on proposals and influence the direction of the Metis ecosystem.
- Additionally, the METIS token can be used for other purposes within the Metis ecosystem, such as paying for products and services offered by Metis.
Tokenomics
- The total supply of METIS tokens is 10 billion.
- The allocation is as follows: 20% to the team, 20% to the community, 20% to the ecosystem, 20% to the foundation, and 20% to the private sale.
- Metis tokenomics include a deflationary mechanism where a portion of the transaction fees is burned, reducing the total supply of the token over time.
What are the Benefits of Staking?
- Staking METIS tokens allows holders to earn passive income without needing to sell their digital assets.
- Token holders who stake METIS can participate in the MetisDAO governance system, where they can vote on proposals and influence the direction of the Metis ecosystem.
- Staking a certain amount of METIS tokens is required to form the DAO, and stakers are required to pay 0.05% of each transaction fee to the DAO.
- Staking METIS tokens also helps secure the network and improve its decentralization.
Overall, the METIS token plays a vital role in the Metis crypto ecosystem, providing value to its holders and empowering them to actively participate in the governance of the platform. With its utility, well-structured tokenomics, and staking benefits, METIS tokens contribute to the ongoing growth and development of the Metis ecosystem.
Expanding the Metis Crypto Ecosystem: Use Cases and Adoption
Ecosystem Stats
Metis has experienced remarkable growth, showcased by these detailed statistics:
- Total transactions: 5,397,151, indicating a high level of user activity
- Total blocks: 5,397,139, showcasing the platform’s capacity for processing transactions
- Wallet addresses: 118,008, reflecting an expanding user base
- Total value locked (TVL): $144 million, denoting confidence in the platform
- 100 verifier nodes as of 2022, supporting the network’s security and decentralization
Comprehensive Overview of Ecosystem Projects
There are over 60 projects operating on the Metis network as of April 2023 as per the official website, with infrastructure being the most crowded sector, followed by wallet and DeFi services. This diverse range of projects demonstrates the platform’s ability to cater to a variety of user needs and interests within the blockchain space.
Some notable projects include:
- Hummus: A friendly fork of the Balancer protocol on the Metis Andromeda network that aims to provide a more efficient and cost-effective automated market maker (AMM) platform. The Hummus Exchange team aims to solve the problem of fragmented liquidity on multiple pools by creating a shared liquidity pool, resulting in deeper liquidity and better trading experiences.
- Hermes: A platform in the Metis ecosystem that aims to maximize capital efficiency by incentivizing fees and providing liquidity to the Metis ecosystem. It is a son platform of MaiaDAO and is designed to improve the efficiency of the Metis ecosystem by providing a more cost-effective and scalable solution for DeFi applications.
- Netswap: The first native decentralized exchange (DEX) on the Metis Andromeda network. It allows users to trade tokens on the Metis Layer 2 network, providing faster and cheaper transactions compared to the Ethereum mainnet.
Detailed Decentralization Milestones
Along with new hackathons and community events, Metis is actively progressing towards full decentralization through various milestones and initiatives:
Community Ecosystem Governance (CEG)
- A voting framework that allows the community to participate in the platform’s decision-making process
- Enables token holders to voice their opinions on project selection, network upgrades, and other essential matters
- Represents a crucial step towards achieving full decentralization and fostering a sense of community ownership
Community Verified Project (CVP) Program
- Designed to increase community engagement and involvement in project selection
- Offers marketing support, social media exposure, and funding opportunities for approved projects
- Six projects are currently CVP approved: Frontier, Slavi, FoxWallet, Tristan Metawallet, Ambire Wallet, and BlockWallet
Comprehensive Future Plans: Metis Andromeda Decentralization
Metis has ambitious plans for the future, focusing on sequencer and governance decentralization. Some key initiatives include:
- Bedrock Upgrade: aims to lower fees even more, making transactions more affordable for users
- Native Infrastructure: features a decentralized sequencer pool that ensures network security and liveness, while sharing revenue with the community
- Hybrid Rollup: a groundbreaking innovation that combines Optimistic Rollup architecture with Zero-Knowledge cryptographic proofs for enhanced scalability, security, and decentralization. This Hybrid Rollup will be implemented using zkMIPS, a novel rollup architecture employing STARK-based provers/verifiers on MIPS, generated by Cannon. The benefits of this approach include:
- EVM Equivalence: offers an easy-to-code-in blockchain for Ethereum developers, simplifying the transition between networks
- Faster transaction finality: reduces the time from 7 days to approximately 4 hours, significantly improving user experience
- Enhanced Security: validity proofs ensure the correctness of off-chain transactions and protect against invalid state transitions
- Increased Throughput: minimal data requirements in transactions reduce congestion on Ethereum and enhance network performance
- Capital Efficiency: enables users to withdraw funds from Layer 2s without delays, improving liquidity
- Decentralization: parallel transaction processing encourages verifier decentralization, ensuring network security, censorship resistance, and decentralization
The extensive use cases, adoption statistics, and ambitious future plans demonstrate Metis crypto’s growing prominence in the layer 2 crypto list, offering an exciting look at the future of blockchain technology.
FAQ About Metis Crypto: Uncovering Key Details
Q: How does Metis plan to deal with the blockchain trilemma?
A: Metis tackles the blockchain trilemma by using Optimistic Rollup technology, which enables the network to achieve decentralization, security, and scalability simultaneously. By offloading smart contract execution and data storage responsibilities to a layer above networks like Ethereum, Metis can provide faster and more cost-effective transactions without compromising on security or decentralization.
Q: How to use Metis Bridge?
A: To use the Metis Bridge, follow these simple steps:
- First, ensure you have Metamask or another compatible wallet installed and set up with both Ethereum and Metis networks added.
- Visit the Metis Bridge website at https://bridge.metis.io.
- Connect your wallet to the website by clicking the “Connect Wallet” button and authorizing the connection.
- Choose the direction of the transfer by selecting either “Ethereum to Metis” or “Metis to Ethereum.”
- Select the token you wish to transfer. For ERC20 tokens, you might need to add the contract address manually.
- Input the amount of the token you want to transfer and click “Approve” to allow the bridge contract to move the specified amount of tokens.
- After approval, click “Transfer” to initiate the token transfer process. You will need to confirm the transaction in your wallet.
- Wait for the required number of confirmations on both networks before the transfer is completed.
- Once the transfer is complete, you will see the tokens in the destination wallet on the respective network.
Please note that there might be a small fee for using the Metis Bridge, and the transaction may take some time to complete, depending on the network’s congestion. At the moment, the official Metis bridge only allows token transfers between its Andromeda mainnet and Ethereum. If you want to bridge from or to Andromeda with other blockchains, try out third-party bridges like Poly Network, BoringDAO, or Relay Chain.
Q: What are Metis RPC details?
A: Metis RPC (Remote Procedure Call) details are the information required to interact with the Metis network. The primary detail you need is the RPC URL, which is: https://andromeda.metis.io/?owner=1088. This URL allows your Metamask or other compatible wallets to connect to the Metis network and perform transactions or interact with smart contracts.
Q: What are the MetisDAO network details required to add it to Metamask?
A: To add MetisDAO’s Andromeda Mainnet to Metamask, you’ll need the following network details:
- Network Name: Metis Andromeda
- RPC URL: https://andromeda.metis.io/?owner=1088
- ChainID: 1088
- Symbol: METIS
- Block Explorer URL: https://andromeda-explorer.metis.io/
Enter these details in the Metamask “Custom RPC” settings, and you’ll be ready to interact with the Metis network through Metamask.
Q: How to buy Metis?
A: To buy Metis tokens, follow these steps:
- Set up a compatible wallet like Metamask, which supports Ethereum-based tokens.
- Add the Metis network to your wallet using the previously mentioned RPC details.
- Purchase Ethereum (ETH) on a cryptocurrency exchange or obtain it through other means.
- Transfer the ETH to your wallet.
- Use a decentralized exchange (DEX) to swap your ETH for Metis tokens.
- Add the METIS token contract address to your wallet to view and manage your Metis tokens.
Q: What are METIS contract addresses?
- Ethereum: 0x9e32b13ce7f2e80a01932b42553652e053d6ed8e
- BNB Smart Chain: 0xe552fb52a4f19e44ef5a967632dbc320b0820639
- Metis Andromeda: 0xdeaddeaddeaddeaddeaddeaddeaddeaddead0000
Q: Where to buy Metis?
A: Metis tokens can be bought on Ethereum-based decentralized exchanges like Uniswap or native DEXes like Hermes, Netswap, and Tethys Finance. You can also buy them on centralized exchanges, such as Coinbase and Kucoin.
Conclusion
Metis stands out among layer 2 crypto solutions because it efficiently addresses the blockchain trilemma by providing decentralization, security, and scalability simultaneously. Its innovative approach allows for faster and cheaper transactions, while still offering a robust ecosystem of tools and features for developers and users. The Metis Andromeda network, along with its compatibility with popular wallets like Metamask, makes it an excellent choice for those seeking a powerful and user-friendly layer 2 blockchain platform.
Metis has demonstrated substantial growth in terms of protocols, total value locked, and community engagement. As more developers and users choose Metis for their blockchain projects, the platform is poised to become an increasingly important player in the layer 2 crypto landscape.
