What is Metis?
Metis is a Layer 2 Ethereum Scaling solution or an Optimistic Rollup with fast, cheap, easy to use, and scalable features that draws people in. Metis also has a full pack of functions to support dApps moving from Web 2.0 to the Web 3.0 revolution such as yield farming, trading on DEXs, adding more values to the gigantic economy – the economy that is based on the low-cost, short-term contracts.
Metis is a scalable solution that aims to revolutionize how people and businesses collaborate using the Decentralized Autonomous Company – DAC (similar to DAO) in their Layer 2 Infrastructure.
How does Metis work?
Currently, the blockchain technology are facing some Optimistic Rollup Layer 2 problems:
- The Centralized Feature: The standard Layer 2 design structure is usually centralized which causes a lot of struggles that developers need to overcome.
- Finalizing the problems: Determining the problem caused by withdrawing from layer 2 to layer 1 usually takes a long time to conduct.
- Bottleneck problem: The throughput on Layer 2 will eventually be deterred by the centralized stack’s power.
To solve these problems, Metis has implemented a new layer 2 solution with an EVM-compatible virtual machine – Metis Virtual Machine (MVM) to:
Separate computing and storage for ultimate scalability:
- The computing part, including block mining and cross-layer communication, is crucial for scaling up and down the on-chain demand of the Metis ecosystem. This feature also allows Metis to scale horizontally without spending the base infrastructure.
- MVM allows providers to sign up and contribute to the decentralization of the Layer 2 construct. It was not until the providers produced the blocks that the incentive will be revealed.
- DAC charter to govern the operation rules: DAC charter with the innitial settings will be finalized in the first block after genesis. In which, tax rate is the only exception can be reset.
- MVM Layer 2 permission management: Metis introduces a flexible permission system that makes it easy to manage the Layer 2 DAC.
- Special Storage layer based on IPFS to manage confidential data: MVM has a regular storage layer to store blocks and states. However, confidential data will only be accessible outside the DAC using the IPFS technology.
- Significant reduction of the fraud proofing window: Fraud proofing is part of the trade-off. With Metis, the first solution is a pool of sequencers to be random selected to Rollup the state roots and submit the transactions to be dealed with the problem. The second one is L2 Ranger which can sample a range of blocks and validate the state roots. Those solutions are to make the arbitration game fairer and more attractive to the rangers.
- Dynamic sequencer bonds to safeguard the network: Bond is one of the most essential mechanism to deter the sequencers from fraudulent behaviors. MVM introduces the Dynamic Bond Threshold (DBT) to deal with this problem.
- Infinite expansion with microservice framework: MVM supports the basic principles of microservice framework such as automatic payment collection which serves as toolkits to all DACs to complete the mission and visions.
Detailed information about METIS Token
METIS token key metrics
- Token Name: Metis Token
- Ticker: METIS
- Blockchain: Ethereum
- Token Standard: ERC-20
- Contract: 0x9e32b13ce7f2e80a01932b42553652e053d6ed8e
- Token Type: Governance, Utility.
- Total Supply: 10,000,000 METIS.
- Circulating Supply: 2,144,164 METIS.
METIS Token Allocation
- Minted: 47.7%
- Investors: 15.5%
- Community Development: 9%
- Founding team: 7%
- Airdrop: 6%
- Liquidity Reserve: 6%
- MetisLab Foundation: 4%
- Community Star: 3%
- Advisors: 1.5%
- Paid Network IDO: 0.2%
- Gate.io IEO: 0.1%
METIS Release Schedule
METIS Token Use Cases
The METIS token will have these main roles:
- Require deposit to activate the Metis Virtual Machine (MVM) to create a decentralized autonomous company (DAC).
- Staking: Users can stake METIS token to receive rewards from the protocol.
- Staked collateral within the Meta Staking Contract when users intend to build up collaborations with others, which will form the commitment foundation for the Optimistic Governance.
- Any transactions leveraging Metis protocol on layer-2 will use METIS as the gas cost.
- Payment: Users can pay for goods and services offered through Decentralized Autonomous Companies (DACs) built on the Metis protocol.
How to get METIS Token
Users can get METIS token by:
- Mint METIS since Metis mainnet (Q3/2021).
- Staking METIS.
How to buy METIS Token
You can buy METIS Token on DEXs such as Uniswap,…
Alternatively, you can use Coin98 Exchange to swap other tokens for METIS.
Learn more: How to use Coin98 Exchange
How to store METIS Token
You can store METRIS token on Coin98 Wallet with these steps:
Step 1: Open Coin98 Wallet & click Receive on the home screen.
Step 2: Search METIS Token.
Step 3: Click on the correct result.
Step 4: Copy the wallet address and send METIS to this address.
Team, Investors, and Partners
The core team of Metis is shown in this pic below. Click here for more.
Investors of the project are shown as below:
Metis has partnered with many DEXs such as Netswap, DeFi (Debank), NFT such as Metacraft, DAO such as Aragon, IDIA oracle, and many bridges such as Multichain, Relay Chain, Celer, PolyNetwork,…
And many others:
Roadmap and Update
Is METIS a good investment?
This article should give you a deep insight into the project, so there is no financial advice. You should Do Your Own Research before conducting any investment, and be responsible for your own fund. However, Coin98 Insights will provide some notable points of the project to give you the best overview to make your own decisions.
One of the most important solutions for the blockchain trilemma is Metis, a Layer-2 scaling system that employs optimistic rollup technology. Its rollup approach allows developers to execute dapps, conduct transactions, and store data on a layer above Layer-1 blockchains like Ethereum, but its security and settlement qualities are derived from its underlying layers.
Metis’ scalable and cost-effective environment for building and engaging with Web3 applications is made possible by offloading data and execution to a second layer. Metis’ architecture includes the Metis Virtual Computer (MVM), which is an EVM-compatible virtual machine that allows developers to build contracts in an environment comparable with Ethereum.
Those factors make Metis a highly-recommended protocol for users to come and build on.
- Arbitrum: A Layer 2 technology developed by Offchain Labs, a New York-based business, that aims to reduce Ethereum network congestion by changing how smart contracts are approved.
- Boba Network: An Ethereum Layer-2 scaling & augmenting solution. Built on the basis of Optimism codebase, Boba Network implements the Optimistic Rollup technology in addition to providing various innovative features like swap-based onramp, fast exit, cross-chain bridging and other features.
Coin98 Insights hopes you have gained all of the important information about METIS including its features and highlights throughout this topic.
If you have any questions about METIS or want to know more about metis, please feel free to leave a comment below and join Coin98 Community for further discussions about Crypto.
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