Metis, developed as a layer2 solution using Optimistic Rollup, went live on the mainnet in 2021, making it one of the earliest layer-2 networks to implement Rollup. In 2024, it underwent an upgrade, combining the Optimistic Rollup architecture with zero-knowledge proof (zk) to form a Hybrid Rollup.
Metis's DAC Architecture
MetisDAO is an open framework built on a layer-2 protocol for creating, managing, and growing Decentralized Autonomous Companies (DACs). It distinguishes between DAOs and DACs, considering DACs as a subclass of DAOs. While DAOs primarily focus on governance, DACs are specifically designed to address the day-to-day operational and management issues of a project. MetisDAO aims to build sustainable, decentralized companies on a high-performance underlying blockchain. It provides an open framework allowing anyone to deploy DAOs or DACs on-chain and operate and manage their own communities, applications, and enterprises.
MetisDAO's services go beyond the DAO level, introducing a standard module to assess individuals in the DAO, including wallets, Reputation Points (RP), various attributes, and basic Optimistic Governance mechanisms. When two individuals collaborate, Metis helps establish connections and trust between them, facilitating the execution of specific tasks.
Metis's Vision
In Metis's vision, they aspire to enable all Web2 applications (such as e-commerce, social media, and search) and various communities to quickly build DApps (Decentralized Applications) on chains like Ethereum, encompassing DeFi and NFTs. They aim to manage collaboration on the community and data computation layers using blockchain-based tools, establishing an efficient Distributed Autonomous Company (DAC). The goal is to simplify and streamline the process of building DApps and managing communities on blockchain.
Metis Funding Information
MetisDAO's funding details reveal that the project secured an investment with a Fully Diluted Valuation (FDV) of 8 billion USD. The total funding amount is 5 million USD, with contributions from investors such as Ralf P. Gerteis, P1X Capital, Waterdrip Capital, DFG, Chain Capital, AC Capital, Block.power, Combinator, Hotbit, SSSnodes, Crasolum, Kernel Ventures, CatcherVC, Jubi Labs, and others.
Metis Team Background
Elena Sinelnikova: CEO and Co-founder of MetisDAO, a nominee for the Best Woman in Canadian FinTech and Blockchain Award. Elena, with a technical background, previously served as a Microsoft Solutions Architect in the Canadian government and law enforcement for over 20 years. She began exploring blockchain in 2015 and co-founded CryptoChicks in 2017 with Natalia Ameline, focusing on blockchain education for women. Before co-founding MetisDAO, she collaborated with Kevin Liu and Yuan Su to develop the precursor of the Metis protocol, the Token Economic Institute, with extensive prior experience working together.
Kevin Liu: Co-founder of MetisDAO, boasting over 5 years of product development experience, specializing in DAO, governance, and decentralized collaboration research. Before joining Metis, Kevin Liu co-founded Token Economy Labs Inc. in 2018, overseeing community development in Canada and the United States. He previously served as Vice President of Strategic Development (November 2011 to September 2015) and Vice President (September 2015 to June 2018) at StarsChina Technology Ltd.
Yuan Su: Co-founder of MetisDAO, serving as Chief Technology Officer and Head of the development team, responsible for building robust technical support to ensure stability and innovation.
Lya Glaentzlin: An attorney with over 30 years of experience in business law, energy, securities, mergers and acquisitions, and a member of the Metis team.
Metis Operating Mechanism
Metis is built on Optimistic Rollup technology, providing advantages such as low gas fees and extremely high processing speed. Beyond that, Metis has implemented technical improvements to address the delay issue in extracting assets from Optimistic Rollup Layer 2 to Layer 1. Users refer to this innovation as "Metis Rollup," positioning Metis as a fork of the Optimistic Rollup project.
The OP Rollup accelerates processing speed by assuming all transactions are initially valid. This assumption allows quicker transaction confirmation, enhancing the overall throughput of the network. In Metis' Rollup architecture, this efficiency is retained, enabling the system to rapidly process a large number of transactions.
Moreover, Metis employs ZKPs Rollup, using zero-knowledge proofs to verify transaction validity. This approach reduces tamperable information, increasing security and enhancing user privacy protection. By combining OP Rollup and ZKPs, Metis Rollup effectively reduces the risks of fraud and erroneous transactions. OP Rollup handles potential dishonest transactions through its fraud-proof mechanism, while ZKPs provide a more secure verification method, ensuring only valid transactions are confirmed.
As a result, the Metis Rollup solution is efficient and secure when processing a large volume of transactions, significantly reducing withdrawal times for users from the initial 7 days to just 4 hours. Additionally, the scalability of the entire system is unrestricted, allowing seamless integration for any EVM-compatible DApp.
Metis Builder Mining Plan
The Builder Mining Plan is central to Metisverse, incentivizing people to use the Metis platform. Users earn rewards based on their contributions to ecosystem development. This plan is designed for projects integrated into the Metis Layer 2 network, generating transactions by sharing a portion of the gas fees collected. This approach reflects the collaborative spirit of Metisverse, where partners collectively build a more robust Web3 world.
Metis Token Model
The maximum supply of METIS tokens is 10 million. In 2021, the initial distribution of METIS tokens accounted for 49.3% of the total supply, including allocations for the "cold start," team, advisor contributions, investor allocations, and ecosystem cultivation, among other areas and communities. The remaining 50.7% of METIS tokens will undergo thorough distribution, including 4.86% for community welfare (including mining plans), 10% reserved for early Rangers mining, and 3% specifically for community development in the upcoming discovery era. A significant portion of the remaining 32.84% is dedicated to transaction-related mining activities during the discovery era.
Metis Market Data
As of the latest data, Metis Network's TVL reached $991 million, with a weekly growth rate of 55.19%. Metis accounts for 4.46% of the total TVL of Ethereum Layer 2 networks, which is currently $222.8 billion. As of January 17, Metis's total market capitalization is $514,616,372.45, 24-hour trading volume is $22,964,625.86, circulating supply is 4,354,321 METIS, with a circulation rate of 80.4865%.
Metis Popular Ecosystem
According to information from the Metis official website, the Metis ecosystem includes over 80 projects. The majority are multi-chain projects like AAVE, Chainlink, and LayerZero, with around 10 single-chain projects such as NetSwap, Maia DAO, and Hummus.
Selected Projects from the Ecosystem
1. NetSwap
Netswap was founded in 2022 and operates as a decentralized exchange on the Metis platform. It employs the same Automated Market Maker (AMM) model as Uniswap but boasts lower transaction fees and faster transaction speeds.
With a Total Value Locked (TVL) of $9.46 million, Netswap stands as the second-largest native project, following Maia DAO. The TVL has surged by 154% in the past week. NETT, its native token, has a total supply of 16,666,667, with a fully diluted market capitalization of $138 million. Its current price is $1.39, marking an impressive increase of over 1020% in the last seven days.
2. Tethys Finance (TETHYS)
Tethys Finance is a decentralized trading and lending protocol on Metis, providing users with a visual representation of their participation in Metis projects and their fund situations for easy asset management.
3. Revenant (GAMEFI)
Revenant is the first decentralized gaming platform on Metis designed for gamers, game developers, and investors.
Revenant has launched the arcade fighting game "Battle of Olympus" on the platform, and the development of Lazarus, a kingdom management game based on NFTs, is currently underway. Revenant has also made external investments in MetaGods, a play-to-earn (P2E) action role-playing game, and Froyo Games, a multi-chain GameFi infrastructure built on Ethereum and Binance Smart Chain.
4. Hummus Exchange (HUM)
Hummus Exchange is a single-sided AMM decentralized exchange on Metis, designed for exchanging stable cryptocurrencies (USDT, USDC, DAI). Hummus eliminates impermanent loss risks for liquidity providers and offers traders ultra-low slippage.
5. Athena Finance (ATH)
Athena Finance was established in 2023 as a decentralized yield aggregator on the Metis network, aiming to maximize returns and streamline the DeFi experience. The platform enables users to deposit stablecoins and earn higher yields from the Hummus platform without the need to collateralize their HUM tokens or worry about accumulating veHUM. Athena Finance launched its mainnet in June of this year.
Summary
Despite Metis showing great potential with TVL comparable to other prominent L2 solutions at this stage, there are significant gaps in terms of funding, project depth, institutional support, and operational testing. It's crucial for investors to approach Metis with caution and patiently await the actual progress of the network, considering that the mentioned initiatives are still in the early planning stages.
For more analysis, please follow Aibit's media account for real-time updates! This article is for reference only, does not represent any position, and is not intended as investment advice. Investment is risky, caution should be exercised.
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