Metis Ecosystem - Time To Speed Up

Recently we have seen the rise of Layer 2 on Ethereum. Typically, ecosystems follow Optimisc Rollups technology, which is Abritrum and Optimism. Currently, the TVL of these two projects is $2.62 billion and $1.51 billion, respectively. If you have missed the above two ecosystems, then MetisDao will be a third chance. And in this article, I will show you the highlights of MetisDao.

What is Metis Ecosystem?

Metis Ecosystem is an Ethereum Layer 2 Rollup platform that offers simple and fast smart contract deployment within the network. Metis provides several solutions to solve the big challenges we face in the main net Ethereum, including transaction speed, cost, and scalability.

What are Rollups?

Rollups are smart contracts that serve as a ‘liaison’ between the main L1 chain (Ethereum) and the L2 (Metis).

Rollups help aggregate transactions and stack them into a single block. Rollups allow thousands of transactions to be grouped into an aggregate block. Rolls is capable of providing 100 times the throughput because publishing a summary of the data transmitted outside of Layer 1 is less burdensome and cheaper than storing and computing on Layer 1. The summary data is still secured on Layer 1 (Ethereum) without computation and fully stored on the Ethereum chain. Rollups can also help with scaling because the bundle can handle transactions off the main chain.

How do Optimistic Rollups work?

The block creator aggregates (Rollup) transactions and posts those data to Layer 1 with a signature. The state transitions are correct when it is proven to be fraudulent. When an incorrect state transition is published, miners and users can revert the incorrect block and sever any links of fraudulent exploits. In addition, to prevent miners from censoring anyone, the smart contract accepts transactions directly from the user. Even hackers cannot legally prevent users from withdrawing their funds.

With Optimistc Rollups, users can detect and report fraud by looking at the data available on Layer 1.

Highlights of Metis Ecosystem

Dapp Building and Administration become Easy on Metis

Metis integrates the Decentralized Autonomous Company - DAC model inside their Tier 2 infrastructure. DAC is similar to DAO (Decentralized Autonomous Organization). This helps programmers and community members to easily build the application Dapps. MetisDao also makes the use of pre-installed tools easier to manipulate, thereby promoting development and managing collaborative relationships.

Metis is geared towards non-crypto users and doesn't know too much about coding smart contacts. You can create your DEX, Yield Farm, Launchpad, NFT Minting, and NFT Trading.

All you need to do is create an account on Metis, once you have an account, you can deploy smart contract

Have a plan to prevent technology and security risks

Metis focuses on the speed and safety of the entire ecosystem. Therefore, Metis always has a plan to deal with technology and security problems with many Sequencers and even Layer 2 Reangers, who will be motivated to act as auditors. This will ensure high security and speed for both transactions and withdrawals on or from Metis.

Highlights of Metis compared to other Layer 2

Metis allows you to build your projects or businesses on Ethereum with:

The gas fee is cheap, specifically sending ETH is about 0.02$, and Swap Token is about 0.15$.

Transaction speed is fast, only 2 seconds, and especially Metis' ability to withdraw from Layer 2 to Ethereum only takes a few hours or just a few minutes. Whereas Optimism takes 7 days.

High security is inherited from the Ethereum network. Storing data on Metis itself, instead of having to store data on Ethereum, costs nearly 1 million dollars. Fully compatible with Ethereum Virtual Machines (EVM)

Ability to build simple no-code smart contact applications based on pre-developed templates.

Metis Ecosystem Projects

Currently, Metis ecosystem is geared towards the Defi segment, so I will only mention the Defi array in this article.

Hummus Exchange

Hummus Exchange protocol is a single-side and decentralized AMM designed for exchanging stable cryptocurrencies on the Metis blockchain.

Highlights of Hummus Exchange compared to old AMMs:

Elimination of impermanent loss risk for liquidity providers
Single-sided liquidity provision
Ultra-low slippage for traders
Capital efficiency
Easy scalability of liquidity pools with new tokens

Special, The Metis Foundation has committed 54,000 Metis tokens to bolster Hummus and its innovative offerings.

Netswap

Netswap is a DEX fork from Uniswap but has Launchpad mode and includes basic features like Swap, Trading, Staking, and Farming.

According to the project's roadmap in the future, there will be more products such as NFT Marketplace, Prediction Market, Limit Orders, Leverage Swap, and Lottery.

Token Utility của Netswap đó là Modifications to liquidity pools, Activating the swap mining program, stake to participate in the launchpad, and proposals for more use cases.

HermesOmnichain

HermesOmnichain is a DEX developed with a centralized liquidity mechanism similar to Uniswap v3. In addition, the project also develops a tick-oriented tokenomic model (3,3). It can be said that Hermes is a fork from Andre Cronej's product Solidly.

Hermes Protocol allows low-cost, near 0 slippage trades on uncorrelated or tightly correlated assets. The protocol incentivizes fees instead of liquidity. Liquidity providers (LPs) are given incentives in the form of HERMES, the amount received is calculated as follows; 100% of weekly distribution weighted on votes from veHERMES holders.

HeraAggregator

Hera Aggregator is a project that is constantly being developed and spans the entire crypto ecosystem. By accessing many chains and the liquidity resources within, it can offer swap transactions that provide the maximum return to users.

The project is still in development. HeraAggregator is the first winning project in the CEG event series.

HeraAggregator is considered the key player in Metis Ecosystem.

Conclusion

Metis has not received much attention from the community but this is the motivation for the project team. This can be seen as a $100 million incentives package from Metis, which is a sign of the seriousness of the Metis team when it comes to competing directly with Optimism and Abritrum.

Metis FAQ

Why Metis?

Low-cost TX (Starting end of Q1 with the launch of Metis storage layer, gas fees will drop to just cents
Fast TX speed, faster than your web browser can process!
Builder Mining Program: 30% of all TX revenue kickbacks go-to partners via Builder Mining
No-code middleware
DAC infrastructure will enable ANY company in the WORLD — blockchain or non-blockchain, to form a decentralized business on our network
Fully decentralized/community-governed as of Q3

How to buy Metis?

Metis is not listed on the Binance exchange yet. You can buy Metis tokens through other exchanges like Coinbase, Gateio, Kucoin, and Gemini.

Why an Optimistic Rollup instead of a zK Rollup?

Optimistic has general EVM computation that Zk Rollups do not. In addition, zK Rollups currently create a “walled garden” effect, making it difficult for many developers to launch their DApps. By contrast, Optimistic Rollups such as Metis enable developers to integrate in a fast, cheap, and easy manner, thanks to EVM Equivalence.

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