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Metis

Metis is an platform designed for swift and straightforward smart contract deployment within its network. It presents multiple solutions addressing challenges encountered on the Ethereum , such as transaction speed, cost, and scalability. [1]

, , and are the co-founders of Metis.

Overview

Metis is an Ethereum Layer 2 solution offering various products designed for developers, , and users. These products include features such as an bridge, testnet, Graph, and Metis Node, all consolidated into a single platform. The protocol aims to assist developers and enthusiasts in understanding Ethereum Layer 2 development and utilizing advanced technologies. Metis functions as a Layer 2 scaling protocol for Ethereum applications and Dapp developers, focusing on faster and more cost-effective transactions to support the advancement of the Web3 ecosystem. It is accessible to many users, including Web3 proponents and experienced developers, and can be integrated into various projects. [2]

Technology

Metis Virtual Machine (MVM)

Metis incorporates an EVM-equivalent , called the Metis Virtual Machine (MVM), into its rollup solution. The MVM closely resembles the EVM but with enhancements, such as separating computing and storage functions. This design enables easy migration of existing Ethereum dApps to Metis, offering reduced fees and quicker withdrawal times compared to other optimistic rollups. Leveraging Ethereum's Social Graph, Metis ensures consistent addresses across EVM chains, aiding new projects in utilizing user/address metadata to address cold-start issues. [3]

While nearly identical to the EVM, the MVM comprises specific contracts facilitating the OR design and fraud-proof process. The MVM_Verifier contract, for instance, manages fraud-proof verification, removing specific state batches from the State Commitment Chain upon validation of fraud-proof. Despite the EVM's widespread adoption, its dynamic nature poses rollup challenges, necessitating continuous upgrades that may compromise stability in fraud-proof systems like . [3]

Hybrid Rollups

In March 2023, Metis announced the development of the Hybrid Rollup, merging Optimistic Rollups' scalability with security and fast finality. This combination offered a secure solution for Ethereum developers to deploy decentralized applications. [4]

The decision to create Hybrid Rollups stemmed from the desire to enhance user experience by combining the strengths of both optimistic and zero-knowledge architectures. While Optimistic Rollups offer scalability, they have limitations, as do zero-knowledge rollups. By integrating these two approaches, Metis aimed to provide developers with an easy-to-use coding environment while ensuring users' finality, security, and decentralization. [4]

The Hybrid Rollups approach aimed to provide the best of both worlds, prioritizing user and developer experience. By leveraging Optimistic Rollups' architecture for easier coding and Zero-Knowledge Rollups' security and finality, Metis aimed to meet the increasing security standards demanded by in Web3. [4]

Polis

Polis is a middleware program for decentralized autonomous companies (DAC) management, simplifying transition to Metis' Layer 2. It enables developers to create DApps/DACs without specialized coding skills. Polis also facilitates user interaction with DApps, including a wallet client for METIS coin . Additionally, Polis introduces a smart contract domain service as an alternative to the . This middleware protocol supports domain updates, allows smart contracts to execute methods based on the domain, and facilitates domain trading in a marketplace. [5][6]

Identity management presents a significant challenge to decentralized application adoption. To address this, Polis offers an upper-level middleware application manager, providing an authentication service. This service assists app developers in managing user access without integrating wallets. By leveraging traditional authentication methods, Polis middleware enables developers to onboard users seamlessly without needing cryptographic key management. [5][6]

METIS Token

METIS is an token that serves multiple functions within the Metis ecosystem. Primarily, it plays an important role in Metis' Layer-2 solution. METIS tokens are staked by actors known as Rangers to validate transactions when Metis bundles them and sends them to its Andromeda network for processing. These Rangers are responsible for ensuring the validity and authenticity of transactions, and if they engage in malicious behavior, their staked METIS tokens may be slashed as a penalty. [7]

Furthermore, METIS tokens are utilized to pay transaction fees on the Metis Andromeda network, and users can also stake METIS tokens to earn rewards. Metis runs a 'Builder Mining' program, incentivizing member DACs with METIS crypto rewards for each transaction they execute on the Andromeda network. [7]

Tokenomics

The token’s maximum supply is specified at 10,000,000. In 2021, the initial 49.3% of the overall lifetime supply of METIS tokens was created and allocated for the cold launch, team, advisors, investors, and ecosystem/community development. The rest of the tokens were allocated as follows: [8]
wiki

  • 7.00% designated for the Founding Team
  • 4.00% designated for the MetisLab Foundation
  • 1.50% designated for Advisors
  • 1.00% designated for Angel Investors
  • 3.00% designated for Community Star
  • 0.10% designated for Gate io IEO
  • 9.00% designated for Community Development
  • 6.00% designated for Liquidity Reserve
  • 6.00% designated for Airdrop
  • 0.20% designated for Paid Network IDO

Metis DAC

Metis prioritizes community-based governance through its Decentralized Autonomous Company (DAC) model, departing from the typical approach. [9]

In a DAO, decision-making relies on the token holdings of participants, potentially leading to dominance by large token holders and uninformed voting. However, Metis tackles these issues through the DAC model. DAC governance rules are established via smart contracts, mimicking real-world company structures. This framework allows for tailored governance, with particular user groups designated for specific voting rights. [9]

Within the DAC model, two key actors emerge: Commons and EcoNodes. Commons can propose and stake METIS tokens to earn veMETIS , gaining decision-making power. EcoNodes, chosen from existing EcoNodes based on their contributions, possess greater voting weight. [9]

Partnerships

OpenDeFi

In June 2020, Metis announced a partnership with OpenDeFi, a decentralized finance project. Metis, a Layer 2 infrastructure for distributed collaborators, enabled individuals to create decentralized businesses on the blockchain. Through its Layer 2 dApp solution, Metis expedited this process, making it more cost-effective and scalable. The partnership allowed OpenDeFi assets to be utilized on Metis' Layer 2 infrastructure, enabling developers to build dApps with access to insured real-world assets held in custodianship. [10]

“OpenDeFi is building for the long term with its focus on bringing institutional investors to DeFi, and we at Metis are excited to build this future alongside them…Building a stable of high-quality DeFi partners and onboarding them to our Layer 2 platform will help Metis, and amazing partners like OpenDeFi, empower the economy of the future.” - Elena Sinelnikova, co-founder and CEO of Metis.

In June 2020, Metis announced a partnership with , the Apollo-X and Ignition launchpad platform operator. This collaboration allowed the PAID development team to construct the Apollo-X and Ignition launchpads on Metis' Layer 2 infrastructure. As a result, they experienced lower gas fees, increased transaction speeds, and enhanced scalability due to Metis' user-friendly Rollup structure. [11]

Being built on the decentralized Ethereum blockchain, Metis offered PAID Network the highest levels of security, which are absent in centralized sidechains. By adopting the Metis Layer 2 solution, Apollo-X and Ignition leveraged a blockchain ecosystem where transactions cost less than 1 cent and take less than 1 second to complete. [11]

“Our partnership with Metis represents a valuable stepping stone for both our Apollo-X and Ignition launchpad platforms and their respective communities. Metis’ Layer 2 solution, called the Metis Rollup, makes building and running dApps much cheaper and much more efficient, while providing far greater scalability and a higher level of functionality than Ethereum alone can offer. Metis’ Layer 2 solution will allow us to scale Apollo-X and Ignition even further and provide a more cost-effective and efficient user experience for both communities.” - Kyle Chasse, CEO of the PAID Network.

Parsiq

Metis announced a strategic partnership with , a blockchain monitoring and workflow automation platform, before its June 15th Beta testnet launch. PARSIQ acts as a bridge between blockchains and off-chain applications. This partnership establishes PARSIQ as a technical and infrastructural partner of Metis, alongside CasperLabs and Findora. PARSIQ's DeFi-focused partners, including Bagels Finance, OpenDeFi, Asteria, and Rozoj, will benefit from Metis Layer 2 integration. [12]

The integration allows real-time transaction data and monitoring within the Metis Layer 2 ecosystem through PARSIQ's data stream processing service. This enhancement benefits DeFi projects seeking improved market activity analytics and security features. [12]

Conversely, projects supported by PARSIQ will leverage the speed, functionality, scalability, and ease of use offered by the Metis Layer 2 rollup compared to Ethereum Layer 1. Additionally, Metis significantly reduces gas fees, making transactions more cost-effective for projects transitioning from Ethereum. [12]

“Although we see great potential in the Ethereum network, there is definitely room for growth and improvement. What Metis is doing resonates with us, in trying to better the Ethereum Ecosystem and creating tools that people can actually use to build, without having extensive coding knowledge. This is a real project, doing things for real people for the betterment of both users and the ecosystem they are part of.” - Tom Tirman, CEO of Parsiq.

Ethena

On February 28th, 2024, Metis announced a strategic partnership with . The partnership reflects the increasing interest in return-generating assets like "synthetic fiat," which holds significant growth potential. Metis aims to support Ethena in offering high-quality yields and reshaping perceptions of fiat currency and its associated trade-offs. [13]

The alliance between Metis and Ethena seeks to enhance DeFi strategies. Metis, known for its L2 solution, provides Ethena with a robust network to accelerate the adoption of USDe and expand its use cases. As part of the collaboration, USDe will be introduced to the Metis platform alongside Ethena's Shards campaign, offering various integrations and opportunities for users. [13]

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Metis

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March 26, 2024

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