MetisDao – Best Ethereum Layer 2 Solutions

The scaling problem of Ethereum was taken care of very early on, for reasons of gas fees and Transaction per Second (TPS), solutions were born one after another. In which layer 2 (off-chain solution) is especially noticeable. The feature of Layer 2 is that it is built on Layer 1 and inherits the security from Ethereum. They are capable of processing more transactions, reducing costs, and have faster transaction confirmation speeds than Layer 1.

Some off-chain scaling solutions such as Channels, Sidechain, Plasma, Rollups. MetisDao is also a layer 2 solution of Rollups (Optimistic Rollups) that helps take operations off the sub-chain to reduce the load on the main Ethereum network and reduce transaction fees for users.

What is MetisDAO (METIS)?

MeticsDao is a layer 2 scaling solution that solves the six problems of Ethereum: Simplicity, speed, storage, scalability, security, savings.

The Metis project integrates the Decentralized Autonomous Company (DAC) in its Layer 2 infrastructure, making it easy for any developer, builder, or community leader to build apps and their communities. It also makes it easy to use the pre-set tools to facilitate their development, manage collaboration, and enjoy the network effects of the world’s largest decentralized finance ecosystem, without the costs and bottlenecks normally associated with Ethereum.

Website Metis: https://www.metis.io/ 

How Does MetisDao Work? 

To understand Metics we first need to understand rollups, Optimistic Rollups, and how it works because MetisDao has to build and develop based on Rollups (Optimistic Rollups).

Rollups are smart contracts that serve as a ‘liaison’ between the main L1 chain (Ethereum) and the L2 (Metis). Essentially, rollup solutions work by moving transaction computation off-chain (from L1 to L2). After transactions are executed, L2 will ‘roll up’ transaction data into a block. This block will then be sent back to the L1 chain for verification. As such, the L1 chain is typically known as the consensus layer, whereas L2 is known as the execution layer.

Optimistic Rollups as liaison with use fraud proofs, meaning a new state is deemed valid unless proof of fraud is submitted to the blockchain within a certain period of time. In addition, Optimistic Rollups uses an Ethereum-compatible virtual machine called OVM (Optimistic Virtual Machine). This allows projects to adopt Optimistic Rollups more easily.

With this kind of Rollup, L2 runs parallel to Ethereum, and transactions are written to it as call data. This reduces gas costs. Also, Optimistic Rollups offer improved scalability because they don’t do computations. They merely notarize transactions. Since they don’t do computations, fraud proofs must ensure that transactions are legitimate, L1 is the consensus layer and L2 is the execution layer.

Outstanding Features

What is the project trying to achieve?

Metis’ goal is to make building dApps and DACs on its platform so easy to do, even total blockchain novices can make it happen in a matter of minutes. Metis is a decentralized economy platform to start, run, and grow any decentralized app, business, and community on the blockchain with ease and scalability.

What is the unique selling point?

Metis Virtual Machine (MVM)

MetisDao designed and implemented a layer-2 solution and Ethereum-compatible virtual machine (called the MVM) based on Optimism’s Optimistic Rollup and Virtual Machine (OVM) designs. Include new features, differentiating it from Optimism.

• Multiple VMs and sequencers
• Middleware framework containing developer templates, API, and modules to facilitate application development
• Applications built on Metis are considered Decentralized Autonomous Companies (DACs) that can set up independent VMs, manage access and organization roles, decide data storages of confidential or non-confidential information, and determine templates and fee rates

Building Dapps And Administering Them On Metis

Separation of Computing and Storage The Metis Virtual Machine (MVM) introduces the concept of Decentralized Autonomous Companies (DACs). DACs are independent entities in the system, similar to DAOs, that can represent enterprises that perform many of their day-to-day operations over the platform. When a new DAC is deployed on the system, a new storage layer is specifically created for it. Each DAC has an independent storage layer with a view of its on-chain interactions.

In the future, MetisDao will aim to connect people anywhere, sharing a decentralized economy with Metis and countless utilities.

Fraud Prevention

In aligning everyone’s interests, MetisDao incorporates a bonding system. When a proposer on L2 submits the block of state data to the L1 chain, it needs to post a bond (lock up $METIS).

If fraud is proven, proposers lose access to the bond, which goes to those who did the fraud-proof instead. Thus, proposers get penalized for conducting fraud while verifiers are reimbursed for proving fraud.

Security And Decentralization

And with Ethereum as its L1, Metis’ level of security and decentralization is equivalent to Ethereum’s and is much higher than that of alternative L1s such as Solana, Fantom, or Harmony. Besides, implementing Optimistic Rollups transactions are distributed more evenly, allowing Metis’ L2 to be highly scalable, fast, and low-cost as compared to Ethereum’s slow and expensive L1.

Roadmap

MetisDao in 2021 has been very active with alpha testnet, IEO listing Uniswap, Gate.io in May, and mainnet versions in October. In November, Metis launched Andromeda Layer 2 Network to officially be in use and not yet available. support projects to build decentralized applications, etc.

Then there is the launch of bounty program packages to reward those who discover bugs for the project to further improve the products and contribute to the future development of the project. Prizes up to $1,000,000.

MetisDao has many benefits when participating in layer 2 of MetisDao

Technical Data

Token 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: 2,909,688.36 METIS.

You can update the price of METIS Token on Coincu.com right at Here

Token Use Case

The MetisDao token (METIS) has three key roles within the Metis layer-2 protocol:

• Require deposit to activate the Metis Virtual Machine (MVM) to create a decentralized autonomous company (DAC)
• 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

Token Allocation & Token Release Schedule

The initial distribution of METIS is as follows:

• Founding Team: 7%, locked for 6 months, then 12.5% quarterly for 8 quarters
• MetisLab Foundation: 4%, of which 10% will unlock at the TGE, then 11.25% quarterly for 8 quarters
• Advisors: 1.5% of which, 5% will unlock at the TGE, then 11.875% quarterly for 8 quarters
• Angel Investors: 1%, of which 5% will unlock at the TGE, then 11.875% quarterly for 8 quarters
• Seed Investors: 6% of which, 10% will unlock at the TGE, then 22.5% quarterly for 4 quarters
• Private Investors: 7% of which, 10% will unlock at the TGE, then 22.5% quarterly for 4 quarters
• Strategic Investors: 1.5% of which, 10% will unlock at the TGE, then monthly vesting for 12 months
• Community Investors: 3% of which, 10% will unlock at the TGE, then monthly vesting for 12 months
• Gate.io IEO: 0.1% (no vesting)
• Paid Network IDO: 0.2% (no vesting)
• Airdrop: 6% reserved for multistage operational airdrops
• Liquidity Reserve: 6% used to maintain transaction pair liquidity on DEXs
• Community Development: 9%, of which 6% will be released based on required tasks for the first 12 months, while the remaining 3% will be released over the following 12 months (Year 2)

Ongoing Emissions the remaining 47.7% of the supply will be minted over ten years to support the protocol’s transaction mining program. About 31% of this total (1,486,400) will be released in the first year following Metis’ mainnet launch. The remaining 69% will be emitted over the course of the following nine years.

Token Sale

You can trade METIS on CEX or DEX: Gate.io, Uniswap, Pancakeswap…

Price today: $140.22

ATH: $320

More information at: https://coincu.com/currencies/metis-metisdao/

Market and Community

Market

Defi demand grows leading to the gas fee situation, TPS is not able to satisfy users on the Ethereum network. So needing scaling solutions to solve the problems Ethereum faces, this is time layer 2 comes in.

Community

The project has 123.5K Followers on Twitter

Backers

Team

Partners & Investors

Verdict

MetisDAO’s aims are clear: to address key flaws or weaknesses in the blockchain ecosystem. Every L2 project seeks a network capable of processing a high number of transactions per second in an inexpensive and timely manner while maintaining the security of the Ethereum network.

When it comes to broad acceptance, a plethora of initiatives focus on users. Few, however, are focusing on traditional business models and how to facilitate their integration into the blockchain realm.

MetisDAO combines both goals in a project that aims to be the leader in the domain of L2 solutions. It will only be a matter of time until we learn the ultimate outcome

Find more information about Osmosis:

Website: https://www.metis.io/

Twitter: https://twitter.com/MetisDAO/followers

Telegram: https://t.me/MetisDAO

If you have any questions, comments, suggestions, or ideas about the project, please email ventures@coincu.com.

DISCLAIMER: The Information on this website is provided as general market commentary, and does not constitute investment advice. We encourage you to do your own research before investing.

Alan

Coincu Ventures