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Metis, which has soared 5 times in 3 months, undoubtedly seized the eyes of the public on the eve of the Cankun upgrade. So, what drove the development of Metis behind this?
This article brings you a comprehensive analysis of Metis from the progress of technology, ecological development flywheel, decentralized sorter, etc., and is committed to letting readers a clearer understanding of the Metis’s ecology.
Hybrid Rollups Introduction
Metisdao is a Layer 2 expansion solution compatible with the Ethereum virtual machine (EVM). Like other Layer 2 solutions, it reduces the pressure of the Ethereum blockchain by packing and sending L2 transactions to the L1 network.
But unlike other L2, Metis uses innovative Hybrid Rollups technology, combining two mainstream blockchain capacity: Optimistic Rollup (OP Rollup) and Zero-Knowledge Proofs Rollup (ZKPS ROLLUP).
OP Rollup handles potential dishonesty transactions through its fraud proof mechanism, and ZKPS provides a more secure verification method to ensure that only effective transactions are confirmed.Therefore, Metis’s Hybrid Rollup effectively reduces the risk of fraud and wrong transactions.
Metis’s Hybrid Rollup makes Metis is both efficient and safe when dealing with a large number of transactions, and the scalability of the entire system will not be limited. Any DAPP compatible with EVM can be seamlessly accessible to Metis.In this way, Metis not only provides users with an efficient and secure trading environment, but also provides a convenient access platform for DAPP developers.
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In the implementation of Hybrid Rollup, Metis hatched the ZKMIPS project to help the implementation of Hybird Rollup: ZKM, ZKM to achieve the security of all virtual machines (VMS) and applications from the CPU level, and support multiple blocks.Chain intelligent contract engine allows developers to simply apply ZKP for development.
ZKM can verify all blockchain and non -blockchain transactions. It can also reduce GAS costs and shorten the withdrawal time of withdrawal. ZKM’s proposal is one of the technical advantages of Metis compared to other L2.
In addition to its Hybrid Rollup technology, the most eye -catching direction in this round of Metis development is its upcoming decentralized sorter.
Decentralized sorter
The sorter is the role of L2 responsible for sorting, organizing, packing, and submitting transactions to the L1 network. At present, most of the L2 projects (including Optimism, Arbitrum) rely on single -sequences to complete the above work, which leads to possible existence.3 risks:
1) Single -point failure.If there is a problem with the attack or technical failure, the entire network will stop;
2) Extensibility issues.A single sorter may be difficult to cope with increasing transactions;
3) The ability of anti -review is low.
In addition to the above -mentioned problems, centralized sorters also allow users to become passive participants in the network without sharing sorters with the public chain.
In order to solve the above problems, Metisdao plans to introduce the Sequence Pool Pond to solve the risks related to centralized sorters and increase the expansion of the network to establish a unique LAYER2 centered on the community.
The advantages brought by Metis’s implementation of decentralized sorters:
1) In the decentralized sorter pool, multiple sorters work together. Any sorter entering the pledge has the right to see the content of the trading pool, and it has the right to deal with the transaction, making it unavoidable to control the single sorter;Improving the speed of transaction processing, and increasing the fault tolerance of the network (even if a sorter has a problem, the network can run normally);
2) Users can become new sorter nodes by pledged the original generation currency Metis, and at the same time allow network participants to supervise the sorter node, which improves the transparency and credibility of the entire system;
3) From the perspective of the sustainable development of the community, node pledge also helps reduce the supply of Metis in circulation, which may have a positive impact on the long -term value of token;
4) The launch of the sorter pool also means that mobile pledge/ pledge will be introduced into the Metis ecosystem. The liquidity pledge has become one of the most important part of the DEFI field since last year.Cake, Metis ecology introduces liquidity pledge can bring more possibilities and $ metis use cases.
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As shown in the figure above, Metis’s Sequence transaction process:
1. Start: Users start trading;
2. Sequencer node: transaction is forwarded to the Sequenceer node of the network;
3. Block generation: Sequence receives transactions and create blocks when the transaction is valid;
4. Final determination: Multi -party calculation (MPC) nodes merge these blocks and forward them to the main chain of Ethereum.
In order to encourage community participation, Metis also provides pledge rewards for sorter nodes, that is, in addition to GAS income (the main income of current sorting), these nodes can also get additional Metis rewards.
This design will encourage more members to participate in the pledge of sorter nodes. On the one hand, it ensures that power will not be excessively concentrated, and at the same time, it also strengthens the concept of decentralization.
Before the decentralized sorter is officially launched, Metis will conduct 3 -phase community testing. At present, the Metis sorter pool has been tested in two rounds. The first round starts from 1.3, which is 27 days.20W users participated, generated a 400W pen chain transaction;
The second round of test participants exceeded 30W users, and the network executed more than 1100W pen chain transactions.For friends who missed the first two rounds of tests, you can pay more attention to the release time of the third round of community testing, and participate in the third round of tests in a timely manner.
Ecological motivation flywheel
On December 18 last year, Metis officially launched MetiseDF (Metis Ecosystem Fund (EDF)) development plan, which aims to allocate 4.6 million Metis to further promote the development and innovation of the Metis system.
Based on the current price of Metis $ 106, the ecological fund is nearly 500 million US dollars, which is the largest ecological incentive fund of all L1/L2 in the past two years.
The distribution of the fund is as follows:
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Sequencer mining: 65.4%(three million $ metis, this part of the funds is used to motivate the mining income of the sorter node and promote community participation)
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Ecosystem funding: 34.6%(1.6 million $ metis, this part of the funds is used to develop, agreement deployment, liquidity provision, incentives for users, etc..
On February 8th, Metis officially announced the launch of the LIquid Stake Blitz plan, which aims to use the MetiseDF ecosystem development fund with a total amount of up to 4.6 million Metis to accelerate the LSD protocol on the Metis network and product growth focusing on LSD.
According to the LIquid Stake Blitz plan, from February 8th to the end of February, the Metis Ecological LSD protocol will initiate proposals in the Metis community governance system and enter the formal voting link in March.
After the vote is over, the limited number of winning agreements can win the right to match the decentralized sorter node (that is, the white list seat), and then obtain a stable node to participate in the qualifications, and can receive 20% of the MRR of the first year.REWARD RATE) mining incentive.
We need to note that the development of the LSD protocol in the METIS ecosystem is very helpful to reduce the pledge threshold on the network.
Unlike the LSD protocol on the Ethereum to reduce the threshold of POS node pledge, the pledge protocol of the Metis ecosystem, such as Enki, reduces the threshold for pledge of sorter nodes.
This gives ordinary users more income opportunities:
1) At least 20%of the mining revenue provided by the ecological fund;
2) The corresponding LSD future tokens of the airdrop reward;
3) Increase Metis’s needs to enable the Metis ecosystem to achieve a positive flywheel effect.
Taking ENKI as an example, the agreement has launched the creation airdrop plan called Fantasy in early February, which will be awarded by 1 million ENKI (10% of the supply) as a reward for community users;
In addition, ENKI also announced that the team will not retain any tokens, and other ENKI tokens, which account for 90% of the total supply volume, will be released in various forms over time, which means that ENKI users can pledge Emetis to semetis by pledged Emetis.Or continue to obtain ENKI revenue through various protocol interactive activities such as Metis/Emetis LP pairing.
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Friends who want to participate can use our biteye’s exclusive invitation:
https://www.web3davincis.com/journeys/projects/enki?ref=0spk8vor
For large-capital entities, they can pledge 20k-100k Metis tokens as nodes of sorters.
For individual users, they can pledge Metis to different LSD platforms to obtain corresponding node revenue. At the same time, pledges can also be circulated and used in the ecosystem.
The pioneer of decentralized sorters, the emergence of the income sharing model, and the development of LSD have given $ Metis a essential difference between $ Metis and other L2 token.
For other L2 native currency, they only have the function of governance and cannot share their income for the holder.
Therefore, we can see that when Metis is empowering income, more people are willing to come in and participate in nodes, drive more tokens to be pledged, further promote the shortage of Metis tokens, and promote further price growth.
And price growth attracts more participants and makes the ecosystem more prosperous.The prosperity of the ecology has made the incentives of sorter nodes stronger, and more people participate in pledge.The entire development process has gradually formed a positive flywheel.
Ecological development status and key projects
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Metis’s current TVL is $ 82.82M. From the changes since the above Metis TVL since 2023, we can see that since the design of the decentralized sorter of 2024 Metis, the TVL on the chain has a significant growth, which proves the community and the market.Outstanding about this direction.
The current key projects of Metis ecology are as follows:
1. ENKI: The first LSD project in Metis ecology aims to simplify and democratize the participation of the Metis sorter node node ecosystem.It enables ordinary investors to get rewards by pledged the Metis Sequenceer node. It is currently in the test network and has not officially launched;
2. HERA Finance: A AI -driven DEX polymer to help users find the optimal transaction price.
4. Ethena: Recently, the hot currency protocol on Ethereum aims to provide anti -censorship for the encrypted world through the USDE, scalable cryptocurrency native solutions.2.28 announced that it will cooperate with the Metis ecosystem.
5. AAVE: The biggest protocol on TVL on Metis is also the largest borrowing agreement in the full -chain.
6. Hermes Protocol: Allows users to perform DEX without slippery point transactions.
7. Net Swap: The first DEX in the Metis ecosystem allows users to conduct fast and low -cost tokens on the Metis network.
8. TETHYS Finance: The first perpetual trading agreement in the metis ecosystem allows users to use up to 50 times leveraged transactions in major tokens and Metis
9. Stargate: A cross -chain bridge, which is developed by the cross -chain interoperability protocol standard Layerzero Labs. Through Stargate, users and DAPP can transfer assets cross -chain between multiple chains.
10. Artemis Finance: A liquid pledge protocol designed for Metis decentralized sorter pools, which is also one of the two LSDs officially announced by Metis officially announced cooperation.Users can pledge their $ Metis tokens on Artemis and get mobile tokens $ Artmetis. They automatically accumulate income and use $ Artmetis to interact on the Metis chain.
11. WAGMI: A comprehensive DEFI solution, its liquidity pool can automatically balance dynamic allocation funds to maximize returns when user transactions.It obtained 200W Grant of the Metis Ecological Fund and announced its cooperation with DWF.
Metis ecological inspiration has just started, which also means that there is an Alpha opportunity, which is worthy of keeping attention.
Summarize
As the first Ethereum Rollup, which adopts a decentralized sorter, Metis provides users and DAPP developers with its unique Hybrid Rollups technology and the decentralized sorter that will be launched.Access to the platform.
With the continuous growth of the Metis ecology, the advancement of multiple key projects and the official launch of subsequent decentralized sorters, under the positive inspiration of its ecological fund, we have reason to believe that the Metis ecology is expected to occupy a place in the competition of L2., Bring more value and opportunities to users and developers.
