What is Metis Andromeda (METIS)?

Introduction

In the blockchain space, the projects and companies that achieve prominence and long-term survival address genuine and immediate user needs, similar to the issue Metis is tackling on the Ethereum network. While Layer 1 has made significant progress, it remains burdened by persistent challenges, such as low throughput, high gas fees, etc., leaving crypto enthusiasts seeking remedies or alternatives. This is where optimistic rollup Layer 2 solutions, such as Metis Andromeda, step in. Armed with the necessary tools for enhanced efficiency and flexibility, they foster intricate collaborative outcomes, effectively implementing a framework involving numerous on-chain operations and necessitating swift responses.

This article explores Metis Andromeda and its unique features. As you read, you’ll learn about the vision behind it and its scalability solution to the Ethereum blockchain. This project is more than just a tech story. It’s about making a real difference. It has changed how we think about scalability and user involvement and created a new era where intelligence and technology come together to solve big problems.

What is Metis Andromeda?

Source: House of Chimera

The term “Metis” has historically symbolized intelligence, wisdom, and strategic thinking, reflecting the team’s vision when selecting this moniker. Metis Andromeda was created to address the need for decentralized collaboration without requiring permissions, making it open for anyone to participate freely. It operates as a hybrid rollup for Ethereum, combining the scalability benefits of an optimistic rollup with the security of Zero-Knowledge cryptographic proofs, serving as a Layer 2 (L2) solution.

L2 is an additional layer built on top of the base layer for example Ethereum, aiming to enhance the blockchain’s scalability and efficiency, which has been a longstanding issue.

Metis Andromeda offers an EVM (Ethereum Virtual Machine) equivalent, which means it can execute smart contracts just like Ethereum’s main network; however, it sets itself apart by executing transactions and smart contracts swiftly. This is achieved by relieving transaction congestion on Ethereum, processing them off-chain, and then recording them back onto the Ethereum blockchain.

Source: Metis

Providing Solutions to the Challenges in Ethereum Blockchain

Before the emergence of Metis Andromeda, the spotlight was more on layer 2 solutions like Arbitrum. However, distinct from other layer 2 approaches, three significant challenges demanded attention. It was these very challenges that ushered in Metis. By delving into its foundational operations and the mechanisms that drive its results, we uncover the key to unlocking scalability, accelerating transactions, and reducing fees. All of this is achieved while upholding the integrity embedded within the Ethereum Blockchain. Let’s dive deep into these challenges:

• Centralized Design: Many implementations replicate a centralized structure from a single sequencer, hampering true decentralization.
• Time-Consuming Finalization: Withdrawing from Layer 2 to Layer 1 takes time, leading to transaction bottlenecks.
• Scalability Constraint: Layer 2 solutions structured around centralized stacks limit scalability, hindering mainstream dApp adoption.

In response to these challenges, Metis ingeniously introduced a sequencer pool model, a foundational concept ensuring decentralization and redundancy. This is further bolstered by integrating a peer network, where verifiers seamlessly become an integral part of the sequencer pool. This model embodies the strength of decentralization, a core principle guiding its design.

Metis speeds up the finalization process by utilizing intelligent teamwork. Rangers operate efficiently together to reach transactional consensus, with the help of the peer network. Verifiers and peer nodes collaborate to thoroughly evaluate transactions and detect fraud. This joint effort speeds up validation, resulting in faster and more efficient withdrawals.

In addressing the volume of transactions, Metis centers on EVM equivalence and decentralization by distributing the network’s sequencing process, thereby facilitating scalability. This approach disperses transaction arrangements across the network, enabling Metis to manage increasing tasks seamlessly, even amid high user demand. Implementing a sequencer pool further safeguards the network from tampering or censorship by any single entity, with the sequencer’s earnings being shared within the community.

Key Terms to Note

There are a range of key terms associated with Metis, and it’s crucial to understand their meanings to gain a better perspective:

Metis Andromeda: The Core Concept of Decentralized Collaboration.

Metis Lab: This is a foundation of the MetisDAO and is responsible for fundraising, research, and development (R&D), operations, and community development.

MetisDAO: They operate under the governance of the Metis protocol and serve as the primary project name, a subset of the decentralized autonomous organization (DAO).

Metis Protocol: A framework designed to manage collaborations, allowing anyone to establish their own DACs in a decentralized manner.

Metis Virtual Machine (MVM): Metis Virtual Machine resembles Optimism’s Optimistic Virtual Machine, adopting OVM to mirror its functionalities and execution methods. This alignment ensures seamless compatibility, enhancing Metis’s performance and execution capabilities.

Rangers: You will encounter these terms frequently in this article, as rangers play a pivotal role in achieving Metis’s core goal of decentralization. Rangers belong to the exclusive DAC called MVN_rangers, tasked with sampling blocks and validating state roots based on transactions assigned by a random DAC. Once rangers finalize their validation, they earn Metis rewards. However, if discrepancies arise and contestation proves them, the validator forfeits their reward and is removed from the MVM_rangers program.

How Does it Work?

The Transaction Process of Metis Hybrid Process

Source: Metis

Imagine you’re sending a transaction within the Ethereum network — buying, selling, or swapping, that’s where Hybrid Rollups come into play, shaping how your transaction gets processed.

The Sequencer acts like a block builder, laying the foundation for what will happen by submitting the block. Think of them as the project managers of the blockchain.

Then comes the Proposer; which takes your transaction and its state into account — kind of like the messenger delivering the important package to the right doorstep.

For the transaction to go smoothly, there needs to be a Prover. Picture them as data magicians. They dig into Layer 1 (L1), gather all the bits and pieces, and create blocks and MIPS programs — the building blocks that make everything tick.

Source: Metis

Zero-Knowledge Proofs then ensure your data is legit without showing all the cards. Once the Prover submits the proof, it’s on the table for everyone to see. But if they don’t show up, the Verifier steps in, like a detective, to make sure nothing fishy is going on. And here is the twist: if the Prover fails to submit the proofs, the Verifier gets to start the fraud-proof process, and the Sequencer might get slashed. It’s like a gentle reminder that everyone’s got a role to play. The transaction is then finalized.

So, bottom line? Metis isn’t just about handling transactions; it’s redefining how blockchain networks collaborate, setting the stage for a new era of trust and teamwork.

Metis Ecosystem

By understanding the Metis ecosystem, we unlock the keys to comprehending not only how Metis Andromeda operates but also the broader implications it holds within the evolving blockchain space. Let’s take a look at key aspects of the Metis ecosystem:

• Users and Developers: Developers are a crucial part of the Metis ecosystem because they foster the growth of applications that offer value to the blockchain and its users. Developers use the platform to execute transactions, deploy smart contracts, and build decentralized applications (dApps). Developers contribute by creating tools, dApps, and services that leverage Metis Andromeda’s capabilities.

• Validators: Participants confirm transactions, maintain the network’s integrity, and contribute to the consensus mechanism. Validators play a crucial role in securing the network.

• Governance: Mechanisms and processes for making decisions about upgrades, changes, and improvements to the platform. This might involve community voting, proposals, and discussions.

• Partnerships: Collaborations with other projects, platforms, or organizations that integrate or build upon Metis Andromeda Partnerships can expand the reach and use cases of the platform.

• DApps and Use Cases: Various applications and projects built on Metis Andromeda showcase its capabilities and address real-world problems.

Features of Metis Andromeda

The team behind Metis has done a great job solving the scalability, accessibility, and high gas fee challenges of the Ethereum Blockchain, thanks to the well-thought-out features of Metis that make these solutions possible.

The features of Metis Andromeda are the specific characteristics, functionalities, and technical aspects that the platform offers its users. These are the building blocks that define the capabilities of Metis Andromeda. Some notable features might include:

Decentralized Autonomous Corporation (DAC)

Source: Metis

If you have been around the crypto scene for a while, you must have heard about DAO, a decentralized autonomous organization. A community that works through rules encoded as smart contracts and decentralizes the decision-making process, allowing everyone’s voice to be heard.

Metis thought to incorporate this into its ecosystem. Still, the team felt there needed to be more to ensure decentralization, build trust amongst the community, and offer a concrete business operation to help the DAO address the actual business operations needed to create value.

It creates a Metis-specific decentralized organization called a Decentralized Autonomous Corporation (DAC), a system entity that supports an organization’s day-to-day operations, including those of large-scale enterprises. Within the DAC, members establish collaborations and relationships based on universal governance principles; they also operate within the DAC’s management framework, rewarding value with profits.

Other features of the DAC are that it allows users to create their own DAC, govern and manage membership, manage multisig safe wallets, make investments collectively, mint tokens and NFTs, and manage payrolls.

No-code Middleware

It’s always been the goal of Metis to ease the onboarding of just about anyone into the Blockchain arena. By creating a no-code middleware, anyone can migrate into layer 2 within minutes, powered by its smart contract templates.

Layer 2 Ethereum Rollup

Metis Andromeda’s core feature is its Layer 2 scaling solution, which enables faster and more cost-effective transactions and smart contract executions compared to the main Ethereum network.

EVM Compatibility

Metis Andromeda is compatible with the Ethereum Virtual Machine (EVM), allowing developers to deploy and execute smart contracts seamlessly.

NFT Bridge and Storage Solution

This feature makes it easy to transfer assets such as NFTs between Ethereum and the Metis Andromeda network. Since Metis offers the solution of reduced gas fees, it’s typically more cost-effective for Metis to move it to Ethereum, but it can also be done reversely, if need be. Additionally, the Metis protocol, using IPFS (interplanetary file system), offers NFT storage.

Low Transaction Fees

Through its Smart L2 upgrade, Metis Andromeda provides users with significantly lower transaction fees compared to other Layer 2 solutions while still maintaining the security of Ethereum.

Peer Node Support

Metis Andromeda’s network architecture includes support for peer nodes, enhancing network reliability and performance through decentralized validation and consensus.

Community Validator Program

The platform involves the community in the validation process, promoting decentralization and network security.

Smart Contracts

Developers can deploy and interact with smart contracts on Metis Andromeda, offering various possibilities for creating decentralized applications.

Enhanced Security

The implementation of validity proofs plays a crucial role in ensuring the accuracy of transactions carried out off-chain. These proofs are designed to stop operators from making unauthorized changes to the system’s state.

Koris

In the preceding sections, we established that Metis transformed the concept of DAOs into DACs to evolve the shortcomings of a DAO into a more useful infrastructure for decentralized entities. DACs go a step further by addressing the operational aspects of decentralized businesses. Koris, on the other hand, is the first-of-its-kind system designed to meet the unique needs of DACs by offering a suite of tools that cater to the daily operations of decentralized corporations, including task management, community engagement, payment processing, and internal decision-making.

Through Koris’ technology and suite of tools, it is evolving a decentralized workforce and achieves this by blending the best of Web 1, 2, and 3. Moving away from a system where creatives relied on big corporations like X (previously known as Twitter), Facebook, YouTube, etc. to share revenue generated from their contributions on the platform. Koris envisions a world where content creators have autonomy over their work and can enjoy control over the revenue from their hard work rather than a handout from these big centralized corporations.

Further, Koris addresses a wider spectrum of audiences than just content creators. Its offerings also target Web3 founders, core members, contributors, job seekers, and even Web2 companies looking to transition into the decentralized space. By utilizing smart contracts and innovative features, Koris aims to enhance the efficiency and transparency of managing decentralized organizations.

Features of Koris

One of the key features of Koris is its focus on facilitating various aspects of DAC management, each aspect paves the way for effective coordination, seamless operations, and improved decision-making within DACs. Other features of Koris include:

• Treasury Management: By leveraging the Gnosis Safe infrastructure, Koris helps manage funds securely within DACs.
• Gasless Transactions: The integration of BLS Wallet enables smooth transactions without gas fees.
• Community Integration: Koris seamlessly integrates with Discord to facilitate easy onboarding of communities.
• Task Management: The platform assists in creating, modifying, and assigning tasks to different individuals, streamlining workflow.
• Payment Management: Koris enables hassle-free payments for completed tasks, enhancing accountability.
• Governance Tools: Internal organizational decision-making is made more efficient through dedicated governance features.

Further, the connection between Koris and Metis is vital because they both share similar goals — that is helping decentralized projects grow. Koris looks ahead to a future where people from all walks of life can easily create their own DACs on its platform. This means everyone, from big Web3 companies to new players on the scene and even folks who just want to start their own communities, can get in on the action. This cool approach opens the door to lots of chances for all sorts of groups to join in on the decentralized economy.

But it doesn’t stop there. Even traditional Web2 companies can utilize Koris to transition their operations into a decentralized model and build communities around their business goals.

Metisverse

The Metisverse is an expansive ecosystem powered by the Metis project, growing in tandem with its community and built on a foundation of collaboration and shared goals. The Metisverse envisions a thriving Web3 world where builders play a pivotal role in its development. By offering a robust, low-cost, high-speed, and highly scalable Layer 2 infrastructure, Metis empowers projects within its ecosystem to achieve remarkable feats and drive exciting growth. This collaborative effort seeks to redefine the boundaries of what’s possible in the digital realm and set the stage for a dynamic Web3 landscape.

Key Features of the Metisverse

• Builder Mining Program: Central to the Metisverse is the Builder Mining Program, which incentivizes people to use the Metis platform. They get rewards based on how much they contribute to the ecosystem’s growth. The program rewards projects that integrate into the Metis Layer 2 network and generate transactions by sharing a portion of gas fees collected from transactions. This approach aligns with the collaborative spirit of the Metisverse, where partners collectively build a stronger Web3 landscape.
• Decentralization: Koris plays a pivotal role in the Metisverse by championing decentralization. It provides essential tools for businesses and organizations to harness the potential of smart contracts. Koris is tailor-made for decentralized companies, offering a platform that fosters excellence within the Web3 space. This commitment to decentralization is a cornerstone of the Metisverse’s ethos.
• Governance through Community Ecosystem Governance (CEG): The Metisverse emphasizes community empowerment through its Community Ecosystem Governance (CEG) framework. This decentralized voting mechanism empowers community members and developers to actively influence decisions within the ecosystem. By giving a voice to those invested in the Metisverse’s growth, CEG strengthens the connection between governance and community engagement.
• Funding Opportunities with Metis Grants: The Metis Grants program offers funding for projects deployed on the Andromeda chain. Through microgrants, new projects can access funding and support to kickstart their projects. These grants set the stage for growth, with the potential for increased allocations based on project performance. Builder Mining Rewards further enhance these opportunities.
• Ecosystem Development Grants: With grants tailored for new projects launching on the chain, Metis shows its commitment to the growth of Web3. These grants open doors for impactful initiatives. Builder Mining Rewards are a core component of these grants, encouraging continuous exploration and development.

Metisverse Ecosystem

The Metisverse ecosystem houses the best of innovation, decentralization, and growth, which shapes the future of Web3. It’s a place where projects, businesses, and communities come together to drive change and create a vibrant digital future.

The following are a few of the remarkable projects in the Metisverse ecosystem:

• Layer 3: Empowers user engagement with interactive experiences for growth
• AAVE: Offers a non-custodial liquidity protocol for earning yield on DeFi assets
• Hummus: An automated market maker designed for stable cryptocurrency exchanges
• Hermes: A capital-efficient automated market maker (AMM) with low slippage trades on Metis
• QiDao: A decentralized stablecoin protocol functioning on collateralized debt
• Chainlink: Provides tamper-proof inputs for advanced smart contracts
• Tethys Finance: A platform fulfilling diverse trading needs on Metis
• Netswap: This is a decentralized exchange (DEX) running on Metis Andromeda
• Hera Finance: A multichain DEX aggregator with a wide range of tokens
• Stargate: Facilitates cross-chain token transfers between blockchains where innovation knows no bounds and the Web3 future is being created together

What is METIS Token?

METIS tokens pay transaction fees on the Metis Andromeda network; users can stake them for prizes. Metis also runs a ‘Builder Mining’ program in which member DACs receive METIS crypto rewards for each transaction they complete on the Andromeda network. Additionally, the METIS token is necessary to persuade rangers to act responsibly. Metis relies on Rangers to ensure that transactions are authentic and not fraudulent when bundled and sent to its Andromeda network for processing.

To validate transactions, Rangers must stake (lock up) METIS tokens. If they engage in harmful behavior, their stake will be slashed (deducted as a penalty). It is a critical component of the Metis crypto ecosystem. For starters, it is an essential component of Metis’ Layer-2 solution.

METIS Tokenomics

The ideology behind this project is community-focused, which is aptly translated into how its token economy is structured. The objective is a collaborative pool of resources by community members, and the proceeds from the project’s growth are shared amongst the community members, including developers that build on Metis Layer 2 infrastructure. This is done as a way of incentivizing value creation in the blockchain ecosystem.

METIS has a maximum supply of 10 million tokens The initial issuance of METIS tokens in 2021 was 49.3% of the total supply, covering areas such as the “cold launch,” team allocations, advisor contributions, investor allocations, and the nurturing of the ecosystem and community.

The remaining 50.7% of METIS tokens will be thoughtfully allocated as follows: 4.86% is designated for community benefits, encompassing mining initiatives; 10% is reserved for early-stage Rangers mining; 3% is earmarked for community development during the forthcoming Discovery Age; and a significant portion of 32.84% is dedicated to transaction-related mining activities during the upcoming Discovery Age phase.

Source: Switcheo

Is Metis Andromeda (METIS) a Good Investment?

Integrity is a key measure of a team’s worth. The Metis team has demonstrated trustworthiness by fulfilling the majority of the promises made on their roadmap and building a resilient and innovative L2 project. Also, the token economy of Metis is community-driven and prevents price manipulation by select individuals, thus providing a fair playing field for investors and users through a DAO.

Furthermore, Metis Andromeda addresses one of the most pressing issues in the blockchain space which is scalability, thereby, signaling long-term viability. Its Layer-2 solution offers faster and more cost-effective transactions than the main Ethereum network. As blockchain adoption grows, solutions that can handle increased transaction volumes become increasingly valuable.

Conclusively, extensive due diligence and risk assessment are required before making any investment decision, particularly in cryptocurrency. Also, it is essential to speak with a financial expert before making any investment decision.?

How to own METIS

You can buy $METIS from both centralized and decentralized exchanges. For example, Gate.io offers traders different trading pairs: METIS/USDT and METIS/ETH. To own the token, create a Gate.io account, and complete the registration process. Also, you need to fund your spot trading wallet and go through the steps to buy $METIS.

Highlights

Let’s take a look at the latest highlights from the world of Metis:

• Growing Wallets: The Metis community is on fire! After hitting the 100,000 wallet mark in 2023, the journey toward 500,000 wallets this year is well underway. In July, a significant milestone was crossed, with the wallet count soaring past 400,000. A big shout out to the dedicated teams, developers, and contributors propelling this growth.
• DeFi Boost with Hummus: DeFi enthusiasts, listen up! Hummus Exchange has introduced Balancer’s variable pool, dApp, enabling smoother and more efficient trading of assets like ETH, BTC, and METIS. It’s like taking your trading experience to the next level.
• ZKM’s Grand Reveal: July was the month of revelation for the MetisDAO Foundation’s fresh EcoNode, ZKM. This innovative addition is all about zero-knowledge proofs for Hybrid Rollup architecture, granting instant transactions and maximum security on the Ethereum platform. What sets ZKM apart is its role as the secret ingredient enhancing Ethereum’s speed, affordability, and security. Unlike traditional zero-knowledge projects, ZKM doesn’t have its own network; instead, it elevates Ethereum’s performance.

Take Action

Check out METIS price today and start trading your favorite currency pairs:

• METIS/USDT
• METIS/ETH