What is MetisDAO? All You Need to Know About METIS

MetisDAO (METIS) is a blockchain-based platform focused on decentralized autonomous organizations, enhancing scalability and functionality.

In the dynamic blockchain landscape, the urgency for scalable solutions is increasingly evident. Ethereum, as a forefront blockchain platform, frequently encounters challenges like elevated transaction costs and network congestion. This scenario highlights the necessity for proficient Layer 2 scaling solutions. These solutions function atop the Ethereum mainnet, offering swifter, cost-effective transactions by processing activities off-chain prior to their finalization on the mainnet. Tackling these pivotal issues, MetisDAO (METIS) stands out. It introduces a groundbreaking Layer 2 framework, specifically designed to augment Ethereum’s scalability and operational efficiency, thereby revolutionizing how transactions are conducted in the Ethereum ecosystem.

What is MetisDAO (METIS)?

MetisDAO (METIS), co-founded in 2019 by Elena Sinelnikova, Kevin Liu, and Yuan Su, officially launched on November 17, 2021. Sinelnikova, a seasoned expert in blockchain and cybersecurity, previously founded the blockchain educational hub Crypto Chicks in 2017. Liu, with a background in investment and strategic development and an MBA from the Chinese Academy of Sciences, and Su, a computer science graduate with an MBA from the University of Toronto and former IBM software engineer, brought diverse expertise to the project.

Despite not having initially prominent figures, MetisDAO’s team, part of Genesi DAC led by Natalia Ameline, Vitalik Buterin’s mother, boasts significant industry connections and support from various companies, including Gate.io labs, AU21 Capital, and Master Ventures.

Metis Andromeda, an Ethereum Layer-2 blockchain developed by Metis Labs, originated as a hard fork of Optimism. The mainnet launched in November 2022, marking a key development in Ethereum’s scalability. Metis Labs, in collaboration with Genesi DAC, has also introduced a grant program to support builders on Metis Andromeda, demonstrating a strong commitment to enhancing Ethereum’s capabilities.

How Does MetisDAO Work? Rollup Platform and DAC

MetisDAO revolutionizes Ethereum transaction processing and smart contract deployment on its Layer 2 platform. Its foundation is the Optimistic Rollups technology, which aggregates multiple transactions into a single one for efficient processing on Ethereum. This Layer 2 solution not only expedites transactions but also reduces costs by leveraging Ethereum’s robust security and decentralization features.

A standout feature of Metis is its approach to data storage. Unlike conventional Layer 1 solutions where most data is stored on-chain, Metis stores the bulk of its transaction data off-chain, significantly cutting storage costs. The minimal essential data is kept on Layer 1, with off-chain data managed in Memo Labs for greater efficiency.

Metis is also developing a groundbreaking Hybrid Rollup, combining optimistic rollup architecture with zero-knowledge proofs, announced on March 2, 2023. This hybrid approach aims to foster a secure and developer-friendly Layer 2, ideal for diverse decentralized applications.

The platform offers a suite of tools and services to address Ethereum mainnet’s challenges like speed, cost, and scalability. These include the Metis Virtual Machine (MVM), compatible with Ethereum’s Virtual Machine but offering superior speed, cost efficiency, and user experience. Metis’ solutions, such as NFT Bridge, Oracles, Nodes, Data Indexers, and SubGraph, cater to various blockchain development needs.

Furthermore, Metis’ ambition extends beyond mere transaction speed enhancements. It seeks to address the scalability trilemma, balancing security, scalability, and decentralization. The protocol is designed to create a conducive environment for apps, businesses, and the DAO community’s growth, leading to the concept of Decentralized Autonomous Companies (DACs), an integral part of MetisDAO’s framework.

Source: metisdao.foundation

Decentralized Autonomous Company (DAC)

MetisDAO is revolutionizing the decentralized application (dApp) landscape by integrating the Decentralized Autonomous Company (DAC) framework into its Layer 2 infrastructure. This integration facilitates a seamless transition from traditional Web 2.0 to the decentralized Web 3.0, supporting both the development and management of new and existing dApps.

Contrary to the conventional focus of DAOs on governance and voting, Metis redefines DAOs as fundamental units essential for the operation and management of decentralized applications or businesses. The DAC concept introduced by Metis addresses the challenges of building trust and managing decentralized collaborations, essential for the daily operations of organizations in a decentralized context.

Metis tackles the limitations of existing Layer 2 solutions—such as centralization, transaction finalization delays, and scalability issues—through the Metis Virtual Machine (MVM). The MVM, an EVM-compatible virtual machine, distinctly separates computing and storage, offering scalability and cost-efficiency. Each DAC within MVM operates in its unique Layer 2 environment, ensuring dynamic resource allocation and dedicated storage.

Furthermore, MetisDAO expands the functionalities of DACs beyond governance, encompassing roles like payroll, project management, and HR, thus aligning them more closely with traditional business models but in a decentralized framework. This approach empowers employees with a “try-before-you-buy” experience and greater involvement in company decision-making processes.

MetisDAO’s innovative DAC framework marks a significant advancement in the realm of decentralized organizations, offering more practical and inclusive structures for managing decentralized applications and businesses.

MetisDAO Use Cases

MetisDAO, with its innovative Layer 2 solutions and Decentralized Autonomous Company (DAC) framework, presents several compelling use cases:

• Decentralized Finance (DeFi) Applications: Leveraging its scalable infrastructure, MetisDAO enables DeFi applications to operate with higher efficiency and lower costs. This includes platforms for lending, borrowing, and yield farming, which can benefit from MetisDAO’s faster transaction processing and reduced gas fees.
• Enterprise-Level DACs: MetisDAO’s unique DAC framework allows for the creation and management of large-scale, decentralized organizations. This includes functionalities like payroll, HR, and project management, providing a decentralized alternative to traditional corporate structures.
• NFT Marketplaces and Bridges: The platform’s efficient Layer 2 solution and tools like the Metis NFT Bridge facilitate the creation of NFT marketplaces. This allows for smoother and more cost-effective minting, buying, and selling of NFTs, connecting different blockchain networks.
• Data Management and Oracles: MetisDAO’s infrastructure supports robust data management solutions and the integration of oracles. This is crucial for projects requiring real-time data from external sources for smart contracts, enhancing the reliability and functionality of decentralized applications.

MetisDAO offers efficient Layer 2 solutions and a unique Decentralized Autonomous Company (DAC) framework. It enhances DeFi applications with low-cost transactions, supports large-scale decentralized organizations, facilitates NFT marketplaces, and provides robust data management and oracle services. This makes MetisDAO a key player in advancing the decentralized blockchain ecosystem.

Source: metis.io

What is the METIS Coin?

METIS Coin is the native ERC-20 governance token of the MetisDAO ecosystem. Its maximum supply is capped at 10,000,000 units, of which 4,573,674 (45.74%) are already in circulation (January 2024).

METIS powers the ecosystem and is used for various purposes including staking, earning “reputation” points, bundling, and sending transactions to the Andromeda network. Users engaging with the Andromeda network earn METIS tokens as rewards through the “Builder Mining” program, positioning METIS as a financial incentive at several levels.

Beyond traditional voting rights and transaction fee usage, METIS is integral for staking Decentralized Autonomous Companies (DACs) and purchasing goods or services within the MetisDAO ecosystem. METIS is also crucial for network security. Entities known as Rangers stake METIS tokens to validate transactions, and penalties for any malicious actions or rule violations are deducted from their staked METIS.

MetisDao’s METIS token serves three primary functions: activating the Metis Virtual Machine (MVM) to create a DAC, collateral in Staking Contracts for Optimistic Governance, and covering gas costs for layer-2 transactions using the Metis protocol. Of its total supply, 49.3% was minted in 2021, supporting various aspects like the cold launch and community development. The remaining 50.7% is allocated for community benefits, Rangers mining, and further community development. The distribution of $METIS follows a detailed vesting schedule, involving the founding team, advisors, investors, and community, ensuring a structured and strategic release of tokens into the ecosystem.

MetisDAO Ecosystem

The MetisDAO Ecosystem, with its Andromeda Mainnet at the core, showcases a broad spectrum of applications, underlining its innovation and adaptability:

• DeFi Platforms: Prominent examples include Netswap, Tethys, and Standard Protocol on Metis Andromeda. Netswap stands out as the main DEX, offering an AMM model akin to Uniswap, but with enhanced features like a Launchpad and leveraged swaps, all benefiting from low-cost, quick, and scalable transactions.
• NFTs and Metaverse: Platforms like Metacraft exemplify Metis’ prowess in the NFT and metaverse sectors, offering NFT creation and crowdfunding. This platform’s cross-chain integration with Binance Smart Chain and Polygon highlights Metis’ versatility.
• Incentive Programs: A significant boost to the ecosystem comes from the Genesi fund, a US$100 million initiative designed to nurture a variety of crypto projects, enhancing the platform’s competitive edge in the Layer 2 market.
• Hackathons and Builder Mining Program: Metis’ growth is further propelled by engaging hackathons and the innovative Builder Mining Programme, which rewards projects based on their transaction volumes, encouraging a cycle of quality and development.
• Diverse Partnerships: The ecosystem’s expansion encompasses collaborations in DeFi, technical infrastructure, Future of Work/DAOs, decentralized launchpads, blockchain communities, crypto wallets, NFTs, and social networking.
• Crypto Wallets and NFT Partnerships: Metis is partnering with various cryptocurrency wallet providers like Trustee Wallet and Chainup, offering a range of features for crypto trading. It is also actively engaging with NFT projects, with partners like NFTStore.top, to facilitate an easy entry into the NFT space.

These aspects collectively underscore MetisDAO’s dedication to forging a dynamic, scalable, and user-centric blockchain environment, catering to a multitude of decentralized applications and promoting community-driven development.

Source: metis.io

Is METIS a Good Investment?

While not providing financial advice, it is notable that METIS’s extensive projects and partnerships reflect a growing appreciation for MetisDAO’s functionalities and potential. This expanding ecosystem, featuring dynamic DeFi applications, innovative NFT platforms, and strategic collaborations, signals strong community and developer interest. However, it is important to acknowledge that the success of such projects, particularly diverse bridges, hinges on flawless programming. Past issues in bridge functionality highlight the necessity for impeccable technical execution, a crucial factor for the platform’s long-term reliability and success in the blockchain space.

How to Own METIS?

To own METIS, you can use the services of a centralized crypto exchange. Start by creating a Gate.io account, and get it verified and funded. Then you are ready to go through the steps to buy METIS.

News on MetisDAO

According to what was announced on the official MetisDAO blog, dated January 9, 2024, DeFi leader Daniele Sesta has launched WAGMI on Metis. Receiving a $2 million grant from the $375 million METIS fund, WAGMI introduces a DeFi suite with DEX swaps, arbitrage bots, and GMI liquidity management strategies. This move promises enhanced composability and deeper liquidity within the Metis ecosystem, offering users innovative trading opportunities and supporting the ecosystem’s overall growth and sustainability.

Take Action on METIS

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