With the arrival of the dencun upgrade, Layer 2 costs have greatly reduced, and L2 ecosystems including DeFi, SocialFi, GameFi, NFT, and DePin will experience an unprecedented explosion. Ethereum Layer 2 remains one of the most important narratives in 2024.
There will be comprehensive competition between L2 public chains such as Arbitrum, OP, zkSync, Starknet, Metis, and Blast, as well as between L2 public chains and other public chains in the new year. Among many L2 public chains, Metis has a very limited presence.
Smart money always discovers potential stocks before retail investors and positions themselves in advance. In the past month, its token METIS has risen from around 20U to a peak of 110U, achieving a 5x increase. TVL has also rapidly increased to nearly 1 billion US dollars, ranking third in L2 overall, attracting attention from the entire crypto market!
Digging deeper into the information about METIS, it is found that compared to other L2 public chains, METIS is the most in line with the spirit of blockchain and is a growing and improving L2 infrastructure.
As a dark horse in the L2 track, the first inscription on the Metis network, Nuvo, will start on January 19th. Nuvo is a DeFi protocol directly deployed on Metis. It is expected to be very exciting, so be prepared with gas and a wallet in advance.
Nuvo Official X:
https://twitter.com/nuvosphere
Decentralized Sequencer
Currently, all L2 public chains use centralized sequencers. Even though the security of L2 is guaranteed by Ethereum, its own centralization introduces some security risks, affecting the organic growth of the entire system.
In addition, when users pay gas on the ETH chain, it is divided into two parts: one part is paid to Ethereum as security fees, and the other part becomes the profit of L2. Therefore, most L2 public chains are not in a hurry to issue tokens but encourage user interactions on the chain. As long as users interact on the chain, L2 public chains can easily earn a large amount of profit.
Metis' decentralized sequencer community testing will go live on January 15th, making Metis the first Layer2 Rollup with a decentralized sequencer. Decentralization is the first attribute of blockchain and Web3, and Metis is the true Web3 infrastructure that truly embodies the spirit of blockchain!
Using a decentralized sequencer also means sharing the profits of the entire network with all node operators, becoming a truly community-owned L2 public chain. At the same time, just like most L1 public chains such as Ethereum, METIS holders can stake their tokens to earn network revenue and mining rewards. This makes the Metis community more cohesive, allows the community to participate and benefit from network profits, stake METIS to ensure network security, and directly correlates with the overall value of the Metis network!
True decentralization is the future of L2, and Metis is realizing and leading this trend!
Native Gas Token METIS
Even though Arbitrum and OP have issued their own governance tokens, they still use ETH as gas, and the project's operating income is still in ETH, not their own tokens. This greatly reduces the relevance between the project and its token, and the token cannot empower the ecosystem, and the development of the ecosystem cannot contribute to the value accumulation of the token!
When Metis launched on the mainnet, it chose to use its native token METIS as the Gas Token. This is a very unique approach among many L2s that use ETH as gas. However, this is also the reason why the token price of METIS has multiplied within a month. On the other hand, other L2s have performed poorly, which is a manifestation of market confidence.
As a Gas Token, users can directly purchase and use METIS to start building on the chain instead of using ETH. This increases the real demand and use cases for METIS. At the same time, METIS can generate value and continuous empowerment in the actual economic structure, playing a crucial role in ecosystem construction.
Many times, we discuss the significance of L2, lower gas fees, higher TPS, and smoother user experience to expand Ethereum. However, the gas fees for L2 interactions are still high, and many applications that require high-frequency transactions are limited due to interaction costs. In comparison, Metis has the lowest Gas Fee among all L2s, which provides a very favorable foundation for the diversified ecosystem of Metis!
Community Testing Incentives, Airdropped to Users
On January 11th, Metis announced the "Decentralized Sequencer Testnet Incentive Community Testing" proposal, which was passed with 100% support! Airdrops will be distributed based on the points accumulated by users during the testing. This activity is worth participating in, as it provides both airdrops and the opportunity to explore the Metis ecosystem and find Alpha!
Metis Community Testing Season 1 officially started on Monday, January 15th, with a focus on incentivizing interaction with dApps.
Each dApp will have different actions that users can perform to earn points, such as trading, opening long/short positions, etc. The dApps participating in Season 1 include:
@LeagueTechSoFi
@LeagueTechSoFi is a SocialFi platform launching on Metis, built on top of existing participants like Friend.tech, and introducing innovative features such as a unique short mechanism, dynamic reputation and badge system, league creation and betting, and a three-tier access model.
Metis officially supports League.Tech, which has original code and killer features that other SocialFi projects don't have. With a verified team, it solves the bonding curve problem, has Gigabrain KOLs joining, a GMX-style referral program, a six-figure investment from Metis, the testnet is already live, and the mainnet is coming soon!
Friend.Tech's SocialFi platform model has been tested on multiple chains, and its gameplay and model can easily achieve social viral growth and provide unique social experiences and profits for participants. The innovated and optimized LeagueTech is the first native social protocol on Metis, with heavyweight innovative features, official support, and a bright future. It's worth paying attention to and exploring!
Official X:
https://twitter.com/LeagueTechSoFi
@tethysfinance
Perpetual contract trading platform (Perps DEX) allows users to trade BTC, ETH, AAVE, and METIS with leverage of up to 50x. In addition, liquidity providers can stake TLP and bet against traders.
@midas_games: On-chain prediction market game
@netswapofficial: DEX and Launchpad allowing users to provide liquidity in V2 pools.
@hummusdefi
Focuses on stable swaps with single-sided AMM. Users can exchange stable cryptocurrencies with minimal slippage, and liquidity providers can provide funds with minimal impermanent loss risk. Hummus recently added weighted pools, allowing liquidity providers to pair stablecoins with BTC, ETH, and METIS, creating deeper liquidity.
Community testing participation link:
https://decentralize.metis.io/
Official guide:
https://www.metis.io/blog/community-testing-for-the-metis-decentralized-sequencer-official-guide
MetisEDF Empowers Ecosystem Prosperity
On December 18, 2023, Metis announced the establishment of the Metis Ecosystem Development Fund, which consists of 4.6 million METIS tokens, currently valued at $500 million, dedicated to guiding the development, liquidity, activities, and adoption of the Metis ecosystem. Payments will begin after the release of the decentralized sequencer!
3 million METIS tokens from Metis EDF will be allocated to Sequencer Mining to ensure the normal operation and full activity of the network. Incentives for the decentralized sequencer will drive the establishment and operation of initial nodes, enhance the decentralization, liquidity, and participation rate of the Metis network, and provide essential motivation and security for network security!
1.6 million METIS tokens will be allocated to the ecosystem, including various funding plans such as Builder Mining Rewards (BMR), protocol deployment, product development, liquidity during product launches, and innovation grants. This will attract more developers to create native innovative projects on the Metis chain, further promoting the prosperity and development of the on-chain ecosystem.
The higher the decentralization, the more secure the network. The more developers, the more prosperous the ecosystem, and the more users will be attracted to use the Metis network. The launch of MetisEDF further promotes the rapid and healthy establishment of the Metis infrastructure and ecosystem, forming a positive cycle of upward spiral!
In addition to the projects in the community testing, there are three other projects worth paying attention to:
@nuvosphere is a DeFi protocol directly deployed on Metis, based on inscriptions. Nuvo Genesis Inscription is the first inscription on the Metis network under the Nuscriptions protocol.
Nuscriptions is deployed on EVM-compatible Layer 2 with NIP-20 and NIP-721 protocols, solving congestion and high-cost issues, providing efficient DeFi solutions for deployment, minting, and transfer. There are also products like NuMarket and NuDex, providing users with cutting-edge financial experiences.
Nuvo Official X:
https://twitter.com/nuvosphere
@ENKIProtocol is the first LSD protocol on Metis, and the ENKI testnet will go live on January 17th. Users can seamlessly stake METIS through ENKI, earn rewards, and embrace DeFi.
Official X:
https://twitter.com/ENKIProtocol
@TheHerculesDEX successfully deployed the model of @CamelotDEX on Metis, becoming the most competitive DEX on-chain. Its token launch is about to take place, and there are also some activities organized by the official account, worth paying attention to and participating in!
Official X:
https://twitter.com/TheHerculesDEX
Metis or L2's Most Promising Dark Horse
Metis is the first L2 network that shares network revenue and community ownership. The application of a decentralized sequencer is an important milestone. Using the native token METIS as Gas Fee demonstrates the strength and confidence of the Metis team. The $500 million MetisEDF ecosystem fund guarantees network security and provides the driving force for ecosystem development.
Observing its ecosystem, many native innovative projects have already been built on Metis, such as League.Tech, Tethys Finance, ENKI, WAGMI, NetSwap, and more. These DeFi infrastructures will unlock more possibilities for the Metis ecosystem.
There will be more innovative projects built on the chain in the future, increasing the chances of users finding Alpha in the Metis ecosystem. METIS will also benefit from the rapid development and empowerment of the ecosystem, gaining more opportunities for revenue and empowerment. Metis may be the most promising dark horse in L2!
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