With the arrival of the dencun upgrade, Layer 2 fees have dropped significantly. L2 ecology including DeFi, SocialFi, GameFi, NFT, DePin and other L2 ecosystems will usher in an unprecedented explosion. Ethereum Layer 2 will still be one of the most important narratives in 2024.
Comprehensive competition will begin in the new year among L2 public chains such as Arbitrum, OP, zkSync, Starknet, Metis, and Blast, as well as between L2 public chains and other public chains. Among many L2 public chains, Metis has a very limited presence.
Smart money always discovers potential stocks before retail investors do and ambush them in advance. In the past month, its token METIS has risen from about 20U to a maximum of 110U, achieving a 5-fold increase. TVL has also rapidly risen to nearly 1 billion US dollars, ranking third in L2 overall, attracting the attention of the entire crypto market!
After digging into the relevant information of METIS, we found that compared to other L2 public chains, METIS is the growing and improving L2 infrastructure that is most in line with the spirit of the blockchain.
As a dark horse on the L2 track, Nuvo, the first inscription on the Metis network, will launch on January 19th. Nuvo is an inscription-based DeFi protocol deployed directly on Metis. It is expected to be very busy by then, so prepare your gas and wallet in advance.
Nuvo official X:
https://twitter.com/nuvosphere
Decentralized sorter
Currently, all L2 public chains use centralized sequencers. Even though the security of L2 is guaranteed by Ethereum, its own centralization will bury some insecure factors for the entire system and affect the organic growth of the entire system.
In addition, the on-chain Gas paid by users using ETH is divided into two parts. One part is paid to Ethereum as a security fee, and the other part becomes L2's profit. Therefore, most L2 public chains are not in a hurry to issue tokens, but encourage users to interact on the chain. As long as users interact on the chain, the L2 public chain can easily earn a lot of profits.
The Metis decentralized sorter community round test was launched on January 15. Metis is about to become the first Layer 2 Rollup with decentralized sorting. Decentralization is the first attribute of blockchain and Web3, and Metis is the Web3 infrastructure that truly conforms to the spirit of blockchain!
Using a decentralized sequencer also means sharing the profits of the entire network with all node operators, becoming a true community-owned L2 public chain. At the same time, like most L1 public chains such as Ethereum, METIS holders can stake their own tokens to earn network revenue and mining rewards. This makes the Metis community more cohesive, allowing the community to participate in and obtain network profits, pledge METIS to ensure network security, and have a direct correlation 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. The operating income of the projects is still ETH, not their own tokens. Their tokens only have simple governance + voting functions. Such a setting reduces the correlation between the project and the token to a great extent. The token cannot empower the ecosystem, and the development of the ecosystem cannot feed back the value accumulation of the token!
When Metis launched its mainnet, it chose to use its native token METIS as Gas Token. This is a very alternative approach among the many L2s that use ETH as Gas, but it is also the reason why the price of its token can increase several times within a month. On the other hand, the mediocre performance of other L2s is a reflection of the lack of market confidence.
METIS as Gas Token, users can directly purchase and use METIS to start on-chain construction instead of using ETH, which increases the real demand and application scenarios of METIS. At the same time, METIS can generate value and continue to empower in the actual economic structure, playing a vital role in ecological construction.
Many times, we will discuss the significance of L2's existence, lower Gas, higher TPS, and smoother user experience to expand Ethereum. However, the gas fee for many L2 interactions is still high. Because the gas fee is too high, many applications that require high-frequency transactions are restricted due to interaction cost issues. In horizontal comparison, Metis's Gas Fee is the lowest among all L2s, which brings very favorable basic conditions for Metis' on-chain ecological diversification!
Community round incentive test, airdrop to users
Metis released the "Decentralized Sorter Testnet Incentive Community Testing" proposal on January 11, and it passed with 100% support votes! Airdrops will be issued based on the points accumulated by users in the test. Participate in this event on a per-head basis. First, there will be airdrops. Second, you can understand the Metis ecology and find Alpha from it!
The first season of Metis community testing officially begins on Monday, January 15, 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, and more! DApps that will participate in Season 1 include:
@LeagueTechSoFi
@LeagueTechSoFi is the upcoming SocialFi platform on Metis that builds on existing players like Friend.tech while also introducing innovative features such as a unique short mechanism, dynamic reputation and badge system, league creation and betting, and three-tier access Model.
Metis officially tweeted in support of League.Tech , which has original code, killer features that other SocialFi projects do not have, a real-name team that solves the Bonding curve problem, Gigabrain KOLs settled in, a GMX-style recommendation program, and Metis’ 6-digit investment. The testnet has been launched and the mainnet will be coming soon!
The Friend.Tech model of SocialFi platform has been tested on multiple chains. Its gameplay and model can easily achieve social fission and bring unique social experience and profits to participants. The innovative and optimized LeagueTech is the first native social protocol on Metis, with heavyweight innovative functions, coupled with official support and support, you can focus on and explore!
OfficialX:
https://twitter.com/LeagueTechSoFi
@tethysfinance
The perpetual contract trading platform (Perps DEX) allows users to trade BTC, ETH, AAVE and METIS with up to 50x leverage. Additionally, liquidity providers can stake TLP and bet against traders.
@midas_games : On-chain prediction market games
@netswapofficial : DEX and Launchpad allow users to provide liquidity in the V2 pool.
@hummusdefi
Single-sided AMM focusing on stable swaps. Users can exchange stable crypto assets with minimal slippage, and liquidity providers can provide funds with minimal risk of Impermanent Loss. Hummus recently added weighted pools, allowing liquidity providers to pair stablecoins with BTC, ETH, and METIS, creating deeper liquidity.
Community test participation link:
https://decentralize.metis.io/
Official guide:
https://www.metis.io/blog/community-testing-for-the-metis-decentralized-sequencer-official-guide
MetisEDF helps ecological prosperity
On December 18, 2023, Meits announced the official establishment of an ecosystem development fund with 4.6 million Metis Tokens currently worth US$500 million, dedicated to guiding the development, liquidity, activities and adoption of the Metis ecosystem. And will start paying out after the decentralized sorter is released!
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 decentralized sequencers will promote the establishment and operation of initial nodes, enhance the decentralization, liquidity and participation rate of the Metis network, and provide indispensable power and guarantee for network security!
1.6 million METIS tokens will be allocated to the ecosystem, including various financing programs including Builder Mining Rewards (BMR), protocol deployment, product development, liquidity at product launch, innovation grants, and more. This will attract more developers to create native innovative projects on the Metis chain and promote the further prosperity and development of the ecology on the chain.
The more decentralized the network, the more secure it is. The more developers there are, the more prosperous the ecosystem will be, attracting more users to use the Metis network. The launch of MetisEDF further promotes the rapid and healthy establishment of Metis infrastructure and ecosystem, and forms a spiraling positive circulation system!
In addition to the projects in community testing, there are three other projects that are very worthy of attention:
@nuvosphere is an inscription-based DeFi protocol deployed directly on Metis. Nuvo Genesis inscription is the first inscription on the Metis network under the Nuscriptions protocol.
Deployed on EVM-compatible Layer 2 via NIP-20 and NIP-721 protocols, Nuscriptions solves congestion and high fee issues, providing an efficient DeFi solution for deployment, minting, and transfer. There are also products such as NuMarket and NuDex to provide users with cutting-edge financial experience.
Nuvo official X:
https://twitter.com/nuvosphere
@ENKIProtocol is the first LSD protocol on the Metis chain. The ENKI testnet will be launched on January 17. Users can seamlessly stake METIS through ENKI, earn rewards and embrace DeFi.
OfficialX:
https://twitter.com/ENKIProtocol
@TheHerculesDEX successfully deployed the @CamelotDEX model on Metis, becoming the most competitive DEX on the chain. Its token launch is about to take place, and there are also some official activities, so you can pay attention and participate!
OfficialX:
https://twitter.com/TheHerculesDEX
Metis may be the most potential dark horse in L2
Metis is the first L2 network to share network benefits with the community, and the application of decentralized sorters will be an important milestone. Using the native token METIS as Gas Fee shows the strength and confidence of the Metis team. The $500 million MetisEDF Ecological Fund ensures the security of the network and provides the driving force for the development of the ecosystem.
Observing its ecology, we can see that many native innovative projects have been built on Metis, such as League.Tech , Tethys Finance, ENKI, WAGMI, NetSwap, etc. These DeFi infrastructure will release more possibilities for the Metis ecosystem.
In the future, more innovative projects will be built on the chain, and the chance of users discovering Alpha in the Metis ecosystem will also greatly increase. METIS will also benefit from the rapid development and empowerment of the ecosystem and gain more revenue opportunities and empowerment. Metis may be the most potential dark horse of L2!
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