Feb. 2022, Vincy
Data Source: Footprint Analytics - Metis Dashboard
Metis is a Layer 2 public chain network based on Optimism fork. Footprint Analytics data shows that as of February 15, Metis TVL reached a high of 375 million US dollars, an increase of 85.09% month-on-month, surpassing Optimism and Loopring to sit firmly in the third place in the Layer 2 field.
The new Metis Rollup technical facilities behind the public chain network and the concept of DAC (Decentralized Autonomous Company) came from Natalia Ameline, the mother of Ethereum founder V God. On November 15th, Metis and its investment partners launched a USD 100 million ecological DAC and established a DEX that influenced the rapid rise of Metis TVL .
As a rising star, what role does Metis play in the Layer 2 field?
Based on the expansion technology of Optimistic Rollup, Metis makes certain optimizations
The core of Metis lies in the construction of the Optimistic Rollup expansion technology, which is also the expansion solution adopted by the Layer 2 head public chain network Arbitrum, which aims to help the Ethereum network congestion and high gas fees.
Before December, Metis was only a supporting role in the Layer 2 field, and after January, Metis TVL hit a historical peak of $411 million and became the protagonist in the Layer 2 field.
Footprint Analytics - TVL of Metis
An important reason for the rapid growth of Metis TVL is that the original Optimistic Rollup expansion technology faces the problem of a long fraud proof cycle of 1 to 2 weeks, resulting in a longer cycle for users to withdraw assets from Layer 2 to Layer 1. And now Metis has optimized the verification process of transaction data, shortening the fraud proof cycle to hours or even minutes, and reducing transaction fees (as low as a few cents instead of tens of dollars on Ethereum), this optimization attracts Many developers and users.
The specific optimization is as follows:
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Metis introduces a new verifier role Ranger (a node that users can participate in) through the verification mechanism, and realizes a competitive mining mechanism. For example, whoever takes the initiative to verify the first one can dig out Metis Token METIS as a reward, thus improving verification. The working efficiency of nodes ensures the real validity of transactions on the Metis chain.
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Ranger is deployed on L2 and forms a special DAC that drives Ranger to collect transaction status for verification through an incentive mechanism.
In addition, Metis takes Optimistic one step ahead and is compatible with EVM. Developers do not need to change the development language and can access the experience development environment within 10 minutes, which greatly reduces the switching cost of developers.
Metis's first DEX goes live, TVL up 282.4%
For Metis of the public chain network, it is more expected to build a complete set of Layer 2 ecological DApps. On November 15, 2021, Metis and its partners launched an incentive plan worth 100 million US dollars to help more High-quality projects join the Metis public chain network.
According to Footprint Analytics data, Metis' TVL mainly comes from Netswap, accounting for 58.87% of the TVL of the entire Metis public chain network. Netswap was launched on December 6. In less than three months, TVL has increased by 282.4%. As of February 15, Netswap TVL was 221 million US dollars.
Footprint Analytics - Metis TVL by Protocols
Footprint Analytics - Metis TVL Category & Protocols Share
Netswap is the first DEX of the Metis ecosystem. The Token is NETT, which is specially created for the Web3 economy. It uses the same automatic market making (AMM) model as Uniswap , which enables fast and low-cost token transactions on the Metis network, and supports various token exchanges such as head lending platforms and stablecoins. According to the official website, Launchpad, ILH (Impermanent Loss Hedger), leveraged Swap and other functions will be launched in the future. The most attractive to users is the ILH function, which exists to solve the pain point of users' free losses.
Screenshot Source - netswap Website
Netswap can quickly "become popular", in addition to the above factors, there are other highlights to attract users.
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You can pledge NETT to obtain METIS, the annualized income is 170% when it is just launched, and the current annualized income is 97.22%.
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On December 25th, 400,000 NETTs were airdropped to participating users, and each user had 32 NETTs, which indirectly prompted the price of Metis' Token METIS to break through $255, and the transaction volume to break through a new high of $136 million, setting off a wave in the Layer 2 field again. .
Footprint Analytics - Metis Token Price & Trading Volume
At present, the development of Netswap is in the early stage, and its various functions are still under development, and the TVL scale and other data indicators have not yet stabilized.
Metis could play a big role in Layer 2
Metis and the Metis ecosystem are still in the early stage compared to other projects in Layer 2. Over-reliance on the growth of the Netswap project has long been detrimental to the growth of other projects. In addition, Metis's goal is not only to reduce gas fees and improve transaction efficiency, but to focus more on the optimization of capacity expansion technical functions and the enrichment of ecological diversification, in line with the mature Arbitrum.
Of course, Metis claims to be the infrastructure that supports the operation of Layer 2 in the Web3 economy. Whether the new expansion technical facilities behind it and the new concept of DAC can attract many leading projects to join in to strengthen the development of the DAC ecosystem and let Layer 2 give Layer 1 Existing problems to achieve maximum value.
About Footprint Analytics:
Footprint Analytics is a one-stop visual blockchain data analysis platform. Footprint assisted in solving the problem of data cleaning and integration on the chain, allowing users to enjoy a zero-threshold blockchain data analysis experience for free. With more than a thousand tabulation templates and a drag-and-drop charting experience, anyone can build their own personalized data charts within 10 seconds, easily gain insight into the data on the chain, and understand the stories behind the data.
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