In this edition of the Vestorportal Spotlight series we had the chance to talk with Norbert Amankwaa Adomako, Chief of Communications at Metis.
Learn more about Metis, why layer 2 solutions are and will be even more important in the future, and more.
Spotlight
What is Metis?
Metis will be a Layer-2 scaling protocol that uses optimistic rollup technology.
Its rollup solution (in development) allows developers to run applications, process transactions, and store data on a layer above Layer-1 blockchains like Ethereum, but it derives its security and settlement properties from its underlying layers.
Offloading data and execution to a second layer allows Metis to provide a more scalable and cost-efficient environment for building and interacting with Web3 applications. Metis' architecture features an EVM-compatible virtual machine called the Metis Virtual Machine (MVM) that allows developers to construct contracts in a similar environment to Ethereum.
In one line – The overall infrastructure that Metis is building: Layer2 + Polis Middleware + DAC, is for the collaborations in the web3 world.
In two lines - We are doing much more than a Layer 2, with faster and cheapest transaction fees across all layer 2s and it is THE premier L2 on Ethereum, has a token with a very limited supply comparing to other Optimistic Rollups.
In three lines – The entire goal Metis is to build a whole web3 infrastructure. So, Layer 2 scaling to get them cheap and fast transactions, builder mining program which will allow builders on the Metis network to generate a stack of $METIS tokens from the transactions they made, then DACs to run an entire company ON CHAIN, with Polis Middleware which allows ANYONE to create a DAC with no coding templates!
How did the team come up with the idea to build Metis?
Metis is a platform where you can build your blockchain, DeFi or NFT business without being a developer.
We are building the platform for people as well as companies to benefit from the perks of blockchain technology without being aware so much that they do so on the blockchain. There are lots of barriers for people to really use blockchain for business — we tackle all the barriers.
We built a layer 2 for Ethereum to protect our users from the hiking gas fees and provide them with high throughput of transactions and at the same time provide them with all the perks of blockchain such as trust, security and transparency but with added rich functionality and minimal learning curve.
Nowadays in order to use blockchain hence to start the business, you need to be tech savvy and prep lots of funds to hire expensive blockchain developers. We are building a tech that allows anyone to launch business on blockchain without money or special skills.
Come to the Metis platform, create your business unit — we call it DAC (Decentralized Autonomous Company) in two clicks and launch any of the following: NFT minting and trading business, freelance business among many others.
How big is the team building Metis?
Metis is a global company with team members located in various countries. We have more than 40 members in the team with almost half being developers.
There are three co-founders of Metis:
- Elena Sinelnikova who is the Founder of CryptoChicks.ca and CEO of Metis.io. She has a tech background — over 20 years’ experience working as Microsoft solutions architect in Canadian government and law enforcement.
- Kevin Liu is an excellent product manager and released products before with 100 million downloads.
- Yuan Su is the Metis Chief Technology Officer leading our tech team. Yuan was in the IBM team that built the very first Hyperledger.
All other team members are experienced with track records of working in the industry.
Who are important partners of Metis and how do these partnerships help the ecosystem?
Metis has more than 80 partners, both blockchain and non-blockchain projects such as:
- The Graph Protocol
- API 3
- PAID IGNITION
- GATE.IO
- DOPEX
- and more...
Out of our numerous partners, we have more than 30 projects which have integrated Metis layer 2 and are live on our network.
With Metis offering affordability, usability and scalability with our current infrastructure, the next phase for Metis is to decentralize the network by giving the ecosystem back to the community.
With this, we do not have official partnerships no more and have announced a milestone on our decentralization roadmap:
The Metis Community Ecosystem Governance program (CEG), the first step towards giving the Metis ecosystem back through decentralization. With the introduction of governance, Metis is building a truly decentralized network that empowers individuals to use their sovereign voice to govern the ecosystem.
The new CEG requires all projects seeking official audience and recognition within the Metis ecosystem to list their projects on the Metis open forum Candidac.org. After meeting the standards, the community votes on projects to proceed to the next stage.
Congratulations to our first Community Verified Projects (CVP) from our Community Ecosystem Governance (CEG) Program:@HeraAggregator and @meetwithwallet
— Metis Governance 🏛️ (@MetisGovernance) April 22, 2022
They passed their snapshot voting with an overwhelming majority, showing impressive community engagement and support! 🌿
What are the incentives to hold METIS?
Metis token is the gas token for our network which is totally different from other layer 2s.
There are only 10M Metis tokens to ever be in existence.
There are many DEFI protocols built on our network where users can get incentivized.
Why should someone build on or interact with Metis instead of Ethereum?
The recent tweet by Ethereum Founder Vitalik Buterin stated layer 2s need to have transaction fees of less than $0.05 to be truly accepted.
The current cost of transactions on Metis network is $0.02, making it the only layer 2 falling within the standards set by Vitalik.
Needs to get under $0.05 to be truly acceptable imo. But we're definitely making great progress, and even proto-danksharding may be enough to get us there for a while!
— vitalik.eth (@VitalikButerin) May 3, 2022
Builders looking for cheap fees are welcome to have a smooth experience with Metis while enjoying the benefits that come for all builders through our Builder Mining Program.
A key to our tokenomics is our builder-mining program, EVERY time a DApp that’s deployed on Metis Layer 2 performs a transaction, the creator of that DApp (whether it’s a DeFi company, NFT, Gaming, etc) will receive $METIS token rewards.
What is the Metis Builder Mining Program?
The Metis Builder Mining program incentivizes all the ecosystem builders who are or will be launching on the Metis Layer 2 network.
One of the key metrics for evaluating an ecosystem’s viability is the volume of transactions and transaction costs (gas fees). On the Metis Layer 2 network (the current version is called Andromeda), every transaction is charged in $METIS tokens. The Builder Mining program is thus designed to reward each project that’s integrated onto the Metis network and generating transactions.
The more transactions a DApp makes, the higher contribution it’s making to the whole ecosystem, and thus the more gas fees that DApp will share.
What differentiates Metis from other layer 2 solutions?
First, Metis is an Optimistic Rollup. That means we're built on top of Ethereum and thus benefit from Ethereum's security and decentralization.
Metis has numerous advantages over other layer 2s:
- We are using multiple sequencers and Multiple Virtual Machines to build extra layers of decentralization, security, and permissions. Other Optimistic Rollups (like Optimism and Arbitrum) do not.
- Withdrawal time from Layer 2 back to Layer 1 is a going issue for Optimistic Rollups. Withdrawal time is currently 7 days from proof challenge period but as we roll out our full suite of features, we will reduce withdrawal time to hours, and eventually minutes. This will be done through our decentralized Rangers system and distributed storage, in which many different independent and anonymous verifiers work in tandem to further augment the security of the network.
- And of course more than any of that, Metis' Layer 2 platform, as I mentioned before, is just the tip of the iceberg! With our NO-CODE middleware and DAC infrastructure, we're building a Web3 hub that no other platform — not Arbitrum, Optimism, Boba, Polygon, zK rollups, or anyone else can match.
At Metis, we see the future of blockchain being multi-chain and accessible for all.
— Metis (@MetisDAO) April 15, 2022
We contribute our open source code to the Ethereum community, inviting L2s to fork Metis and make web3 more affordable and accessible for all.
Our code belongs to you! 🌿https://t.co/30PJDeIIhC pic.twitter.com/oYFxB4KRJv
How would you describe the core values of Metis and its team?
Our vision is to accelerate the transition of people to blockchain for open, fair, and decentralized business on Web 3.0.
We are set to create an easy-to-use technical and organizational platform, making blockchain accessible to everyone, empowering both personal and professional lives. And this is being carried out by our dedicated team members.
More information:
Where do you see Ethereum and Metis as a layer 2 solution going in the next years?
Metis is solving Ethereum’s six challenges:
- Simplicity
- Scalability
- Speed
- Storage
- Security
- Savings
We have already taken the lead in achieving the lowest fees across all L2s. We are working on our DAC infrastructure which will enable easy migration of web 2 to web 3, Vitalik actually wrote a paper on this in 2014, but nobody really executed it. Essentially, it is DAOs on steroids. So anything a Web 2.0 business can do, think payroll, accounting, supply chain, they can do on the blockchain.
And this can all be done on our no-code, Polis middleware software!