Metis, an Ethereum Layer-2 scaling protocol supported by Rollup Tech, recently announced the launch of its mainnet Andromeda, while establishing a $100M Ecosystem Fund to support emerging dApps, gaming, and DeFi solutions. In addition to these recent announcements, Metis has unveiled a unique Staking program.
Metis, an Ethereum (ETH) Layer-2 platform for dApps, DAOs, NFTs, and consumers active in the Web 3.0 space, has confirmed that the Metis DAC Creation and Staking program starts on Friday, November 26, 2021, at 3 pm UTC. The Metis team has released a comprehensive guide on everything you need to know for taking part in their staking initiative. They are also unveiling the first-ever Metis Community DAC: Titans DAC!
According to the update, Titans DAC will work on several different community- and charity-oriented projects. Leading the initiative off is a Set of 15 Launch Edition NFTs. As noted in the announcement, the holders of these NFTs, as of November 26, 2 pm UTC, will get an opportunity to secure large boosts in mining power for the DAC staking program, Governance Rights within Titans DAC, as well as various privileges at Metis IRL events.
Blockchain Platforms that are Accessible to All Users
The Metis team confirmed that they want to make blockchain or distributed ledger technology “accessible to everyone.” They’re also working on a three-pronged strategy that offers a Layer-2 Ethereum Rollup enabling quick and affordable transactions.
In addition to these capabilities, there will be no-code middleware allowing clients to seamlessly migrate onto Metis Layer-2 within just a few minutes, which is possible due to configurable smart contract templates.
As noted in the update, there will also be a Decentralized Autonomous Company infrastructure that provides key functionalities beyond simple voting and governance offered via traditional DAOs. This should help with forming decentralized businesses on-chain, with all the functions of a real-world company while offering the benefits that come with being launched on a blockchain network.
Metis had also initiated a phase of testing on their DAC Staking and Mining offering. After this phase was completed, they launched Andromeda on their updated framework, which should help with merging EVM Equivalency.
The DAC launch and staking $METIS tokens (with APY of around 29000%) is set to go live soon, which has come after the Andromeda mainnet launch. That Andromeda structure includes the Layer-2 network and a Multi-VM, which is a decentralized virtual machine for enhancing the scalability and security of Metis Layer-2 infrastructure.
Metis Launches $100M Ecosystem Fund
Transaction costs on Andromeda are expected to be well below Ethereum Layer-1 levels, but they will still be quite high (about $1-$2 at the moment). As noted in the announcement, Metis is set to launch its IPFS tech in early 2022.
Metis also noted that it’s joining the Ethereum Layer-2 race with its massive $100 million Ecosystem Fund. The fund is serving as a decentralized autonomous company, called Genesi, to support DeFi, gaming, and DAO-focused projects in the Metis ecosystem.