It’s been a wild past few weeks in the world of blockchain.
The NFT market has soared, becoming wildly popular and more valuable by the hour, while also costing far more in transaction-related gas fees. Decentralized Finance (DeFi) is attracting landslides of new money every day, though the use of side chains and commit chains to back DeFi ventures threatens the decentralized nature of DeFi, inviting major security risks.
And just a few days ago, the largest blockchain (by far) as measured by developer activity completed a successful hard fork, highlighting both the growth potential of Ethereum and the challenges of high gas fees, slow throughput, and limited scalability that it still faces.
Through it all, Metis continues to build. Metis is a Layer 2 Ethereum scaling solution, focused on the “6 S’s”:
As our company evolves, the 6 S’s remain at the heart of everything we do, and everything we’re building.
With that in mind, it’s time for a Metis roadmap update. Where have the 6 S’s taken us so far, and where will they take us in the future? Let’s take a look:
The Metis Layer 2 Optimistic rollup is designed to accommodate a wide range of uses from NFTs to DeFi, DAOs to DApps. Of course it’s one thing to say that an L2 can accommodate all of those different functions. It’s quite another to prove it.
That proof starts by onboarding innovative, forward-thinking blockchain projects as partners. When industry technology and thought leaders join your ecosystem, that’s the strongest proof of concept that a company can offer.
This is why we launched the Metis Ecosystem Development Program. The program helps blockchain startups, more established blockchain projects, and non-blockchain companies benefit from the exponential tech and decentralized security offered by the combination of Ethereum’s Layer 1 framework and Metis’ Layer 2 reinforcement.
It does so with three distinct, but complementary approaches.
First, we provide robust and active technical support. That support ranges from having companies port their platforms onto Metis Layer 2 and reaping the benefits of the 6 S’s, to more nitty-gritty assistance such as step-by-step migration guidance and smart contract coding, all thanks to Metis’ knowledgeable and responsible team members.
Second, the Metis Ecosystem Development Program provides multiple forms of funding support. Every project selected for the program receives a kickoff grant of 1,000 $METIS tokens. They can then grow their token stack through builder mining; the more transactions that a company performs on Metis Layer 2, the stronger its mining power becomes. For companies looking for higher levels of financial support, the program links projects with Metis’ Venture Capital partners: Autonomy Capital, 7 O’Clock Foundation, Master Ventures, InnMind, the Ignition and Apollo-X launchpads, and Ignition China.
Finally, the program offers Metis marketing muscle to all accepted applicants. That includes promotion through our large and active Telegram and Twitter communities, AMA opportunities for company leaders, access to industry events, and connections to leading blockchain influencers.
Since launching in late June, the Metis Ecosystem Development Program has attracted multiple exciting projects. Decentralized exchange WOWswap will benefit from Metis’ Layer 2 platform while providing a feature you won’t see on other DEXes: the ability to use leverage to make short-swaps. Meanwhile, Trustee Wallet offers users the ability to buy, sell, swap, and HODL many different tokens, all in one app, with a cutting-edge built-in exchange feature; the company and its users will get to see the power of 1-cent, 1-second transactions that Metis’ Layer 2 solution provides.
These projects join an all-star team of dynamic blockchain companies that will do business with Metis. PAID Network will deploy its Ignition and Apollo-X launchpads on Metis Layer 2, which will be a boon to those platforms, as well as the huge roster of exciting startups issuing their tokens through PAID and its affiliates. In the DeFi category, Metis is partnering with OroPocket’s OpenDeFi project, enabling the two companies to work together to build a bridge between institutional money and the world of decentralized finance. On the blockchain infrastructure front, Metis forged a partnership with PARSIQ, bringing real-time transaction data and monitoring to Metis ecosystem partners, especially DeFi projects.
These projects join an illustrious group that already included CasperLabs, Opolis, Bagels Finance, and many more. If your company’s ready to level up its tech, funding, and marketing capabilities, apply for the Metis Ecosystem Development Program today!
ALPHA TESTNET & PROLOGUE
The inaugural testnet version of Metis Rollup enabled projects to get their first taste of Metis’ Layer 2 technology, which makes building decentralized businesses and DApps on blockchain faster and cheaper, with greater functionality and scalability, plus the added benefit of inexpensive, IPFS-based data storage.
Meanwhile, the Prologue demo app enabled decentralized business creators to easily manage their communities made up of members unknown to each other, thanks to a built-in reputation power system that enables contributors to build trust through an incentive-related contribution system.
FIRST-EVER COMMUNITY-MINTED NFT
For all the sky-high piles of money being made off buying, selling, and trading Non-Fungible Tokens (NFTs), the business model is almost always the same: an artist or rights holder releases a piece of artwork, digital video, or some other NFT asset for sale, the NFT sells on a marketplace, and the artist or rights holder collects the proceeds.
Metis turned that model on its head, launching the first-ever community-minted NFT project. After commissioning a piece of artwork called “Rebuilding the Tower of Babel”, Metis invited community members to form Tribes and compete against other Tribes for mining power. All told, the NFT would consist of 256 different puzzle pieces, each representing one Tribe. Once the puzzle was completed, those 256 Tribes would share 70% of the proceeds from the sale of the NFT, with the other 30% going to the artist.
The promotion was a resounding success. First, the Babel NFT sold for an impressive price of 16.1 ETH, more than $50,000 USD on the late April sale date. More than that, the promotion demonstrated the power of Metis’ community-oriented approach, as well as Metis’ potential to be a major player in the NFT space, with the promise of future one-cent, one-second transactions. Finally, the Tribe model holds huge potential for future community events, with Metis encouraging blockchain experts and novices alike to sign up, form Tribes, and reap future rewards.
BETA TESTNET & METISSWAP
Metis continued its tech rollout in June, with the release of its beta testnet. This updated and upgraded version of the Metis Rollup offered users the ability to start deploying and trying out their smart contracts on Metis, taking advantage of our EVM-compatibility and other developer-friendly features.
As part of that beta testnet rollout, Metis unveiled its newest breakthrough. As any DeFi veteran will tell you, the most challenging functionality to develop and run is a decentralized exchange, also known as a DEX. To prove its bona fides as a DeFi up-and-comer, Metis launched its own DEX, a hard fork of Uniswap called MetisSwap.
With MetisSwap, users gained the ability to mint and swap their own custom tokens, and also swap existing tokens. Whether you’re a DEX degen or brand new to swapping crypto tokens, MetisSwap is a blast. Try it out for yourself to experience the blazing-fast transaction speeds and microscopic transaction costs available on Metis Layer 2.
In the IT world, middleware is a widely known concept. It’s the software that connects different applications, data, and users, helping developers build applications more efficiently. Yet despite its value in the Web 2.0 world, middleware has never been a well known concept in the blockchain industry.
Here again, Metis aims to upend existing structures, introducing yet another way to make blockchain more accessible to the masses. In July, Metis launched the MVP version of its middleware, called Polis.
That MVP version of Polis enables developers to perform basic smart contract integration functions. In the weeks and months to come, Metis will build Polis into a bridge between Web 2.0 and Web 3.0. Once completed, Polis will provide smart contract templates that will enable Web2 developers to port their businesses onto blockchain with just a couple of clicks, and zero blockchain expertise required.
Interested users can try Polis for themselves at Polis.Metis.io.
REST OF 2021 ROADMAP
As exciting as the past few weeks and months have been, Metis is aiming higher. Our vision is to scale Ethereum to connect the Web2 world with Web3, enabling the entire Web3 world to be built on Ethereum via our Layer 2.
For Metis, Layer 2 is not just about cost and speed. It is an infrastructure layer that offers robust scalability and nearly infinite functionalities. With the microservices-based framework, almost all Web3 applications can be built easily on Metis Layer 2, secured by Ethereum and underpinned by a simple, Web2-like user experience.
Still, with this new technology infrastructure, organizational infrastructure also needs to be innovated in the user-centered Web3 world. That’s why Metis is also developing its Layer 2 DAC (Decentralized Autonomous Company) framework. Metis believes that most of these Web3 applications will leverage the DAC structure and related tools to manage their communities and decentralized daily business operations.
That being said, infrastructure development and ecosystem development are equally important to us. With our technology development progressing at full steam, we have advanced to the stage of releasing our Layer2 DACs, while also leveraging DeFi and gamification principles to grow our ecosystem and help our partners (especially startups) launch and grow.
Here then is what lies ahead for the rest of 2021:
Early September: Public testnet launch and the start of community mining
With the public testnet launch, community members (including EDP applicants) can create their own Layer 2 DAC; bridge real assets ($METIS tokens) from Layer 1 to Layer 2; stake tokens on Layer 2; and gain yield farming rewards. The more people you invite to join your DAC, the higher mining power your DAC will have, enabling you to earn more rewards from the yield farming rewards pool.
End of September: More functions available for Layer 2 DAC
Those enhanced functions will help fuel the growth of Metis Ecosystem Development Program projects. Namely, Metis will help ecosystem projects with their cold launch, from organizing initial funding to community construction, marketing to tech-related guidance and assistance. Projects now in the pipeline are a third-party Swap platform and Launchpad DApp. All DAC members will be able to stake $Metis tokens to mine these new projects’ tokens. Moreover, they’ll be able to vote and decide if they want to invest in these projects in exchange for their tokens. The mining power of the DAC will also decide the price discount for acquiring token allocations. All of this will be part of a continuous effort by Metis to help its ecosystem projects. More projects will be announced down the road.
October: Worldwide Hackathon
Metis is excited to announce its first ever worldwide hackathon. We will partner with the Ethereum community (partners to be announced soon), not only to educate the tech community about the features and ease-of-use of Metis, but also to attract more sustainable projects to build on Metis. As always, projects that join the Metis ecosystem will qualify for a wide range of benefits, including token grants, builder mining opportunities, community building, social media, marketing support, and access to an array of savvy, well-heeled venture capital firms and other investors.
Early-to-Mid-October: Mainnet Pioneer version (v0.1) launch
Metis Mainnet v0.1 will enable more real assets to be transferred between Layer1 and Layer2, so that any projects can build and use Metis Layer2 for its business. Projects and communities will be able to create their own Layer 2 tokens and leverage the DAC framework for fast launches and community building. Fast withdrawal of funds from Layer2 to Layer1 will be available, as we work with a third party cross-chain bridge to validate transactions and shorten withdrawal periods from one week to a few hours. Meanwhile, our middleware Polis will offer more functions and templates, making management and launching DApps a snap.
October to December: More improvements and refinements for Metis mainnet
We will continue to build out Metis’ infrastructure, middleware, and DAC framework, releasing different versions of our mainnet as well as a range of new, exciting products. At the same time, we will accelerate the onboarding of various business partners, including Web2 developers and projects, major DeFi protocols, and business engaged in the worlds of NFTs, DAOs, Games, and more. All of these projects will be able to use Polis to manage their wallets and smart contracts and launch DApps. They’ll also leverage the DAC framework and tools to manage their community and businesses. Those tools and templates will include (but not be limited to): voting, mining, task management, knowledge management, token transfers, token requests, investment, payroll and much more.
All on Metis Layer 2, with low cost, high speed, and robust scalability, every step of the way.
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