30 May 7 Reasons to Build on Metis
7 Reasons to Build on Metis
Metis is a well-known advocate for builders and the community, and we want to bring the best products and opportunities to those we advocate for. Thus we are very excited to be hosting an upcoming Rollathon alongside Github. This will be a great way to incentivize both the creation of dApps that bring something missing to the ecosystem and better tools for the dApps, which will provide end-users an overall better user experience.
For Metis, 2022 has been a year full of building, in which not only have we been able to deliver everything that has been proposed in our Roadmap, but we’ve achieved unthinkable milestones as well. Memolabs-based decentralized storage marks the beginning of a whole new era for Ethereum Layer 2s, as Metis positions itself at the forefront of innovation, tackling and solving one of the 7 “Not-yet-fully-solved challenges in rollups” shared by Vitalik Buterin in “An incomplete guide into rollups” (Jan 2021).
Next in our Roadmap
Next in our roadmap, we have other vicious milestones that include launching our Peer Network, Ranger System, fully functional Polis Middleware, and the release of our DAC Framework. So, YEAH. There’s a lot coming in 2022.
We plan to release a community-oriented DAC template very soon. This will enable community members to:
- Create their DAC
- Manage membership
- Manage multisig safe wallets
- Make investment or operation decisions collectively
- Down the road: Mint tokens and NFTs, Manage Payrolls, and much more
VERY exciting stuff. More DAC templates will be released soon afterward.
Foremost, why build in Metis Andromeda?
The real question would be, where should we start?
In the light of recent events, there have been 2 things proven:
- There is no such thing as an Ethereum killer
- The role of Layer 2 solutions will only grow with time
Since Metis is already tackling the 7 not-yet-fully-solved challenges in rollups, we thought we can give you all a nice 7 reasons-to-build-in-Metis. Let’s start with one of the favorites:
1. EVM-Equivalence: While many networks and Layer2s are EVM-compatible; Metis Andromeda is EVM-Equivalent, which means complete compliance with Ethereum’s yellow paper. Chains and Layer 2s that are just EVM-Compatible are doomed to modify, or in some cases, fully reimplement lower-level code that Ethereum’s supporting infrastructure also relies on. On the other hand, EVM Equivalence means effortless deployment for dApps, perfect RPC support, and support for all dapptools.
2. Builder Mining Rewards: One of the main questions that projects ask themselves before launching in a certain network is “what are the incentives, though?”. In most cases, the answer would be an initial grant and do your best. In Metis Andromeda, we are the builders’ advocate, and we believe that instead of just providing an initial sum of money and then leaving projects on their own, it’s better to provide them long-term sustainability. Each month, our Builder Mining Rewards program gives back 10,000 $METIS to our ecosystem builders, from which 4,000 are distributed based on trading volume. These monthly rewards given back to our builders open WAY too many doors for them, among we could see:
- Yields enhancement for LPs and Stakers
- Higher Revenue
- Treasury growth
- Product Development
3. Permissionless: Metis Andromeda is completely open-source, meaning that absolutely any dApp can launch on the network. Deploying on Metis Andromeda is not only easy, but cost efficient!
4. Decentralized Storage Layer: Metis Andromeda is leading innovation among all L2s, as it already tackled and is solving one of the 7 not-yet-fully-solved challenges in Rollups. As you can imagine, this is just the beginning, and Metis will keep knocking down one domino after another.
5. Lowest gas fees among ALL L2s: Thanks to our Decentralized Storage Layer, we are able to offer by far the lowest gas fees among any Ethereum L2. This allows for an excellent UX as well as a smooth functionality for all DeFi, NFT and Gaming products that might require a lot of transactions. Some of the main benefits achieved from this will be:
- DeFi Excellence
- An NFT paradise
- Outstanding UX
- Gaming functionalities never seen before in Web3.0
6. Booming Eco: Besides already having the fastest and cheapest tx among all L2s, Chainlink being on the way, and several big names looking at Metis: API3 just integrated its QRNG (Quantum Random Number Generator) in Metis Andromeda, enhancing randomness, security, and efficiency. It’s always a good time to build in Metis, but right now it’s a REALLY good time to build in Metis.
Besides, as you may or may not know, our community calls the shots: for a network to achieve a fully decentralized status, it can’t be any other way. That’s precisely what we’re accomplishing through our Community Ecosystem Governance (CEG). Therefore, we encourage all projects launching on our network or currently live on our network to come participate in our CEG Process. It was implemented in order for the community to be up to date with all the big launches happening in Metis, as well as what are these protocols being launched, and how do they contribute to our blooming ecosystem. CEG Verified projects qualify for a comarketing campaign package with MetisDAO.
We had to save the best for last, so…
7. Genesi Grants: After getting community verified through the CEG, projects will have the opportunity to apply for a grant from the $100M ecosystem fund managed by Genesi DAC, an investment DAO formed by reputable Metis early investors.
So, how to deploy in Metis?
In order to deploy on Metis, you need to first set up your development environment. Since Metis is EVM-Equivalent, the only setting that you need to change in the code is the RPC URL. You can find more details relating to the RPC on the Metis Connection Details page. An example of the Hardhat settings for a Stardust deployment is present below
You also need test tokens in order to manage the deployments. To do this, follow along with the Metis Guide to get your test tokens for Stardust testnet.
Down the road
If you think this has been exciting so far, buckle up. Chainlink integrating its oracles with Andromeda network will open the doors for pretty much all applications to be able to smoothly deploy on Metis Andromeda. Chainlink’s oracles will be providing real-world data and off-chain computation while maintaining the security and reliability guarantees inherent to blockchain technology. This will allow the flourishing of several untapped sectors in Andromeda, as well as the evolution and development of several major projects from the ecosystem.
Besides the major upsides that Chainlink will be bringing to Metis Andromeda’s ecosystem and dApps, it’s also about major players that its integration will bring as well. Aave is most likely going to be the first deployment post Chainlink, followed by a list of blue-chip protocols along the following weeks & months. We’re eager to see all the collaborations that will likely surge between these blue-chip projects and native projects from Metis Andromeda, and how these will help both flourish accordingly. Besides, we’re really excited about the different communities coming to Metis, enjoying our Builder Mining Rewards, and getting to experience the smoothest, fastest, and cheapest Layer 2 in the world. This is just the beginning, as Metis Andromeda intends to not only be home of many more and broader web3.0 applications, but also supporting and pioneering the evolution of our web3.0 economy.
Eso es todo, frens!