18 Oct What Is Metis? What the Heck Are DACs?
What Is Metis?
What the Heck Are DACs?
Can I Really Get 29000% from Staking?
Your Questions, Answered!
Since there have been LOTS of questions about DACs and staking, we’re going to try and provide an answer to every question in one post. The only question we can’t answer yet has to do with the exact APY as more people stake. That will depend on participation. And as you’ll see, the answer to that question isn’t as vital as you might think.
OK, here we go:
First of all, the purpose of the Metis Decentralized Autonomous Company model is to incentivize people to create their own DACs on Metis Layer 2, and to stay there for a long time to come. Basically, the Metis business model goes like this:
WHAT METIS DOES
- Layer 2 Ethereum scaling solution/Optimistic Rollup with fast/cheap transactions draws people in.
- Polis Middleware makes it incredibly easy for people to port their DApps onto Metis Layer 2; when Polis is fully built, it’ll enable integration with ZERO BLOCKCHAIN CODING required.
- DACs enable a gigantic number of people (from both the blockchain world AND the Web2 world) to form their own decentralized business on-chain. While DAOs deal with only voting/governance, DACs will be fully functioning companies, with all the tasks that come with non-blockchain companies — running payrolls, marketing, messaging, insurance, etc. The use cases for these DACs are unlimited, and REALLY exciting…they’re only limited by your imagination.
- These DACs form the foundation of our ultimate goal, and the killer value proposition from Metis: to become a hub for the ENTIRE Web3 economy. No other scaling solution — not Polygon, Optimism, Arbitrum, Starkware, OMG, Immutable, or anyone else — offers anything even close to this.
WHY ARE WE OFFERING STAKING REWARDS?
Since we want people to form DACs, we wanted to come up with an attractive way to incentivize people. So we decided to offer staking of $METIS tokens, with the rewards also coming in the form of $METIS tokens.
To make it REALLY exciting for people to form DACs, we are offering a starting APY of 29000%.
That 29000% number is merely the starting number. It assumes that 1 person started staking on the first nanosecond that the program began.
That number will go down as more people stake.
More information on what the number will look like as time goes on and more people stake, will be available as we get closer to launching the staking program. But again, as you’ll see shortly, the Metis staking program won’t last on DACs for long.
OK, SO WHEN DOES STAKING START?
Our development team is currently working day and night to launch the next iteration of our Layer 2 network. This is the step that we were previously calling “Public Testnet”, but we decided to instead open the name of this release to a public contest instead. The reason we did this is because since our next Layer 2 release will enable staking of REAL Metis tokens, it’s not really accurate to call it a Testnet. The winner of this naming contest will be announced Monday, October 18, 4 pm.
This new Layer 2 network update will be released soon. Our target is between now and the end of October. We believe this timeframe to be very likely, though there is a very small chance that we have to work out some last-minute bugs before launch. Metis’ business model is measured in years, even DECADES. This is seen through our tokenomics: Our token lifetime supply is only 10 million tokens, and HALF of that 10 million is reserved for community mining over the next 10 YEARS.
So we will not, EVER, rush any network release. We understand that you are all token holders and want results now, and that bull markets don’t last forever. We promise that we’re working as hard as humanly possible to get our Layer 2 network launch out, and the microsecond we’re satisfied that it meets the highest standards of security and performance, we will go live. We have no interest in getting rugged, hacked, DDOS’d, or having outages like the kinds that whacked Solana and Arbitrum.
To help you see our progress, and so that we can continue to be transparent, here’s a Twitter thread with screenshots showing exactly what we’re working on right now:
HEY SMART GUY, THAT WAS ONLY THE LAYER 2 UPDATE — WEN STAKING??!!!??!
Yes. Wen number. We know. 🙂
The reason we provided all those details about our next Layer 2 network launch is that the staking launch date is directly tied to the Layer 2 launch. In addition to providing an attractive enticement for people to form DACs, staking will be a great stress test, to make sure our network can handle thousands of people performing transactions all at once, in the race to stake and get big starting APYs.
The launch of $METIS staking will occur within one week of our Layer 2 network launch. So if we launch our Layer 2 network update on, say, October 25, you should expect the start of staking by November 1. If Layer 2 is October 20, staking would occur by October 27. If Layer 2 is October 31, staking would occur by November 7. You get the idea.
WHAT IS THE FORMULA FOR MINING POWER FOR THE STAKING PROGRAM?
Your Staking Reward=(The numbers of $METIS Tokens Staked x Mining Power/ Mining Power Weighted amount of all $METIS Tokens Staked)* Mining Output
HOW DO I STAKE?
You’ll need to have $METIS tokens in your ERC-20 smart wallet…we’re talking MetaMask, Trust Wallet, and dozens of others. Lots of choices.
If you currently hold Metis tokens somewhere other than a smart wallet, you will need to transfer them. If you hold them on, say, Gate.io, you simply withdraw your $METIS tokens from Gate directly to your smart wallet.
If you bought $METIS tokens on Pancakeswap, you’re holding the BSC version of $METIS tokens. So you’ll need to bridge those from BSC to Ethereum, then send them to your smart wallet.
To do so, use Poly Network: https://bridge.poly.network/
You’ll need the $METIS Contract for BSC to do so…here it is:
Once the $METIS utility tokens are in your smart wallet, you’ll simply connect your smart wallet directly to the Metis Portal on the Metis website. In a few clicks, you can create your DAC, connect your wallet, and start staking.
Watch this video to see how it works.
Even more precise details on how to do that will be available a few days before we start the staking program.
WHAT ARE THE MINIMUM AND MAXIMUM TOKEN AMOUNTS FOR STAKING
Minimum is 10 $METIS tokens
Maximum is 2000 $METIS tokens
SER, I ONLY HAVE 4.1 $METIS TOKENS…OR I HAVE 10, BUT THE BRIDGE FEE IS TOO HIGH TO MAKE TRANSFERRING WORTHWHILE
We hear you. Staking isn’t for everybody. You’ll want to crunch the numbers to make sure it’s worth your while. If you choose not to participate in staking of $METIS tokens on the Metis website, you can still gain rewards by participating in the liquidity programs offered by our exchange partners at Gate.io (https://www.gate.io/trade/METIS_USDT) and Sifchain (http://Dex.Sifchain.finance) — go to either of those websites to read the details.
IS THERE A MINIMUM AMOUNT OF TIME I NEED TO STAKE TO GET REWARDS?
WHAT IS THE DEDUCTION FOR UNSTAKING MY TOKENS?
10% of your rewards. Again, that’s 10% of your REWARDS. Not of your total stack.
WHAT HAPPENS TO THAT DEDUCTED 10%?
It gets distributed among the remaining members of your DAC.
HOW LONG DOES THAT DEDUCTION POLICY REMAIN IN PLACE?
For as long as the DAC staking program exists.
WAIT, WHAT? BOO! HOW LONG IS THAT?
Now we return to the crux of the Metis business model.
As we mentioned, the main point of the staking program is to encourage people to form lots of DACs, get a feel for what the combined power of building communities looks like, actually build viable communities and businesses on-chain, and STAY on-chain for the long haul.
Staking is NOT meant to be a part of everyday DAC operations in perpetuity.
SO WHAT DOES THAT MEAN?
The staking function of Metis DACs is temporary. At a later date, when we launch the Layer 2 update that we were formally calling “Mainnet” (it will soon have a different name, along the lines of the Ethereum updates being named something other than Testnet 3.0 or Mainnet 2.0), or soon afterwards, our third-party DEX partner NetSwap will also go live.
NetSwap is a decentralized exchange specifically built for Layer 2. Once it’s deployed and live on Metis, it will enable a ton of amazing functionalities. One of the most notable will be…STAKING!
SO WAIT, WHEN NETSWAP GOES LIVE, THAT’S THE END OF STAKING ON METIS DACS?
SO THE MUSINGS ABOUT WHETHER THE EXACT APY FOR DAC STAKING ON APRIL 23, 2028 WILL BE 4012.3%, 149.2%, 58.7%, 20.8%, OR 12.5% ARE ALL MOOT?
Yup. DAC staking is a temporary program. It won’t last all that long. NetSwap will offer attractive staking rewards in its own right. It will also offer some really amazing goodies for Metis token holders, such as the ability to get early access to projects that conduct their IDOs and integrate onto Metis, thereby giving the little guy/gal token holder the same kind of access to exciting new projects that’s normally reserved for whales.
We will be talking more about NetSwap, and all the amazing perks offered to Metis community members/token holders, in the weeks and months to come.
Metis reserves the right to terminate and/or modify this staking program at any time.
Again, we are committed to making Metis the most innovative and inclusive blockchain company there is. Our development team is as good as it gets, our vision is MASSIVE, and our commitment is to giving YOU, the members of the Metis community, a chance to participate in some truly amazing breakthrough events, and to harness the full power of the $METIS utility token. These goals are on our minds 24/7.
Our project started with two women having coffee with a few friends, to talk about the benefits of blockchain. Those two women, Elena Sinelnikova and Natalia Ameline, grew those modest coffee get-togethers into a series of meetups. That entity became CryptoChicks, one of the largest blockchain advocacy and education non-profits in the world, with a presence in 56 countries.
Within the CryptoChicks ecosystem, many incredibly smart people gathered to exchange ideas. Two of those people, Kevin Liu and Yuan Su, met Elena, and decided to team up to form Metis. Metis would run on the exact same ideals as CryptoChicks: Using the power of innovative technology to make blockchain simple and accessible to EVERYONE.
Metis is now doing this through our Layer 2 solutions (fast/cheap transactions)
Polis Middleware (no-code integration)
DACs (making it fast, easy, and cheap for people to form entire communities and businesses on-chain, reaping all the benefits that blockchain offers)
So yes, DAC staking with a starting 29000% APY is great, and we’re excited to have as many of you participate as possible. But stay tuned, and buckle up. We intend to make Metis an exciting and highly beneficial project for all of you for years and years to come.
From the bottom of our hearts…THANK YOU for joining us on this journey.