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Metis, the pioneering rollup platform, has unveiled the second phase of its Decentralized Sequencer upgrade. This is a significant milestone in its journey towards enhanced decentralization and network efficiency. The Decentralized Sequencer upgrade’s Phase 2 has been activated via a hard fork on block 16500000. The upgrade introduces groundbreaking features including the ability to process multiple transactions within a block and the launch of Sequencer Mining.
Phase 2 of the Decentralized Sequencer Upgrade is Now Live.
— Metis🌿 (@MetisL2) April 23, 2024
The second phase of the historic upgrade activates Sequencer Mining, multiple transactions per block, and a transaction pool.
Users can start mining now, through @Artemisfinance & @ENKIProtocol.https://t.co/r30Y2cPhAI
Metis Revolutionizes Transaction Processing with Sequencer Mining
Before the upgrade, each block on the Metis network could only accommodate a single transaction. However, with Phase 2 now live, blocks can contain multiple transactions. Moreover, the introduction of a transaction pool streamlines transaction processing, ensuring a fixed confirmation time of 2 seconds for transactions.
Sequencer Mining stands out as a pivotal addition to Metis’s ecosystem, aligning incentives across all network participants. This mechanism rewards sequencer nodes with $METIS tokens for their crucial role in processing transactions on the Metis network. These nodes ensure fairness in block sequencing and maintain network integrity.
A key component of Sequencer Mining is the involvement of Liquid Staking Tokens (LST) providers. These entities, akin to Lido Finance on Ethereum, operate nodes on the network, enabling users to stake their METIS tokens and receive liquid staking tokens in return. Metis users can engage with LST providers such as Artemis Finance and Enki Protocol to lock their tokens.
Artemis Finance and Enki Protocol Leading the Charge
Artemis Finance and Enki Protocol emerge as the chosen LST protocols for Metis’s Alpha Phase. Artemis Finance enables users to stake METIS tokens and receive artMETIS tokens. On the other hand, Enki Protocol leverages a dual-token architecture to provide seMETIS tokens to stakers. Both protocols play a crucial role in enhancing the decentralization and functionality of the Metis network.
Sequencer nodes stand to benefit from a 20% Mining Rewards Rate (MRR) in the first year. Additionally, the Metis Liquid Staking Blitz (LSB) initiative aims to accelerate the growth of LSTs and LST-focused products, offering METIS LST holders access to a diverse array of DeFi use cases.
Sequencer Mining Rewards are now accessible to users, with Artemis Finance already operational and Enki Protocol set to deploy on Mainnet soon. Interested participants can deposit and commence mining immediately through Artemis. With the launch of Sequencer Mining and the continued evolution of its ecosystem, Metis remains at the forefront of driving innovation in the blockchain space.