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- So far this year, Metis has released multiple versions of its testnet, offering 1-cent, 1-second transactions on its Layer 2.
- Also this year, Metis also launched a DEX, and the MVP version of middleware that when complete will enable Web2 developers to port their business onto blockchain in a couple of clicks, with little to no blockchain expertise required.
- Metis just released its roadmap for the rest of 2021, with a lot more exciting releases coming soon.
As Ethereum asserts its dominance as the most popular ecosystem for developers, the benchmark blockchain continues to deal with challenges related to speed, scalability, functionality, and high gas prices. Those challenges have sparked a boom in Layer 2 solutions, all of them vying to make Ethereum more accessible to the masses.
Metis is staking its claim as a contender among Layer 2 Ethereum scaling solutions, focusing on the 6 S’s: Simplicity, Speed, Storage, Security, Savings, and Scalability.
The Metis Layer 2 Optimistic rollup offers 1-cent, 1-second transactions, with a range of uses that includes DeFi, NFTs, DApps, DAOs, games, and more. Still, the challenge for Metis lies in making its mark in an increasingly crowded Layer 2 landscape. If the company’s recently released roadmap is any indication, Metis has some lofty ambitions.
The Road Ahead For Metis
Metis will launch its public testnet in early September, confirmed Product Lead and co-founder Kevin Liu. That launch will enable community members to create their own Layer 2 Decentralized Autonomous Company, otherwise known as a DAC, Metis’ take on a DAO. Users will also be able to bridge real assets (i.e. $METIS tokens) from Layer 1 to Layer 2, stake tokens on Layer 2, and gain yield farming rewards. Mining power grows as users invite more people to join their DAC.
In late September, Metis will add more functions to Layer 2 DACs. 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.
In October, Metis will host its first-ever worldwide hackathon. Liu said the hackathon’s goal is to educate the Ethereum community about the features and ease-of-use of Metis, and also attract more sustainable projects to join the Metis ecosystem and build on its Layer 2 platform. 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 savvy, well-heeled venture capital firms and other investors.
Metis Mainnet Milestone
In early-to-mid October, Metis expects to reach its most notable milestone, launching the Pioneer version (v0.1) of its mainnet. The Metis Mainnet v0.1 will enable more real assets to be transferred between Layer 1 and Layer 2, so that a wide variety of projects can build and use Metis Layer 2 for their 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 Layer 2 to Layer 1 will be available, as Metis plans to work with a third-party cross-chain bridge to validate transactions and shorten withdrawal periods from one week to a few hours.
Perhaps Metis’ most impressive function is its middleware, Polis. The company released the MVP version of Polis in July, enabling developers to perform basic smart contract integration functions. By its Pioneer Mainnet launch, Metis expects to roll out a more advanced 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 and build their own DApps with just a couple of clicks, and zero blockchain expertise required.
As for the rest of the year, Liu said Metis will continue to build out its infrastructure and DAC framework as well as its Polis middleware, releasing different versions of its mainnet and numerous new products. At the same time, the company plans to accelerate the onboarding of various business partners, including Web2 developers and projects, major DeFi protocols, and businesses 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.
“We are incredibly excited about the road ahead for Metis,” said Metis CEO and co-founder Elena Sinelnikova. “We started this company with the goal of bringing blockchain to everyone, bridging the Web2 world onto Web3. As we approach our mainnet launch and other key milestones, we’re closer than ever to achieving that ambitious goal.”