MetisDAO: A Diamond in the Rough of ETH L2s
MetisDAO is an extremely ambitious project that seeks to build an Ethereum layer 2 (L2) with EVM Equivalence and higher decentralization than other L2s such as Optimism and Arbitrum. It currently has a market cap of $400mm and TVL of ~$350mm.
Technology Superiority
MetisDAO started as a hard fork of Optimism, an optimistic roll up layer 2 on Ethereum.
Andromeda, the L2 mainnet, was implemented in Mid November, and is very impressive relative to other L2s by using parallel sequencers that allow for infinite scalability (theoretically) unlike other optimistic roll ups
Metis has a <1 second transaction finality compared to Optimism which is much longer I have yet to experience as near instant transactions as Andromeda across all alt L1 and L2 chains
Transaction costs are $2-5, currently Even better, the launch of IPFS technology which will drive transaction cost to a few cents Once storage layer is implemented with partners Memo Labs and Myelnet
Optimistic Rollups have a 7-day withdrawal to L1. Metis has a 7-minute withdrawal period using the Celer Network Andromeda-Ethereum bridge.
Value Proposition
Metis has a strong value proposition over other L2 solutions and the market has responded skyrocketing Metis to 5th in TVL (Metis started 2 months…)
Even almost having more TVL than its parent Optimism
Metis has a long way to grow to reach Polygon’s market cap, a sidechain L2 solution with a $15bn market cap
And Polygon trades at 3x TVL while Metis is 1x
The ecosystem is growing everyday
Metis DeFi is growing quickly. Netswap, a Metis DEX, has $189mm TVL with ~100% 7d% since the Netswap farm fair launch last week
Metis is building NO-CODE integration via smart contract templates known as the Polis platform This helps developers with zero blockchain knowledge launch smart contracts, resulting in fast development of contracts built securely and efficiently
And to help grow the ecosystem even more on top of NO-CODE integration,
MetisDAO has a $100mm ecosystem fund
Team & Investors
The team was founded by ElenaCryptoChic and Natalia Ameline
Oh, and Vitalik Buterin's mother is a tech researcher for Metis DAO...
ElenaCryptoChic knows Vitalik and his family since he was a child
Early investors include Autonomy Capital, 7o Clock Capital, Master Ventures, Inn Mind, the Ignition and Apollo-X launchpads, and Ignition China
Decentralization
Let's not forget decentralization, a key focus of the Metis team
The team is building Decentralized Autonomous Company (DAC) infrastructure, "enabling anyone to build decentralized businesses on-chain, with all the real-world functions of a real-world company"
Early investors are limited to 20% of the supply
While half of the lifetime supply is reserved for community mining purposes over 10 years
And the Builder's program has 30% of all gas fees rewarded to each DApps contribution to the ecosystem
Growth & Updates
In the past week, Metis breached 30k wallets among many other updates
More coming??
Conclusion
As the scalability war heats up between alt L1s and ETH L2s, Metis has high potential to compete with the likes of Solana, Avalanche, and Polygon, meanwhile it only has a mkt cap of ~$400mm and trades at 1x TVL
Oh and did I forget to mention that while Bitcoin is down ~40% the past 2 months, Metis is up 100%+
Don't fade Metis DAO
NFA
P.S.
Great follows for more content on @MetisDAO include