Layer-2 Ethereum Scaling Solution Metis Introduces DAC Staking Program
25 November 2021 - 1:37PM
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Metis, an Ethereum (ETH) Layer-2 scaling solution powered by Rollup
technology to enhance dApps, DAOs, and NFTs for the Web 3.0
economy, has deployed its Mainnet Andromeda. The launch has come
after the project began as a hard fork or backward-incompatible
variation of the Optimism protocol. The team has also launched a
staking program. In another major announcement, the developers
noted that the Metis DAC Creation and Staking program is set to
commence on Friday November 26, 2021 at 3 pm UTC. The team has
shared an extensive guide on everything you need to know to take
part in the staking program. They are also pleased to announce the
first Metis Community DAC: Titans DAC, which will work on various
community- and charity-focused initiatives. To get things rolling,
there will be a set of 15 Launch Edition NFTs. As noted in the
update, holders of these non-fungible tokens, as of Friday Nov 26,
2 pm UTC, will be able to earn large boosts in mining power for the
DAC staking program, Governance Rights within Titans DAC, and
special privileges at Metis IRL events. Benefits of Rollup Tech The
Metis team notes that there are certain advantages of leveraging
Rollup technology, which enables Optimistic Rollups to pool
together many different transactions to provide quicker,
economical, and highly-scalable user experiences. With the latest
OVM 2.0 version and the documentation that the Optimism team
provided, it has become clear that there have been considerable
shifts in their initiative’s development roadmap: Optimism won’t
provide sufficient decentralization, which is something that the
project had initially set out to achieve. Sharp Focus on
Decentralization Metis will still follow Optimism’s architecture,
but will not be giving up on decentralization for a little added
convenience, maintaining their commitment to offering a high level
of scalability. Metis has outlined a three-pronged approach to make
blockchain “accessible to everyone” Metis intends to support a
Layer-2 Ethereum Rollup solution that will facilitate faster and
cheaper transactions. They will also be focused on developing a
no-code middleware utility to enable quick migrations onto Metis
Layer-2. Metis is also supporting a Decentralized Autonomous
Company or DAC infrastructure that’s set to go beyond the basic
voting and governance of DAOs. This should allow users to deploy
decentralized services on-chain, and get supported by the typical
functions of a “real-world” company. Providing Adequate
Decentralization within EVM Equivalence Framework Metis has pointed
out that they will be able to achieve their goal of
decentralization within the EVM Equivalence framework. They added
that they have identified a way to achieve their decentralization
goals while attaining EVM Equivalence. They also confirmed that
this path matches the design of the Metis Ranger System (as
mentioned in their whitepaper). The extensive Andromeda structure
includes the Layer-2 network. It also comes with a Multi-VM, which
is a decentralized virtual machine for supporting enhanced
scalability and security of Metis Layer-2 infrastructure.
Transaction costs on Andromeda will fall below Ethereum Layer-1
levels, however, they will be fairly high (currently around $1-$2).
Metis has also confirmed its plan to participate actively in the
Ethereum Layer-2 battle with a $100 million Ecosystem Fund. Metis
is now joining a fast-growing movement, where Arbitrum and Optimism
have been industry leaders. The fund will be provided and
maintained through a decentralized autonomous company, named
Genesi, to support initiatives that join the Metis ecosystem.
Genesi will reportedly be allocated across decentralized finance
(DeFi), gaming, as well as DAO-focused projects.
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