Metis launched its Layer 2 Mainnet in November, seeing exponential growth with the promise of low fees, fast transactions, and more use cases. Pocket Network integrated with Metis to enable dApp developers to build within the chain’s ecosystem seamlessly. Discover more about Metis, what makes its approach different, and how Pocket is supporting it.
Cheap, Fast, and Secure, While Enabling More Use-Cases for the Web3 Economy
Metis is a Layer 2 network on Ethereum, offering EVM compatibility while improving upon several aspects that are key to blockchain adoption. Metis Andromeda launched in mid-November 2021, enabling low gas fees, fast transactions, native NFT storage, high scalability, and an appealing UX.
Metis strives to address some of the crucial shortcomings and challenges faced by Ethereum and other Layer 1 networks – particularly in 6 areas:
As part of its efforts to address these areas, Metis enables micro-payments, integration of microservices, reputation systems, business applications, and more. It also offers native storage, enabling users to keep their files beyond smart contract/code data, boosting the capabilities of developers while making it easier and cheaper to scale.
Metis ties up its value proposition for the Web3 economy by enabling the deployment of companies into a decentralized ecosystem in just a few steps (more on that below), and without the need for coding knowledge, while still remaining highly secure.
From DAOs to DACs
Beyond bringing more technical capabilities to the Layer 2 playing field, Metis is also exploring the next logical steps beyond Decentralized Autonomous Organizations (DAOs). More specifically, Metis aims to enable companies from a Web2 standard to take the plunge into Web3 with an easy-to-use framework that they’re calling a Decentralized Autonomous Company (DAC).
As Metis puts it, a DAC is an evolution of a DAO; it is a “DAO without restrictions, that goes beyond just governance and voting,” enabling multiple Web3 use cases (DeFi, NFTs, freelancing, launch pads) to be re-applied to more “traditional” business settings. Users in DACs can have roles, permissions, HR elements, project management functionality, payroll integration, communications features, and more, making the Web2 – Web3 shift more plausible for businesses.
An Explosion to $480M+ in TVL in Less Than Six Months
Metis boasts a variety of projects ranging from NFTs to dApps, DEXs, lending solutions, cross-chain tools, yield aggregators, launchpads, sharing and gig economy projects, mining, social reputation protocols, and even freelancing.
After launching in November 2021, Metis saw enormous growth amid the tail-end of the bull market, reaching its record in Total Value Locked (TVL) in March ($480M+). Amid the slowing down in crypto markets, Metis has since come down in TVL, but is still clocking in at over $50M of late.
The protocol supports its ecosystem by setting up a Builder Mining Rewards program for ecosystem partners that launch on Metis, while also offering grants to the community.
Pocket’s Recent Support of Metis
Pocket started supporting Metis in the 2nd week of August, alongside other newly supported Mainnets such as Meter and Dogechain. Recently, the chain has been the source of nearly a quarter of a million data relays per day on Pocket Network.
Metis and Pocket share a similar vision regarding the future of crypto and Web3. Metis’ mission, for example, has a particular focus on attracting more and more people from Web2 to the advantages of the decentralized world. Ease of use is a key component towards that mission, as Metis strives to make blockchain and Web3 easily accessible and manageable for everyone, both on a personal and professional (i.e. DACs) level.
Pocket is now supporting developers in the Metis ecosystem, and the node runners that are servicing their data needs. App developers building on Metis can get started by taking advantage of the 1 million daily relays available to them in the Pocket Portal’s free tier, while enjoying maximum uptime thanks to our global network of tens of thousands of decentralized nodes.
Get your dApp set up with a Metis endpoint in the Pocket Portal today!