Where are they now: Metis DAO

February 15, 2022

At PAID Network, we highly value the partnerships we have made along our journey and love to see the projects we work with succeed to reach new heights. With that in mind, we have started a new mini-series to shed light on exciting developments taking place with some of our industry partners and inform you about what amazing things they have accomplished and are working on in 2022.

To kick things off, let us take a recap on Metis DAO a project that has gained mass traction in the blockchain space over the last year because of its groundbreaking layer two roll-up technology that is designed to support migrating applications and business systems from Web2 to Web3.

Metis’ unique layer two roll-up allows faster and cheaper transactions to take place on Ethereum by bundling them into a single block on layer one and then processing them in one go on layer 2. You may remember that we partnered up with Metis last June to streamline this technology within our Ignition and Apollo-X launchpad ecosystems to improve transaction speeds, costs, and throughput.

Over this time, Metis has risen as an extremely popular project and has gained the attention of the global blockchain and DeFi community due to the launch of several new DeFi protocols exclusively on its native network including, NetSwap, Agora, and Tethys Finance. As a result, the total value locked on Metis rose by 99,881% at the start of 2022 amounting to over $500 million today. This shows the eagerness of the DeFi space and projects within it to move towards systems of higher levels of efficiency which will essentially improve the scope and capabilities of blockchain tech in its evolution from Web2 to Web3.

Today, Metis represents a project on the rise with a market cap of $281,764,615. Moreover, the team behind it has a number of upcoming plans for 2022 that are concentrated on expanding the network’s scope, reach, and abilities.

Exciting things to look forward to include:

  • The release of the Memolabs-based decentralized storage feature will bring even more power to the Metis roll-up, by providing an additional scalability layer, which will reduce transaction costs from a few dollars to a few cents when introduced (by end of Q1).
  • The creation of a Peer Network that will act as a Peer Node aimed at counteracting possible congestion and speed issues as transaction volumes increase.
  • A Ranger System that is focused on improving and scaling the verification processes behind the network.
  • A 2 way NFT Bridge that will enable users to transfer their NFTs from the Ethereum mainnet to Metis Layer and vice versa.
  • The Polis Middleware layer will connect end-users and those with no blockchain experience and Web2 developers with the Web3 world.
  • A DAC infrastructure that will allow individuals, teams, groups of similar minds, communities, or small businesses to create their own decentralized enterprise on Metis and collaborate with others in the Web3 world.

Metis has already proven that its tech is highly capable and useful for many existing and emerging projects in the blockchain and DeFi space to reach new levels of scalability while at the same time economizing on transaction fees and costs. The vision behind the project is one that is clearly set on improving transaction processes and leveraging technologies available to facilitate the transfer of database and blockchain infrastructures from Web2 systems to Web3. Their journey is just starting, and we are watching them closely in 2022 to see how their upcoming developments will impact the project’s popularity, abilities, and the status quo of the blockchain space en masse.

About Metis

Based on the spirit of Optimistic Rollup, Metis is building an easy-to-use, highly scalable, low-cost, and fully functional Layer 2 framework (Metis Rollup) to fully support the application and business migration from Web 2.0 to Web 3.0. Its scalable protocol supports a wide range of use cases, including yield farming, DEX trading, and powering the gig economy via dApps that offer cheap and fast micropayments.

Metis integrates the Decentralized Autonomous Company (DAC) framework within its Layer 2 infrastructure, a differentiating factor that makes it easy for any developers, builders, or community leaders to build their applications and communities. It also makes it easy to use the pre-set tools to facilitate their development, manage collaboration, and enjoy the network effects of the world’s largest decentralized finance ecosystem, without the costs and bottlenecks normally associated with Ethereum.

Metis’ goal is to make building dApps and DACs on its platform so easy to do; even total blockchain novices can make it happen in a matter of minutes.

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