Difference between revisions of "Metis (METIS)"

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==Governance==
==Governance==


* From a commissioned [[Messari]] [https://messari.io/report/metis-q1-2024-brief report] (25-4-2024):
''"Has a 'decentralized sequencer'. This system employs dual sequencers operated by the Metis Foundation and select partners. Metis initiated Phase 2 of the Decentralized Sequencer upgrade on April 8. This phase introduces enhancements such as multi-transaction blocks and a robust transaction pool, designed to improve network liveness and censorship resistance, and Sequencer Rewards. The roadmap includes integrating strategic partnerships, with upcoming features such as a 20% Mining Reward program."''
* [https://l2beat.com/scaling/projects/metis/ From] [[L2beat]] (13-10-2022):
* [https://l2beat.com/scaling/projects/metis/ From] [[L2beat]] (13-10-2022):


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===DAO===
===DAO===
===Treasury===
===Treasury===
* From a commissioned [[Messari]] [https://messari.io/report/metis-q1-2024-brief report] (25-4-2024):
''"The Metis Ecosystem Development Fund was established with 4.6 million METIS ($450 million) to support the development and expansion of the Metis ecosystem."''
==Token==
==Token==
===Launch===
===Launch===
===Token Allocation===
===Token Allocation===
==== Inflation ====
* From a commissioned [[Messari]] [https://messari.io/report/metis-q1-2024-brief report] (25-4-2024):
''"The circulating supply of METIS expanded to 5.4 million, representing a 14% QoQ inflation increase (55% annualized). This expansion is responsible for the delta between the circulating and fully diluted market caps. Metis has a maximum total supply of 10 million METIS; therefore, 54% of the supply is now in circulation."''
===Utility===
===Utility===
It is used for paying transaction fees, staking, and participating in governance processes.
===Other Details===
===Other Details===
===Stablecoin===
===Stablecoin===
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* A [[Hard Fork|hard fork]] of [[Optimism]] ([https://thedefiant.io/metis-latest-optimistic-rollup/ 9-11-2021]).
* A [[Hard Fork|hard fork]] of [[Optimism]] ([https://thedefiant.io/metis-latest-optimistic-rollup/ 9-11-2021]).
*From a commissioned [[Messari]] [https://messari.io/report/metis-q1-2024-brief report] (25-4-2024):
''"Metis offers a plethora of products to blockchain developers including the Metis [[Non Fungible Tokens (NFTs)|NFT]] [[Bridge]], [[Oracle|Oracles]], Nodes, Data Indexers, and a SubGraph."''
*[https://l2beat.com/scaling/projects/metis/ From] [[L2beat]] (13-10-2022):
*[https://l2beat.com/scaling/projects/metis/ From] [[L2beat]] (13-10-2022):
''"It provides support for multiple, interconnected [[Layer Two|L2]] chains with main focus on supporting easy creation of [[Decentralized Autonomous Company (DAC)|DACs]] (Decentralized Autonomous Companies). Transaction data is not stored on-chain, rather it is recorded in off-chain decentralized storage MEMO from MemoLabs. Since April 2022 Andromeda [the current default Metis chain] uses "optimistic data availability" scheme in which transaction data is kept off-chain in MEMO while [[Node|Validators]] can request [[Transaction (Tx)|tx]] data from Sequencer via [[Layer One|L1]] challenge mechanism if it does not make it available for validation [[Off Chain|off-chain]].''
''"It provides support for multiple, interconnected [[Layer Two|L2]] chains with main focus on supporting easy creation of [[Decentralized Autonomous Company (DAC)|DACs]] (Decentralized Autonomous Companies). Transaction data is not stored on-chain, rather it is recorded in off-chain decentralized storage MEMO from MemoLabs. Since April 2022 Andromeda [the current default Metis chain] uses "optimistic data availability" scheme in which transaction data is kept off-chain in MEMO while [[Node|Validators]] can request [[Transaction (Tx)|tx]] data from Sequencer via [[Layer One|L1]] challenge mechanism if it does not make it available for validation [[Off Chain|off-chain]].''
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===Scaling===
===Scaling===
===Interoperability===
===Interoperability===
Has integrations with multiple interop protocols including [[Chainlink (LINK)|Chainlink]] CCIP, OMNI, [[Connext (NEXT)|Connext]], and renewed incentives with [[Synapse Protocol (SYN)|Synapse]] ([https://messari.io/report/metis-q1-2024-brief 4-2024]).
===Other Details===
===Other Details===
==Oracle Method==
==Oracle Method==
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*Can be found [Insert link here].
*Can be found [Insert link here].
==Revenue==
* From a commissioned [[Messari]] [https://messari.io/report/metis-q1-2024-brief report] (25-4-2024):
Grew from $0.08M in 2023 to ~$2M in Q1 2024. Fees grew from $0.06 to 0.23c.


==Usage==
==Usage==
[[Total Value Locked (TVL)|TVL]] [https://messari.io/report/metis-q1-2024-brief grew] from ~$40M to ~$100M from Q1 2023 to Q1 2024.
===Projects that use or built on it===
===Projects that use or built on it===



Revision as of 06:01, 30 April 2024

Metis is an Optimistic Rollup Layer 2 forked from Optimism.

Basics

  • Based in:
  • Started in / Announced on:
  • Testnet release:
  • Mainnet release: set to launch its mainnet the week of Nov. 15 (9-11-2021).

History

Audits & Exploits

"Funds can be stolen if…

  1. an invalid state root is submitted to the system (CRITICAL),
  2. sequencer withholds data for more than seven days while at the same time submits fraudulent state root (CRITICAL),
  3. a contract receives a malicious code upgrade. There is no delay on code upgrades (CRITICAL).

Funds can be lost if…

  1. there are mistakes in the highly complex OVM implementation.

Funds can be frozen if…

  1. the centralized validator goes down. Users cannot produce blocks themselves and exiting the system requires new block production (CRITICAL).

MEV can be extracted if…

  1. the operator exploits their centralized position and frontruns user transactions."

Bugs/Exploits

Governance

"Has a 'decentralized sequencer'. This system employs dual sequencers operated by the Metis Foundation and select partners. Metis initiated Phase 2 of the Decentralized Sequencer upgrade on April 8. This phase introduces enhancements such as multi-transaction blocks and a robust transaction pool, designed to improve network liveness and censorship resistance, and Sequencer Rewards. The roadmap includes integrating strategic partnerships, with upcoming features such as a 20% Mining Reward program."

"The system has a centralized sequencer. While proposing blocks is open to anyone the system employs a privileged sequencer that has priority for submitting transaction batches and ordering transactions. Because the state of the system is based on transactions submitted on-chain and anyone can submit their transactions there it allows the users to circumvent censorship by interacting with the smart contract directly."

Admin Keys

"The system uses the following set of permissioned addresses:

  1. Metis manager 0xDD6F…d377 (EOA) This address is the owner of the following contracts: MVM_L1CrossDomainMessenger, L1StandardBridge, LibAddressManager. This allows it to censor messages or pause message bridge altogether, upgrade bridge implementation potentially gaining access to all funds stored in a bridge and change the sequencer, state root proposer or any other system component (unlimited upgrade power).
  2. Sequencer 0xcDf0…0019 (EOA) Central actor allowed to commit L2 transactions to L1.
  3. State Root Proposer 0x9cB0…689D (EOA) Central actor to post new L2 state roots to L1.
  4. Data Availability Verifiers 0x48fe…cf21 (EOA) Those addresses can try to force the sequencer to post data on chain.
  5. Execution Verifiers 0x48fe…cf21 (EOA) Those addresses can challenge the state roots submitted by the state root proposer."

DAO

Treasury

"The Metis Ecosystem Development Fund was established with 4.6 million METIS ($450 million) to support the development and expansion of the Metis ecosystem."

Token

Launch

Token Allocation

Inflation

"The circulating supply of METIS expanded to 5.4 million, representing a 14% QoQ inflation increase (55% annualized). This expansion is responsible for the delta between the circulating and fully diluted market caps. Metis has a maximum total supply of 10 million METIS; therefore, 54% of the supply is now in circulation."

Utility

It is used for paying transaction fees, staking, and participating in governance processes.

Other Details

Stablecoin

Coin Distribution

Technology

Implementations

  • Built on: Ethereum
  • Consensus mechanism:
  • Algorithm:
  • Virtual Machine: EVM-equivalent "Metis uses the Optimistic Virtual Machine (OVM) 2.0 to execute transactions. This is similar to the EVM, but is independent from it and allows fraud proofs to be executed." (13-10-2022).
  • Development language:

Transaction Details

How it works

"Metis offers a plethora of products to blockchain developers including the Metis NFT Bridge, Oracles, Nodes, Data Indexers, and a SubGraph."

"It provides support for multiple, interconnected L2 chains with main focus on supporting easy creation of DACs (Decentralized Autonomous Companies). Transaction data is not stored on-chain, rather it is recorded in off-chain decentralized storage MEMO from MemoLabs. Since April 2022 Andromeda [the current default Metis chain] uses "optimistic data availability" scheme in which transaction data is kept off-chain in MEMO while Validators can request tx data from Sequencer via L1 challenge mechanism if it does not make it available for validation off-chain.

No automatic on-chain fraud proof system. For additional security, any staked Validator can challenge invalid state root submitted by the Sequencer. Other Validators will then act as referees in an interactive challenge game. Dishonest Validator majority can push invalid state root on-chain, and potentially slash honest Sequencer."

Fees

Upgrades

Staking

"Rollup Decentralization, by facilitating the upcoming implementation of the PoS Sequencer Pool"

Validator Stats

Liquidity Mining

Scaling

Interoperability

Has integrations with multiple interop protocols including Chainlink CCIP, OMNI, Connext, and renewed incentives with Synapse (4-2024).

Other Details

Oracle Method

Compliance

Their Other Projects

Roadmap

  • Can be found [Insert link here].

Revenue

Grew from $0.08M in 2023 to ~$2M in Q1 2024. Fees grew from $0.06 to 0.23c.

Usage

TVL grew from ~$40M to ~$100M from Q1 2023 to Q1 2024.

Projects that use or built on it

Competition

"Metis’ $100M venture stands out among L2 solutions using Optimistic rollups — Arbitrum and Optimism, the two leaders in the category, have yet to deploy funds in order to bootstrap activity on their solutions.

While actually a hard fork of Optimism, Metis differentiates itself from its “parent” by using multiple sequencers, the software which stores and submit transactions, as opposed to one, as Optimism does. The company believes this offers higher degrees of decentralization than Optimism."

Pros and Cons

Pros

Cons

Team, Funding and Partners

Team

  • Full team can be found [here].

"Metis is led by co-founders Elena Sinelnikova, Kevin Liu, and Yuan Su and also has Ethereum co-founder, Vitalik Buterin’s mother, Natalia Ameline on staff as a technology researcher."

Funding

  • Is launching a $100M fund, which Metis describes as a “decentralized autonomous company” (DAC), called Genesi, to support projects which join its ecosystem (9-11-2021).

Partners

(:

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