Block Vision Lab project sharing | METIS

Official website: https://www.metis.io/

Twitter: https://twitter.com/MetisDAO

Metis is an Ethereum layer 2 scaling solution developed based on Optimistic Rollup. It was originally derived from a branch of Optimism. It was launched on the main network on November 19, 2021, and was upgraded in 2024 to combine the Optimistic Rollup architecture with zero-knowledge Prove Hybrid Rollup combined with zk. Metis was co-founded by Elena Sinelnikova, Kevin Liu and Yuan Su in 2018 and has successively completed angel and seed round financing of US$1 million, and Series A financing of US$3 million. We mentioned before that the reasons for recommending METIS are its first decentralized sorter, excellent data fundamentals, and in-depth cooperation with many leading projects. Recently it is going to make big moves again! It has a new and more breakthrough in the underlying technology.

Does anyone know what problems there are with Layer 1 of the blockchain? That is, in addition to Ethereum, one of the most significant problems of Layer 1 is the security of cross-chain bridges. Although the current blockchain technology is quite mature, the key problem lies in the lack of effective cross-chain bridges. In the past two years, cross-chain bridges have often been the target of hacker attacks, revealing many cross-chain bridge security issues, which directly led to the collapse of multiple blockchain projects. In order to solve this problem, Ethereum’s Buterin proposed the concept of Layer 2. However, Layer 2 is essentially a public chain, with a cross-chain bridge added to it. A typical example is the Optimistic Rollup (OP) network. Users deposit funds into the OP's contract through the OP's application, realizing cross-chain operations of cryptocurrency from Ethereum into the OP network. However, Layer 2 also has problems, that is, it is not decentralized enough. All current Layer 2 have not solved the problem of decentralization. Without decentralization, there would be no POS staking mining in its economic model, and all profits would be taken away by its foundation or operators, so the profits of ARC, OP and Base are very high. , which may also be accompanied by security issues.

The METIS project just solved these two problems. How did it do it?

As we have talked about before, the Cosmos SDK is very easy to use because the development cost is relatively low and it is easy to go online. Nowadays, there are many blockchain projects that use the Cosmos SDK, such as TIA, which we often see recently, INJ, DYDX and so on.Therefore, if you combine the Cosmos SDK and OP's SDK and add some of the best blockchain signature technologies, then this combination can be said to be a revolutionary breakthrough in blockchain technology. This is what METIS does. It integrates the Cosmos SDK and the OP's SDK and adds some components. METIS's approach breaks through the tradition technically, making the project possess the decentralization characteristics of Layer 1 and be able to Staking mining is safer, and it also has a stable cross-chain bridge of Layer 2, which avoids the risk of being attacked by hackers. Therefore, METIS's technological breakthroughs will bring more value to itself.

In addition to more project information, on December 18, in order to accelerate the growth of its ecosystem, the MetisDAO Foundation, the development organization of MetisDAO, announced the establishment of a fund of approximately US$100 million, which was named Metis The Metis Ecosystem Development Fund will distribute 4.6 million METIS Tokens to support sequencer mining, traceability funds, the deployment of new projects, and other related efforts. Based on the current Token price, the value of the fund has reached $385 million. According to the official blog post, Metis plans to become the first Optimistic Rollup to feature a decentralized sorter early next year. The Token distribution of the Metis Ecological Development Fund will be carried out one week after the Metis decentralized sorter is launched, and the TVL of METIS is still soaring.

AVAX previously announced the Avalanche Rush plan in 2021, allocating US$180 million in incentives to the ecosystem. In the next 3 months, in line with the bull market, AVAX soared from US$20 to US$160, and TVL increased from US$200 million. jumped to 11.4 billion. METIS happened to hit this time point, so if nothing unexpected happens, it is foreseeable that this is not the high point of METIS, and it is expected to rush all the way to the bull market. (Not investment advice, PS: This project was made by V God’s mother)