1 Basic Information

1. In layer2, the role of the sequencer is to organize and compress hundreds or thousands of transactions into one, which is then submitted to layer1 for confirmation. It can be said that it is the sequencer that achieves the high performance and low transaction fees of layer2. However, if something important is centralized, there is a risk of malfeasance or single point of failure. It can be said that the decentralization of the layer2 sequencer is imperative. Metis has taken the lead in testing the decentralized PoS sequencer on the Holesky testnet on the 27th and will start community testing on January 2nd.

2. Metis is a layer2 developed for Optimistic Rollup, which went live on the mainnet in 2021, making it the earliest second-layer network to go live with Rollup. It was upgraded to Hybrid Rollup, combining the Optimistic Rollup architecture with zero-knowledge proof (zk) in 2024.

3. Metis has a circulating market value of only $83 million and a fully diluted valuation of $180 million. The allocations for institutions and the team have already been unlocked. According to on-chain wallet tracking, institutional chips have long been sold, so it can be considered that there are no longer any institutions. In comparison, OP and Arb still have a large amount of institutional and team chips unlocking, equivalent to a substantial monthly issuance. In terms of token functionality, in addition to governance functions like OP and Arb, Metis is also used for network gas fees and node staking (each node needs to stake at least over 20,000), all of which bring real demand to Metis.

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

Twitter: https://twitter.com/MetisDAO

Date: November 30, 2023

Author: Riyuexiaochu

2 Project Introduction

Metis is an Ethereum layer 2 scaling solution based on Optimistic Rollup, aiming to solve the blockchain trilemma:

1. Decentralization
2. Security
3. Scalability

With the significant increase in demand for Ethereum, transaction prices have soared, while transaction speeds have lagged. As Ethereum's Smart L2, Metis not only increases transaction speed (rapid confirmation) but also increases throughput (a large number of more transactions per second).

Most importantly, Metis is creating a solution that is easy to obtain, affordable, and adaptable—so that anyone can use blockchain technology to build, operate, and grow any application, business, and community.

Hybrid Rollup

On March 2, 2023, MetisDAO announced the construction of "the first hybrid Rollup in history, combining the Optimistic Rollup architecture with zero-knowledge proof (zk).

According to the ChainCatcher report, on July 13, the MetisDAO Foundation announced the official release of its incubated new project ZKM, which will go live on the testnet before the end of the year, upgrading the existing Optimistic Rollup to Hybrid Rollup, achieving real-time withdrawals (the original OP withdrawal period was 7 days) and ensuring security.

It is reported that ZKM uses the MIPS instruction set to achieve zero-knowledge proof (ZKP) security for all virtual machines (VMs) and applications from the CPU level and supports multiple blockchain smart contract engines. The plug-and-play feature allows developers to apply ZKP without changing the codebase, reducing adoption costs. With the decentralized security infrastructure of Ethereum, ZKM can verify all blockchain and non-blockchain transactions. The project's goal is to go beyond L2, expand to L1, cloud computing, and the Internet of Things, making Ethereum the settlement layer for the global blockchain and non-blockchain world.

3 Decentralized Sequencer

For each layer2, user transaction data needs to be transmitted to the main ETH network. In principle, user transaction data can be directly transmitted to layer1. However, if this is done, transactions on layer2 will be as expensive and slow as those on ETH, which clearly goes against the original intention of layer2. Therefore, the solution is the sequencer, whose role is to compress hundreds or thousands of transactions on layer2 into one and submit it to the main network for packaging. This can greatly reduce transaction fees and confirmation time on Layer2.

The significance of Layer2 is to increase ETH throughput and reduce transaction fees. It can be said that it is the sequencer that enables layer2 to achieve this goal, and its importance is self-evident. The current reality is that the sequencers of layer2 are all centralized, basically operated by the project parties, such as the OP Foundation and Arbitrum Foundation. So, a very worrying issue now is the high centralization of sequencers. Regardless of whether they will act maliciously, from a practical perspective, if a centralized sequencer fails or is attacked, it can easily pose a threat to the entire layer2.

Although all major layer2 solutions have plans to decentralize sequencers in their roadmaps, the reality is that there have been no results so far. It may be that the priority is not so high, or it may be related to interests (bringing huge gas income to the project parties every year). Therefore, every L2 scaling solution needs a decentralized sequencer to improve security and reduce risks. And Metis will soon become the first to achieve this goal in L2.

Metis's decentralized PoS sequencer is now running on the Holesky testnet, which can be divided into three rounds, including simulating the behavior of real nodes, increasing the number of nodes, staking tests, and more. It will start on January 3, 2024, and open community testing, where users can interact with new ecosystem dApps on the Holesky testnet and receive rewards for a month.

Each sequencer node needs to stake 20,000 Metis, and of course, the mining rewards will be quite generous, with 50% of the total Metis used for node rewards. For users who do not have enough funds to run nodes, Metis will soon launch a liquid staking Dapp, Enki, allowing these community users to participate in node staking and receive corresponding returns.

4 Project Status

According to L2beat data, Metis's TVL is currently $81.45 million, ranking 12th in layer2. The highest TVL reached $165 million earlier this year.

Among all layer2 solutions, Metis has the lowest transaction fees. ETH transfers are less than $0.01, compared to $0.12 for Arbitrum, $0.08 for Optimism, and $0.24 for StarkNet. Token transactions only require $0.04, second only to Boba Network, and much smaller than Arbitrum and Optimism.

但是在不久的将来，Metis的手续费会变高，差不多于Optimsim相当。因为现在的手续费低是由于Metis 集成了一个去中心化存储MemoLabs。Metis 仅向以太坊主链以 merkletree 格式提交交易承诺，并在 MemoLabs 中提供完整的交易数据，验证者可以在必要时从中下载并提交欺诈证明。但是社区投票已经通过，将DA层改为使用ETH主网，这样一来可以实现Rollup的最高安全标准，二来可以为了去中心化Pos排序器的需要。

项目生态

Defilama 上面收录了44个协议，一些是多链部署的项目，包括AAVE、Stargate、Synapse、Beefy、Sushiswap等。在不久的将来，随着去中心化Pos排序器的上线，以及生态基金的奖励下，期待会有一波新的应用的发展。

Maia

https://linktr.ee/maiadao

Maia 是 DeFi 的收益增强器。MAIA 通过债券 100% 公平发行，是真正社区拥有的代币。反过来，Maian 生态系统的目标是成为不同 DeFi 原生金融工具的一站式商店，一个成熟的交易中心，目前具有：

• Maia 去中心化策略库
• Hermes Omnichain AMM 和 YLM（收益和流动性市场）
• TALOS 透明自动化流动性全链策略
• Ulysses Omnichain 流动性协议

Hummus Exchange

Hummus 是Metis 上稳定币交易平台，它是单边自动交易swap。它支持存入单边的稳定币池子。

Netswap

Netswap是一个Metis 链上去中心化交易所（DEX），使用与Uniswap相同的AMM模型，并拥有治理代币NETT

5 代币经济模型

Metis总量1千万枚，TGE时间：2021年5月13日

• 创始团队7%：锁仓6 个月， 然后每季度锁定 12.5%，持续 8 个季度
• 基金会 4% TGE 解锁10%，然后每季度锁定 11.25%，持续 8 个季度
• 顾问 1.5% TGE 解锁5%， 然后每季度锁定 11.875%，持续 8 个季度
• 天使投资人1% TGE 解锁5%， 然后每季度 11.875%，持续 8 个季度
• 种子投资者 6% TGE 解锁10%，然后每季度 22.5%，持续 4 个季度
• Private7% TGE解锁10%，然后每季度 22.5%，持续 4 个季度
• Community Star3% TGE 10%，然后每月归属 12 个月
• 战略 1.5% TGE10% ，然后每月归属 12 个月
• IDO 0.3% TGE100%
• 空投6%
• 流动性预留6%
• 社区发展3%
• 交易挖矿14.86%
• 交易挖矿32.84%

1 从时间来看，投资人包括天使投资人、种子轮、私募轮、社区轮、战略轮都已经全部解锁。并且已经解锁很长时间。

2 从时间来，创世团队的份额和顾问在今年11月份也已经全部解锁。

3 在Pos 排序器启动后，50%的Metis将用于节点挖矿。

Metis 代币的实用性。

1. Gas代币，每笔交易都需要消耗Metis代币作为Gas，就像在以太坊上进行交易一样，需要支付ETH作为Gas费。
2. Builder挖矿奖励，Metis对生态系统发展有着长期的支持，Metis生态中的所有建设者都会根据他们给网络带来的交易量获得Builder挖矿奖励，交易越多，奖励越高，即 生态与建设者双赢。
3. 质押，增强网络安全。 随着第一个去中心化排序器池的推出，所有排序器节点都需要质押大量 Metis 代币才有资格被选为排序器节点并处理交易，因此质押数量越多，可能性就越高 这些排序器节点必须处理链上交易。 随着Metis质押，一些新的商业模式也将出现，比如Metis的LST。
4. Sequencer 挖矿奖励：Sequencer 节点有助于保护网络、进行交易并开采 Metis 代币作为奖励。
5. 治理：Metis代币可用于投票参与生态系统内的重要决策。

6 链上数据分析1130

https://etherscan.io/token/0x9E32b13ce7f2E80A01932B42553652E053D6ed8e#balances

https://andromeda-explorer.metis.io/token/0xDeadDeAddeAddEAddeadDEaDDEAdDeaDDeAD0000/token-holders

2023年11月30日，Metis的总量为541万。其中有281万在Metis链上，

持仓地址1：在Metis主网上的Metis

持仓地址2：推测是投资人和团队，初始生成了300万Metis，现已完全解锁，钱包内还剩余84.5万枚。

排名地址3：kucoin交易所，拥有10万枚

排名地址5：uniswap，拥有6.4万枚

排名地址6：DWF钱包

持仓地址8、10~12、14~16：coinbase的集群钱包

持仓地址2的跟踪

The wallet at address 2 is speculated to belong to investors and the team. From a timing perspective, all tokens have been fully unlocked, but the wallet still holds 845,000 tokens. We traced the flow of funds and found that most of the Metis tokens have been sold on exchanges. The largest recipient of Metis tokens is FBG Capital, which received a total of 166,600 tokens, all of which were sold a year ago. The second largest wallet owner is unknown, and all tokens are stored on the Metis mainnet. The third largest recipient is Okx Venture, which received 75,000 tokens, also sold out a year ago. Overall, due to the passage of time, a portion of the early institutional tokens have already been sold. The Metis tokens belonging to the team and founders remain in the same address and have not been moved.

Metis Network

Looking at the quantity of Metis tokens on the network, there was rapid growth before June 2022, with two instances of step-like increases, likely due to unlocked tokens. The highest point was reached in May 2022 at 2.88 million tokens. In the last 18 months, there was a small initial decrease, reaching a low of 2.61 million, followed by a subsequent increase, with the most recent figure at 2.81 million. Therefore, the number of tokens on the Metis mainnet has remained relatively stable.

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