Metis x La Casa de Crypto AMA Recap from 28th of October
Metis is Ethereum Layer 2 Rollup Platform!
🕰 15:00 UTC
📍 Venue: @LaCasade_Crypto
🎁 Price Pool: 8 $METIS (1 $METIS per winner)
1st Segment: Introduction
El Profesor: Welcome to La Casa de Crypto community JonahMetis @JonahMetis! We are very honoured to have you here!
Metis Team: Thanks for having me! I’m very excited to be here! :)
El Profesor: Well then! Let’s start with an introduction! Can you please introduce Metis to La Casa de Crypto community?
Metis Team: Sure!
$METIS is known as Layer2 scaling solution-but that’s just the start. We’re building a hub for the ENTIRE Web3 economy.
Metis is building a hub for the entire Web3 economy in 3 stages:
- Layer 2 Ethereum scaling solution/Optimistic Rollup with transactions of a few seconds and a few cents, plus cheap, ON-CHAIN data storage (massive for NFTs…and pretty much anything else)
- NO-CODE integration via smart contract templates. Middleware has until now been a Web2 concept, a product that links operating systems to apps. Metis middleware (Polis) will enable ANYONE, even your grandma, to jump on blockchain in just a few clicks. https://metisdao.medium.com/blockchain-middleware-ccb41ded0fab
- 3. Decentralized Autonomous Company (DAC) infrastructure enabling both blockchain AND Web2 companies to build decentralized businesses ON-CHAIN, with all the functionalities of real-world enterprises and all the advantages of blockchain. https://metisdao.medium.com/daos-the-operating-system-of-communities-7286efb8e430
In short: We’re building a MASSIVELY ambitious project that will do what all great companies do: Make bleeding-edge, world-changing tech ludicrously easy for anyone and everyone to use, so that everyone reaps the benefits.
Join us! Metis.io
El Profesor: What a great and informative introduction! Thank you also for supporting the answers with relevant Medium articles!
Metis Team: My pleasure!
El Profesor: I guess there is a testnet going on this feature. Some of the members were speaking about it :)
Metis Team: We actually JUST completed testing of our DAC infrastructure. The thing about launching a project as multi-faceted as Metis is that it must done in stages. Imagine how hard it is to scale Ethereum transactions to just a few cents…now imagine a project doing that, and yet that scaling is just a small fraction of what they do!
El Profesor: That’s very much correct! Congratulations then with the process!
Metis Team: As a result, everything happens gradually. So when we go live with DACs in our Andromeda Layer 2 launch very soon, DACs will only serve one function to start: Enabling people to stake real $METIS tokens directly through the Metis website, by connecting your Smart Wallet (MetaMask etc) directly to Metis. The starting/cumulative APY will be 29000%; that number if variable, and will of course go down as more people form DACs and begin staking.
But our testing phase was MASSIVELY successful. More than 5400 people have performed nearly 13,000 transactions on our test network to date! done
El Profesor: I wouldn’t expect the less from Metis!
The next questions if about the team of Metis? Can you give some information about the team members of Metis and their experience in blockchain?
Metis Team: Sure!
The first thing you need to understand about Metis is our origin story, because it’s essential to understand what we intend to do.
So a bunch of years ago, two women, Elena Sinelnikova and Natalia Ameline, were friends in Toronto. Some of their friends would ask them all the time, “What’s blockchain? What’s Bitcoin?” etc.
So they started having little get-togethers with friends over coffee to discuss
Those coffee get-togethers grew to become meetups
Those meetups started expanding throughout Toronto.
To other cities.
And countries.
Until today, when those humble origins produced Crypto Chicks, one of the largest blockchain advocacy and education non-profits in the world, with a presence in 56(!!!!) different countries.
The growth of CryptoChicks led Elena and Natalia to form a large ecosystem of smart blockchain people, and ultimately a “hatchery” to launch new blockchain projects.
It was there that Elena met Yuan Su. Yuan is an absolute genius. He started coding at age 6. He has an incredible analytical mind and massive ambitions. Yet he’s a genuinely great dude, very hip to everything happening in the blockchain and crypto worlds. When he met Elena he was one of the lead devs for IBM’s Hyperledger project.
Then there was Kevin Liu. Kevin understands product development and team building better than anyone I’ve ever met. He’s a serial founder who to that point hadn’t found the perfect project.
Together the 3 of them co-founded Metis, with the EXACT same goal of CryptoChicks: to make blockchain easy and accessible to EVERYONE, from curious coffee-shop ladies to your grandpa.
The team realized that this would not be possible until Ethereum’s scalibility, functionality, speed, and cost issues were resolved!
So they started building a Layer 2 scaling solution, by hard-forking tech from Optimism. Optimistic Rollups are the easiest way for both devs and users to build and benefit from fast, cheap transactions, high scalability and functionality, AND all the security and decentralization that comes with being built on Ethereum!
But as I mentioned before, that’s just the start. Step 1: Layer 2 solution. Step 2: middleware to enable NO-CODE integration. Step 3: DAC infrastructure to create a gigantic hub for the Web3 economy, where anyone from blockchain projets to McDonald’s to 50 NFT enthusiast friends can band together to build decentralized businesses on-chain.
El Profesor: Wow such a great story! Thank you for sharing with us in detail! This definitely shows that Metis has not been built in one day and it is a solid project!
Metis Team: “Overnight success story”, years in the making ;)
El Profesor: Oh! That’s the story of Crypto Chicks! I participate to the Youtube meetings of Metis with Elena and other team members of Metis and I was wondering what was this about :)
Metis Team: Yes! CryptoChicks and Metis are BFFs.
And by the way Natalia recently joined Metis as well on a full-time basis. She’s an essential part of our business development team.
El Profesor: Awesome! I also would like to remind people here one more time, Metis is very frequently meeting with community on Youtube events. Join their channel and do not miss the next ones! @MetisDAO
Metis Team: We have YouTube livesreams EVERY Tuesday at 4 pm UTC. Join our YouTube channel MetisDAO and follow us on Twitter and Telegram @MetisDAO !
PS I’ll be the one leading the next YouTube livestream this coming Tuesday, so you get to see my smiling face and hear my Seth Rogen voice too lol
El Profesor: Haha I am sure people will not miss this!
Here it comes one of the main questions. What makes Metis different than the others? In which ways is Metis making its difference from other Ethereum Layer-2 projects?
Metis Team: That question can be answered in a few parts.
First, Metis is an Optimistic Rollup. That means we’re built on top of Ethereum and thus benefit from Ethereum’s security and decentralization.
As a point of comparison, Polygon is a commit chain, and thus is centralized and not as secure, creating risk for projects that deploy on their network.
But even compared to other Optimistic Rollups, Metis has numerous advantages.
We are using multiple sequencers and Multiple Virtual Machines to build extra layers of decentralization, security, and permissions. Other Optimistic Rollups (like Optimism and Arbitrum) do not.
But wait, there’s more!
Withdrawal time from Layer 2 back to Layer 1 is a going issue for Optimistic Rollups.
When Metis launches its initial mainnet platform (VERY soon), withdrawal time will be 3 days. But as we roll out our full suite of features, we will reduce withdrawal time to hours, and eventually minutes. This will be done through our decentralized Rangers system, in which many many different independent and anonymous verifiers work in tandem to further augment the security of the network.
And of course more than ANY of that, Metis’ Layer 2 platform, as I mentioned before, is just the tip of the iceberg! With our NO-CODE middleware and DAC infrastructure, we’re building a Web3 hub that no other platform — not Arbitrum, Optimism, Polygon, zK rollups, or anyone else can match.
For more information on how we compare, check out these articles:
El Profesor: That is quite an issue. I am using Optimism and it takes up to a week to complete the withdraw to Layer 1! I am very much excited to see the great solution of Metis!
Metis Team: We are going to melt ALL the faces. :)
El Profesor: Such a satisfactory answer! Thank you for your explanation! Okay its time for the next questions! Please tell us in which networks is Metis alive? Where can we buy $METIS?
Metis Team: Where can we buy METIS I can answer very simply
$METIS is now live and trading on:
Trade $Metis from here
1. Pancakeswap
https://pancakeswap.finance/info/pool/0x69afe59e88614501c3fdeb7480f12dba0a414032
Use polybridge: https://bridge.poly.network/
$Metis Contract for BSC
0xe552Fb52a4F19e44ef5A967632DBc320B0820639
2. Gate.io
Link: https://www.gate.io/trade/METIS_USDT
We have two pools for the trading on Uniswap
Uniswap v2
https://v2.info.uniswap.org/pair/0xd03dffd02db4b076e3eed9272a6a243a23de16e3
Uniswap v3
https://info.uniswap.org/#/pools/0x1c98562a2fab5af19d8fb3291a36ac3c618835d9
🔔$METIS ERC 20 contract address🔔
0x9e32b13ce7f2e80a01932b42553652e053d6ed8e
Sifchain
http://Dex.Sifchain.finance
Hotbit Exchange
https://www.hotbit.io/exchange?symbol=METIS_USDT
DODO Exchange
https://app.dodoex.io/exchange/METIS-USDT
1inch Exchange
https://app.1inch.io/#/YFI/METIS
Coingecko
https://www.coingecko.com/en/coins/metis-token
Coinmarketcap
https://coinmarketcap.com/currencies/metisdao/
Well we are launching as an Ethereum scaling solution.
However, our future plans are very much multi-chain, as we want EVERYONE to have easy access to blockchain.
And on the trading side, we have links to BSC (you can trade Metis on Pancakeswap by pasting in the BSC contract I posted above) and Cosmos (we are currently trading on Sifchain, paired with ROHAN).
Our token is $METIS by the way. There’s another (ostensibly dead) project that goes by Metis and trades as $MTS. That is NOT us and we have no relation to them,
El Profesor: Awesome to hear! Metis is expending fast and dedicated! Can you also tell about the tokenomics?
Metis Team: Sure! So the first thing to understand is that $METIS is a utility token, one that’s used to power transactions on the Metis Layer 2 network. Exactly the same way that $ETH is the utility token used to power transactions on Ethereum Layer 1.
We do NOT offer financial advice, and we are not a meme coin. Our token exists because we are a serious tech company with huge ambitions. Period, exclamation point. :)
Our tokenomics reflect the great care we put into everything we do. And they also reflect our VERY LONG-TERM plans. We are not a pump and dump. We plan to grow and thrive for years, even decades to come.
As such, our lifetime token supply is just 10 million $METIS tokens. And HALF of that total (i.e. 5 million tokens) are reserved for community mining purposes over the next DECADE.
El Profesor: Solid!
Metis Team: Our current circulating supply is about 1.4 million tokens. As we list on more exchanges and provide more liquidity, that total will steadily tick upward until we reach our maximum NON-community mining total of 5 million. But that’s still a while down the road. Our tokens are scarce, and they are designed for utility purposes.
For more information on the $METIS utility token, check out the huge, in-depth article that Messari Research wrote on Metis.
Here is the tokenomics section of that article: https://messari.io/asset/metis/profile/token-usage
And here’s the article as a whole: https://messari.io/asset/metis/profile
And here’s an even MORE in-depth Messari article on Metis, giving you an absolute ton of info on everything we do: https://messari.io/article/optimistic-about-metis?utm_source=messaricrypto&utm_medium=tweet&utm_campaign=optimistic-about-metis
El Profesor: That was a satisfactory answer! Thank you for answering all question in detail! Now, we can proceed to the next segment!
Metis Team: Let’s do it!!! :)
El Profesor: We have collected MANY interesting questions from community. Thank your for all the submissions. Here are the 1st of the 4 pre-selected community questions!
2nd Segment: Pre Submitten Questions
El Profesor: 1️⃣- There are several L2-solutions projects on the market now. Polygon, Arbitrum, Optimism. Tell me, what is the difference between the technology of Metis project and the listed ones?
@carlos671
Metis Team: I’ll repost the answer I gave earlier, in multiple parts :)
That question can be answered in a few parts.
First, Metis is an Optimistic Rollup. That means we’re built on top of Ethereum and thus benefit from Ethereum’s security and decentralization.
As a point of comparison, Polygon is a commit chain, and thus is centralized and not as secure, creating risk for projects that deploy on their network.
But even compared to other Optimistic Rollups, Metis has numerous advantages.
We are using multiple sequencers and Multiple Virtual Machines to build extra layers of decentralization, security, and permissions. Other Optimistic Rollups (like Optimism and Arbitrum) do not.
Withdrawal time from Layer 2 back to Layer 1 is a going issue for Optimistic Rollups.
When Metis launches its initial mainnet platform (VERY soon), withdrawal time will be 3 days. But as we roll out our full suite of features, we will reduce withdrawal time to hours, and eventually minutes. This will be done through our decentralized Rangers system, in which many many different independent and anonymous verifiers work in tandem to further augment the security of the network.
And of course more than ANY of that, Metis’ Layer 2 platform, as I mentioned before, is just the tip of the iceberg! With our NO-CODE middleware and DAC infrastructure, we’re building a Web3 hub that no other platform — not Arbitrum, Optimism, Polygon, zK rollups, or anyone else can match.
For more information on how we compare, check out these articles:
One other point I didn’t mention earlier:
zK Rollups offer promising tech…but that tech is INCREDIBLY complex. Very few developers know how to build it, and it’s much more complex for users too. We chose the Optimistic Rollup framework because we believe that robust tech is just the start of the journey.
Why are iPhones so popular? Is it because they offer the best tech?
Meh. Maybe. But maybe not.
They’re massive popular because even your grandparents can use them.
That ease of use and accessibility is what Metis is building. And that’s why we chose the framework that we did.
El Profesor: It’s like Carlos asked a question which covered the all AMA 😁
Metis Team: By the way, do I get royalties for the dozens (hundreds?) of new users joining the board as this AMA is ongoing? (Kidding :) )
El Profesor: Meh. Maybe. But maybe not. 😁
Metis Team: Oh and also, I love that you guys named yourselves after Money Heist characters. Love that show. :)
HAHAHAHAHA
El Profesor: Kidding definitely you will 😁
Metis Team: Nah. Let’s just all be friends after this AMA is over! I love chatting with fellow blockchain enthusiasts.
El Profesor: Since Carlos got his answer, maybe even a lot earlier, we can move to the second question!
2️⃣- How do we know if there users who has enough RP (reputation power) as a requirement to involve at individual constituted DAO within Metis ecosystem? What are the attributes of these RP? @iamcata
Metis Team: This is a fantastic question, and to be honest it’s one that I can’t answer in full detail yet, because we have not released all the details of our Reputation Power system.
That said, I can answer in general terms.
Trust and security are essential for Metis’ future plans
To demonstrate the basics of how our RP system will work, we’ve already started applying it to our earliest product launches
For instance, back in the spring, we launched the first EVER community minted NFT project! 256 different “Tribes” competed with each other for Reputation Power and thus mining power. And then in the end, all of these Tribes combined to share 70% of the proceeds from the eventual OpenSea sale, which went for 16.1 ETH!
When we launch our Andromeda Layer 2 network very soon, Reputation/mining power will also be key.
People who start their own DACs will get the highest mining power. As more people join, that power can go up. Affects the staking returns people will get.
I do understand that you’d like an even more detailed explanation of Reputation Power. As we launch our DACs and build in more functionality, we will provide even more details. For now, the Metis Whitepaper offers a very good explainer on how it will work:
El Profesor: Great question and a great answer! Thank you for the both of you!
Metis Team: This board is for serious blockchain enthusiasts, no bots. Still, would be nice to approach 2000 by the time we’re done here. :)
El Profesor: Thank you! This is what we want here. No bots. Even if we do not reach 2000 or 1900 that is totally fine! Quality > Quantity :)
Metis Team: YESSS
El Profesor: 3️⃣- I know how normal Governance system work for the projects but I have never heard about “Optimistic Governance” (OG) before. Can you please explain what is it? In which ways Metis OG is different and better than others? Who can be part of it? @xperia3
Metis Team: Sure!
Optimistic Governance assumes that all actions are legitimate unless proven otherwise. Hence the “optimistic” part.
However, we can’t just throw caution to the wind. There needs to be safeguards.
To do that, Metis builds in a whole series of checks and balances.
That includes decentralized “Rangers” who can verify and/or challenge the validity of transactions.
Rangers are incentivized for every time they identify an instance of fraud.
HOWEVER, fraud claims that are found to be frivolous/untrue result in Reputation Power going down.
If a Ranger keeps making bogus claims. he/she could get booted entirely
Essentially, we’re building a system where the safeguards exist, but people rarely if ever have to fire their metaphorical weapon. The best governance, in fact, is to have as little governance as possible. That’s the hallmark of true decentralization.
El Profesor: It’s great to hear you give no tolerance to people who abuse the system! I wonder if being a Ranger still possible?
Metis Team: Absolutely! We haven’t started deploying our Ranger system because we are almost (but not yet!) live on mainnet. But in the weeks to come, we will begin unveiling details of our Ranger program, and inviting users to apply!
El Profesor: I am sure many people will be looking for this, me, myself included 😁
Metis Team: We really appreciate that! And for you hockey fans out there, feel free to wear your throwback Mark Messier jerseys while performing your Ranger duties. 😂
(Although we are operationally based in Singapore, many of Metis’ senior staff are in Canada. I couldn’t resist. :) )
El Profesor: Haha! I more thought of Power Rangers suits! Well, it’s time for our last question from Pre Submission form! Here it is!
4️⃣- Can you tell us about the Metis’ Affordable Storage? Is it really affordable for the majority? Except this, is it also safe enough? What possibly can be stored in this storage? What are the limits? @Cayildi
Metis Team: Love this question.
So one of the problems inherent in MANY different networks is the ever-present data storage issue.
Ethereum Layer 1 has no answer for this
Polygon has no answer for this
etc
One single large block of data can cost an absurd amount to store on-chain. Like seven figures. It’s nuts!
Metis will soon deploy IPFS-based technology. That IPFS tech will enable on-chain storage that is truly affordable.
We don’t have the precise figures for you yet, because IPFS will be one of many different functionalities we’ll be launching in the weeks and months to come.
But the fees should be low enough that, for example, NFT holders will be able to use that tech.
And by the way, this really highlights how MASSIVE Metis’ NFT ambitions are
Think about it
Transactions on our Layer 2 cost just a few cents
IPFS enables cheap on-chain storage
AND DACs can unite thousands and thousands of NFT creators, traders etc.
This is actually a pain point I’ve encountered multiple times in my other role as head of BizDev for Metis
We recently met with a large NFT marketplace that liked our project but shared their frustration that they weren’t effectively building a COMMUNITY for their users
Once our DACs are live, all of a sudden any NFT project that partners with Metis can have that community immediately available. Banding together, performing tasks related to voting/governance but also messaging, tasking, even open-source CRM software like the kind you’d see in the Web2 world. All on chain, all backed by Ethereum.
We will soon announce a partnership with the amazing NFT GameFi project Altura, which is already one of the largest BSC NFT projects around, and they’re going to integrate onto Ethereum thanks to Metis’ help.
Yesterday we also onboarded a terrific young NFT project called NFTGo
Stay tuned for LOTS more NFT announcements from Metis.
We aim to be a leader for onboarding projects from ALL across the blockchain spectrum. NFT, DeFi, DAO, Launchpad, Gaming, Metaverse, Infrastructure, Security, Social…ALL OF IT.
Our ambitions are limitless. And our tech will lead the way.
Great article on Metis IPFS storage here: https://metisdao.medium.com/ipfs-for-storage-the-blockchain-for-verified-immutability-50d03b88a071
El Profesor: I am truly impressed by the upcoming features of Metis but what makes it real special is the Metis team members great enthusiasm! Thank you for your awesome answer!
If you feel ready for it, we are moving to the next segment which the community is waiting for!
Metis Team: Thank you!
I’m all yours! :)
El Profesor: You heard people, show no mercy! 😁
Now, we will proceed to the most exciting part of the AMA, live community questions!
Please answer at least 4 questions. However, you can answer as many as you want!
3rd Segment: Live Questions
Q1 — Last Month, You launched middleware, can You tell more about it?
Metis Team: Sure! So middleware is traditionally a Web2 concept. Oracle has middleware software, for example. Middleware is the connective tissue that links operating systems and apps. This is NOT something that you see in the blockchain world. Metis middleware (Polis) will serve as the same connective tissue between blockchain network and DApps. It does so by providing smart contract templates. When those templates go live, you won’t need any blockchain coding experience to deploy your DApp onto Metis’ Layer 2 network. The interface will be very simple, like signing up for a simple account. A few clicks and you’re good to go. Anyone can do it. This solves two problems. For existing blockchain projects, all of us are SO busy, our tech teams don’t have time for complicated integrations…with Polis they can send their intern out to fetch coffee and on the way back deploy onto Metis in a minute or two. For NON-BLOCKCHAIN companies, they don’t need any blockchain expertise at all. Just pop onto Metis Polis and boom, they’re in! This article goes into more details…Polis is a HUGE part of Metis’ future ambitions and success: https://metisdao.medium.com/blockchain-middleware-ccb41ded0fab
Q2 — I want to invest in $METIS token ? Where can this token be found? And which wallet will support?
Metis Team: ANY smart wallet that supports ERC-20 tokens can support $METIS. MetaMask, TrustWallet, you name it. You can buy here: $METIS is now live and trading on:
Trade $Metis from here
1. Pancakeswap
https://pancakeswap.finance/info/pool/0x69afe59e88614501c3fdeb7480f12dba0a414032
Use polybridge: https://bridge.poly.network/
$Metis Contract for BSC
0xe552Fb52a4F19e44ef5A967632DBc320B0820639
2. Gate.io
Link: https://www.gate.io/trade/METIS_USDT
We have two pools for the trading on Uniswap
Uniswap v2
https://v2.info.uniswap.org/pair/0xd03dffd02db4b076e3eed9272a6a243a23de16e3
Uniswap v3
https://info.uniswap.org/#/pools/0x1c98562a2fab5af19d8fb3291a36ac3c618835d9
🔔$METIS ERC 20 contract address🔔
0x9e32b13ce7f2e80a01932b42553652e053d6ed8e
Sifchain
http://Dex.Sifchain.finance
Hotbit Exchange
https://www.hotbit.io/exchange?symbol=METIS_USDT
DODO Exchange
https://app.dodoex.io/exchange/METIS-USDT
1inch Exchange
https://app.1inch.io/#/YFI/METIS
Coingecko
https://www.coingecko.com/en/coins/metis-token
Coinmarketcap
https://coinmarketcap.com/currencies/metisdao/
Q3 — After Multiple Audits also, We have seen Projects being Compromised, Why do You think its hard for Projects to secure their Platform?
Metis Team: It’s about anticipating potential issues BEFORE they happen, studying the outages that occur in other networks, and then having the diligent and intelligent tech team to address these problems before they occur. As an example, our community is SO enthused about Metis, they want us to launch our mainnet NOW! And we totally get it! We’re excited too! But we’ve seen projects such as Solana and Arbitrum recently experience major network outages. So we watch, learn, and adjust. Currently Metis is being TRIPLE audited by three of the largest audit/security groups in blockchain. We’re building safeguards on top of safeguards. And above all else, we are NOT launching until we’re 100% satisfied that our Layer 2 network meets the HIGHEST standards for performance AND security. A few days or weeks here or there to go live now will be worth their weight in gold once our mainnet is up and running, transactions are smooth as silk and lightning fast, AND our security is second to none. :)
Q4 — What is MetisSwap? Has the Metis platform partnered with the PAID network? And Why are you launching MetisSwap? And How can I get airdrop rewards for testing?
Metis Team: MetisSwap was a decentralized exchange that Metis launched during its Beta Testnet phase a few months ago. The single HARDEST functionality for a DeFi project is running a DEX. So we launched MetisSwap as a proof of concept, to demonstrate the speed, low cost, and high performance of Metis Layer 2 network. That said, Metis will NOT operate its own DEX in the future. A third-party DEX project called NetSwap will deploy on Metis Layer 2 once our mainnet is live. NetSwap will offer many great features, from standard stuff like swapping and staking to LAUNCHPAD capabilities that will enable regular community members to get early access to IDOs…something normally reserved for whales only! As for PAID Network, they’re a close partner of Metis. Once our Layer 2 mainnet goes live, PAID will deploy their Ignition and Apollo-X platforms on Metis Layer 2.
And by the way one thing I haven’t mentioned yet: Metis offers a Builder Mining program. What that means is that EVERY time a DApp deployed on Metis Layer 2 performs a transaction, that project will receive METIS token rewards. That’s a massive incentive not offered by ANY other scaling solution. Now add in our DAC infrastructure and you’ve got some terrific reasons for thousands of projects to not only build on Metis Layer 2 but also STAY on Metis Layer 2, transacting in METIS tokens every day.
Q5 — In One of Your Events, You said that Mining and Staking event will come, Can You Provide more Details into it? What APY can users expect?
Metis Team: As I’ve mentioned a few times, Metis’ DAC infrastructure is essential to our plans to build a hub for the ENTIRE Web3 economy. That said, thousands of DACs operating at once will place a significant load on our network. So we wanted to figure out an elegant way to stress-test our network, ensure that DAC creation runs smoothly, AND incentivize thousands of people to take part. The result was the Metis DAC Staking and Mining program. Once we launch our Andromeda Layer 2 network (very soon), anyone holding 10 $METIS tokens or more in your smart wallet (MetaMask etc) will be able to FORM THEIR OWN DAC with just a few clicks. Once that DAC is created, you can stake those real METIS tokens for real METIS token rewards. Maximum stake is 2000 METIS tokens. Starting/cumulative APY is 29000%, but of course that number is variable and will go down as more people form DACs and stake. LOTS more information on the DAC creation and staking program can be found here…we encourage ALL OF YOU TO GIVE IT A TRY! https://metisdao.medium.com/what-is-metis-what-the-heck-are-dacs-whats-the-deal-with-staking-ba25f2c274ca
Q6 — Is Metis compatible with Ethereum EVM? And Is Metis integratable to my existing website/ app/ business/ platform? And Is Metis ready for Market? Please tell me some information about this topics?
Metis Team: Metis is EVM-compatible, yes. That makes it fast and easy for existing Ethereum projects to migrate onto Metis Layer 2. And when our Polis middleware goes live, it’ll get even simpler and faster, with no coding required. As for “ready for market”, we are in the final phases of Metis Dragonfire Testnet. Next step is the launch of our Andromeda Layer 2 network, followed immediately by DAC creation and staking of real METIS tokens. The next step after that will be our next version of Metis mainnet, toward the end of Q4 2021. Once that milestone is reached, the dozens of projects already partnered with Metis (and the many more in the pipeline) will be able to start doing business live on Metis Layer 2, generating revenue for both themselves and for Metis (our revenue model is derived from the “Rollup” function we perform on transactions).
Q7 — I participated in the recent DAC test and found that this test uses the METIS Dragonfire network and uses Metis as the gas fee. Last time I tested it on the POLIS platform, I used ETH as the gas fee. This is very different. Therefore, for Metis holders, what are the functions and usage scenarios of Metis?@JonahMetis
Metis Team: As we are in testnet phase, Metis tokens don’t yet have real-world utility. As a result, we bridged to Ethereum Rinkeby testnet to provide test tokens. Once Metis Layer 2 goes live on mainnet, ALL transactions performed on Metis Layer 2 will occur EXCLUSIVELY via METIS tokens.
Q8 — I saw in the whitepaper there are low transaction fees but lets say we are in a scenario of best price is in uniswap and gas at that time is super high, how will your platform decide the best move comparing to other exchanges?
Metis Team: In order to capitalize on Metis’ low Layer 2 fees, you would need to use a DApp that’s deployed on mainnet. If/when Uniswap becomes a Metis partner, you’d be able to perform transactions on Uniswap with the speed and low cost of Metis Layer 2. Uniswap is not (yet) a Metis partner. Therefore if you were looking for a swap platform that would benefit from Metis’ low Layer 2 fees, you’d want to use one of Metis’ swap platform partners, such as WOWswap and SwapAll. Details on the different projects partnered with Metis as of Sept 15 can be found here: https://metisdao.medium.com/the-vibrant-and-growing-metis-ecosystem-d517b36accb8 — for an updated list, check out the Ecosystem Partners tab at Metis.io
OK I’ve been going for about 2 hours and I’m pretty out of gas. Apologies for not having time to answer all of your amazing questions. Please PLEASE feel free to DM me at @JonahMetis and I’ll be delighted to answer any questions you might have. We supremely appreciate your interest in Metis, and we highly encourage ALL OF YOU to join our Telegram group t.me/MetisDAO and follow us on Twitter @MetisDAO for all the latest Metis news and also to join a community filled with some of the smartest, most enthusiastic blockchain advocates in the world!
Finally one thing I did NOT yet mention:
Metis is holding a Hackathon, with $1 million(!!!!!!) in prizes on the line! If you’re a Solidity developer with a great DApp idea, head to Hackathon.Metis.io and sign up to hack and compete for prizes! The Metis Hackathon runs until Nov 30, and we would LOVE to have you!
El Profesor: Applications are still open!
Thank you for all your answers. It was a great pleasure to have JonahMetis @JonahMetis in La Casa de Crypto! People, if you have more questions, please visit their social media accounts! You already did some but, please share all the rest important links about Metis before we conclude this AMA session
Metis Team: Yes you can apply and build right up until Nov 30. But you ALSO can apply, build, and submit earlier! That way we can provide you with real-time feedback, you can improve your DApp, and have an even better chance to win a share of the $1 million(!) prize pool!
Absolutely!
Metis website: Metis.io
Metis technical docs: Docs.Metis.io
github.com/MetisProtocol is our tech repo
Whitepaper: https://drive.google.com/file/d/1LS7CmKFt-FkfVXxSNu06hNgoZXxMzTC-/view
Metis Cheat Sheet has tons of info, including a link to our Ecosystem Development Program details, which as I mentioned is the conduit through which we forge partnerships.
https://twitter.com/metisdao/status/1434870845403500548?s=21
Our Medium channel has tons of relevant content about our DACs, how we compare to other Optimistic Rollups and Polygon, Our ecosystem development program, lots of other stuff: metisdao.medium.com
Ecosystem Development Program: metis.io/grants
And finally Metis Hackathon is Hackathon.Metis.io or apply directly via our form if you’re a Solidity Developer with a great idea for a new Ethereum DApp you want to deploy on Metis Layer 2 OR an existing Ethereum DApp you want to deploy on Metis Layer 2! https://docs.google.com/forms/u/1/d/e/1FAIpQLScpSaK9GkvwSaE4axHmA3F0Nlcic4WwifAP3YGRMycO5UAauQ/viewform
Twitter: https://twitter.com/MetisDAO
Telegram: t.me/MetisDAO
Discord: https://discord.gg/RqfEJZXnxd
And here’s our ongoing Reddit contest, free for anyone to enter and win!
REDDIT CONTEST EXTENDED
In our efforts to increase participation in the mega Metis Hackathon our ongoing Reddit contest has been extended to November 5th to allow many of our community members to participate. We are rewarding Metisians who spread the word about #Metishackathon in various blockchain and crypto Reddit communities
Rules:
1) Make an engaging Reddit post about Metis in various blockchain and crypto subreddit communities
2) Copy your Reddit post link, make a tweet on Twitter and tag @Metisdao and two friends
3) Fill and submit this Google form.(https://forms.gle/8H9nFFypJQyyeGAo6)
Duration: Tuesday, OCT 28th — NOV 5th
The top 5 most engaging posts on Reddit get rewarded with 1 $Metis each 🤑
Apply to Hack + win here!
https://hackathon.metis.io
Don’t forget to join the Metis Discord Channel (https://discord.gg/RqfEJZXnxd) for all the hackathon news and discussions, $1 Million in Metis hackathon prize pool! (https://discord.gg/RqfEJZXnxd)
El Profesor: $1 Million Price! You do not want to miss this white hat hackers!
Metis Team: @JonahMetis — seriously, DM me anytime if you have questions about Metis. Happy to answer. Thanks so much for the support!
El Profesor: Thank you again Jonah for very detailed answers and your precious time!
Metis Team: Thank you everyone! Have a great day!
El Profesor: Have a great day too!
They are very much welcoming community guys, never hesitate to ask your questions to them!
