Poly Network AMA Recap With Metis
The L2 Ethereum Rollup, Metis(@MetisDAO), was invited to Poly Network (@PolyNetwork2) AMA, taken place on 12 Jan in the Poly Network Telegram Community. From the Live AMA with Elena, Co-Founder&CEO at Metis, this recap fully grasps the information discussed during the AMA.
Poly Network is a groundbreaking heterogeneous interoperability protocol alliance, which has already integrated Bitcoin, Ethereum, Neo, Ontology, Heco, BSC, OKExChain, Arbitrum, Polygon, Elrond, and Cosmos-SDK, and aims to build the foundation for Next-gen Internet (NGI) by enabling greater integration, cooperation, and innovation. Since the launch, the protocol has reached total trade volume of more than $15 billion USD involving more than 302K cross-chain addresses on different blockchains.
QUESTIONS AND ANSWERS IN LIVE AMA
Q1: Could you please elaborate more on Metis ecosystem? Anything to highlight?
Elena: METIS is known as Layer2 scaling solution-but that’s just the start. We’re building a hub for the ENTIRE Web3 economy.We are building a hub for the entire Web3 economy in 3 stages:
1) Layer 2 Ethereum scaling solution/Optimistic Rollup with cheaper and faster transactions, plus, ON-CHAIN data storage (massive for NFTs…and pretty much anything else). All EVM equivalent, therefore projects/smart contracts can be ported from Ethereum one-for-one without any changes.
2) 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. Check out https://polis.metis.io — our middleware to connect and develop on Metis
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. To create your own DAC please go to https://portal.metis.io. You not only create your own blockchain company already, but earn — can stake and mine $METIS tokens. More people are in your DAC, more $METIS tokens can be mined.
In short: We’re building a MASSIVELY ambitious project that will do what all great companies do: Make bleeding-edge, world-changing tech ludicrously easy for anyone and everyone to use, so that everyone reaps the benefits.
Since we launched our first mainnet release Andromeda 7 weeks ago our ecosystem has exploded with projects. We have now over 80 partner projects that joined Metis ecosystem.
Q2: As announced earlier in Dec, Poly Bridge started to support one of your biggest DEX projects — Netswap. We have witnessed a boom throughout these weeks. Any event for our members to participate in? Eg. How shall our users participate in the recent Liquidity Mining Program ($NETT Farming)?
Elena: The first one is Farm, which is to reward liquidity providers with $NETT tokens, the detailed user guide can be found here: https://docs.netswap.io/use-guide/farm. As you can see, there are 11 different pairs that you can farm
You can use the bridge from Polynetwork(https://bridge.poly.network/) to transfer BNB from BSC to Metis Layer2 to participate in the BNB/NETT pair farming.
The second one you can play with is Stake, which is single token staking for you to stake NETT to earn Metis token rewards. The current APY is around 440%. If I’m not mistaken.
Other than this, Netswap is going to launch the leverage swap function recently for high risk tolerant users and also will launch the launchpad recently to support Metis ecosystem projects to go for cold launch.
Q3: What do you most attribute the success of Metis Andromeda network to?
Elena: To our wonderful team and the community. ❤️
I say to my team how much I love the every day. I also have the rule — if you don’t feel like coming to work today — please take a day off or as many days off as it allows you to rest, recharge and want to do amazing things for Metis. We have you paid and covered! We support each other in difficult personal situations. Our amazing team is the reason for our success.
We also are very community-oriented and support community projects that are born on Metis. NetSwap is a great example of a community project that became very successful. Our DAC (Decentralized Autonomous Companies) structure is meant to be an enabler for community projects, so we are going this direction.
Also Metis team holds decentralization as a main core value. Metis is a decentralized ecosystem where everyone can build great things at a low cost and with high security.
Q4: Why did Metis choose Poly Network among others for partnership?
Elena: First, thanks Poly Network for helping us to bridge the gap between Ethereum, BSC and Metis Andromeda, it really helps in our multi-chains adventure. At the beginning, Ploy Network was recommended by a trusted partner, and we were amazed how smooth the integration process was with Poly Network team. Later when the bridge was online, the feedback from our community users were quite positive, they said it is a very fast and easy-to-use bridge. Metis has over 12M TVL on Poly Network’s bridge, so it is very pleasant to work with Poly Network. We will recommend more ecosystem projects to work with Poly Network.
Q5: Any exciting plan for future developments？What shall users expect?
Elena: As you know Metis is an Optimistic Rollup is processing transactions in batches and committing the entire batch, therefore the gas fee is split between all the transactions in the batch.
Metis team now is working on developing a decentralized native storage that will allow us to roll up thousands of the transactions in one batch therefore bringing the gas fees from a couple of dollars (currently) to a couple of cents in the future. We aim to be an Optimistic Rollup with the lowest fees and still inherit the high security of Ethereum. This decentralized storage also will allow us to solve the problem of storing data on-chain. If you look into this subject you know that you need to pay around $1M to store just a basic image on Ethereum. That is why blockchain projects store data off chain, increasing the development costs, making data vulnerable etc.
Even NFTs are in fact stored not on Ethereum, but elsewhere. People pay thousands and even millions of dollars and the NFTs are actually not even on chain Decentralized storage that we are working on will solve that problem.
Also our team is working on the Rangers system to shorten withdrawal L2 to L1 time from 7 days to hours. To comply with the decentralization Optimistic Rollups normally have to have a 7 day period before finally recording transactions to Ethereum. In these 7 days anyone on Ethereum can find any inconsistencies/mistakes and report them. They call it Fraud Proofs. If such fraud proof is posted — transaction will be invalidated. Since anyone can fill in a fraud proof — this becomes a decentralization principle and keeps transactions correct and Ethereum secure.
We also are developing our DAC structure, which is a much more ambitious structure than DAOs: Decentralized Autonomous Companies (DACs). With DACs, every entity from a large Web2 company (imagine Nike) to a loosely affiliated group of enthusiasts (imagine you and 10 friends trading NFTs with each other) to something in between (a freelance staffing service like a Web 3/decentralized version of Fiverr or Upwork) can take advantage of our decentralized business templates and all of the features found in a Web2 company (ERP/CRM software, payroll management, Slack-like messaging platform) to run their entire operations right on blockchain, with those fast and cheap transactions and secure, decentralized structure mentioned above! This also provides the reputation engine to identify good players from bad ones
The AMA with Metis was highly informative. We will have one more AMA coming next week. Please stay tuned!