MetisDAO (METIS)

About MetisDAO (METIS)

MetisDAO (METIS) is an Ethereum-based Layer 2 solution that aims to solve the scalability and efficiency challenges faced by Ethereum. By leveraging advanced technologies like Optimistic Rollups and Hybrid Rollups, MetisDAO introduces a groundbreaking framework designed to enhance Ethereum’s scalability, reduce transaction costs, and improve overall network efficiency. Launched officially on November 17, 2021, MetisDAO has quickly positioned itself as a key player in the blockchain ecosystem, particularly for decentralized autonomous organizations (DAOs) and decentralized applications (dApps).

Background and Founding Team

MetisDAO was co-founded by Elena Sinelnikova, Kevin Liu, and Yuan Su in 2019, with an official launch in 2021. Each co-founder brought a wealth of expertise from various sectors of the blockchain and technology industries:

• Elena Sinelnikova is a cybersecurity expert and blockchain entrepreneur who founded Crypto Chicks, an educational hub for blockchain technology.
• Kevin Liu has a background in investment and strategic development, holding an MBA from the Chinese Academy of Sciences.
• Yuan Su is a computer science graduate and former IBM software engineer with an MBA from the University of Toronto.

While the team initially may not have had high-profile names, they have cultivated a strong network, including Genesi DAC, led by Natalia Ameline (Vitalik Buterin’s mother), and gained support from major companies such as Gate.io Labs, AU21 Capital, and Master Ventures.

What is MetisDAO (METIS)?

MetisDAO is primarily designed to provide scalable Layer 2 solutions to Ethereum, enabling faster and more cost-effective transactions while maintaining Ethereum’s security and decentralization. It tackles Ethereum’s well-known scalability issues, such as high transaction fees and network congestion, through the use of Optimistic Rollups and a unique off-chain data storage model.

• Metis Andromeda: The Metis Layer 2 network, called Metis Andromeda, is a hard fork of Optimism. It provides a high-performance Rollup platform built to improve Ethereum’s scalability. Andromeda went live in November 2022, and its solutions are specifically geared to address the scalability trilemma, aiming to balance security, scalability, and decentralization.
• Hybrid Rollups: In March 2023, MetisDAO unveiled plans to combine Optimistic Rollups with Zero-Knowledge Proofs in a Hybrid Rollup system, further enhancing scalability and security. This hybrid model is designed to meet the needs of both developers and users, offering an ideal solution for the decentralized applications (dApps) ecosystem.

How Does MetisDAO Work?

At the core of MetisDAO is its use of Optimistic Rollups, a Layer 2 scaling solution that aggregates multiple transactions into a single transaction on Ethereum. This improves transaction throughput and significantly reduces gas fees. Here’s how it works:

1. Optimistic Rollups: These Rollups process batches of transactions off-chain before posting a single summary on the Ethereum mainnet. This method reduces congestion on the Ethereum network, resulting in lower transaction fees and faster confirmation times.
2. Off-Chain Data Storage: Unlike traditional Layer 1 solutions, MetisDAO stores most transaction data off-chain. Only minimal data is kept on-chain, drastically reducing storage costs. This method relies on Memo Labs to manage off-chain data, enhancing efficiency without sacrificing security.
3. Metis Virtual Machine (MVM): MetisDAO’s MVM is fully compatible with Ethereum’s Virtual Machine (EVM) but offers superior speed, cost-efficiency, and enhanced user experience. Developers can seamlessly deploy smart contracts on Metis while benefiting from lower transaction costs.
4. Hybrid Rollup: The Hybrid Rollup technology combines Optimistic Rollups with Zero-Knowledge Proofs (ZKPs). This hybrid approach is designed to enhance security, improve scalability, and provide an ideal environment for decentralized applications (dApps) and decentralized autonomous organizations (DAOs).

MetisDAO’s Key Features

1. Scalability and Speed: By using Optimistic Rollups and Hybrid Rollups, MetisDAO offers significantly higher transaction throughput compared to Ethereum’s Layer 1 network. This enhances scalability, enabling the Ethereum ecosystem to handle more transactions at a lower cost.
2. Low Fees: One of the standout features of MetisDAO is its ability to process transactions with minimal gas fees. This is particularly important for decentralized finance (DeFi) applications and users who have been priced out of the Ethereum mainnet due to high fees.
3. Decentralized Autonomous Companies (DACs): MetisDAO introduces the concept of DACs, which are a new class of decentralized organizations that utilize Metis’ infrastructure to operate efficiently. DACs offer a framework for building decentralized organizations, creating new opportunities for governance, innovation, and collaboration within the blockchain space.
4. Developer-Friendly Tools: MetisDAO offers a variety of tools and services to support developers, including Oracles, NFT Bridges, SubGraphs, Data Indexers, and more. These tools are designed to streamline the development of decentralized applications and support the broader blockchain ecosystem.
5. Security and Decentralization: MetisDAO prioritizes security by using Ethereum’s robust security model while enhancing decentralization through its Layer 2 framework. The combination of rollup technology and off-chain data storage creates a more efficient, secure, and decentralized platform.

MetisDAO’s Ambitions and Future Developments

MetisDAO’s ultimate goal is to enable scalable and efficient decentralized applications to flourish on Ethereum by providing solutions that balance speed, security, and cost-effectiveness. The Metis Ecosystem aims to cater not just to DeFi applications but also to a variety of use cases across NFTs, gaming, and decentralized governance.

• Grant Program: MetisDAO has introduced a grant program aimed at supporting developers and projects building on Metis Andromeda, further expanding the ecosystem and fostering innovation within the community.
• Ongoing Research and Development: MetisDAO is constantly exploring new technologies and features to enhance its offerings. For instance, the Hybrid Rollup system announced in 2023 could open up new avenues for developers looking to build scalable and secure dApps.