Thread by @ahboyash

1/ Joining the L2 wars is @MetisDAO, an optimistic rollup scaling solution which has just received a $100m fund to boots its ecosystem.

A thread covering:
• Introduction of Metis
• Interesting highlights and differentiating factors
• Bridging guide
• Ecosystem Overview

2/ Metis TLDR
A L2 scaling solution that uses optimistic rollup technology to enable fast transactions and low fees while still being secured by the Ethereum blockchain.

It is also EVM compatible which allows developers to seamlessly deploy contracts from Eth main chain.

3/ Team
Co-founded by 3 people - Kevin, Yuan Su, Elena and Natalia (@VitalikButerin's mom) as a technology researcher and ecosystem manager.

All have various expertise and experience in the blockchain ecosystem.

4/
a) Kevin Liu - co-founder of Token Economy Labs and Hackernoon researcher
hackernoon.com/u/Distributed%…

b) Yuan Su - ex IBM gigachad engineer and part of the IBM Hyperledger project which is a framework behind the IBM Blockchain Platform

5/
c) Elena, the CEO and co-founder, is a family friend whom Vitalik has known since he was a child

d) Natalia, a technology researcher and manager

*They cofounded @crypto_chicks which is a non-profit educational hub that helps women build a professional career in blockchain.

6/ Establishing a Basic Understanding of Optimistic Rollups (OR)

Refer below if you need a refresher on ORs 👇

7/ Metis Highlights
The next few tweets will cover the following items and how Metis differentiates itself apart from the other OR:
i. Infrastructure
ii. Polis Middleware
iii. Decentralised Autonomous Company (DAC) Framework

8/
i. Infrastructure
a) Metis Virtual Machine (MVM)
Metis MVM is EVM compatible, thus allowing projects to port over familiar smart contracts and user interaction with Dapps is in a similar fashion with Eth mainnet

9/
b) Parallel sequencers
A pool of sequencers will be randomly selected from the DACs to rollup and submit transactions back to the Eth main chain

This multi party sequencer allows for higher scalability compared to the single party approach by Arbitrum/ Optimism

10/
c) Ranger system
• A squad of nodes that monitors sequencers
• Again, the multi party fraud detection system will result in a shorter challenge period as there are multiple layers of checks conducted simultaneously

11/
d) IPFS storage for files to be natively stored on-chain
• This is made available by DACs that run their own MVM with an in-built storage functionality
• This results in a cheaper way to store data compared to using a secondary solution (i.e. Arweave)

12/
ii. Polis Middleware
a) No/low code smart contract tool
The Polis middleware allows new developers with minimal experience to easily bridge their apps onto Metis.

Their no-code/low-code smart contract template allow seamless integration of dapps onto Metis with 0 coding

13/
iii. DAC Framework
While Decentralised Autonomous Organisations (DAO) have voting and a governance structure, DACs take it a step further by incorporating ways to build a real business on-chain.

14/
Imagine a company with the ability to have payroll management, messaging apps, and ERM software all on the blockchain.

DACs allows users to band together to create projects such as:
• Holding a sequencer pool
• Building a new MVM
• Starting companies for specific use case

15/ How Metis stacks up against Arbitrum and Optimism
• Faster challenge process due to having multi-party Sequencers and Validators (rangers)
• Democratised selection of Sequencers (decentralisation ethos)
• More developer friendly VM

16/ In summary, Metis offers:
• IPFS native data storage
• Fast transaction speed with low fees
• Seamless integration for developers and Dapp providers
• Ethereum blockchain security

That is how it aims to solve the blockchain scalability trilemma.

17/ Setting up Metamask
a) Manual input
Network Name: Metis
New RPC URL: andromeda.metis.io/?owner=1088
Chain ID: 1088
Currency Symbol: METIS
Block Explorer: andromeda-explorer.metis.io

or

b) Visit chainlist.org to add the Metis Andromeda Mainnet network directly to Metamask

18/ Metis Gas Fees
There is no faucet available as of now. One solution is sending a DM to the Dev (David | METIS#7486) in the Metis discord server (#faucet channel) to request for some $METIS enough for a few transactions.

Link to the discord: discord.gg/NRgPugNA

19/ Bridging
i. On-Chain
a) Bridge ETH/METIS/USDT/USDC/LINK from Eth mainnet
bridge.metis.io

b) Bridge AAVE or CRV from Eth mainnet (a hint of what is to come 👀)
oportal.boringdao.com/native_bridge?…

ii. CEXs that allow direct withdrawal to Metis chain
• @MEXC_Global
• @gate_io

20/ Tools
a) Chain explorer: andromeda-explorer.metis.io 🔍

b) Guides: docs.metis.io 📚

c) Charts: dexscreener.com/metis or l2charts.com/?net=METIS 📈

d) TVL: defillama.com/chain/Metis 💰

e) Farms: vfat.tools/metis/ 🧑‍🌾

f) Learn: metis.io/learn/ 📚

21/ Dapps
a) DEXs/ Farms
• @netswapofficial (official DEX of Metis)
• @tethysfinance
• @standarddefi (a multichain protocol)

b) NFT
• metacraft.pro

More coming soon 👇

22/ Withdrawing Back to Eth Mainnet
a) Metis Native Bridge
There is a fee + 1 week withdrawal delay to bridge back to Eth mainnet

b) @CelerNetwork Bridge
Withdrawals only take a few minutes and at half the cost, but users have to LP in order to use

https://twitter.com/MetisDAO/status/1475649071624896512?s=20

23/ Tokenomics
The $METIS token has 3 use cases:
• Pay for transaction fees
• Stake to become a sequencer or create a new MVM
• Incentives for fraud challenges between Validators and Sequencers (winning party will have their $METIS slashed)

• Unlocks:

https://twitter.com/crypto_saint/status/1475265174990991361?t=OU1vN7HXpuMuIZ5x4uAsxg&s=19

24/ Upside potential
NFA DYOR

25/ Additional readings
messari.io/article/optimi…

adlrocha.medium.com/the-optimistic…

https://twitter.com/plebonacci/status/1474158822633656323?s=20

https://twitter.com/BillyBobBaghold/status/1459791867084787712?s=20

26/ Intern Squad
I'm bridgiiiiiiiing againnnnn @Darrenlautf @analyticalali @M6intern @wassiecapital @The_ReadingApe @0x4C756B65 @jiminstupid @0xminion @0x_intern @delphiintern @sandraaleow @Kyros_Intern @Trudahamzik @playtern @LongHashIntern @M6intern