CovDuk Profile picture
Mar 10 23 tweets 14 min read
$METIS 101: The L2 that solves #ETH's problems

ETH is slow af, expensive af and cant scale

A layer 2 is a framework that helps the base layer (known as L1) scale. This is done by taking the transactions off the L1

🧵👇 ( A thread | 1/22)
2. The Scalability trilemma that all blockchains face is that they can only choose 2 out of 3: scalability, decentralization and security.

L2s are a solution that aims at making non scalable chains like #ETH scalable.
3. #METIS is building an easy-to-use, highly scalable, low-cost, and fully functional Layer 2 framework (Metis Rollup) to fully support the application and business migration from Web 2.0 to Web 3.0.
4. It’s the single solution that provides an answer to almost all of #ETH’s problems
5. Rollups are smart contracts that act as the link between the main L1 chain (Ethereum) and the L2 (Metis).
6. Essentially, rollups work by moving transaction off chain (from L1 to L2). Once transactions are completed, the L2 will ‘roll up’ transaction data into a block. This block will then be sent back to the L1 chain for verification.
7. #METIS utilizes a technology known as optimistic rollups.

Essentially, when the block is being sent back by the L2 to the L1, the L1 views the block as valid or optimistic. $METIS uses a fraud protection system to prevent malicious activity.
8. #METIS's technology allows it to be highly scalable, fast and low cost while having ETH security and decentralization. Hence solving the blockchain trilemma. It is the best of both worlds.
9. Additionally, Metis provides support to build Dapps or businesses on Ethereum with:

a. Low gas fees (as low as a few cents as opposed to tens of dollars on Ethereum or more than $1 on Polygon)

b. Fast transactions (2 seconds as opposed to at least a few minutes on Ethereum)
10.
c. Native file storage (not possible on Ethereum, nor on Polygon)

d. No coding smart contracts - #METIS will provide one-click deployment from our own pre-developed templates

e. EVM Equivalent - $METIS ports #ETH dapps for all the above advantages at no cost and in no time
11. #METIS is an ETH scaling solution, it has many more features such as no-code Dapp development and DAO creation capabilities.

Though even after ETH2.0 is ready, scaling solutions will still be needed as it won't solve all of #Ethereum issues.
12. @VitalikButerin mentioned that even with ETH 2.0, L2s will still be needed.

In addition to speed and cost, L2s add in a lot of functions,
13. #METIS provides ways to enhance DAOs including management systems for them.

$METIS will include a way to store files using a decentralized file storage system.
14. $METIS includes Polis, which allows for easy management of smart contracts and user authentication.

Future versions of Polis will include smart contract templates for non-blockchain developers to easily create, deploy, and manage their smart contracts.
15. #Metis is more than an Optimistic Rollup, it intends to be the leader of a scalable, secure, and usable decentralized experience.
16. However, one problem is that a period of time needs to be allocated to ensure there is no fraud, which means that withdrawals take a long time. At the moment, withdrawals take a week from Metis to ETH
17. At the moment $METIS is trading at $159. It has a max supply of 10M of which about 3M are currently in circulation.
18. I'm particularly excited for #METIS. In this race for the next solution to #ETH's problems, $METIS is well positioned to emerge as the leader.

Metis leverages ETH's security and decentralization, while being fast and cheap. It can tap into ETH's network effects to grow.
19. Additionally, #METIS is providing a whole range of features and functions beyond just being an L2 solution.

It's offering no code templates for non devs. As the world heads deeper into crypto, this will be key in onboarding peeps and driving innovation
20. It has a focus on #DAOs which are going to be the future of crypto communities.

#METIS' functionalities go beyond just an L2 and it has me particularly excited.

Fun fact: @VitalikButerin's mum, @Natalia_Ameline participated in this project
21. Accounts to follow for $METIS insights:
@MetisDAO @josefabregab @JadeTBTC @0xFitz @Dentoshi @RocketManToken @CryptoDeus2 @MaiaDAOMetis @ELDTrades @rektfoodfarmer @CryptoTemplars @ChadCaff @CryptoShlug @Master_Metis

Spent a lot of time writing this, RT would mean a lot
23. Hope this was insightful. I post 101s and breakdowns. Check out some of my previous 101s:

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More from @Cov_duk

Mar 11
EVMOS 101: The bridge between #Cosmos and #ETH

Here's your everything guide to #Evmos, the scalable, fast, Ethereum-compatible PoS blockchain built in the Cosmos ecosystem

A thread 🧵👇
2. Let’s review a few things. We love #ETH. It’s decentralized, secure and has a massive community. But it sucks at scaling

We love #Cosmos. It’s scale. Its decentralized. But secure can be a prob sometimes.

Read my comos thread here:
3. The future is multi chain. It’s the the most optimized, resource efficient way forward.

Enter #Evmos, the bridge between ETH and Cosmos. $EVMOS is a scalable, fast, Ethereum-compatible proof of stake blockchain built in the Cosmos ecosystem
Read 16 tweets
Mar 10
Celestia 101: Cloud computing for #Web3
Here's your everything guide to #Celestia, the modular blockchain that's disrupting crypto infrastructure

A thread🧵👇
1. Celestia is the first modular blockchain, with the goal to be the base layer for all chains.

That way, L1 and L2 can leave the groundwork to #Celestia and focus on execution and specialization.
2. Right now, the problem with most chains is that they try to everything and are building from the scratch.

This leads to inefficiency and reduced specialization.
Read 19 tweets
Mar 10
#THORChain 101: the bridge between the multi chain universe ⛓️

Here is everything you need to know about THORchain and $RUNE, the cross chain AMM that is positioned to change world of crypto.

A thread 🧵👇
2. The entire ethos of the #crypto world rests upon decentralization and immutability. In the past few years, we’ve seen the rise of many chains. It’s become very clear, the future of crypto is multi chain.
3.Every chain has its pros and cons and the most optimized world is multi chain. We’ve seen this being built already with #COSMOS.

However, despite the strides we’ve taken towards decentralization, many crucial entities have remained centralized, like Coinbase and Binance.
Read 27 tweets
Mar 9
DeFi Kingdoms 101: the #GameFi blockchain game that's on its way to being the king of #Blockchain games👑

Here's your everything guide to #DFK 🐂

A thread 🧵👇👑

#defikingdom
2. DeFi Kingdoms (DFK) is a cross chain #GAMEFI MMORPG .

It’s a game, a DEX, a liquidity pool opportunity, and a market of rare utility driven #NFTs.

GameFi is the intersection of DeFi, NFTs and the metaverse.
3. #DFK has complex mechanics and brings pixelated retro art to DeFI. It was originally built on the #HarmonyONE $ONE network, but has recently expanded to their own DFK chain powered by #AVAX.

Read 27 tweets
Mar 9
The future of crypto is multi chain. #ETH is great but has a lot of problems. It's scalability sucks and gas is super expensive.

There's a reason why ETH's #DeFi dominance is down 100%

Alt chains are fast, secure and cheap. There's room for more than just ETH. 🧵

#Blockchain
Yes, ETH 2.0 will solve some of the problems, but there's still time for it to come out.

In this super fast paced world that crypto is, a lot of players are already building and being very successful on other chains.
Besides, ETH 2.0 is not gonna make it the perfect chain.
Read 5 tweets
Mar 8
Harmony 101: the $ONE for all blockchain

Here's a thread all about #HarmonyONE, the fast, low cost #ETH VM compatible blockchain that's home to #DeFiKingdoms 🧵👇
2. We’ve talked about this many times before. #ETH sucks at scaling and gas is super expensive.

ETH has been losing market share, especially to fast, low cost chains like #Solana, #Terra and #BSC.
3. ETH’s #DeFi dominance is down 100% from 1 year ago. Alternative chains are well position to grow and eat more of ETH’s market share. The crypto world is going to become multi chain
Read 18 tweets

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