Thread by @josefabregab

BIG day for DeFi & NFTs

🧵Thread on why @MetisDAO could change the DeFi and NFT layout forever while also alleviating @ethereum's congestion

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2/ @MetisDAO just launched their Decentralized Storage Today, nuking gas fees to $0.02/tx and $0.17/swap

I'm sure you know this is good for the network, since it might incentivize a larger tx volume, but have you taken in consideration the potential upsides for NFTs and DeFi?

3/ DeFi Excellence

As you may know, Farming has evolved into what is now known as "Vaults".

Vaults are farms that do the Harvesting & Reinvesting themselves, in order to save you time & work, while also maximizing ROI

This involves A LOT of tx fees

4/ In most chains, that constant compounding might end up being a bit costly (take ETH for example, paying fees all day would NOT be lucrative for any non-whale)

Although, now Ethereum has a Layer2 solution that is charging down to a $0.02 fee per transaction: @MetisDAO

5/ Vaults in @MetisDAO have already been yielding really nice APYs because transaction fees have never been expensive, but now, the game has been changed.

Vaults will be able to yield way higher APYs since the costs of constantly compounding your capital will be null

6/ So, if you prefer Passive Income instead of actively managing your trades/farms, @MetisDAO just became your best alternative.

Combine that with Builder Mining Rewards, which platforms can use to boost yields even MORE with #METIS tokens

@MetisDAO = Defi Excellence, baby

7/ NFT Paradise

Everyone knows that when a hyped up collection is launching on Ethereum, minters will probably end up paying double the price of the actual NFT or even more, just to be able to mint one at all

This is knows as "Gas Wars": Want mint? Pay miner more than others.

8/ Luckily, this is would not be the case in @MetisDAO

Eliminating medium entry barriers as gas wars in a chain that is not "EVM Compatible", but instead --EVM EQUIVALENT-- could change the game forever

What exactly does EVM Equivalent means tho?

9/ EVM Equivalence refers to the set of tools that allow deploying L1 Ethereum dApps with the EXACT same code on Metis Andromeda in order to:

Keep Ethereum's L1 Security Standard
Bring Metis's Scalability

Marketplaces, artists, & users will ALL be better off.

Let's see how👇

10/ Marketplaces

Marketplaces could slightly, or not so slightly, raise their platform fees while still being a WAY more economic alternative for users than those in Ethereum Mainnet

"What if users want their NFTs in the mainnet?"

@MetisDAO has a NFT bridge. Did you forget?😉

11/ Artists & Collections

You already know users are willing to pay an extra 100% of the minting price just to cover the Gas used to mint a very hyped collection

If we take Gas Wars out of the picture, there's a HUGE room for price growth (pretty much 100% assuming $1K price)

12/ Of course, as a well-known artist/collection you might not want to take advantage of users' pockets & straight up 2x the price

But, if the price of the NFT ends up being $1.5K instead of the $1K it was in Ethereum...

Users would pay 25% less
Artists would earn 50% more

13/ Users

Even if the marketplaces raise platform fees and artists/collections raise price...

Users would STILL be saving money😂😭

Let's take a quick look

14/ Minting popular collections in Mainnet vs @MetisDAO

Minting a $1K NFT in ETH
$1K(price) + $1k(gas) + platform fees = +$2,000

Minting a $1.5K NFT in Metis
$1.5K + maybe $1(gas) + platform fees = a lil over $1.5K

It's an ABSOLUTE win-win-win situation

15/ Users, Artists, & Marketplaces, could all be significantly better off if sharing huge slice of pie that used to go to miners

If users would later want their NFTs kept in Mainnet, then np!

@MetisDAO has a NFT Bridge that allows cross-layer transfers without losing ANY trait

16/ To sum it up,

This new Decentralized Storage will make WAVES in the DeFi and NFT sectors by giving Ethereum users an alternative to enjoy of Ethereum's security, while also having higher speed, lower costs, larger results and alleviate our beloved Mainnet from congestions📌