What is Metis?
Metis is an Ethereum Layer 2 scaling solution incubated by MetisDAO, aiming to enhance the scalability of the Ethereum network. Built on Optimistic Rollup, what sets Metis apart from other Layer 2 networks is its use of decentralized sequencers, significantly increasing the decentralization of the Layer 2 network and enhancing network security.
According to data from L2Beat, as of the time of writing, the Total Value Locked (TVL) on the Metis network has exceeded 800 million USD, making it the fourth-largest Ethereum Layer 2 protocol currently.
Learn more: https://docs.metis.io/dev/
How Metis works?
Similar to other Ethereum Layer 2 scaling solutions, Metis operates by bundling transactions on Layer 2 and sending them to the Layer 1 network, thereby alleviating the pressure on the Ethereum blockchain. This approach enhances transaction speed, addressing the issue of high gas fees on the Ethereum network.
It's worth noting that Metis has proposed the Hybrid Rollup solution and PoS Sequencer Pool.
Hybrid Rollup Solution
This combines OP Rollup and ZKPs Rollups, effectively reducing the risks of fraud and erroneous transactions. OP Rollup handles potential dishonest transactions through its fraud-proof mechanism, while ZKPs provide a more secure verification method, ensuring only valid transactions are confirmed.
PoS Sequencer Pool
In traditional Ethereum Layer 2 scaling solutions, centralized sequencers are criticized. Metis introduces the PoS Decentralized Sequencer Pool solution.
Sequencers in Layer 2 are responsible for sorting, organizing, packaging, and submitting transactions to the Layer 1 network. In most Layer 2 projects, this is typically handled by a single sequencer (often the project itself), posing two potential issues:
- Single point of failure: If the sequencer encounters problems due to an attack or technical failure, the entire network may come to a halt
- Scalability issues: A single sequencer may struggle to handle the increasing transaction volume
In Metis' design, these issues are addressed by establishing a sequencer pool. Multiple sequencers work together in the pool, collectively responsible for sorting, organizing, and packaging transactions. This not only improves transaction processing speed but also ensures that even if one sequencer encounters issues, the network can continue to operate, increasing fault tolerance.
Users can become new sequencer nodes by staking the native token METIS, earning staking rewards. This allows network participants to supervise sequencer nodes, enhancing the transparency and credibility of the entire system.
Features:
- The fee settlement for transactions on the Metis network is done using its native token, Metis, rather than ETH.
- PoS Sequencer Pool
- EVM compatibility
- Ultra-low transaction fee
- High TPS
Metis Wallet
To use the Mantle network, you will need:
- A wallet, such as imToken
- The native token of the Metis network, Metis , which is used to pay gas fees
Let's take a look at how to use the Mantle wallet with imToken. First download and install imToken (https://token.im ) and create/import an identity wallet.
Note: Check the website security certificate before downloading.
Open your ETH wallet then click “Ethereum” at the top. Choose “Metis Andromeda” in the pop-up to switch to the Metis wallet for transferring, receiving, and trying out the DApp.
Learn about: How to use Metis wallet with imToken?
Ecosystem
- O3 Swap，A one-stop cross-chain aggregator
- AAVE，DeFi lending protocols that allow deposits and borrowing
- Beefy Finance，Decentralized derivatives trading protocols
- Metis Journey，Acquire Metis DID identity, complete tasks, and earn rewards
- Metis Bridge，Cross-chain bridges between the Metis network and Ethereum network
- Metis Explorer，Explore the block, transactions, wallet addresses, and other information on the Metis network through a block explorer.
End
For best security on large amounts of crypto, consider our hardware wallet, imKey. imKey also allows users to use the Metis wallet.
Risk Warning: The content of this article does not constitute any form of investment advice or recommendation. imToken does not make any guarantees and promises for the third-party services and products mentioned in this article, nor assume any responsibility. Digital asset investment has risks. You should carefully evaluate these investment risks and consult with relevant professionals to make your own decisions.