The Metis ecosystem, in its steady progress, welcomed a fruitful May filled with noteworthy advancements and improvements. In this dynamic month, the network experienced epic growth, marking it as a significant period for the community.
The month was marked by new partnerships that broaden the scope of Metis, alongside meaningful upgrades that refine the network’s functionality. With so much going on, keeping track of all the updates can be a challenge. So let’s take a moment to distill the key highlights and impactful developments from the month of May in Metis.
Let’s go over some of May’s most notable moments in Metis:
1. Aave: Deployed
The wait is over: Aave V3 finally is here!
The eagerly awaited launch of Aave on Metis finally took place, marking a pivotal moment for the network. The successful deployment of this top-tier decentralized lending platform underscores Metis’ vast potential as a hub for DeFi innovation, reinforcing the network’s standing in the broader crypto world.
Now, Metis users have direct access to top tier lending and borrowing services, further bolstering the DeFi infrastructure within our network. This development promises to catalyze user adoption and drive network growth, offering a platform ripe for the exploration of Web3 advancements.
As we welcome Aave into the Metis fold, we eagerly await the new dynamics and opportunities it will introduce. We’re on the edge of our seats, excited to share the unfolding story of DeFi on Metis, and the journey of Aave on our network.
2. Sure, ve(3,3) is nice, but have you heard about b(3,3)
Hermes announced it will be taking a bold step forward with the introduction of HermesV2, marking a shift from the ve(3,3) model to the more streamlined b(3,3) model.
This evolution aims to enhance user experience by eliminating weekly tasks and introducing a mechanism for permanent locks (burning) via a one-way ERC-4626 transition.
The transition will simplify the staking process: $HERMES can be converted into $bHERMES, a single vote is placed, and ongoing dilution protection is ensured. By considering a 4-year lock at the base protocol level as equivalent to burning the tokens, Hermes streamlines its processes significantly.
This is very exciting because the adoption of the ERC-4626 standard enhances Hermes’ capability to integrate with other protocols, increasing its composability and opening opportunities for secondary markets.
The shift to the b(3,3) model will bring simplified interactions, an improved user experience, and paves the way for MORE growth.
3. MetisDAO Foundation Official Channels
In May, the official channels of the MetisDAO Foundation were announced.
The MetisDAO Foundations’ primary role has been to support the collaborative workspace for the Metis Community Builders, Commons and EcoNodes, advising on resource allocation, team building, governance, marketing activities, events and community development. The EcoNodes, on the other hand, will operate as independent entities and will need to sustain themselves independently.
This is a significant milestone in the journey towards building a more decentralized, efficient, and inclusive blockchain ecosystem; bringing more transparency and clear communications to this new chapter in Metis’ mission to empower users and contributors across the globe.
4. Buidl, buidlers. Buidl, creators. Buidl, non-devs.
This exciting partnership enables any user, irrespective of their technical knowledge, to deploy customizable dApps on Metis’ secure and scalable L2 network. With Forward Protocol’s user-friendly, no-code drag-and-drop builder, users can easily deploy and customize full-stack applications, enhancing the DeFi ecosystem on our network.
As stated by Tom Ngo, Metis Layer 2 Lead, this integration significantly expands the possibilities for creators to build and launch their projects on any EVM and Rust-based chain.
By simplifying the development process, Metis continues to encourage innovation and decentralization within its ecosystem.
Builder Mining Rewards
Every month, MetisDAO Foundation gives back a portion of the network transaction fees to all ecosystem projects generating transaction volume. This is MetisDAO Foundation’s way to retroactively fund all and every project contributing to the network’s activity.
Top 5 Performing Projects in May:
1. MaiaDAO / Hermes Protocol
MaiaDAO/Hermes Protocol continues to flourish on Metis, making significant strides in user engagement and network activity.
This month, Hermes Protocol unveiled HermesV2, a major update that streamlines the staking process, simplifies user interactions, and ensures long-term token value protection.
Concurrently, MaiaDAO, the beacon of Metis’ DeFi sector, continues to shape a comprehensive trading hub, with Hermes as its pivotal component. The transition to the ERC-4626 standard further broadens the scope of Hermes, introducing possibilities for integration with other protocols and fostering secondary market opportunities.
This combination of advancements signals a promising outlook for both MaiaDAO and Hermes Protocol within the Metis ecosystem.
2. Netswap
With its high level of activity, Netswap has secured its place as the second most engaging protocol within the Metis ecosystem.
Its notable features, such as the staking platform that allows users to earn METIS rewards and gain access to upcoming IDOs, continue to pique the interest of the community.
This commitment to improving user experience and regularly adding new functionalities keeps Netswap at the forefront of the DEXs on Metis.
As we anticipate further advancements from this robust platform, we’re excited to see the future trajectory of Netswap’s performance on the Metis network.
3. Hera Finance
Cementing its position in the Metis ecosystem, Hera Finance brings an innovative solution to the table by intelligently linking trading across multiple isolated AMM liquidity pools.
Using an advanced algorithm, Hera intelligently locates relevant swap data, thereby optimizing the trading experience for all Metis users.
This proficiency in handling complex swaps, coupled with its user-centric interface, has elevated Hera Finance’s position within the Metis network, cementing it as an indispensable DeFi application.
4. Tethys Finance
Continuing to carve its niche in the Metis ecosystem, Tethys Finance offers a trading platform that is fast, secure, and advanced.
The platform has recently hit a major milestone by successfully raising the Metis cap to $260,000 USD. This accomplishment has not only unleashed new potential within the platform, but also stimulated increased user activity, reflecting the heightened trust and confidence of the Metis community in Tethys.
With an ongoing commitment to maintain an intuitive and user-friendly interface, Tethys Finance stays at the forefront of providing reliable DeFi services.
The successful cap raise signifies a strategic advance in its journey, underscoring its dedication to continual growth and reinforcing its status as a trusted DeFi platform within the Metis ecosystem.
5. Hummus Exchange
This month, Hummus has continued to impress as a groundbreaking protocol on Metis.
With its unique ability to provide near-zero slippage swaps between stablecoins via its single-sided stable pools, Hummus has firmly established itself as a go-to platform for many users.
The incentivized pools currently offer yield rates ranging from 5–10%, making Hummus one of the leading yield-providers within the DeFi space. As a result, the protocol continues to demonstrate robust growth and consistent contributions to the network activity month after month, solidifying its position in the Metis ecosystem.
Looking for an ecosystem to launch your new project? Search no more. Metis supports its ecosystem builders all the way down the road. Take advantage of our Builder Mining Rewards program, and leverage the benefits of delivering a good product.
Retroactive funding is key for the short and long term sustainability of Public Goods, such as the Metis Ecosystem. Learn more about Builder Mining Rewards: https://metisdao.medium.com/dapps-wanted-4c4938ee0c70
About Metis
Metis Andromeda is an EVM-Equivalent Ethereum Layer-2 focused on bridging the gap between Web2 and Web3. Metis provides users with a secure, decentralized, and scalable easy-to-use network. By combining a robust Layer 2 with on-chain credentials and Decentralized Autonomous Companies (DACs), Metis is building the perfect ecosystem to host open, decentralized and trustless collaboration, secured by Ethereum.
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