As the Metis ecosystem continues to expand and evolve, each passing month brings new milestones and exciting developments. In April, the network saw a flurry of activity and progress, making it a productive month for Metis enthusiasts.
From new partnerships to significant upgrades and beyond, there was a lot to keep up with. So let’s dive deeper into the exciting happenings of April in Metis.
Let’s go over some of April’s most notable moments in Metis:
Metis 2023 Roadmap
At the beginning of this month, Metis announced its 2023 roadmap, which includes the most important technological developments that will be implemented during this year.
The roadmap includes several exciting developments, such as the implementation of the first-of-its-kind Hybrid Rollup architecture, combining the scalability of Optimistic Rollups with the security of Zero-Knowledge Rollups. This innovation will pave the way towards a web3 economy by offering faster transaction finality, enhanced security, increased throughput, and capital efficiency.
Metis is also implementing a decentralized sequencer pool to ensure the security and liveness of the blockchain; and the implementation of Bedrock, designed by Optimism, will introduce exciting new features and lower fees.
With these upcoming developments, Metis is demonstrating its commitment to building a robust and sustainable blockchain ecosystem that prioritizes security, decentralization, and scalability.
- Bedrock Upgrade
The Bedrock upgrade, designed by Optimism, is one of the key components of the Metis 2023 roadmap.
This upgrade will bring exciting new features, including alternative clients implementation capabilities, consensus and execution separation, and optimal Calldata submission, which will help Metis lower fees even further.
Additionally, Bedrock will enable the implementation of the Cannon fraud-proof system, enhancing Metis’s security and helping it pave the way towards a web3 economy.
With these features, Bedrock will provide an even more secure environment for users, enhance network robustness, and provide users with the cheapest transactions among any rollup.
- Native Infrastructure
Metis is committed to enhancing its blockchain’s security and decentralization for its users. To achieve this goal, it is implementing two key components into its infrastructure that will set a new standard in the blockchain industry:
- Sequencer Pool
The first implementation is a decentralized sequencer pool, a move that other rollups have been discussing for years.
This step will ensure the security and liveness of the blockchain and prevent bad actors from tampering with or censoring the network.
Additionally, Metis will be the first Ethereum Layer 2 to share the sequencer’s revenue with the community, setting a new standard in the blockchain industry.
Once implemented, this move will categorize Metis as a Fully Functional Rollup, demonstrating its commitment to innovation and advancement in the blockchain space.
- Hybrid Rollups
The second implementation is Hybrid Rollups.
The MetisDAO Foundation announced that they are building the first-ever Hybrid Rollup, combining the transcendent scalability of Optimistic Rollups with the security and fast finality of Zero-Knowledge Rollups.
By combining these 2 architectures, Metis will provide a secure, developer-friendly Layer 2 for Ethereum developers to deploy all types of decentralized applications.
The high-level scalability of Optimistic Rollup architecture, working in tandem with the security, censorship resistance, and fast finality enabled by Zero-Knowledge proofs, will provide a rollup architecture like never seen before.
Metis will make the development of this new architecture one of its top priorities, and will open-source the technology, as we believe collaboration is an essential part of Ethereum’s and web3’s ethos.
MaiaDAO Uni v3
MaiaDAO has deployed on Metis Andromeda the first-ever Uni v3 fork, expanding its DeFi ecosystem.
Uni v3 brings concentrated liquidity, capital efficiency, range orders, non-fungible liquidity, and flexible fees. LPs can earn more trading commissions by focusing their liquidity on a narrow price range.
This deployment reduces the possibility of passing losses and draws liquidity providers.
It also provides a more efficient trading experience, attracts more traders and liquidity providers, and develops new revenue streams for the ecosystem and community members.
The implementation distributes 10% of the trading fees collected to veHermes lockers, Maia stakers, and MaiaDAO Treasury.
Submission of Proposal for Aave Pools Deployment
Get ready for some DeFi excitement on Metis!
The recent approval of Aave’s deployment on Metis Andromeda is a major milestone for the network. This partnership with a leading decentralized lending platform not only could highlight the potential of Metis as a central hub for DeFi innovation, but also signal the network’s growing recognition in the wider crypto community.
After Aave’s arrival on Metis, users can expect to enjoy enhanced access to lending and borrowing services, which will further strengthen the DeFi ecosystem on the network. As a result, the Metis ecosystem could be poised for an uptick in adoption and growth, unlocking endless possibilities for Web3 advancements.
We are thrilled to see what the future holds for DeFi on Metis, and can’t wait to share more updates on the exciting developments with Aave on the network. Stay tuned for more!
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 January:
1. MaiaDAO / Hermes Protocol
MaiaDAO/Hermes Protocol drove the most network activity in Andromeda out of all dApps.
Maia is the yield powerhouse of Metis, and the Uni v3 upgrade made it even more exciting for users.
It aims to be a one stop shop for different financial instruments, a fully fledged trading hub with Hermes being the first piece of the puzzle.
Hermes’ main goal is to let users and other decentralized protocols exchange both volatile assets (DAI to WETH for example) and stablecoins (DAI to USDC for example) through it with low fees and low slippage.
2. Netswap
Netswap, the first-ever DEX deployed on Metis Andromeda, has emerged as a leading driver of network activity, coming in as the 2nd largest contributor in April. And it’s not difficult to see why.
One of the standout features of Netswap is their staking platform, which allows users to earn METIS rewards, receive dividend airdrops with veNETT staking, and gain access to upcoming IDOs with wNETT staking. This attractive proposition has generated significant interest in the Netswap community, propelling its impressive April performance.
With the Netswap team continually working to improve user experience and add new functionalities, we can expect to see even greater things from this exciting DEX in the future.
3. Tethys Finance
Tethys Finance has rapidly established itself as a top decentralized exchange app for Metis users seeking a fast, secure, reliable, and advanced trading experience.
With the launch of Tethys perpetual, the first DEX to offer Metis leverage trading, just three months ago, the platform has experienced unparalleled success within the ecosystem. Thanks to its intuitive and user-friendly interface, Tethys Finance provides a seamless trading experience for its users, allowing them to trade with ease and convenience.
In March, Tethys Finance reached a significant milestone in its development journey — the successful raising of the Metis cap to $260,000. This achievement has opened up new possibilities for users to long Metis on the platform, attracting more participation and driving up Tethys’ usage.
As a result, Tethys has emerged as the third most active protocol in the Metis ecosystem in April, cementing its position as a trusted and reliable platform for decentralized finance.
4. Hera Finance
The high level of interaction with Hera’s application is tied to product market fit.
There are many isolated AMM liquidity pools that traders might want to compare or/and access across the ecosystem: Hera makes this possible and seamless. Their artificial intelligence finds all relevant swap data for traders, and presents them the option that most optimizes their swap experience on Metis.
This is especially the case for end users that are trading with larger levels of capital.
5. Synapse
Synapse is a universal interoperability protocol that enables secure cross-chain communication.
It connects blockchains by offering an extensible cross-chain messaging protocol that supports assets, smart contract calls, and more.
This protocol is not only a battle-tested bridge, it also offers extremely competitive passive yield alternatives for volatile and stable crypto assets.
Their Metis Stableswap Pool is currently offering users a 13% APR.
Honorable Mention
Hummus Exchange
Hummus, one of the most interesting protocols on Andromeda, was the 6th largest driver of network activity for the month of March.
Hummus has been among the top drivers of network activity in Andromeda since their deployment. It provides unmatched ease for users to swap between stables with near zero slippage.
The protocol accomplishes such low slippage through their single-sided stable pools, currently incentivized and yielding rates ranging from 6–10%, making it one of the highest single-sided stable yields in all DeFi.
Hummus has demonstrated stability and constant progress, contributing to their high network activity, month after month.
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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