Metis to Launch Next Mining Phase to Fuel Ecosystem Growth
The first 49.3% of the total lifetime supply of $METIS tokens was minted in 2021, earmarked for our cold launch, team, advisors’ and investors’ allocation, and ecosystem/community development.
The remaining 50.7% of unminted $METIS tokens will be divided into three categories:
- 4.86% to be minted for community benefits, such as transaction-related mining on Layer 2 (including Builder Mining and transaction mining)
- 10% to be minted for early-stage Rangers mining. When we roll out our network of decentralized Rangers later this year, we will define the incentive plans for those Rangers, who will help foster the decentralization of the Metis Layer 2 network.
- 3% to be minted in the upcoming Discovery Age, to be used for community development
- 32.84% to be minted in the upcoming Discovery Age, to be used for transaction-related mining (including the next phase of Builder Mining and transaction mining, long-term Rangers mining, etc.)
As published in our first-half 2022 roadmap, Metis recently launched the first version of our Layer 2 mainnet, Andromeda. More than 75 projects currently sit in the pipeline to be integrated into our network. At the same time, we have received numerous inquiries from other projects about the Builder Mining program, including some of the largest and most successful projects in all of blockchain.
With that in mind, we’re excited to announce the next phase of our mining program to accelerate the growth of the Metis ecosystem: the minting of 4.86% of our lifetime token supply (486,000 tokens), which will be transferred to a locked treasury smart contract on the Metis Andromeda network (Layer 2).
While the minting will occur immediately, token distribution will occur in an extremely slow and gradual manner.
First, we will upgrade the Builder Mining program to a 48-month campaign. Each month, 10,000 $METIS will be distributed to our ecosystem partners to incentivize the best DeFi, NFT, GameFi, Metaverse, DAO, and Web2 projects to deploy and prosper on our Layer 2 platform. The breakdown of that 10,000-token monthly distribution includes:
- 4,000 $METIS to be distributed based on trading volume.
Project A’s allocation percentage = Total Transaction Numbers via Project A’s Smart Contracts / ∑ (Total Transaction Numbers via All Applied Projects’ Smart Contracts)
- 6,000 $METIS to provide special support (i.e. Staking rewards, special grants, etc.) to assist in cold launches, milestone events, etc. for native projects launched on Metis.
Eligible projects come from:
- Ecosystem projects’ applications
- Recommendations from current ecosystem projects on Metis
- Recommendations from the Metis community via Snapshot proposal voting, thanks to our recently announced partnership with Snapshot.org
We plan to support at least three projects per month in this manner; if any tokens from this pool of 6,000 per month are not used in a given month, they will be rolled over to the following month. More details will be announced soon.
We encourage our community to monitor the smart contract and associated multisig wallet addresses, starting with our first batch of 10,000 Builder Mining rewards tokens.
The treasury smart contract address on the Metis Andromeda network is: 0xa8CD7f6AC571aE98ef0C1986646CD15B96473053.
It is managed by a multisig wallet with five addresses to sign a transaction. The five addresses are:
As always, if you have any questions, we are here for you. We look forward to engaging with our amazing community on all channels. And we’re beyond excited to help projects that launch on our Andromeda network grow into the blockchain powerhouses of tomorrow.