The Booming Metis DeFi Ecosystem, Updated!
Hi there Metis family! With our Andromeda network on fire (we recently passed the $800 million TVL mark) and lots of great new DeFi protocols launching, it’s time to update our amazing community on all the ways you can put your recently bridged funds to work!
One of the biggest drivers of our recent growth has been the launch of Hermes, a fork of the popular Solidly protocol. We’re thrilled to see Hermes’ success, of course. But for those of you who’ve aped into Andromeda solely to pursue Hermes’ massive APYs, we’ve got great news for you: There are many, MANY amazing DeFi DApps on the Metis Layer 2 network that are worth checking out. That way you can redeploy the rewards earned through Hermes into all kinds of other forms of DeFi goodness.
In this article we’ll briefly go over:
- Tethys Finance
- Standard Protocol
- Pickle Finance
- Beefy Finance
- Agora DeFi
- Starstream Finance
- Drachma Finance
- Synapse Protocol
- Relay Chain
1. Netswap (https://netswap.io/)
Netswap is the first ever native Layer 2 DEX. It is also the first native DEX on Metis Andromeda and an official Metis partner. As a fork of Uniswap, Netswap has also introduced farming and staking. As the company moves further into its roadmap, Netswap will expand its farm offerings to include more tokens. To top it off, Netswap recently cut NETT’s emission rate, which will result in a tighter supply, with the goal of achieving better price equilibrium. It also recently launched a $100,000 trading competition, which has driven a spike of activity on the DEX.
- Single staking $NETT to earn $METIS rewards
- Dual and Triple Reward Farms summing up to double and triple digit APYs
- Launchpad, giving retail investors early access to projects, instead of just VCs
- Fast and Cheap swaps
- Builder Mining Rewards Giveback plan
- UI Improvements
- Launchpad improvements
- Limit Orders
- NFT Marketplace
- Leverage Swaps
- Governance (NETT)
2. Tethys Finance (https://tethys.finance/)
Tethys Finance is an official partner of Metis and a DEX offering the lowest swap fees on Andromeda. Other Tethys features include liquidity pools, farming with a quadratic scheme (longer farm = more rewards), staking, and tracking of Metis portfolio holdings. The native token of the platform is TETHYS, and it is used as a farming reward and a single-staking asset. Staking TETHYS rewards stakers with 0.03% DEX fees that Tethys earns from its trading volume. Tethys also recently launched an embedded lending/borrowing solution, similar to the popular Trader Joe DEX on the Avalanche network. Finally, its Staking v2 feature enables tasty returns for single-staking TETHYS.
- Low-fee swaps
- +50% APY Single Staking for xTethys
- Farms with triple-digit APYs
- Lending pools that allow you to lend single assets for good APYs or even lend LPs, which can be leveraged for four- and five-digit APYs
- Ability to make proposals for owners of 5,000 or more TETHYS
- Limit orders
- LP Zap / Migrate
- Advanced trading mode improvements
- Tethys RPC
- NFT collection
- Bridge aggregator
- Fully on-chain DAO to rule Masterchef farms / emissions / allocation points
3. Standard Protocol (https://apps.standard.tech/)
Standard Protocol is a cross-chain DEX on Andromeda and an official partner of Metis. Standard’s native token is STND, which is used to reward LP providers and farmers.
The protocol also has its own algorithmic stablecoin USM, which users will be able to borrow against assets. The stablecoin and the collateral position (assets being borrowed against) are both owned by the individual, which allows the collateral position to be sold to another user. If one user with a collateral position is bearish on their assets, they could sell that position to another user who is bullish. Standard prides itself on the protocol’s ability to bring the next level of ownership and sovereignty to its users. Standard haS “Liquidators”, meaning it allows community members to “hunt” for borrowing positions that have lower value than the amount borrowed, and for the hunter to trigger full/partial liquidations. The hunters get rewarded with a small part of the liquidation fee and this whole process allows the stability of the protocol to be incentivized and protected.
- Farms paying up to 180% APY (0.5% Daily)
- Degen Farm alternatives
- Arbitrage Features
- Claimable liquidated assets
- Dividend Pool (dSTND)
- Algorithmic Stablecoin
- NFTs to buy CDPs
4. Pickle Finance (https://app.pickle.finance/)
Pickle Finance is a multi-chain, multi-layer protocol, allowing users to get the best yields across their favorite chains. Pickle’s Jars on Metis utilize an auto-compounding feature to optimize your farming strategy, in a completely hands-off way. Pickle currently offers Jars on both Netswap and Tethys farms. Pickle Finance was the second-ever protocol to implement veTokenomics behind Curve. Users can lock up their PICKLE for DILL for up to four years, in return getting a 45% share of the protocol’s revenues. This lock mechanism lowers circulating supply, driving up buy pressure. It also allows access to DILLDAO, where people can suggest and vote on protocol improvements. DILL also gives the ability to boost the PICKLE rewards users get on their farms.
- High quality community that provides you an ALPHA channel
- Farming + Staking rewards at the same time possible (Farms and Jars)
- Tax Efficient when used long term
- Boosts for farm rewards are available if you lock PICKLE for DILL
5. Beefy Finance (https://app.beefy.finance/#/metis)
Beefy Finance is a multichain yield optimizer. Beefy provides consistently optimized auto-compounding vaults on Netswap and Tethys farms. Deposit your LP tokens to the corresponding vault on Beefy to begin auto-compounding your returns, and you’ll be able to achieve huge APYs.
For any token in a vault that Beefy supports, users are able to deposit a single token through the “Zap” tool, and Beefy will automatically create the LP and stake it in the corresponding vault. As well, when you are looking to withdraw, you can withdraw the LP intact or withdraw the full amount converted to either token in the pair. One of Metis’ core missions is to make blockchain accessible to everyone, and we tip our hats to the Beefy team for this awesome, user-friendly tool. Click here for a walkthrough article on how to use the Zap tool.
- High security
- Extra Yield on top of Base Yield (Yield Aggregator)
- Single Staking “BIFI Maxi” Vault
- Vaults yielding up to 280%
- Multichain Yield Aggregator
6. Agora DeFi (https://agoradefi.io)
Agora DeFi allows users to lend and borrow select assets on the Metis Andromeda network. Earn yield for lending and pay interest to borrow. The Agora Money Market is a fork of the popular Compound Money Market, deployed on Metis. Intended to be a full fair launch, there are no private investors, no pre-mining, nor any team allocation. All of the governance tokens are allocated to the community. Within a week, Agora amassed $54 million in TVL, becoming one of the fastest growing projects on Metis and an official partner. Agora currently supports the top five assets on Metis.
The Agora team will soon roll out new features that will allow borrowing against yield-generating assets such as autocompounding LPs. The money market also serves as key DeFi infrastructure for Andromeda, and a platform on top of which other applications can be built.
- Ability to borrow against your Tethys and Netswap LP positions
- Higher Utilization rate = Higher APY for Lenders
- Opting out of lending your assets anytime
Contracts & Audits
https://github.com/agoradefi 0x0Ed0Ca6872073E02cd3aE005BaF04bA43BE947fA (non circulating until launch)…
7. Starstream Finance (https://starstream.finance/)
Starstream is a suite of products providing yield aggregation and yield generation and its native token is $STARS. The protocol earns revenue from vaults and launchers, and $STARS holders have a claim to this revenue.The vesting model of $STARS is used to align token holders with the future of the protocol. It makes sure protocol fees are directly returned to vested holders and eventually allows for further decentralization of Starstream. Thanks to both its attractive yields and its close partnership with the popular Solidly fork Hermes (more on Hermes a bit later), Starstream currently ranks number-one among all DeFi DApps on Andromeda for TVL.
- Hermes Boosted Vaults
- Hermes Boosted LP Staking
- veSTARS — Metis Builder Mining Rewards
- Relay LP Vaults
- LP Lottery V1
- Netswap Vaults
- Permissionless Public Sales
- No-code Smart Contracts
- STARS Yield Farming
- Tethys Vaults
- STARS Single Staking Pool with starHERMES rewards
- Lending Vaults
- Starstream NFT Collection & Collaboration
- veSTARS — Vault Gauges & Voting
- Agora LP Vaults
- More Token Launchers
8. MaiaDAO (https://www.maiadao.io/)
MaiaDAO is the first community-owned decentralized reserve currency protocol available on the Andromeda, and is based on the MAIA token. MaiaDAO’s goal is to build a policy-controlled currency system native to the Metis network, in which the behavior of the MAIA token is controlled at a high level. As pictured above, MaiaDAO has offered five-digit or higher single-token staking yields for its native MAIA token since the project’s launch. Besides being an attractive DeFi alternative in its own right, Maia is also the mother protocol of Hermes.
- 25% of Hermes supply in eternity
- Minting in order to get discounts when buying Maia
- Staking to receive five- and even six-digit rewards
- User-friendly dashboard with a built-in calculator
- Treasury growth as Hermes grows
- Increase in the backup per Maia
MaiaDAO - Medium
Read writing from MaiaDAO on Medium. Maia the first community owned decentralized reserve currency on $METIS Andromeda…
9. 0xNodes (https://www.0xnodes.io/)
0x_nodes is a modularized crosschain yield aggregation protocol using collateralized assets through synthetic swaps. The 0x_nodes platform is a network of deployed systems that allow users to acquire, move, and build yield-bearing strategies with non-native assets across EVM- and non-EVM-based blockchains. The protocol will provide a single point of control across asset chains through an easy-to-use platform. Users can deposit stablecoins or ETH into the 0x_nodes protocol on whichever chain they prefer (in this case, Metis!). The 0x_nodes kernel holds these assets in reserve pools. As the reserve pools fill, the kernel deploys these assets to a collection of underlying blue-chip DeFi protocols via a series of integration modules. Assets are deployed using a weighting that reduces risk and optimizes the yield returned to the user.
- Crosschain protocol (Networks FTM, SOL, AVAX, Kadena, ETH, BSC, MATIC, METIS)
- User Kernel aka The Yield Machine
- Really tasty vaults for its native BIOS token on Andromeda native DEXes
10. BinaryDAO (https://binarydao.finance/)
BinaryDAO is a new DeFi primitive that helps users gain exposure in DeFi yield and deals through its native BYTE token, with the goal of creating value for BYTE holders. BinaryDAO achieves this goal by putting its treasury to work and investing in other Metis DeFi projects. It generates returns through liquidity providing, partnering, and investing in early-stage projects. Since BinaryDAO token holders benefit from those activities, they’re essentially given opportunities that are typically not available to average crypto traders.
- Yield DAO
- Exposure to new projects in the Metis ecosystem, providing opportunities for big yields
- Sold Out Public Sale
- NFT Collection that provides airdrops and APY Boosts to holders
- NFTs becoming stakeable (April 1)
BYTE token, and create exponential value and unmatched upside for BYTE token holders. It achieves this by putting its…
11. Drachma (https://app.drachmadefi.io/#/)
Drachma is a decentralized non-custodial automated market maker (AMM) which features “Curve-style” hyper-efficient low-slippage swaps for both pegged and unpegged assets. Users participate as traders or liquidity providers (LPs). Drachma comes with strong dev bona fides, as it was launched by the creators of Agora.
- Low-slippage swaps
- LP provision
- Broken peg protection
- Governance token
- Incentivize liquidity mining in Agora platform
12. Synapse Protocol (https://synapseprotocol.com/landing)
Synapse is a universal cross-chain liquidity network. It connects blockchains by offering an extensible cross-chain communication protocol that supports assets, smart contract calls, and tasty DeFi options. It also features a bad-ass analytics page. Synapse Bridge lets you bridge USDC from nine different networks to Metis: Arbitrum, Avalanche, Aurora, BSC, Boba, Ethereum, Fantom, Harmony, and Polygon.
- Attractive UI
- Stableswap Pool yielding 14.5%
- Low cost and fast bridging from a lot of major chains
- Great analytics page
- Crosschain AMM
13. BoringDAO (https://oportal.boringdao.com/twoway)
BoringDAO deploys a series of decentralized bridges — or tunnels — which allow you to safely move your crypto assets between different networks, including the Metis Andromeda network. It allows users to move ERC-20 tokens such as USDT, USDC, and ETH — originally issued on one chain — between chains. These tokens can easily be utilized in a multi-chain ecosystem.
- User-friendly UI
- APR Alternatives for 1st, 2nd, and 3rd generation cryptos
- oPortal (multichain Bridge mostly used for stablecoins)
- Really appealing dashboard
- (3, 3) Bonds
14. PolyNetwork (https://bridge.poly.network/)
PolyNetwork is a blockchain system providing cross-chain interactive services, including the Metis bridge partner Polybridge. Polybridge enables bridging from BSC to Andromeda for about $10, with transfer times of just a few minutes. By bypassing Ethereum, Polybridge enables cheaper bridging fees than Ethereum-based options, making it one of the most popular Metis bridge partners.
- Very nice UI
- Extremely cheap
- Connection to BSC
- Good for people new to crypto
15. Relay Chain (https://www.relaychain.com/)
Relay Chain is one of Metis’ longest-running bridge partners, providing bridging alternatives from Avalanche, Fantom, and other networks to Metis. Relay Chain offers not only a crosschain bridge, but also staking and yielding alternatives for its users to put in play once they arrive on Andromeda. The Relay team and Metis team enjoy a close relationship, enabling strong collaboration on recent ventures such as bridging MIM, DAI, and BTC to Metis — thus attracting many new users to our Layer 2 network.
- Ability to bridge WBTC
- Ability to bridge WFTM
- Ability to bridge WAVAX
- Ability to bridge DAI
- Ability to bridge MIM
- Cross Chain AMM
- 22% APY $RELAY single-staking
- Battle of the Blockchains
- NFT Bridge from multiple networks
- Fast and cheap stablecoin bridge from Ethereum to Andromeda
16. Celer Bridge (https://cbridge.celer.network/#/transfer)
Celer Bridge enables the bridging of assets between Ethereum Mainnet and Metis Andromeda. Luckily, we don’t have to convert our METIS to any other asset, since Celer supports the bridging of METIS tokens without any wrapping or other maneuvers necessary. Celer’s high-performance bridge to and from Ethereum takes about 5–10 minutes.
- Support for $METIS bridging to and from Ethereum
- Very neat analytics page https://cbridge-analytics.celer.network/
- Not a feature but an observation: volume has been constantly increasing since launch
Bring Internet Scale to Every Blockchain Repositories Go 0 LGPL-3.0 Updated 1 0 Mar 16, 2022 lens Public ⚛️ ❤️ 👁…
17. Hermes (https://hermes.maiadao.io/#/swap)
Hermes is the son platform of MaiaDAO, and its main purpose is to maximize capital efficiency in the Metis ecosystem. By incentivizing fees instead of liquidity, they encourage the liquidity allocation to the most active/traded pools.
Though HERMES has seen a wild ride since its recent launch, that’s by design. After an initial period of frenetic farming, look for benefits to spread throughout the Metis ecosystem, in the form of “bribe” mechanisms, governance, and much more. Here’s a short explanatory thread of the effect Hermes aims to have on the Metis ecosystem, and why we’re just at the beginning of the Hermes journey.
- Near-0 slippage swap for correlated and uncorrelated assets
- Record-breaking TVL after launch
- Encourages ecosystem growth and not single protocol growth
- P2P Model (Protocol-2-protocol)
The beautiful thing about the Metis ecosystem is that while Hermes gained tons of attention and TVL with its Solidly approach to DeFi, strong roadmap, and much discussed launch, there are so many other exciting DeFi happenings taking place right now on Andromeda.
In the days and weeks to come, the bribes paid to veNFT holders holds the potential to benefit Hermes partners throughout the Metis ecosystem. Meanwhile the funds allocated to the most used pools will help maximize capital efficiency throughout the ecosystem too. It just won’t happen in a single day.
What’s important to keep in mind is that users who arrived on Andromeda for the Hermes launch and banked profits now have nearly limitless opportunities to deploy their funds in other Metis DeFi partners’ platforms. From powerful DEXes such as Netswap and Tethys to a robust money market like Agora to vault strongholds like Starstream, Beefy, and Pickle, to stablecoin options such as Drachma, everyone from conservative community members to total degens will have many opportunities to try out everything that the booming Metis DeFi ecosystem has to offer.
If you’re still not sure where to go from here, we’ve got you covered! Pop over to the Metis Telegram group and we can continue to guide you every step of the way.