The Next Ethereum. No, Genuinely.
As $Metis, @MetisDAO a project very much still unknown, gets more and more attention, let me give you an overview.
Why can this low market cap coin become the most dominant L2?
After researching Metis, I have to say I am thus far impressed.
Lets discuss connections…
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-Vitalik Buterin mothers’ involvement in Metis is public
-Vitalik knows the Metis CEO and family friend Elena since he was a toddler, so it’s quite easy to put two and two together.
Since $Metis combines everything Vitalik envisioned for #ethereum future.
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It’s obvious why Metis has been implementing Vitaliks proposals that reach as far back as 2014:
-The creation of DACs, all into the huge Metis infrastructure.
-Vitalik is also interacting extremely quickly with Metis programmers on issues essential to Ethereum.
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So what makes $Metis different and better than all the other scaling solutions and Layer 1 networks?
$METIS is an $ETH layer two implementation of optimistic roll-ups.
While other Ethereum scaling L2s sacrifice decentralization for scalability…
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$METIS is the only one fully committed to both.
In doing so, it addresses all of the three elements of the Blockchain Trilemma:
-Security
-Decentralization
-Scalability.
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It proves itself at an advantage against L1 where:
Layer 1 networks like Solana and commit chains like Polygon are fast, cheap, and highly scalable.
But they compromise when it comes to security and decentralization.
You need not look further at the last year of Solana.
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Some rival Layer 2 rollups have the opposite problem, they fall short of providing fast and cheap transactions.
But retain the security and decentralisation aspect
$Metis solves this trilemma.
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As an enhanced Optimistic Rollup built on ETH, its’ optimistic rollup tech offloads smart contract execution and data storage responsibilities to a layer above networks like Ethereum.
It offers:
- parallel sequencers enabling theoretical infinite scalability
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It also offers:
- a Rangers system talked about by Vitalik to shorten withdrawal to L1 eventually to minutes. Thus not waiting for eth 2.0.
- IPFS storage to allow for files and NFTs to be natively stored.
- transaction times of a few seconds and cents.
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Metis has low barriers to development.
This is key to adoption.
They are also EVM equivalent, which will allow for dAPPS to be deployed quickly.
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Lets briefly discuss EVM equivalence:
Based on their parallel sequencers.
Metis network can never get clogged and is infinitely scalable.
Only limited by the number of transactions that can be put into the ETH L1 layer itself.
This is cutting edge tech in a new industry.
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What is a DAC?
DACs are Decentralized Autonomous Companies — entities way beyond DAOs, giving people and enterprises the ability to build entire decentralized businesses on blockchain.
A key piece of $Metis.
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More on DAC…
Payroll management tools, Slack-like messaging, ERP/CRM software, etc… all on blockchain!
From company giants like Nike or Amazon to a group of friends who want to trade NFTs with each other, investment groups, clubs, museums.
Endless possibilities.
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Let’s briefly discuss some partnerships and price metrics.
Glad to see you are still with me, anon.
Binance was one of their $1M hackathon sponsors. They already have more than 60 partners from the fields of DeFi, NFT, DAO, Gaming, Metaverse, Launchpads, Infrastructure..
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..SocialFi and Web2 onboarded and have a huge backlog of projects waiting to be implemented.
The CEO Elena and Natalia, Vitaliks mother, are deeply connected within the ETH community and also helped Aave to become what it is today.
#Aave is integrating with #Metis.
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They managed to secure sponsorships by the likes of:
-Microsoft
-IBM
-the Royal Bank of Canada
Looking good right.
Let’s talk briefly about the tokenomics of the token…
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The entire $METIS team, founders included, owns just 7% of the total supply and early investors less than 20% of the total supply.
The total supply is 10 million and the circulating supply is 2 million.
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The vast majority of tokens are reserved for the community.
Half of the total supply has been reserved for community distributions over the next 10 years.
An example of this is the staking rewards that have been offered with Andromeda.
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Currently the price metrics are as follows:
MetisDao Price: $150.34
Market Rank: #263
Market Cap: 300,000,000
Fully Diluted Market Cap: 1,500,000,000
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To summarise,
I believe this is a very interesting investment to say the least. An untouched DeFi ecosystem with perhaps the hawk vision of Vitalik Buterin.
Regardless, I would remain careful when investing money into something that has generated already a significant amount of “hype” as termed usually.
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To my reader on Medium, I hope you enjoyed this article.
I hope I was able to provide a greater understanding of Dusk Network to all degens and investors alike.
If this was useful then please do me a favour!
Please follow me on Medium, where I will be posting a significant number of articles in the near future.
