Why reposition the position of metis in layer2 due to the emergence of Netswap

Netwap drove the outbreak of Metis

Recently, Netswap, which has been deployed on the Metis network for more than 20 days, announced that it will airdrop 1% of the total amount of NETT tokens to its early participating users, which once triggered a heated discussion in the entire crypto market. Since the Netswap token NETT went online, its TVL has been advancing all the way, from 12 million U to 72 million U at the time of posting. Benefiting from the emergence of Netswap, Metis also broke out of silence.According to the statistics in L2BEAT, Metis’ current TVL has reached 208M$, an increase of 237.63% in seven days.

 

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The rise of TVL also makes Metis stand out in the Layer 2 track. Metis is currently ranked 6th in the Layer 2 agreement. TVL far surpasses ImmutableX, which is ranked seventh, and is still significantly improving.

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Netswap is endorsed by projects such as Metis. It is the first DEX in the Metis ecosystem. It can conduct fast and low-cost token transactions on the Metis network. In addition to integrating the basic functions of the current DEX on the market, it will also launch Launchpad, ILH, and leverage. swap and other functions. Launchpand helps Netswap become the distribution platform of Metis. Locking the nets and Metis held by them can participate in the issuance of subsequent projects. On the one hand, Launchpand can provide Metis with high-quality projects and consolidate Netswap’s status as the Metis ecological infrastructure. On the one hand, it can increase the value of NETT and Metis tokens. The locked tokens can not only participate in Lauchpand, but can also be used as interest-bearing assets to obtain lock-up income.ILH is a unique innovation of Netswap. It is expected to be able to solve the problem of free loss. The option trading project Asteria provides a hedging solution for impermanent losses to ensure stable capital gains for TVL users without impermanent losses. Leveraged swap is the underlying technical support provided by the established leveraged trading project Wowswap.

Recent market performance of Metis and NETT

Compared with the performance of the market in recent days, Metis has risen by about 2.2 times since the 25th. Due to the recent market slump, option delivery and other factors, the price of BTC has dropped by about 3.9%. The increase in Metis far exceeds the performance of the market. , Is one of the few mainstream coins with a relatively high rise in recent days. Even so, the market value of Metis is still relatively low.

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Netswap was launched less than one month ago. TVL has reached 94 million U. Its token, NETT, was launched through Fairlaunch. Except for the total 1% of the tokens as a reward for airdrops to early participants, the remaining 99% of the tokens will be passed The output of the mining method is due to the fair incentive method of NETT tokens. After the launch, the price has also increased by leaps and bounds. On the first day, the price has stabilized at about 5 US dollars. .

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When Metis announced the launch of Layer 2 in March, since the identity of the team had already been hotly debated in the market, mixed reviews did not shake the belief of the Metis team. In the end, their successful products and strong market performance proved their success.

Metis: Combine Web3.0+Layer2+Dao in one

Metis’s vision is to build a brand-new two-layer agreement with Metis Rollup as the technical infrastructure and DAC decentralized company as the organizational infrastructure to support the operation of a decentralized economy, which is what we call supporting the Web 3.0 economy The body runs on the blockchain, so the original idea of ​​Metis was to become the infrastructure in the Web3.0 world.

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Web3.0: The rain is coming and the wind is all over the building

The concept of Web3.0 has been proposed for a long time, but scattered projects and concepts have made the entire Web3.0 world torn apart. The emergence of Metis has accelerated the arrival of Web3.0, and it is happening. Relying on Metis, Web3.0 will run in an economic way, no longer a fragmented application, but to support different types of decentralized businesses.

The architecture Metis is building will support the rapid construction of various decentralized applications or businesses, such as decentralized chat rooms, social applications, sharing, and gig economy. In such a decentralized world of Web 3.0, there will be more diversified business models and richer decentralized applications in operation.

Layer2: Subdivision of the track

Ethereum’s current rich ecology and applications, and extremely high security make it difficult to shake its status as the king of the public chain. But at the same time, because of the congestion problem of Ethereum, it has been criticized by the market. As a result, a batch of new public chains have been born. Users have also complained because of the high fees. Therefore, the scalability of Ethereum has been improved and the user experience has been improved. It’s imminent.ETH2.0 has been gestating, and Layer2 has become the best way to solve current problems. The fact is also true, a batch of Layer 2 solutions are supporting the advancement of Ethereum.

Metis, which has emerged recently, has made many unique innovations on the basis of Optimistic Rollups and has become a dazzling star in the Layer 2 circuit. Layer2 is also moving in a more detailed direction, so in the future, there will be no single dominant situation, but each will perform its own duties. Metis has a place in the undercurrent Layer 2 track through the concept of DAO.

DAO: Metis was born for DAO

The concept of DAO is the essence of the decentralized world, and it is also an important part of Web3.0 imagination. In the traditional centralized economy, the company is the basic unit for value creation and transfer through collaboration.For Web3, it is actually a DAO composed of individuals that assumes similar value creation and transfer roles. To build a mutual trust mechanism in a decentralized environment through DAO and manage distributed collaboration requires a series of operations on the chain, such as the most basic application scenario voting function, according to the current throughput of Ethereum Unbearable. Therefore, through the organic combination of Layer 2 and DAO, DAO can blossom everywhere in the world of Web3.0.

Metis itself is a development framework built on Layer 2 for the creation, management and development of decentralized self-organizing company DAC. On Metis, anyone can manage their own community or enterprise through DAO and DAC on the chain. In the specific implementation, Metis also formulated a standard module containing basic attributes such as wallet, RP, and optimistic governance to measure each individual in the DAO. If two people in the DAO want to collaborate, Metis helps them build connection and trust and perform detailed tasks. Through the mechanism of Metis, the capabilities of DAO can be released, and community members can follow a set of unified rules to collaborate for mutually agreed goals and promote the progress of decentralized services.

Advantages of Metis in Layer 2

The concept of Layer 2 has been put forward for a long time, so many solutions have been born. At present, the more common Layer 2 solutions include state channels, side chains, Plasma, Optimistic Rollups, ZK Rollup, etc. 

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Among them, Rollup gradually emerged in 19 years and was later recognized by V God as a promising solution. It has now become the mainstream solution for Layer 2. The simple understanding of Rollup is to perform calculations under the chain-submit data on the chain, and how to verify the consistency of the calculation results under the chain with the data on the chain, gave birth to two proof schemes, Optimism Rollups and ZK Rollups. Optimism Rollups uses fraudulent proof. , In an optimistic way, I believe that the verifier will not do evil, while ZK Rollups uses the validity certificate to require the verifier to prove innocence with a pessimistic attitude.

Compared with the Boba Network and the Optimism Rollups in Layer 2, Metis Rollup has a more unique advantage.

Boba Network, formerly known as OMG Network, was the creator of the early Ethereum expansion plan based on Plasm. After the name was changed to Boba Network, Optimism Rollups was re-selected as the solution.

Boba uses the fully EVM compatible OVM2.0 version. Although this move is much easier for developers to migrate contract code, switching to EVM equivalent will damage the degree of decentralization originally proposed through OVM. The new design means Therefore, there can be no more challenges to on-chain transactions. Therefore Boba is a more centralized system.

In order to achieve EVM equivalence and decentralization at the same time, Metis added a sorting pool model and Metis Ranger system.

Metis is committed to achieving the goal of automatic network correction, because the network infrastructure should have the ability to self-adjust and correct to achieve the security and scalability required for long-term continuous operation.

Compared with Loopring and ImmutableX which belong to ZK Rollups in Layer 2 (Starkex also uses ZK Rollups), Metis has a broader development prospect.

First of all, in terms of compatibility with EVM, the ZK Rollups adopted by Loopring and Immutanble are difficult to achieve EVM compatibility. This is very difficult for mainstream Ethereum projects when migrating, and it cannot attract the Layer 2 of Ethereum mainstream projects. It’s like a new ecosystem.

Secondly, in terms of data visibility, Metis can view and obtain the content of the blockchain without the help of a centralized organization, while Loopring and ImmutableX cannot obtain the history of the entire blockchain and cannot guarantee the visibility of the blockchain. .

And after submitting an on-chain transaction through Metis, anyone can know the result of the transaction in a timely and sure manner, and no one can change or cancel the transaction. The ZK Rollups used by Loopring and Immutanble cannot provide timely termination due to the high cost of confirmation.

Metis uses a forked OVM of Optimism, but improved many features of the original design to achieve a highly decentralized, EVM equivalent, IPFS integration, Polis middleware, Polis middleware, licensing environment and other functions, and thus not only Metis It realizes the standard advantages of Optimistic Rollups, such as low cost (<1 USD), high speed (less than one second) and Ethereum-level economic security. In addition, it also plans to create its own Layer 2 platform by providing a more decentralized design, native data storage, faster withdrawals to the Ethereum main chain, and improving the usability of Dapp for commercial use.

Metis’ future outlook

The mainnet of Metis was launched on November 19, and a series of exciting new products were released. At the same time, Metis has established partnerships with high-quality projects in various fields such as DeFi, NFT, and GameFi. With the strong debut of the ecological infrastructure Netswap, it can be foreseen that the ecology of Metis is sprouting. At the same time, with the DAO concept as a new round of market hotspots, Metis’ deep cultivation in this area will reflect its unique advantages.

As an official DEX, Netswap is very important in its Metis. With the gradual realization of Netswap’s leverage function and ILH, the application value of Nets will also increase, and there is a lot of room for value-added. At present, the second round of Netswap The points airdrop program is underway.

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Regardless of the current market value comparison or the FDV of each token, Metis is at a low value. At present, MC is only 454 million US dollars, FDV is 2.25 billion US dollars, and there is a certain increase compared with ImmutableX whose TVL is lower than it. Space, but this is not the end of Metis. Compared with ImmutableX, which only does NFT and GameFi, Metis has a broader application space and greater actual value.

At present, the actual application of the blockchain is landing, and the market segments are gradually increasing. From DeFi, NFT, GameFi, Metaverse to DAO, the problem of Ethereum congestion is becoming more and more serious, which hinders the expansion of the blockchain to a larger population. Possibly, Layer 2 is the best solution for expanding Ethereum at present, and it is also one of the most important hot trends in 2021. In 2021, a large number of projects will be migrated or created on Layer 2 to improve user experience. At present, the infrastructure of the mainstream Layer 2 has been completed, and with that will be the vigorous development in 2022. And Metis, which has many advantages, will detonate the crypto market in 2021 and accumulate a large number of loyal users, which will become one of the important explorations of Ethereum Layer 2.0.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/why-reposition-the-position-of-metis-in-layer2-due-to-the-emergence-of-netswap/
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