The blockchain industry has experienced a significant transformation in the past two years with NFTs and DeFi becoming the norm. This development has caused major problems on the growth potential of Ethereum with high gas fees, slow transactions, and limited scalability.
Metis DAO has emerged as a Layer 2 Ethereum scaling solution building a highly scalable protocol for next-generation dApps. In addition, the blockchain platform has established key partnerships, new products and created the first-ever community minted NFT project.
Metis has also developed its unique middleware called Polis that enables developers to perform smart contract integration functions. Polis is expected to bridge between Web 2.0 and Web 3.0, allowing developers to build applications more efficiently.
We explore some of the upcoming developments within the Metis DAO ecosystem for the remaining four months of the year.
Public testnet launch
Metis intends to launch its testnet to the public at the start of September 2021. This development will enable community members and developers to create their own Layer 2 DAC. bridge real assets from Layer 1 to Layer 2 and access other features.
The launch of the public testnet will also unlock staking and mining features on the Metis DAO blockchain. Community members can join together in a single DAC to reap higher mining powers and earn more rewards from yield farming pools.
Metis also intends to increase the functions of its existing Ecosystem Development Program once the public testnet is launched. Metis has designed the development program to provide funding, technical, and marketing assistance to new projects. Two projects have successfully applied for the program and include a third-party swap platform and a Launchpad DApp.
With the launch of the public testnet, DAC members would be able to stake $Metis tokens to mine these new project tokens. In addition, they will also be able to vote to decide a consensus on whether they want to invest in these projects in exchange for their tokens. These improved functions are part of the evolution of Metis DAO, and more projects are expected to be announced in the future.
Metis DAO is also planning for its first-ever hackathon. The blockchain protocol will partner with the Ethereum community to educate about the benefits and features of Metis. In addition, the hackathon will attract developers and projects that will be incentivized to build on the Metis ecosystem.
Some of the incentives include token grants, technical and marketing support, community building, and access to VCs and investors. Metis expects the hackathon to place its platform as one of the top layer 2 protocols in the blockchain space.
Mainnet Pioneer version
Metis intends to release its first Mainnet version in October. The Mainnet v0.1 will enable more real assets to be transferred between Layer 1 and Layer2. This functionality will ease the process of building and using Metis Layer2.
In addition, projects and communities will create Layer 2 tokens and leverage the DAC framework for quick launches and community building. Metis will also integrate third-party cross-chain bridges that will validate transactions and shorten withdrawal times.
The Polis middleware will also be upgraded to offer more functions and templates, making management and launching dApps faster and more convenient. Metis will also onboard more partners in diverse fields including DeFi, NFTs and DAOs.
These developments will help achieve the goals of the blockchain platform to become an inclusive Layer 2 protocol. Metis will also drive the blockchain push towards next generational, web 3 solutions.
Based on the spirit of Optimistic Rollup, Metis is building an easy-to-use, highly scalable, low-cost, and fully functional Layer 2 framework (Metis Rollup) to fully support the application and business migration from Web 2.0 to Web 3.0. Its scalable protocol supports a wide range of use cases, including yield farming, DEX trading, and powering the gig economy via DApps that offer cheap and fast micropayments.
Metis integrates the Decentralized Autonomous Company (DAC) framework within its Layer 2 infrastructure, a differentiating factor that makes it easy for any developers, builders, or community leaders to build their applications and communities. It also makes it easy to use pre-set tools to facilitate their development, manage collaboration, and enjoy the network effects of the world’s largest decentralized finance ecosystem, without the costs and bottlenecks typically associated with Ethereum.