25 Nov 202115:34
Metis DAO AMA Recap
Myko (CryptoDiffer)Hello, everyone!😁
We are glad to meet here:
Jonah, Marketing Lead
JonahHi everyone! Pleasure to be here! :)
Myko (CryptoDiffer)okay, great
let;s begin with some introduction
Q1: Can you introduce yourself to our community?
My name is Jonah, I'm head of Marketing and Business Development and Marketing for Metis.
$METIS is known as Layer2 scaling solution-but that's just the start. We're building a hub for the ENTIRE Web3 economy.
We're doing so in 3 stages:
1) Layer 2 Ethereum scaling solution/Optimistic Rollup with transactions of a few seconds and a few cents, plus cheap, ON-CHAIN data storage (massive for NFTs...and pretty much anything else)
2) NO-CODE integration via smart contract templates. Middleware has until now been a Web2 concept, a product that links operating systems to apps. Metis middleware (Polis) will enable ANYONE, even your grandma, to jump on blockchain in just a few clicks. https://metisdao.medium.com/blockchain-middleware-ccb41ded0fab
3) Decentralized Autonomous Company (DAC) infrastructure enabling both blockchain AND Web2 companies to build decentralized businesses ON-CHAIN, with all the functionalities of real-world enterprises and all the advantages of blockchain. https://metisdao.medium.com/daos-the-operating-system-of-communities-7286efb8e430
In short: We're building a MASSIVELY ambitious project that will do what all great companies do: Make bleeding-edge, world-changing tech ludicrously easy for anyone and everyone to use, so that everyone reaps the benefits.
Join us! Metis.io
Q2: Let`s now talk about the milestones you have achieved so far and about your upcoming plans?
We have released multiple versions of our testnet so far — Alpha, Beta, and Dragonfire. We have had overwhelming response to our testing program, with more than 5400 wallets connecting to our testnet, executing nearly 13,000 transactions.
To demonstrate the functionality of the Metis Layer 2 network, we have taken on numerous projects.
In April we launched the first EVER community minted NFT, to demonstrate the power of the community-built infrastructure that we're rolling out. All told, 256 "tribes" banded together to compete for mining power. Those Tribes then shared 70% of the final NFT's sale price on Opensea, with the remaining 30% going to the artist who made the artwork. The NFT sold for 16.1 ETH on OpenSea! Well over $60,000.
in addition, we launched MetisSwap, a testnet decentralized exchange (DEX) built on Metis that demonstrated the fast and cheap transactions that will be available on Metis Layer 2 — just a few seconds, and just a few cents. This was a great stress test for our network, since the hardest thing for any DeFi project to do is to launch a swap platform
The Dragonfire round of testing concluded last week, with an extensive testing program for our Decentralized Autonomous Company (DAC) functionality getting tested by hundreds of members of our community.
Next step will be the launch of our live Andromeda Layer 2 network. That will be quickly followed by the start of our DAC creation phase. There, anyone holding 10 METIS tokens or more will be able to stake those tokens directly at Metis.io. Starting APY (cumulative and variable) will be 29000%!
Cryptodiffer CommunityDo you have any Bug Bounty to check for weakness? In what way do you plan to make Your project more complete??
JonahWe will be offering a Bug Bounty soon! That's in addition to the TRIPLE-audit we went through leading up to Andromeda launch. We will also soon announce an insurance pool to further protect our network. Other networks such as Solana and Arbitrum recently experienced major outages. Other networks have been subject to attacks. We will not release ANY network update or new project until we've done EVERYTHING imaginable to ensure total security and highest performance standards.
I plan to answer LOTS of questions, Myko. Buckle up. :)
Cryptodiffer CommunityCan you explain how is your Tokenomics Distribution? How many tokens Will be minted ? And How many tokens Will be locked by the team?
JonahOur total lifetime supply is only 10 million. Of those, half are reserved for community mining over the next 5 years. So that means that our effective maximum supply is just 5 million. Only a very small percentage is owned by Metis founders. The majority are committed to community, and to serving as a utility token for the Metis network, exactly the same way ETH is a utility token for the Ethereum network. More tokenomics details here: https://messari.io/asset/metis/profile/token-usage
Cryptodiffer CommunitySince NFT is popular nowadays, is there a plan for NFT integration?
JonahYes. We've already announced partnerships with numerous NFT projects, like NFTStore, NFTGo, and ASSX. We are also close to announcing a partnership with Altura, an amazing NFT/Gaming/Metaverse project. Stay tuned for LOTS more partnership announcements in the weeks and months to come.
Cryptodiffer CommunityWhat are the competitive advantages of your project? What advantages do you have that other competitors dont have ? What would be your project secure most similar contender in the market today in terms of scalability, security, features, and adaptability????
JonahFirst, Metis is an Optimistic Rollup. That means we're built on top of Ethereum and thus benefit from Ethereum's security and decentralization.
As a point of comparison, Polygon is a commit chain, and thus is centralized and not as secure, creating risk for projects that deploy on their network.
But even compared to other Optimistic Rollups, Metis has numerous advantages.
We are using multiple sequencers and Multiple Virtual Machines to build extra layers of decentralization, security, and permissions. Other Optimistic Rollups (like Optimism and Arbitrum) do not.
But wait, there's more!
Withdrawal time from Layer 2 back to Layer 1 is a going issue for Optimistic Rollups. When Metis launches its initial mainnet platform (VERY soon), withdrawal time will be 3 days. But as we roll out our full suite of features, we will reduce withdrawal time to hours, and eventually minutes. This will be done through our decentralized Rangers system, in which many many different independent and anonymous verifiers work in tandem to further augment the security of the network.
And of course more than ANY of that, Metis' Layer 2 platform, as I mentioned before, is just the tip of the iceberg! With our NO-CODE middleware and DAC infrastructure, we're building a Web3 hub that no other platform — not Arbitrum, Optimism, Polygon, zK rollups, or anyone else can match.
For more information on how we compare, check out these articles:
Cryptodiffer CommunityCan you share your social media links so we can keep ourselves updated?
JonahSure! Telegram is t.me/MetisDAO Twitter: https://twitter.com/MetisDAO Discord: https://discord.gg/RqfEJZXnxd
Cryptodiffer CommunityFor a project development first of all main priority is having enough fund. Does your team financially capable to run this project? Do you have enough fund for it's developement Can you tell us that how your project generate the profit?
JonahMetis raised $5 million in pre-IDO funding. We held our IDO/IEO on Gate.io, Uniswap, and PAID Network. We have more than enough funding to sustain our development efforts. We will VERY soon launch on mainnet. Once that happens, we will generate revenue from our Rollup technology, which bundles lots and lots of transactions into one, creating fast and cheap transactions of a few seconds and a few cents. The more partners we onboard and the more transactions they perform on the Metis Layer 2 network, the more revenue Metis makes.
Cryptodiffer CommunityTruly, you've done AMA in many telegram groups, so what next, what other way will you make your project more popular?
JonahWe HIGHLY encourage Solidity developers (or even people with great ideas who have Solidity developer friends) to sign up and build on Metis Layer 2, via our $1 million(!!!) Metis Hackathon. Tons of different prize tracks for DeFI, NFT, Social Good, Web3 applications, Web2 applications, plus tons of partner prizes. It's a huge marketing and business development venture for us. Check it out and build! Hackathon.Metis.io
Cryptodiffer CommunityWhat coding languages have been used on the platform?
What role developers have on metis platform?
JonahWe are primarily a Solidity-based platform. Though when we look to hire new developers, we welcome fluency in other coding languages in addition to Solidity, since what we're building is extremely ambitious, going far beyond what any existing blockchain scaling solution has ever proposed before.
Cryptodiffer CommunityWhat's your main focus right now, are you focused on the community or market/Exchange or the products?
JonahWe are ALWAYS focused on building the best possible technology, and we're over the moon excited to launch our live Layer 2 network, our Polis no-code middleware, and our DAC infrastructure, which we see as the foundation on which we will build a hub for the entire Web3 economy. My job is to lead our marketing efforts. That's being done through our $1 million Hackathon, outreach on many different social networks, outreach to developer communities, Team Metis attending major conferences all over the world and much more. As for new exchange listings, we are in ongoing talks with several of the largest top-tier exchanges. Once we reach a deal that all parties are satisfied with, we will execute those new listings.
Cryptodiffer CommunityCould you detail us what advantages and facilities MetisDAO presents for the creation of new Dapp? How long will it take to develop and is it totally safe and reliable?
JonahTo properly answer this question, it's important that everyone understand how Metis got started, and how with EVERYTHING we do, our mission and vision always remain the same: to make blockchain technology easy and accessible for EVERYONE — not just existing blockchain projects, but also blockchain startups AND any and all Web2 projects that want to integrate onto blockchain.
A bunch of years ago, two women, Elena Sinelnikova and Natalia Ameline, were friends in Toronto. Some of their friends would ask them all the time, "What's blockchain? What's Bitcoin?" etc.
So they started having little get-togethers with friends over coffee to discuss. Those coffee get-togethers grew to become meetups. Those meetups started expanding throughout Toronto, to other cities and countries. Until today, where those humble origins produced Crypto Chicks, one of the largest blockchain advocacy and education non-profits in the world, with a presence in 56(!!!!) different countries.
The growth of CryptoChicks led Elena and Natalia to form a large ecosystem of smart blockchain people, and ultimately a "hatchery" to launch new blockchain projects. It was there that Elena met Yuan Su. Yuan is an absolute genius. He started coding at age 6. He has an incredible analytical mind and massive ambitions. Yet he's a genuinely great dude, very hip to everything happening in the blockchain and crypto worlds. When he met Elena he was one of the lead devs for IBM's Hyperledger project. Then there was Kevin Liu. Kevin understands product development and team building better than anyone I've ever met. He's a serial founder who to that point hadn't found the perfect project.
Together the 3 of them co-founded Metis, with the EXACT same goal of CryptoChicks: to make blockchain easy and accessible to EVERYONE, from curious coffee-shop ladies to your grandpa.
The team realized that creating “blockchain for all” would not be possible until Ethereum's scalability, functionality, speed, and cost issues were resolved!
So they started building a Layer 2 scaling solution, by hard-forking tech from Optimism. Optimistic Rollups are the easiest way for both devs and users to build and benefit from fast, cheap transactions, high scalability and functionality, AND all the security and decentralization that comes with being built on Ethereum!
But as I mentioned before, that's just the start. Step 1: Layer 2 solution. Step 2: middleware to enable NO-CODE integration. Step 3: DAC infrastructure to create a gigantic hub for the Web3 economy, where anyone from blockchain projects to Web2 giants (McDonald's? Nike?) to 50 NFT enthusiast friends can band together to build decentralized businesses on-chain.
In short: With EVM-compatibility now, and NO-CODE integration via smart contract templates once Polis is fully built out and launched, it will take about 1 minute, and just a few clicks, FOR anyone to jump onto blockchain, via the Metis Layer 2 network.
Cryptodiffer Community🧤Can you talk about the benefits of the Metis Ecosystem Development Program (EDP)? What kind of benefits do you bring to established blockchain companies, blockchain startups and even non-blockchain projects with Metis EDP?
JonahGreat question! So the Metis Ecosystem Development Program is the method we offer for exciting blockchain AND Web2 projects to join Metis and get the many benefits offered by a Metis partnership.
1) Technology: Any project that partners with Metis benefits from transactions that take just a few seconds and cost just a few cents when performed on Metis Layer 2.
2) Marketing: We leverage our big followings on Twitter, Telegram, and other platforms to help our partners grow their own marketing efforts.
3) Funding: This is a REALLY exciting benefit that we offer. We offer BUILDER MINING capability, such that EVERY SINGLE TIME a DApp that's integrated onto Metis Layer 2 performs a transaction, that project gets $METIS token rewards. Imagine a big DeFi project or NFT marketplace that processes transactions all the time...massive, massive benefit for partners that NO OTHER BLOCKCHAIN PROJECT OFFERS.
We will also soon announce a $100 million Ecosystem DAC. The aim of this Ecosystem DAC will be to support projects that want to integrate onto the Metis Layer 2 network. Details about our $100 million Ecosystem DAC coming soon. It's going to be a game-changer!
Cryptodiffer Community1. will the NO-CODE smart contract be free to use?
2. Will the ON-CHAIN storage data storage bring new type of wallet address?
JonahYes, our Polis middleware will be 100% free to use!
We haven't released all the details of our IPFS-based on-chain data storage that will be very cheap to use. Stay tuned. But its effects will be massive: While Ethereum Layer 1, Polygon, and other major projects do NOT offer native storage, Metis will. For NFTs in particular, the implications are massive.
Cryptodiffer CommunityDo you have a whitepaper? if yes please share it with us and secondly are you working to AUDIT your project, to make its security more secure and reliable?
JonahWe are triple-audited, we will soon announce a bug bounty and insurance pool, and our whitepaper goes in depth on how we balance the dual challenges of scalability and security. Check it out!
Cryptodiffer CommunityCan you tell me about the relationship between Metis and @IDCAPOfficial ? What are the aspects of your platform development would @IDCAPOfficial handle ?
Can you give me a a link to participate in Metis Hackathon workshop ? I have some questions about Metis, can I ask during the Hackathon ?
JonahIDCAP is one of our valued Hackathon partners. EVERY Tuesday Metis hosts a livestream to discuss what Metis is up to. And during our $1 million Hackathon (which is ongoing until Nov 30) we are invited our Hackathon partners (including IDCAP) to speak as well. Join us for the livestream tomorrow at 4 pm UTC, link here! https://www.youtube.com/watch?v=vtWdF33Aizk&ab_channel=Metis
Cryptodiffer CommunityI came across the Polis middleware in one of your articles. What solutions will the Polis Middleware be solving for users on the Metis platform? When is it going to be live? And why was there a need to introduce it into the ecosystem?
How can users best capitalize on Metis' low Layer 2 fees?
JonahPolis Middleware will enable ANY project to integrate onto Metis Layer 2 with ZERO blockchain coding experience or expertise needed. It will do so via smart contract templates. So rather than having to code, the Polis interface looks like very simple, like a basic Web2 website. Lots of blockchain projects have good tech. We believe that much like the way iPhone made ease of use and friendly design the secret to mass adoption, Metis doing the same will enable mass adoption of our Layer 2 network. Here's the article on Polis that goes into more details: https://metisdao.medium.com/blockchain-middleware-ccb41ded0fab
Cryptodiffer CommunityWhat are the steps to become a part of your community, and start getting revenues? Where do we buy, where do we sign up? This looks like an amazing project!
JonahThanks for the kind words! You can buy METIS tokens here:
$METIS is now live and trading on:
Trade $Metis from here
Use polybridge: https://bridge.poly.network/
$Metis Contract for BSC
We have two pools for the trading on Uniswap
🔔$METIS ERC 20 contract address🔔
Cryptodiffer Community$METIS has grown so much in value that some new investors might be intimidated to invest freely, so would you tell us if you have any airdrops or community rewards that would make investing easier? Also, I read about your HACKATHON. How can we join? Can we still sign up?
Jonah$METIS current market cap is about $90 million. Feel free to check out the market caps of other Layer 2 projects. We will not be offering airdrops. We will however soon launch our DAC infrastructure with a staking program, whereby APY rewards (cumulative, variable) start at 29000%.
Cryptodiffer CommunityWHAT ARE THE DEFI PRODUCTS IN METISWAP?
JonahWe have many. SwapAll, Oropocket OpenDeFi, Bagels Finance, WOWswap, Bretton Finance, and many more. Here's an article from 2 months ago that shows our partnerships to that point: https://metisdao.medium.com/the-vibrant-and-growing-metis-ecosystem-d517b36accb8
More updated partnership list here: https://www.metis.io/ecosystem-partners/
And MANY more to come — we're currently in talks with AAVE and dozens more.
Cryptodiffer Community- Can you tell us about Metis Business Development Bounty Program? How can projects benefits from these program?
- It is stated that the staking function of Metis DACs is temporary. Why is it so? Would there be adjustment later?
JonahSure! We want to encourage our community to send us ideas for projects they would like to see integrate onto Metis Layer 2. Anyone who brokers an intro to a project (not just suggests an idea but actually makes the intro) that leads to an actual partnership receives token rewards! Details here: https://metisdao.medium.com/introducing-the-metis-business-development-bounty-program-444692a4840f
As for why the DAC staking program is temporary, it's because staking is just the first of MANY different functions we will be rolling out on DACs. After our mainnet launch, you'll be able to stake METIS tokens (and many other Layer 2 and Layer 1 tokens) on NetSwap, a third-party DEX provider that will integrate onto the Metis Layer 2 network. More details here: https://metisdao.medium.com/what-is-metis-what-the-heck-are-dacs-whats-the-deal-with-staking-ba25f2c274ca
Cryptodiffer CommunityWhy is it only the Ethereum DApps that can be developed or migrated into Metis DAO?
Are there plans to incorporate other crytocurrencies?
JonahEthereum is by far the largest blockchain, with the most robust developer community. So we are starting our operations as a Layer 2 Ethereum scaling solution. We do plan to integrate with many other blockchains in the future though, as we believe the future of this industry is multi-chain.
OK I'm done with this round of questions. @mykocryptodiffer is you want to repost any I might have missed that aren't redundant, or any additional ones from the community, I have a few more minutes to answer!
Cryptodiffer CommunityIs METIS building a MASSIVELY ambitious project that will do what all great companies do or it is just a scale scale platform that lacks the potential to go Mainstream ?Many different Layer 2s are building partner ecosystems. What does Metis offers as stronger incentive to join than any other L2: Builder Mining ? What are characteristics of Metis that makes it more attractive than its peers ?
@MetisDAO won the Best Startup Award @BlLife_Forum. Can you tell us how you feel about the award. What efforts went into developing such a fantastic Platform ? Does winning the award provide more motivation to work extra hard ?
JonahThank you, we are SO excited to have received the Best Startup award at the Blockchain Life conference, which is the largest blockchain conference in Europe. The award was won based on the vision of our founders and the exciting and inclusive nature of our tech. However, this is just the beginning. Once we launch on mainnet (VERY soon), the entire Ethereum community and crypto community in general will see just how fast, cheap, reliable, and scalable our network is, and how many exciting projects will sign on to build on Metis Layer 2!
Cryptodiffer Community📍How much reward does a project earn in $METIS tokens for integrating its smart contracts into Metis Layer 2? How is the award ranking done?
📍I learned that Metis has marketing power.
Who can benefit from $10,000 initial Grant from $METIS? How does every transaction on your tier turn into revenue?
Jonah$METIS token reward formula depends on numerous factors. Details to be announced closer to mainnet launch. The $10,000 Kickoff Grant we were offering to projects that launch on Metis has ended, since we capped those grants to be for the first 50 projects that partnered with Metis. We've already reached that 50 threshold even before mainnet launch!
Lots of other partnership benefits though, including our robust tech, marketing cross-promotion, Builder Mining, and the $100 million Ecosystem DAC.
We HIGHLY encourage people to join our Telegram community at t.me/MetisDAO and to follow us on Twitter @MetisDAO to stay up to date on everything we're building!
OK @mykocryptodiffer my fingers have run out of gas. :)
Myko (CryptoDiffer)i see!
thanks for this exciting ama