PAID community, get ready for another fantastic blockchain project that will launch its IDO very soon on Ignition. We are very proud to welcome Metis, a Layer 2 solution based on Ethereum that brings scalability, affordability, and accessibility with its easy-to-use rollup structure.
Here are the important dates to note for participation:
- Whitelist Start: May 5, 2021 — 1PM UTC
- Whitelist Close: May 8, 2021 — 4AM UTC
- Metis IDO on Ignition: May 13, 2021
Whitelist for Metis on Ignition is closed.
The current limitations of building businesses on Ethereum
Ethereum is the largest, most successful blockchain in existence, with the vast majority of developers making it their blockchain of choice for building dApps of all kinds. Unfortunately, Ethereum also has its share of problems, such as high gas costs, low efficiency, and limited scalability and functionalities. Ethereum also lacks a mature organizational structure to support the development of decentralized businesses and applications running in the trustless decentralized world.
Metis sets out to significantly improve the functionality and ease of use of Ethereum
Metis solves these problems, and more. Metis’ Layer 2 solution, called Metis Rollup, makes building Decentralized Autonomous Companies (DACs) and dApps much cheaper and much more efficient, while providing far greater scalability and a higher level of functionality than Ethereum alone can offer. As Ethereum 2.0 remains a work in progress, Ethereum founder Vitalik Buterin recently identified rollups as the answer to Ethereum’s shortcomings.
Among rollups, Metis’ technology stands out as the best-in-breed. When compared to other Layer 2 solutions, Metis Rollup settles transactions far faster than the competition, while providing higher levels of functionality and scalability, and a greater commitment to a truly decentralized user experience. It also makes it easy to use pre-set tools to facilitate their development and manage collaboration.
Best of all, Metis Rollup is incredibly easy to use, with even total blockchain novices able to build their own DACs and dApps in a matter of minutes on the platform. That ease of use is the key to creating mass adoption of blockchain technology, as the world transitions from Web 2.0 to Web 3.0.
Metis as an infrastructure layer to support dApps and Decentralized Businesses
Metis’ scalable protocol supports a wide range of use cases, including NFT platforms, decentralized Reddit-like social platforms, open-source developer communities, influencer communities, gaming communities, freelancer communities, crowdfunding, yield farming, DEX trading, and much more.
NFTs as a source of identity in the Web 3.0 world
In the Metis ecosystem, every member has a “passport” that holds a history of information regarding prior collaborations and provides access to all of the DAOs on the platform. The use of NFTs as reputation avatars allows Metis community members to assess users’ credibility and past behaviour to verify if an individual is trustworthy or not. If a user has a bad reputation, their NFT will be marked so that the overall community will know it must exercise caution when dealing with them. By implementing such a system, the Metis ecosystem will allow complete strangers to work together.
Bridging the gap between NFTs and DAOs
Metis has cleverly combined the worlds of NFTs and DAOs in its reputation scoring system. Every user on Metis will have a reputation-based NFT attached to their account, adding a trust mechanism that users can use to interact with one another with no issues, while limiting the access that bad actors have on the network.
Metis recently launched the first-ever community-minted NFT on OpenSea, entitled “Rebuilding the Tower of Babel”. During the event, 12,118 wallets were connected, and 2,560 Tribes (a type of DAO) were created in less than 100 minutes, creating a worldwide collaborative effort to achieve the goal of minting the NFT artwork. The OpenSea auction earned a winning bid of 16.1 ETH, allowing 256 lucky Tribes to share the proceeds with the artist. In addition, another 2,304 Tribes who took part in the contest gained early access to participate in future Metis staking projects.
Metis has found growing success with its Layer 2 Alpha Testnet
Since being launched less than a month ago, Metis’ Layer 2 alpha testnet has seen 12,632 wallets created, 6,856 DACs (Decentralized Autonomous Companies) registered, and 166,859 on-chain transactions. The Layer 2 test application, called “Prologue”, makes it incredibly easy and intuitive for users to create their own DACs in just three steps. They can stake freely to participate in task collaborations with almost zero cost and very high transaction speed (just a few seconds), showing the potential impact that Metis’ Layer 2 rollup can bring to the entire blockchain universe.
Metis’ official testnet will launch by the end of Q2 2021.
Metis has already attracted investor attention
Metis has already gained the attention of a number of important blockchain and tech-related investors. The company successfully raised $5 Million (USD) in seed, angel, private, strategic, and community star funding from Block Dream Fund, DFG, Master Ventures, Parsiq, Autonomy Capital, Genblock Capital, CryptoMeria, Waterdrip Capital, Kernel Ventures, Gate.io, AU21, Consensus Lab, M6, 7 O’Clock Foundation, YBB Foundation, Chain Capital, AC Capital, BMW Capital, Oasis Capital, Titan Ventures, Lotus Capital, CDF, and many more community supporters.
*For applications to be considered valid, all applications must adhere to the PAID whitelist lottery rules, pass PAID Ignition’s KYC process, and adhere to each project’s specific KYC requirements country restrictions which vary per project on a case to case basis. For a list of Metis specific restricted KYC countries, check HERE.
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 normally associated with Ethereum.
Metis’ goal is to make building dApps and DACs on its platform so easy to do; even total blockchain novices can make it happen in a matter of minutes.
- Twitter: @MetisDAO
- Medium: MetisDAO.Medium
- Github: MetisProtocol
- Hackernoon: MetisDAO
- Join our Telegram community: MetisDAO
- Instagram: @MetisDAO
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Ignition brings quality projects, fixed swaps, and equitable lottery participation to the PAID community.
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