Answering the most common questions
Where can I find the whitepaper?
How will Metis provide strong security along with decentralization but also high scalability? In short, how are you planning to deal with the blockchain trilemma?
Rollups attempt to get rid of the blockchain trilemma. On the topic of security, scalability, and decentralization, the solution that Metis provides focuses on all 3 aspects.
For decentralization, we want to make sure that anyone who has a stake in Metis can become a Verifier.
For scalability, we utilize multiple sequencers, multiple verifiers, multiple Metis virtual machines, and multiple chains in order to remove the potential bottlenecks that may occur within the system. That being said, there is the issue where the more members that participate in the system, raise the costs for the users that are using the system.
Finally, the security. Our goal is to make the system economically viable for the sequencers, rangers, and other providers that will be participating in keeping the network secure. As a result, the condition may increase the transaction cost, but will be much less expensive than Layer 1 Ethereum.
In short, we are focused on targeting all 3 problems in the Blockchain trilemma. For that, there will be a cost to users, but that cost will be small in comparison with the security, scalability, decentralization, and usability of Metis.
What will the Metis tokens be used for?
Metis is a utility token. It will be used for the network gas fee.
What is the Metis testnet? Where will it be used for?
The Metis testnet (Goerli) is a world-class Ethereum testnet for creating transactions and deploying smart contracts. You can use the Goerli testnet in order to perform the development and deployment process like in the mainnet (Andromeda).
How much will the cost of transactions be with roll up? What about the time of transactions? Are they dependent on the amount?
In short, the cost will vary depending on the number of transactions that are rolled up. In essence, the more transactions there are, the more they will cost. This is because the more information that is stored on Layer 1, the higher the cost you will face. But, the cost will be significantly less if you make those individual transactions in Layer 2.
What are the advantages of the project? Is there a buyback, borrowing, or burning system on the project?
The advantage of the Metis token is the utility of the token itself. It will be used as the base token for all transactions, just as the ETH token which is used in Ethereum.
What is the Optimistic Governance (OG) main feature? How does it work and what are its differences when compared to traditional ones?
Please refer to this article for all the details.
Metis is deployed on the Ethereum Virtual Machine (EVM). So, doesn’t Metis need an ETH gas fee for sending transactions?
We do not run on the EVM, we use a fork of the Optimistic Virtual Machine called the Metis Virtual Machine that is compatible with the EVM and adds additional functionality. The Metis Platform uses the Metis token for all transactions, like Ethereum which is using ETH.
What are the differences between MetisSwap and a centralized exchange like Coinbase or Binance?
Decentralized exchanges have no KYC. This means that anyone that has crypto can freely swap and offer liquidity for an asset.
How long does it take to confirm a transaction?
Less than a second.
What is so special about the Metis Middleware, and we are sure many developers will love the idea of 1 click templates to build smart contracts. Since we have provided a highly scalable and low latency platform, you can create transactions and verify smart contracts just in a few seconds.
Many smart contracts created on the Metis platform follow a standard. This standard allows them to be compatible with other systems and smart contracts. Most of the contracts that are created and deployed are very similar, with a few functions that differ from each other. We plan to make the core of each contract secure, with added functionality that allows users to personalize what they can do with a smart contract.
In terms of the storage in IPFS, how will it interact with smart contracts deployed by users? Can You Explain it?
IPFS will be used for file storage for your respective DAC. More details will be provided during the DAC release.
As you just explained, Metis has its own storage. But how will this actually help and give a competitive advantage to Metis?
Our IPFS-based data storage enables the storage of on-chain data very cheaply, while maintaining the underlying security that comes with Layer 1 Ethereum.
SOLANA and ARBITRUM were shut down last week by overload TPS. How can Metis resolve the problem?
Our platform is built to maximize throughput and reduce transaction bottlenecks. We accomplish the objectives through the system of multiple Sequencers, Verifiers, Rangers, and multiple internal chains that work together to improve transaction flow and speed.
How much TPS Metis can support?
Our platform is still undergoing the development process and we are working tirelessly on improving our tech to allow for greater scalability and speed. At the present, our network is able to handle 2,000 TPS/sec.
Is there any reference project built with Metis?
We are onboarding new projects every day. You can read more about the projects here: https://metisdao.medium.com/the-vibrant-and-growing-metis-ecosystem-d517b36accb8
What is the equivalent of ganache(local blockchain) in the Metis platform and how can we install it?
We have recently switched from using OVM and a custom compiler to EVM. We are in the process of updating the documentation, but all you need to do is to include the endpoint and the Chain ID and it should deploy to the network.
Do I need to deposit Metis tokens on Layer 2 to execute transactions?
Users need to pay some L1 gas fee with ETH. The gas price is lower than 0.01 now on the Metis L2.
Is there an ERC20 contract for Metis, i.e. something like wrapped Metis?
Metis is a native token, no need to be wrapped.
Can I use a cloud server to become a Verifier Node?
NFT is a trending topic in the blockchain world. Do you plan to develop NFTs on the Metis platform?
The purpose of Metis is to provide an infrastructure for deploying smart contracts. It means that anyone can deploy an NFT platform on Metis.
NFTs are very much hype, but it is not easy to buy with extremely high gas fees! Will it be possible to buy NFTs on the Metis Layer 2 platform with low gas gees?
Yes absolutely! You will also be able to transfer to L1 in hours after minting.
What will be the application of the Metis NFT, only staking?
The main feature we expect is that it can increase the mining power.
How is the Metis NFT made? Can it only be purchased in the Metis or Opensea platform market, or is there another way to own a Metis NFT?
The usefulness of Metis is that you are able to create your own NFT platform on the Metis Platform. So, you will still be able to trade NFTs of the Layer 1 platform on Metis Layer 2.
Can you tell us about the NFT model that you are offering?
We do not make NFTs directly, but you can build your own NFT platform on our network. The way that NFTs will work can vary depending on the use case. But you will be able to deposit your NFTs on Metis and transfer them multiple times, and utilize the fast transaction time and cheap transaction fee.
Minting, buying, and selling NFTs are extremely expensive in the Ethereum network. Will there be a solution on Metis for integrating NFTs into Layer 2?
With Metis, we are the only L2 where direct NFTs can be minted at a few cents and transferred to L1 in a few hours. Over and above, we offer on-chain native data storage with IPFS.
Does my APY get locked based on how fast I throw all my coins to stake? Or does my APY keep going down daily as more people stake?
If nobody else stakes again we’ll have a stable APY, or if all tokens get staked too we’ll get a stable APY.
Please let us know more about Rangers. Can holders become Rangers and get rewards?
Rangers are financially incentivized auditors. You will be rewarded if you choose to stake and become a Ranger. The $Metis token stake will be required.
Income is a significant perspective for all activities to endure and keep up the venture/organization. What is the best approach to create benefits/income from tokens? What is the pay model?
Metis will generate revenue via gathering the gas cost on Layer 2.
Token prices usually need lots of liquidity to go up in price and then stabilize in price. How will DEXes be able to ensure token liquidity?
Metis will provide the initial liquidity for the tokens on its native DEX. We anticipate the liquidity to be increased as more users are on board. Liquidity provider incentive programs will be put in place as well.
How will DEXes on Metis L2 provide benefits to investors on the Ethereum mainnet compared to Uniswap?
Because Metis has been built on Ethereum, we are able to utilize the security and decentralization of the Ethereum network, while using our scaling solution to allow for transactions to be completed much faster and cheaper than on Uniswap.
Can you tell us the motivation and benefits for investors to hold Metis long term? Which plans do you have to help drive demand and scarcity for the token?
Metis is a utility token that helps us make transactions on the Metis network. So, you need Metis tokens to be able to perform transactions and create smart contracts.
How can I make sure that my staked tokens will be secure?
The Metis Network is secured through multiple Validators and Rangers. Any transactions that are published in the network are validated on Metis Layer 2. If everything is valid, it is published to Ethereum Layer 1.
Is there a difference between staking and mining?
Staking and mining are similar concepts, but are slightly different in this case. To mine Metis tokens you will need to stake Metis tokens and sometimes a Metis NFT (community mining). Mining is based on using hardware to solve mathematical puzzles while staking relies on validating blocks without wasting electrical energy.
We explained Metis mining in this video:
What is the amount of tokens required to create and run a project on Metis?
If you hope to launch a project on Metis Layer 2, just using the infrastructure, you will just need a small amount of the Metis token as the gas cost. But if you hope to leverage the DAC framework to create your own DAC, manage the community, and enjoy yield farming, it will cost you at least 100 $Metis tokens to get started. But of course, you will gain the farming rewards after you join.
Would you explain the benefits of staking on MetisDAO and the Metis token's use cases? What kind of revenue does MetisDAO generate to keep the project running, and what are your intentions for attracting more investors in the future?
Metis token is the utility token, it will be used as:
Gas cost on layer 2
Staking for rewards
Staking as the commitment of validators
For the revenue model, the first and most direct one is the gas cost on layer 2, every transaction on layer 2 will need to pay Metis token as the gas cost. For some of the services in the DAC, you will need to pay in Metis tokens to gain access. More revenue models will be available along with the ecosystem growth.
We see attracting more interest as the natural result of our work, which means we still focus on delivering the infrastructure and various DAC products and attracting projects and developers to build on Metis. This is the true and fundamental value of the Metis project.
The APY for the mining and staking is based on the first come first served model and the APY depletes with numbers coming in. Are there other requirements for being an early bird?
The APY is for the total staking pool participants; it will decrease when more people join the pool, which is quite common in many projects. To gain mining rewards, you will need to state to create your DAC or join other people’s DAC to stake and participate. No other requirements.
What are the risks of staking? What is the basis for the APYs? Is it preferable for us who hold to join the earliest DAC?
The APY is based on the token rewards released, the number of participants and tokens staked at that particular moment. It’s changing all the time. You can choose to create or join a DAC to do the staking and mining. But if you have a great number of friends or community members, you might want to create your own DAC, inviting them to join and stake will empower your DAC with more mining power.
Do members, amount of $Metis staked, and created DACs play a role in determining the mining power?
Mining power is only determined by how many members join your DAC. The amount of $Metis token staked affects the mining power and it will determine the shares you will get from the mining rewards.
For verification and validation purposes, the Metis platform uses the concept of L2 Rangers in their MVM (Metis Virtual Machine). Can you explain how this concept works, who makes up the L2 Rangers, what they do in the validation and verification process, what benefits the L2 Rangers get as Validators, and how users become members of this special DAC called L2 Rangers?
Rangers are a specific set of validators, they act as a paid auditor, which they will be reimbursed for validating random transactions to keep the network secure. In order to become a validator you have to provide a stake and keep a node running.
How will the power mining proportionally affect the degree to which the Metis reward is received? Will it be a huge difference?
Mining power is related to the community member you have in your DAC, and it has a maximum limit of 500.
Your Staking Reward = (The numbers of $Metis tokens Staked x Mining Power / Mining Power Weighted amount of all $Metis tokens Staked) * Mining Output.
Are staking rewards going to be locked for a specific period?
No, you can unlock them anytime.
Can anyone be a validator? And what determines the yield a validator has. Is it purely the amount of Metis staked?
For Rangers, it is open to everyone, and more details will be released regarding the mechanism.
How many tokens in circulation are possible/eligible to start staking when mining begins? Are some of them locked, for example I know there are a certain amount of team tokens locked?
Now the circulation amount is around 1.2M, and the total supply, for now is 4.93M. The rest of the supply will be minted and mined via transactions in the following 10 years.
How can I convince my friends to become Metis Stakers? What makes Metis different from other staking projects?
With Metis, you can create or join a DAC to do the mining with your community, and with this staking model, you will be able to mine more new project tokens.
What are the main benefits of holding the Metis token? What are the main use cases?
Metis token holders or stakers can mine the Metis token in the DAC mining event, and have access to new projects’ tokens or allocations when these projects launch their business on Metis layer 2. The main use cases of Metis Token are gas cost, staking, and also governance purpose.
How will APY be distributed within the DAC? I created a DAC at 1000% APY and invited people. What APY will they get? Is it somehow splitting?
APY is the total reward people can mine from the DAC mining pool. It will be split among every participant valued by its token amount staked and the mining power he has.
What are the benefits of creating a DAC vs joining a DAC? What are the risks associated with joining another DAC?
One wallet can only create one DAC or join one DAC and you cannot do both. But the DAC creator will gain more mining power if he/she can invite more members to join his/her DAC.
Are rewards distributed evenly through the DAC or is the process based on how many Metis tokens a member contributes?
APY is the total reward people can mine from the DAC mining pool. It will be split among every participant valued by its token amount staked and the mining power he has.
Are the LP staking & Metis farming methods currently available?
Only staking is available. There is no LP for farming.
Will Metis staking be in a wallet, exchange, or in the Metis platform?
Staking will be done throughout the Metis Platform.
Metis’ Layer 2 Optimistic Rollup technology supports the decentralized economy. Businesses can leverage this economy and issue their own token to support the operation of their own ecosystem.
How do you explain the security level of the Metis Platform?
In short, it’s highly secured. In order to prevent fraudulent behavior, staking and pullback mechanisms are embedded into our Layer 2 solution. This means that before engaging in any business, the reputation and funds will need to be staked in order to ensure compliance and security of the network.
What is your Optimistic Governance (OG) solution?
Metis’ Optimistic governance solution is a staking, pullback, and reputation power mechanism. It means that before engaging in any business on the Metis platform, your reputation token (the NFT that has all the reputation tracked) and funds will need to be staked in order to make sure that you act in the best interests of the network. The staked funds are then refunded along with the monetary rewards, and your reputation is increased after every successful business collaboration. If the business collaboration is unsuccessful, there will be penalties involved, including potentially slashed funds and reputation cases. The mechanism allows for decentralized optimistic governance without any central party involvement.
How do you compare Metis to other solutions?
- 1.The withdrawal time from the network takes hours as opposed to days from Arbitrum, and a week from Optimism
- 2.Our IPFS integration is a competitive benefit, where you can store and share files and data, which is not present in other solutions.
- 3.Our multiple chains and multiple virtual machine construct makes it a decentralized solution and eliminates the processing bottlenecks present in other competing Layer 2 solutions such as Optimism or Arbitrum
- 4.Metis also defines a new DAO structure - Decentralized Autonomous Company (DAC) to act as the fundamental unit to support the operation and management of decentralized applications, communities, and businesses. This added functionality is not present in other competing solutions.
How can I benefit from Metis?
Metis’ Layer 2 solution solves the problem of the high gas fees and low throughput of transactions present on Layer 1 Ethereum. Metis provides you with all the perks of a core blockchain such as trust and transparency, but with the increased transaction throughput speed, lower transaction cost, rich functionality, and a minimal learning curve. You can create your business unit - we call it a DAC (Decentralized Autonomous Company).
Potential businesses can include:
and many more…
Can I try it out?
We have released the Layer 2 alpha testnet demo app called “Prologue” to demonstrate the speed and low cost of Layer 2. Try it for yourself to test and create your very first Decentralized Autonomous Company (DAC) on Metis. We reward our community testers!
How many people have used Metis?
As of now:
- 12,683 wallets created,
- 6,856 DACs (Decentralized Autonomous Companies) established,
- The number of testnet transactions is 166,859,
- The number of Layer 2 smart contract calls is 22,607.
What are the main advantages of the Metis platform?
In summary, Metis is:
- Scalable - Supporting multiple chains and multiple virtual machines,
- Functional - Microservice framework for easy extension of the toolkit,
- Usable - 100% Ethereum virtual machine compatible,
- Decentralized - Multiple Rangers and Sequencers help ensure that the network is fast and reliable.
Where do I go to learn more?
Please explain the builder mining program.
We return 30% of our revenue from all transaction fees generated by your DApp(s) back to the wallet address of your choice. We believe in building together, creating mutually beneficial incentive structures, and ensuring the long-term success of our ecosystem.
How can I apply for the builder mining program?
- 1.Submit a request to the Metis Team,
- 2.The Metis Team reviews your application and verifies the contract ownership,
- 3.The Metis Team calculates the transactions that were made by all of the verified contracts (starting from the application date),
- 4.30% of kickback is paid out monthly.
Can you explain the utilities available in a DAC? What kind of players can run a DAC?
A DAC is basically a DAO without restrictions and it goes beyond just governance and voting. A DAC will serve all functions of a fully functioning business. Please see our explainer videos on Youtube to understand more.
What kind of DAO support does Metis offer? Which benefits do DAOs get from registering on Metis? Are there any incentives in place for them and do you charge them any fee/amount in return for this service?
The main benefit is the power of community. To form the DAO, you will need to stake a certain amount of Metis tokens and pay 0.05% of each transaction fee to the Metis platform. That's the future’s business model. We also are planning some premium paid features that will require additional Metis tokens with file space usage. Anyone will be able to realize the business idea and build a community (DAO) around it - This is the ultimate vision.
In terms of DAO, we take it as an infrastructure to support projects running in the Web 3.0 world. So, when a project launches on Metis, it is naturally a DAC (Decentralized Autonomous Company) at the backend, projected as a DAC to call the virtual machine and manage access and resources.
How do I participate in the MetisSwap? Is there any website to register?
Please read this guide:
Can bloggers or soccer/basketball teams use your project to build their own DAO? For example, to create a token on the network for fans, similar to what Chiliz does.
Yes, they can. Not just create the token, but also they can manage the community and allocate a budget model and tasks. Anyone will be able to create their own DAO on the platform and tokenize their project.
I need to create a DAC to mine Metis tokens but I don't want to create a company. I just want to do the mining process. Does my DAC need to do transactions to mine the tokens?
Creating a DAC or joining the DAC is the first step to do. You don’t need to do transactions at the current stage, just inviting people to join your DAC and stake will enable you to have more mining power.
What is the amount of Metis tokens I need for Adding a DAC?
10 Metis tokens to start, 2000 at the ultimate level.
We created our DAC on layer 2 and bridged Metis tokens from the Ethereum mainnet to layer 2 during the launch of the public testnet. So, if we invite people to join the DAC to increase our mining power and stake $Metis tokens, what do we get from the reward pool? are the rewards Metis tokens or "new projects’ tokens"? What are the new projects’ tokens?
Now it is the Metis Token that you can get as a reward. When we launch the mainnet, you will be able to mine new project tokens.
Will I get the mining power of the people that join my DAC even if they don’t stake Metis tokens or even if they hold a few tokens? Also, will the benefit of creating and joining a DAC be the same?
People need to stake the Metis Token to create or join a DAC. Creating a DAC will empower the DAC creator with more mining power.
Are staking rewards divided evenly among DAC members?
No, it will be split among participants, valued by their token amount staked, and the mining power they have.
It seems that DACs are going to be used for staking first. If you have more members in your DAC, you get more staking power. If you convert your DAC to more than a business use in the future, what role will members play?
Members in a DAC can assume roles in a way like in an organization with different departments. All kinds of real business functions can be brought into the DAC such as project management, HR, Payroll, Tax, and remuneration.
What are the responsibilities related to staking?
If we want to be in business operating a DAC, then we also stake 10+ tokens. For staking, you’ll need to have $Metis tokens in your ERC-20 smart wallets such as MetaMask, Trust Wallet, and dozens of others. There are lots of choices.
If you currently hold Metis tokens somewhere other than a smart wallet, you will need to transfer them. If you hold them on, say, Gate.io, you can simply withdraw your $Metis tokens from Gate directly to your smart wallet.
If you bought $Metis tokens on Pancakeswap, you’re holding the BSC version of $Metis tokens. So you’ll need to bridge them from BSC to Ethereum, then send them to your smart wallet.
Do we automatically agree to be blockchain validators and benefit from the pool?
The purpose of the DAC is not for mining only. The mining is just a function and real DACs with a purpose and proper structure will be utilized in the long run.