AMA RECAP : CRYPTO CHALLENGERS x METISDAO
Venue : CRYPTO CHALLENGERS
Date :29 July 2021
Time : 05:00 PM UTC.
Guest : Kevin Liu (Co-founder & Product lead)
He shared detailed information and his opinions about the project METISDAO.
🔴 SEGMENT 1 INTRODUCTION.
Q1.Could you please introduce yourself and your team first to our community?
My name is Kevin, the co-founder and product lead of Metis
I have over 5 years of experience in product development, and I have studied DAO, governance, and decentralized collaboration since 2018.
that’s when I met Elena and Yuan, my other two cofounders
at the beginning, we hope to solve the issues of decentralized and distributed collaborations, later we found out that we can only support these kind of collaborations on Layer2, and that’s the beginning of Metis project.
For Elena Sinelnikova, she is the CEO of Metis and also the co-Founder of CryptoChicks.ca. She has a tech background - over 20 years experience working as Microsoft solutions architect in Canadian government and law enforcement.
In 2015 she became interested and started learning about blockchain. In 2017 she and her friend Natalia Ameline founded CryptoChicks - a female organization focused on blockchain education for women. They started it as a small meetup group and nowadays it grew to have chapters in 56 countries.
Now she is leading the overall management and community development
For Yuan, he is our tech lead, starting code from Age of 6, and was involved in the infrastructure design of IBM Hyperledger project.
He has studied Optimistic Rollup for quite a while, and now he is pushing the progress of our own Layer 2 implementation: Metis Rollup.
Now we have 26 people totally in the Metis team. We also are multinational - from Canada, China, Ghana, Venezuela, Colombia, India, Bangladesh, Ukraine, Belarus, Russia and Singapore.
we are working around the globe
Q2.Can you briefly describe what is Metis to our community? What kind of use cases do Metis support?
In a nutshell, Metis is a Layer 2 scaling infrastructure for projects and users to experience the low cost, high scalability, high speed and ease of use of blockchain technology without jumping out of the Ethereum ecosystem.
our counterparties are Optimism, Arbitrum and Polygon
and our idea is to allow everyone to do business via blockchain regardless of the technical background or blockchain knowledge.
we build the infrastructure, and you can use it easily
Use cases that Metis will support you to build:
-Your decentralized business (DAC - decentralized Autonomous Company)
-Your own NFT minting and trading business
-Your own launchpad
-Your own decentralized exchange
-Your own yield farm
-Your own freelance business
-Your own investment business
-Your own token
you know there are lots of barriers for people to really use blockchain for business and Metis tackle such barriers.
We are building our Layer 2 solution to protect our users from the hiking gas fees and provide them with high throughput of transactions and at the same time provide them with all the perks of blockchain such as trust, security and transparency but with the added rich functionality and minimal learning curve.
we believe the whole Web3 world can be built on Layer2
With Metis you be able to run your Dapp or business on Ethereum, but with:
Low gas fees (as low as cents as opposed to tens of dollars on Ethereum)
Fast transactions (seconds as opposed to few minutes on Ethereum)
Native file storage (not possible on Ethereum, not possible on Polygon)
No coding smart contracts - Metis will provide one-click deployment from our own pre-developed templates
Completely compatible with Ethereum (EVM) - if you are already on Ethereum you can port to Metis for all the above advantages at no cost and in no time
and it is Completely decentralized
Can be fully integrated into your own website/platform
web2 developers can develop DApps as well on our platform
In the future you will be able to come to the Metis platform, create your business unit - we call it DAC (Decentralized Autonomous Company) in two clicks and launch any of the following: NFT minting and trading business, freelance business, social reputation business, investment business, yield farming business, and many more.
All this can be done with extremely low gas fees - as of now we predict few cents, faster transactions (1 second as opposed to few minutes on Ethereum), native file and data storage (not possible on Polygon or Ethereum).
and the TL:DR version is that Metis is a Layer2 scaling infrastructure for decentralized applications and businesses.
to build a better Web 3 world
Q3.I guess many of our members are curious about what makes Metis different from other competitors? What kind of breakthrough has Metis brought to Layer 2? And comparing with other Layer 2 projects, what’s Metis advantages?
this is a summary of our differences with Optimism and Arbitrum
Our Layer2 tech is our strongest offer at the moment. None of our competitors is a match - it was confirmed by several tech reviewers.
We are using Optimistic Rollup technology, which is built on top of Layer 1 - Ethereum, and collects and Batches the transactions. After the entire batch is validated the withdrawal can be initiated back to Ethereum - Layer 1.
As a result gas costs are low as they are split between hundreds of transactions in the batch. Also Optimistic rollup utilizes Ethereum decentralization and security.
But we went even further. This is what sets us apart from other optimistic rollups:
We use not one sequencer (queue) to process transactions, but multiple
We also have decentralized validators (Rangers) to validate transactions.
Please note that rangers are incentified - they receive mining rewards. Anyone can become the Ranger, so Metis doesn’t control the validators like for example Polygon.
Rangers never know who’s transaction they validate, therefore there is no reason for them to cheat - additional security
We also have multiple processing engines (Virtual Machines) that are created dynamically
This way our Optimistic rollup is faster and has no bottlenecks as opposed to our competitors
And we are usually asked how we are compared with Polygon as well
Polygon is awesome as they already have a working solution to lower the gas fees.
But, are you aware that Polygon is a centralized private sidechain controlled by just a few people - that is why they were able to build this solution that fast.
Basically, if 4 Polygon team members and 1 partner decide to withdraw the funds of companies that are committed to Polygon - they can do so.
It is not possible on Metis. Metis is completely decentralized and not controlled by even Metis founders or team or anyone. Decentralization is one of the core values for us.
As a cherry on top - Metis also defines a new DAO structure - DAC (Decentralized Autonomous Company) to act as the fundamental unit to support the operation and management of decentralized applications, communities and business. Users of Metis will be able to benefit from the easy way to build their own DAOs.
Q4.So far, what are the major milestones Metis achieved?
Our progress is going pretty fast. For now we have launched our beta testnet and at the pace to release our public testnet next month.
During the past a few months, we have helped our community members to release different products on Metis Layer2
the first one is a demo app called “Prologue” launched on Metis Alpha Testnet in April
the DApp has 12,683 Wallet Created, 6,856 DAC(Decentralized Autonomous Companies) Created, Testnet Transactions number is 166,859, Layer2 Smart Contract Calls number is 22,607.
in just two weeks
This was our Freelance use case that users of our future platform can take an advantage off - as I said you will be able to run business, so for those whose business is freelancing - they can already see how it works on Metis platform.
We also launched The First-Ever Community-Minted NFT Event: Rebuilding the Tower of Babel in early May.
12,118 Wallets Connected with this event, created 2,560 Tribes in 100 minutes, and the number of full Members(15 Wallets Trusted) Tribes is 1,204. NFT was sold at the OpenSea https://opensea.io/assets/0x5628d3eec4349e70541721bfc9f6ef7d70969d1b/0 auction for 16.1 ETH, which is nearly $67000 USD
and as planned, all the proceeds were shared among the artist and all the participating 256 tribes.
This was a demo of our marketing use case that users of our platform will be able to take an advantage of too.
We launched the Layer 2 beta testnet in June, and also another product the MetisSwap for you to experience the low cost, high speed transactions on the Layer2 DEX.
Metis token holders can mint your own Layer2 tokens and swap them with one another. You can try for yourself at testswap.metis.io
As we are continuing to onboarding and announcing partners we are developing the strategy for Metis Ecosystem Development Program https://metis.io/grants where our partners will be supported by the funding and grants for their development needs.
We are still looking for good DeFi, NFT, decentralized projects to partner with, so if you are the founder - please apply at https://metis.io/grants!
we have initial grants for onboarding, and $1M builder mining pool for the continuous support
also partners like the Paid launchpad to help the new projects to do the IDO
Last week we launched middleware, which will serve as a front end to our Layer2 and will allow users with no blockchain development experience to use the APIs/Templates to develop their own DApps on Metis Layer2, see the low gas fees and fast transactions. It’s called Polis, please try it in polis.metis.io
and we are continuing building and delivering
Q5.Just a quick question: how to get involved in the testnet?
For developers and builders, you can try on polis.metis.io to see how you can utilize our middleware to launch and manage your DApps
For the users, please proceed to our Metis Uniswap (MetisSwap) to test and experience.
🟡 SEGMENT2 TWITTER QUESTIONS.
Q1) With such great technologies by Metis that solve the most blockchain project issues, why did you choose to be a layer2 on Ethereum rather than building your own blockchain?
First Ethereum is the largest ecosystem, and we are here to solve the painpoints of Ethereum
and building a new blockchain will face the issues like where to find your DApps, builders or users
I think that’s a common issues for many Layer1 projects
we are scaling the exisiting Layer1
and we think this is quite solid instead of creating a new one
Q2) Will we be able to write contracts manually for tokens on Metis? I am asking this because, Contracts can be written with Etherscan for approval and other functions. Is Metis going to be same way?
Actually we have the templates for you to create your tokens without writing the smart contract
you just need to input some numbers and then it is good to go
this is one of the templates we will provide in our Polis middleware
and you can experience it in testswap.metis.io as well
we have made that possible on MetisSwap
you can create your Layer2 token, add liquidity and swap with one another
Q3) Is Metis integrable with my existing website/application/business/platform? Is it possible for Metis to be integrated with any existing platform without any changes to the code base? How easy is this integration?
yes, if you are a web2 application and hope to integrate the smart contract, tokens or other functions related to blockchain, you can integrate very easily via our middleware Polis
just create your account, call the templates, APIs or SDKs
and integrate with your current applications
easy-of-use is one goal we are pursuing
if you are web3 DApps, you can just port your smart contract on our Layer2, which is EVM compatible, so it will not take you too much time to do that
Q4) METIS beta testnet has been launched, can users run their defi project on your platform? When will METIS be ready to hit the market? What difference from beta testnet an be expected?
yes, you can deploy your projects already on Metis beta testnet
we will launch the public testnet next month and the mainnet on Q4
one key difference is that it will become a production platform to support the operation of your DApps
and you can bridge assets from Layer1 to Layer2, do the staking and yield farming starting from the public testnet
Q5) So the Polis middleware enables you to code smart contracts. Will it be effective/efficient as coding from scratch.
And also how will it happen, will someone do the coding for you or there are formats /or templates to facilitate the process ?
this guy really did some research
of course it will be more efficient that starting from the scratch
it is in a template format
so if you hope to use some exisiting template
you can just call it from the middleware
and it will automatically be deployed
so it will be very efficient
but for sure, if you need more complicated smart contract, you need to modify the templates or start from other ways.
🟢 SEGMENT 3 TELEGRAM LIVE.
❄☘Can you explain how is your Tokenomics Distribution- How many tokens will be minted - And How many tokens will be locked by the team???
for the token economics, you can check it here https://messari.io/asset/metis/profile.
we totally have 10M supply, and now only less than 5M is minted, and the circulation supply is around 700K
our team is locked for 6 months, and vested in 2 years.
What companies are you partnered with or seeking to partner with in future ?
we are partnering with Paid Network, Opolis, Asteria, NFTStore, Bagels Finance, Trustee Wallet, WOWSwap and many more. You can check it here.
Hello @KevinMetisLab here are some of my Questions.
Q1. is It Possible to have Gasless txns on Metis Even though Txn's are very cheap but just curious about it coz i tried IBC Osmosis on Cosmos n they have capability to provide Gasless txns at 0 cost
Q2. Why do u chose to build Metis as Optimistic Rollups & not the way like polygon operates .
& What do you think about which type of rollups & L2 Scaling Solutions will prevail after ETH 2.0
Q1, this is more related to business model, and also the incentives to our future validators. Our cost is already pretty low, so 1 cent or 0 cent doen’t make so much difference actually.
Hi Kevin, my question is:
what is Metis stance in layer 2 solutions at the moment. I have been following some Twitter talks and I think layer 2s will be a hit soon, I think Metis needs more exposure and we can fly, what are we doing about it? Does Metis has plans for DeFi applications after mainnet launch?
It can be a very good use case and looking at how the layer 2 is low fees we can have yield farming and other.
Now we are still under the construction stage. In the rollup space, not many players here, Optimism, Arbitrum don’t have their tokens yet. And for sure, Defi is one of the key stuff to be lauched on Metis Layer2, soon you will experience the farming.
❄Tokens from all projects have main utility & practical goals! So can you tell us what the main role of your ecosystem? Explain the utility & use cases in the real world?
for the utility of the Metis Token, first it is the governance token for Metis ecosystem, and it also will be used as the gas fee on Layer2, and people need to stake Metis token to gain the services, it is also for the incentives.
thank you for having me here. Please join our tg group https://t.me/MetisDAO for more token incentives
we hope to build a better and optimistic world all together.