The MetisDAO (METIS) calls its solution a Smart Layer for the Ethereum (ETH) blockchain.
They claim users can use the MetisDAO to build apps, businesses, and communities. That means you can use MetisDAO to link decentralized apps (DApps) and DeFi (decentralized finance) protocols to Ethereum platforms and tokens through a “Smart Layer 2.”
An Ethereum Layer 2 is a separate blockchain that adds capabilities to the Ethereum blockchain while retaining Ethereum’s security features. Hence, the MetisDAO adds capabilities to Ethereum. For example, MetaDAO can connect an Ethereum decentralized exchange (DEX) to Hera Finance’s multichain DEX aggregator.
One of the primary uses for Layer 2 solutions is to scale (expand) Ethereum. To explain, blockchains such as Ethereum have limited space and storage capacity because of all the security. This limits the blockchain’s speed and capacity. Hence, they build Layer 2 solutions to expand the speed and capacity of Ethereum ecosystems and protocols.
MetisDAO’s Layer 2 Decentralized Ecosystem
They claim the MetisDAO’s Layer 2 decentralized ecosystem offers decentralized governance, network security, scalable infrastructure, simple integration, on-chain storage, fast transactions, and low gas fees.
For example, they claim MetisDAO offers gas fees as low as 5₵. The Metis DAO’s gas fee was 5₵ on 24 Ocotber 2022. In contrast, Crypto.com estimates Ethereum was charging gas fees of $8.01 to $14.67 on 24 October 2022.
To explain, a gas fee is the fee Ethereum charges for executing contracts and transactions on its blockchain. DApps and smart contracts pay gas fees for access to the Ethereum Virtual Machine (EVM) the digital computer that runs Ethereum.
For example, MetisDAO’s Layer 2 offers Community Ecosystem Governance (CEG). They claim CEG creates a community voting framework, a roadmap towards decentralization, verifying projects, and choosing projects for marketing support.
For example, MetisDAO’s Layer 2 offers Community Ecosystem Governance (CEG). They claim CEG creates a community voting framework, a roadmap towards decentralization, verifying projects, and choosing projects for marketing support.
DApps, Wallets, and DeFi Protocols on the MetisDAO include SushiSwap, Chainlink, FoxWallet, Hera Finance, NFTGo, CrytpoChicks, WoWSwap, Revenant, the Forward Protocol, MemoLabs, Signata, Hummus, Tristan Metawallet, FavorTube, Cryptocrat, QiDAO, MetisSafe, Synapse Protocol, Tofu NFT, Beefy Finance, Aragon, DIA, Pickle, Finance, BoringDAO, Debank, Hermes, MaiaDAO, Standard Protocol, the Safepal Wallet, the Status Wallet, the Exodus Wallet, and Relay Chain.
The MetisDAO Ecosystem comprises the Open protocol, an Ethereum Virtual Machine (EVM) equivalent, the Radical Storage Layer, the Multi virtual machines (VMs) and Distributed Peer Nodes. They claim the MetisDAO Ecosystem offers 100% uptime, fast transaction fees, low gas fees, and a system that is about to go.
What Value does the MetisDAO (METIS) offer?
MetisDAO has a lot of use. They claim the MetisDAO (METIS) ecosystem contained 3.866 million total blocks and connected to 93,731 wallet addresses on 24 October 2022.
The MetisDAO had processed 3.866 million Total Transactions as of 24 October 2022. MetisDAO reported a Total Locked Value of $134 million on 24 October 2022.
Market interest in MetisDAO (METIS) is strong. For example, METIS was CoinMarketCap’s seventh most trending cryptocurrency on 24 October 2022. CoinMarketCap gave MetisDAO a $28.73 Coin Price, a $126.204 million Market Capitalization, a Fully Diluted Market Cap of $288.861 million, a 24-Hour Market Volume of $3.562 million on 27 October 2022. MetisDAO had a Centralized Exchange (CEX) Volume of $3.189 million, and a Decentralized Exchange (DEX) of $423,623.70 on the same day.
They base those numbers on a Circulating Supply of 4.393 million METIS, a Maximum Supply of 10 million METIS, and a Total Supply of 5.41 million METIS. The MetisDAO (METIS) was MetisDAO’s 171st ranked cryptocurrency on 27 October 2022.
In contrast, METIS was CoinGecko’s 215th cryptocurrency on 27 October 2022. CoinGecko gave MetisDAO a $28.76 Coin Price, a $125.109 million Market Cap, a 24-Hour Trading Volume of $3.570 million, and a $287.322 million Fully Diluted Valuation on 27 October 2022. They base those numbers on a Circulating Supply of 4.354 million METIS, a Total Supply of 5.41 million METIS, and a 10 million METIS Maximum Supply.
I think MetisDAO (METIS) offers enormous potential because of its connections to many DeFi protocols, DApps, and wallets. Hence, MetisDAO is building a DeFi ecosystem that connects to Ethereum.
A DeFi Ecosystem for Ethereum
Ethereum (ETH) is the most popular blockchain. There were 829 ERC-20 Ethereum projects and over 350,000 ERC-20 token contracts in December 2020, CoinDesk estimates. Ethereum Request for Comment or ERC-20 is the most popular standard for the creation of cryptocurrencies and tokens.
Many popular cryptocurrencies, including Bancor (BNT), Tether (USDT), USD Coin (USDC), Wrapped Bitcoin (WBTC), Dai (DAI), and Binance coin (BNB) are ERC-20 tokens. Hence, the MetisDAO (METIS) works with the most popular token standard. ERC-20 tokens convert to Ethereum (ETH).
Ethereum was the second most popular cryptocurrency with a Coin Price of $1,530.02, a $187.338 billion Market Capitalization, a Fully Diluted Market Cap of $187.234 million, a $23.378 billion 24-Hour Market Volume, a $23.36 billion CEX Volume, and an $15.892 billion DEX Volume on 27 October 2022. They base numbers on a Circulating Supply of 122.374 million ETH.
Hence, the MetisDAO (METIS) offers a Layer 2 for the largest and most popular blockchain ecosystem. Therefore, people who want to cash in on Ethereum and DeFi need to investigate the MetisDAO.
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