Metis Network (METIS)

Introduction to Metis Network (METIS)

The journey that blockchain has undertaken since its inception with Bitcoin has been quite eventful with many twists and turns and unexpected surprises along the way.

But one thing that is quite blatant and not unexpected is the lack of scalability observed in blockchains like Bitcoin and Ethereum.

While you’ll definitely find a lot of blockchains out there that claim to be scalable, the developer support for these two blockchains, especially Ethereum, cannot be underestimated as well as the sheer influence they hold within the landscape.

Why should the rest speed up ahead and the two blockchains who started it all lag behind? To that end, many L2, short for Layer 2, solutions have been popping up, all attempting to scale Ethereum and Bitcoin.

For Bitcoin, you have the Lightning Network, and for Ethereum, you have Polygon, Optimism, and more.

But here, we won’t be looking at Polygon, Arbitrum, or Optimism, but at Metis instead, another L2 solution attempting to ease the transactional burdens of Ethereum.

The Ethereum blockchain processes approximately 13 to 14 transactions per second, an abysmal rate, and this alone will absolutely not do if Ethereum is to achieve mass adoption.

Transactions on Ethereum can take various forms and fees go hand in hand with transactional throughput and the type of transaction, whether it be sending something to a friend, conducting a higher-level operation such as minting NFTs, aka non-fungible tokens, or more.

You’re basically paying fees to utilize the blockchain.

And when a lot of people are using the blockchain, the demand for transactions increases, which in turn drives up fees.

Simply put, if Ethereum is able to process a lot more at the same time, then it can meet that demand head on, thereby reducing the fees.

So how do L2 solutions like Metis take all that load off of Ethereum’s hands? Well, simply put, it just bundles all those transactions together from Ethereum and then transfers them to another second-layer protocol to process, and once that’s done, it then transmits them over to Ethereum, which can then record them.

All this results in transactions that are considerably faster with lower costs.

But, Metis isn’t just about scalability, there is an emphasis on creating an entire infrastructure around the Web3 economy.

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The Technology Behind Metis Network

So what goes into Metis? What are the things that make it function the way it does? The answer to that is a lot, and it’s all quite complicated and bloated with details.

So we’ll instead be focusing our attention on the MVM, and how Metis scales Ethereum.

The MVM, short for Metis Virtual Machine, is, as you guessed it, the computational engine of Metis, as EVM is to Ethereum, which the MVM is designed to achieve complete equivalence with.

Such equivalence is what helps blockchain developers immensely in deploying native Ethereum applications on Metis with fairly little code modification.

What’s more, testing applications can also be easier as can porting them between layers.

Metis given its focus on decentralization heavily emphasizes community-based governance.

But the platform doesn’t apply your usual DAO, or decentralized autonomous organization as its governance model.

Rather it deploys the DAC format, known as the decentralized autonomous company.

Within your usual DAO, governance decision-making depends on how many tokens a node is in possession of or has allocated to staking.

The greater the number of tokens one has, the greater their influence within the overall decision-making and voting process.

This generates a potential issue where power can be usurped by those whales that possess and control so many tokens at once.

In addition, several participants within the DAO decision-making process may not possess any interest or even knowledge regarding the proposals being voted on.

The DAC model that Metis employs can address all these potential issues.

Within the DAC framework, the rules pertaining to on-platform governance may be pre-specified by the developers through smart contracts and tend to be based on the kind of organized infrastructure that real-life firms employ, hence the terminology.

For example, the DAC rules may specify those user groups that meet the requirements for voting on specific technical proposals.

Furthermore, network users who lack the required knowledge to comprehend the technicalities of these proposals will be excluded from voting processes.

The DAC model is specifically driven by two main actors, i.e., EcoNodes and Commons.

Anyone may launch DACs on the network, becoming a Common to generate proposals.

With the role of a Common, you may stake METIS tokens, which will help with accruing some veMETIS governance tokens that you may then utilize within Metis’s decision-making.

But that’s not all, Commons may develop into EcoNodes with a bigger voting weight and that depends on how much they’ve contributed to the ecosystem since other EcoNodes will choose who gets to become one.

So, the Metis DAC model aids the network in maintaining an effective, comprehensive, and well-structured decentralized business infrastructure.

Other than the DAC and the MVM, there are optimistic and zk rollups that Metis uses in its scaling efforts.

Then there are bridges as well, facilitating token transfers between various networks, but only within Ethereum, which is probably one of its biggest limitations.

METIS Token Utility and Tokenomics

Metis’s native token has quite a number of uses under its belt, namely governance, rewarding network participation, paying fees, and a ton more.

So in case you were wondering about utility, that’s it.

Now on to those tokenomics.

Starting with its price, it’s currently worth around $60.

The market capitalization is currently at over $336 million and its fully diluted valuation is more than $594 million.

Although there doesn’t seem to be a maximum supply, its total supply is exactly 10 million tokens, and its circulating supply is more than 5.65 million.

Finally, its daily trading volume is more than $8.7 million.

As for the ranking, in terms of market capitalization, the token is 186, and 386 in daily trading volume.

With all that out of the way, let’s now look at its initial token allocation in May 2021, which is quite extensive.

So, 0.4% has been allocated to the paid network IDO, 11.5% to the airdrop, 11.5% to the liquidity reserves, 17.2% to community development, 0.2% to Gate.io IEO, 5.7% to community star, 2.9% to strategic investors, 13.4% to the founding team, 7.6% to the MetisLab Foundation, 2.9% to advisors, 1.9% to angel investors, 11.5% to seed investors, and finally 13.4% to private investors.

How to Buy METIS Tokens

So you’re looking to get some METIS tokens in your hands? Fortunately for you, there are already quite a number of exchanges that are supporting it, including the popular ones, like Binance, KuCoin, OKX, Gate.io, HTX, and more.

However, regardless of where you end up purchasing your tokens from, know that the process may slightly vary depending on what exchange you’ve selected.

For instance, you might have to go through KYC, which itself can vary, and not to forget registration.

Sometimes, both of these processes may go hand in hand, taking even longer.

If you don’t want to go through all these hassles and you already own some tokens, then all you might need is a simple swap.

Luckily, Uniswap is supported, so all you need to do is head over to that exchange, connect your wallet, and exchange what you already own for some METIS, and you’re all set.

Still, if you wish to try out some advanced strategies and are focused more on the investment side of things rather than participating in the network, then the likes of Binance, OKX, or other similar exchanges will do the trick for you.

So, now that you have some METIS tokens with you, what’s next? Well, you should consider some safe storage options so that your funds are safe from the numerous threats lurking online.

For that, cold wallets might be the cryptocurrency sector’s best answer or solution, as your funds are stored offline on them.

Participation in the Metis Ecosystem

Governance, development, security, and more; there are multiple ways for you to take part within this network.

With governance, if you meet the requirements, you can have a say in the protocol’s future or how it’s run.

As for playing a part in its security, your time will be rewarded in the form of METIS tokens.

Future Roadmap and Development

As far as roadmaps or upcoming features go, we couldn’t find anything online about it, at least for this year.

So, it lacks a bit of buzz in this area, or maybe it just means that it has launched whatever it planned to do and has no more features planned as of this moment, which can be a good thing.

Conclusion: Metis’ Role in Decentralized Blockchain Solutions

The role that networks like Metis play cannot be understated.

By improving Ethereum’s scalability, they’re literally giving it a chance to compete against the many newer networks that are popping up, all of which tend to be more scalable on their own.

With more scalability, more life can be breathed into the system, allowing DeFi or dApps to best demonstrate their application.

We Coin-Labs.com provides only objective information about Metis Network (METIS).
Therefore, we are not responsible for the investment decision in Metis Network (METIS) and the resulting loss.

Metis Network (METIS) Basics

Here are some factors that investors should consider before investing in Metis Network (METIS).

Cryptocurrency Features	Metis Network (METIS) (METIS)
Publisher or Developers	METISLAB FOUNDATION LTD.
Headquarters (Registration Number)
Symbol	METIS
Platform
Published Date (CMC Registration)	2024-08-12
Max Supply	No limit

Reliability Score of Metis Network (METIS) in 2024

These are indexes mesuring the investment reliability of Metis Network (METIS) conducted by Coin-Labs.com.

Investment Reliability Rating Items	Scores and Current Status
Company Activation Rate	/ 10.0 CAR
Communication Rate	/ 10.0 CR
Technology Transparency Rate	/ 10.0 TTR
Development Participation Rate	/ 10.0 DPR
Listing Status on the World's Top 10 Exchanges	Listed on 6 Exchanges
Number of Available Pairs Worldwide	259 Pairs
Market Cap of the Cryptocurrency	418,196,538 USD (Rank #118)

The table above shows the result of investment suitability evaluation for Metis Network (METIS).
Check out how we evaluate cryptocurrencies on the crypto rating description page.

Metis Network (METIS) Price

Here are the price and recent trading volume of Metis Network (METIS). (Data of 2024-08-12 20:25:00)

Price Items	Price and Trading Volume of Metis Network (METIS)
Metis Network (METIS) Price	33.607 USD
Price Change 24h	1.44%
Price Change 7d	27.32%
Trading Volume 24h	11,022,663 USD
Trading Volume Change 24h	62.12%

Cryptocurrency Metadata

You can check the development status and social media information of Metis Network (METIS) through the links in the table below.

Metadata Source	URL
🌎 Official Website	https://www.metis.io
📖 White Paper	https://drive.google.com/file/d/1LS7CmKFt-FkfVXxSNu06hNgoZXxMzTC-/view
🛰️ Source Code (GitHub)	https://github.com/MetisProtocol
🐦 Twitter	https://twitter.com/MetisDAO
🤖 Reddit
🎺 Message Board	https://metisdao.medium.com/

Where to Buy Metis Network (METIS)

Here are the top ten world crypto exchanges where traders can buy Metis Network (METIS) in 2024.

Top10 Exchanges	Listed Status	Page URL
Binance	Listed	https://www.binance.com/en/trade/METIS_USDT
Coinbase	Listed	https://exchange.coinbase.com/trade/METIS-USD
Kraken	Not listed
KuCoin	Listed	https://www.kucoin.com/trade/METIS-USDT
Bitfinex	Not listed
OKX	Listed	https://www.okx.com/trade-spot/metis-usdt
Huobi	Listed	https://www.htx.com/trade/metis_usdt
Bitstamp	Not listed
Bybit	Not listed
Gate.io	Listed	https://www.gate.io/trade/METIS_USDT

Frequently Asked Questions