MetisDAO (METIS) is essentially an Ethereum Layer-2 rollup platform that has the goal of addressing Ethereum’s transaction speeds, cost, scalability as well as storage costs.
Today, we are going to go over just about everything that you need to know about what the Metis Builder Mining program is and how you can get involved and run your MetisDAO node with ease through the utilization of NOWNodes, so keep on reading until the end to get all of the information that you require.
- MetisDAO (METIS) is an Ethereum Layer-2 scaling platform that aims to address Ethereum’s high transaction speeds, its costs of gas, and the scalability it has.
- The Metis Builder Mining program was developed as a means of incentivizing developers to start developing and launching their dApps on top of the Metis Network.
- For all of the gas fees which are charged from the transactions within the Metis Network, 30% are allocated as well as shared across all of the ecosystem projects which live within the Metis Layer-2 Network.
- What this means is that if there are 1000 METIS tokens collected,300 METIS tokens are rewarded and shared with the projects which are eligible.
- You can easily deploy your MetisDAO Node through the utilization of NOWNodes.
Metis Builder Mining Program: Explained
The main reason why developers might be interested in building on Metis is due to the fact that it offers low gas fees, fast transactions, complete compatibility with Ethereum (EVM), and allows anyone to create their own token without coding.
Also, Metis facilitates the creation of a scalable as well as a multipurpose framework for apps and businesses which are transitioning from Web 2.0 to the latest, Web 3.0.” something more or less like this, right under the Image of the Goddess waring the helmet
However, one of the most popular reasons currently as to why a lot of developers get engaged with Metis is due to the Building Mining Rewards Program, where they can get METIS tokens from every transaction within their dApp.
The Metiverse is not and will not get built entirely by Metis. However, the ecosystem partners will be building it together. This is where The Metis Builder Mining Program enters the big picture, which was developed as a means of incentivizing the ecosystem partners that will be launching on the Metis Layer-2 network.
The key metrics for valuing this ecosystem’s viability are the volume of the transactions as well as the transaction costs, otherwise referred to as the gas fees.
On the Metis Layer-2 network, every single transaction is charged in the form of the native cryptocurrency token known as the METIS token.
With that in mind, the goal of The Builder Mining program is to essentially reward each project that has integrated within the Metis network and generates transactions.
What this means is that the more transactions a dApp ends up making, the higher the contribution is, which in turn means that it’s making more noise within the ecosystem, which leads to more gas fees that the dApp will end up sharing.
How are Partners Getting Rewarded?
If you are curious as to exactly how the partners are getting rewarded within this program, what essentially happens is that, for all of the gas fees which get charged from the transactions themselves, 30% is allocated as well as shared with all of the ecosystem projects that live within this Metis Layer-2 network.
What this means is that every project which aims to qualify for the builder mining program has to submit the smart contact address, after which there is a program that monitors and calculates the transactions which are made throughout the smart contracts.
When the project in question uses Polis to build the application, the project is involved with the Builder Mining program directly.
So, at a point in time where there are 1000 METIS tokens collected from the gas fees, 3000 are shared across all of the eligible projects.
Now, let’s say that Project 1’s transaction volume is 10% of all of the transactions; in that case, Project 1 would get 300*10% which results in 30 METIS tokens within the form of a Builder Mining reward.
The interesting part about all of this is the fact that the Builder Mining rewards are released once per month. This is the main way through which Metis rewards its ecosystem partners and their ability to get ahold of high-end technology and tangible value across the entirety of the users.
How to Start Running an ETH Node?
When we take a look at MetisDAO, it is a token that is run by an Ethereum (ETH) node.
Due to the fact that MetisDAO is a token, it does not have its own native node, and has to utilize Ethereum for its main functionality.
Ethereum is an open platform that greatly simplifies the implementation of blockchain technology, and it has established itself as a leading blockchain platform. Connecting to an ETH node through the utilization of NOWNodes will essentially let you focus on your blockchain project without needing to worry about anything else.
Simply create an account, visit the documentation, and you can find access to the library of requests through which you can connect the node using an API connection.
Remember that NOWNodes has a quick API response time, which is less than 1 second, and NOWNodes also monitors the state of the network 24/7 with an uptime of 99.95%.
Conclusion
Hopefully, now you know a bit more about the Metis Builder Mining program, from how it works, to how the partners are getting rewarded.
If you are interested in setting up and running your own Ethereum (ETH) node, in that case, all you have to do is utilize NOWNodes and can do so within the span of a few minutes. Remember, MetisDAO is a token, and you will need to run an ETH node instead.
The Builder Mining program is definitely an excellent addition to the Metis project, which has been enabling developers to get a lot more when developing dApps on top of the network, as well as incentivizing a lot of development that has led, and is leading to a high level of growth of both the Metis ecosystem, as well as the native cryptocurrency token that is known as METIS.
