MetisDAO is a Layer-2 platform that aims to become a flagship Ethereum scaling solution. Low cost and high throughput allow it to implement such cases as Decentralized Autonomous Companies (DAC), NFT cross-chain bridges, and others. The goal of Metis DAO is to create conditions where any project could easily go decentralized and turn from Web 2.0 to Web 3.0. By March 2022, the platform has crossed $800 million in TVL and attracted numerous DeFi protocols.
If you want to profit from the fast growth of MetisDAO and launch your dApp or DAC on the platform, you will need to access a Metis node. Let’s review Metis DAO and how you can connect to the node and start using it right away.
What is MetisDAO?
Metis is a Layer-2 framework for Ethereum that not only increases the throughput of the second-largest blockchain but introduces a few breakthrough innovations. These solutions may change the way we store and trade digital assets, run communities and businesses.
Metis DAO mainnet is called the Andromeda network – it’s a highly scalable, low-cost blockchain based on the Optimistic Rollup technology. This algorithm allows processing a pack of Ethereum transactions as a single one, which increases the network’s throughput without harming security. This helps implement a few use cases of Matis that are gaining great momentum in 2022.
Decentralized Autonomous Companies, or DACs
There is now a global trend for decentralization, and one of its parts is the growth of DAOs – Decentralized Autonomous Organizations that allow their token holders to govern the project by voting. However, DAO is limited to this single voting feature.
MetisDAO crypto revives the concept of a Decentralized Autonomous Company that was proposed by Vitalik Buterin back in 2014. DAC is a structure that helps incentivize decentralized teams and communities. It has many more features than a DAO and offers tools for distributed management such as messaging, marketing, payroll, insurance, and more. This helps leverage DAC for running communities of developers, influencers, freelancers, and gamers. Metis aims to make it possible to create a DAC in a few minutes.
Builder Mining Program
It took only a few months for hundreds of apps to deploy on Andromeda, the MetisDAO mainnet. The Metis ecosystem comprises such platforms as Netswap, the first-ever native Layer-2 decentralized exchange, and Standard Protocol, a cross-chain DEX on Andromeda.
The Metis Builder Mining program incentivizes apps that launch on the Metis network. The main metric for assessing crypto ecosystems is the volume of transactions and transaction fees, so Metis aims to reward projects for generating transactions. The more payments an app produces, the more it contributes to the system. Such projects share 30% of all gas fees in Metis.
NFT Hub
We count it as normal that NFTs launched on Ethereum can only be stored and traded on this blockchain. Metis DAO crypto calls this ridiculous and builds Metis NFT Hub where all Ethereum users get the opportunity to transfer NFTs to the Andromeda network. This bridge allows them to buy, sell, and display NFTs outside Ethereum. The idea emerged in September 2021 when Vitalik Buterin proposed Wrapped NFTs, and after several months of work, the Hub is now live.
Decentralized NFT Storage
Metis allows you to store NFTs in a decentralized way and at low cost via IPFS (InterPlanetary File System). This platform stores files, apps, and websites in a distributed network rather than on centralized servers. IPFS is public, and anyone can upload and download files from there. Each storage unit in IPFS is given a CID – the Content Identifier.
The Metis solution is an integration with the IPFS that allows storing NFTs in a decentralized way using the Ethereum Layer-2.
History of MetisDAO
Metis was first mentioned in its blog back in September 2020. The post described the platform’s vision and announced that MetisDAO was the first DAC on the Metis network. A user guide for building DACs was issued in December 2020.
Andromeda, the Metis mainnet, was launched in November 2021 as a fork of Optimism – another Layer-2 solution that used Optimistic Rollups for increasing the Ethereum throughput. Metis saved low costs and cheap transactions and added such features as DAC creation, NFT decentralized storage, and more.
The rapid growth of the Metis DAO token started in August 2021 – the asset soared from $5 to $205 by January 2022. Despite the recent market crash, Metis DAO coin is demonstrating good performance and trading at $150. Over 800 DACs have been opened on Metis so far, and its TVL reached $800M.
How to run MetisDAO node and explorer?
Metis is one of the most promising L2 networks, and everyone launching a project with MetisDAO coin can profit from its growth. For testing and deploying a dApp or DAC on MetisDAO, you will need a Metis node. For obtaining the information about the current state of the blockchain, you will need a Metis block explorer. NOWNodes provides access to a MetisDAO node and blockchain explorer via API. Here’s how it works: go to our main page, submit your email, and get your free API key in just a few seconds. Visit our docs and see the library of query samples, paste your API key, and make your first request to the Metis node for free! NOWNodes API delivers responses in less than a second, so your users will enjoy the best service in your Metis-based platform.
Bottom Line
MetisDAO is an innovative Layer-2 solution for Ethereum that only does scaling but introduces numerous promising use cases. Decentralized Autonomous Companies proposed by Metis may become the future of how teams govern their projects. Hundreds of services have already joined the MetisDAO ecosystem, and now it may be your turn. To jump on the bandwagon, connect to the MetisDAO node and block explorer with NOWNodes and start building on Metis now. To leverage NOWNodes, there’s no need to buy MetisDAO API key — you can get it here for free.
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