Metis Price(METIS)

Metis Andromeda, also known as Metis, is a Layer 2 scaling solution for Ethereum that aims to address the network congestion and high gas fees on the Ethereum blockchain.

Metis Andromeda stands out from other Layer 2 platforms due to its unique hybrid rollup architecture, which combines the features of optimistic and zero-knowledge (ZK) rollups. This architecture allows Metis to achieve high speed and cost efficiency while enhancing the security and privacy of transactions.

Metis aims to reduce transaction speeds and fees on Ethereum through its unique hybrid rollup architecture and decentralized processing model. The platform combines the features of optimistic and zero-knowledge (ZK) rollups to achieve tremendous speed and cost efficiency while enhancing the security and privacy of transactions.

Metis's decentralized processing model involves multiple network actors, including the Sequencer and the Peer Network, which work together to validate and process transactions. This decentralized approach reduces the load on the Ethereum blockchain and minimizes occurrences of fraud proofs, resulting in lower transaction fees.

Additionally, Metis utilizes decentralized storage through the InterPlanetary File System (IPFS), which further contributes to cost efficiency. By rolling up a large amount of data and fraud-proof transactions, Metis enables faster and cheaper data processing. The decentralized storage across multiple nodes in the IPFS network also minimizes the risk of hacking or data loss.

Metis's Smart Layer 2 solution works by utilizing a unique hybrid rollup architecture that combines the features of optimistic and zero-knowledge (ZK) rollups. This allows the platform to achieve high speed and cost efficiency while enhancing the security and privacy of transactions.

In a traditional Layer 2 solution, transaction batches are passed to a centralized sequencer, who posts the transactions to the Ethereum chain for validation. However, in Metis's decentralized processing model, a separate network actor called the Block Producer collates transaction data and posts it to the Peer Network. Peers on the decentralized network act as the first line of defense to spot and reject fraudulent transactions. The approved transactions are then posted to decentralized storage and simultaneously notified to the Layer 1 Validator for final validation.

The advantages of Metis's Smart Layer 2 solution over traditional Layer 2 solutions include the lowest transaction costs among leading Ethereum Layer 2 platforms, thanks to its decentralized storage model. Additionally, the hybrid rollup architecture of Metis reduces transaction finality times from seven days to just around four hours, providing faster confirmation and reducing the risk of canceled transactions.

Metis's hybrid rollup functionality is a key feature that contributes to fee reductions and fast transaction confirmation times. The hybrid rollup architecture combines the elements of optimistic and zero-knowledge (ZK) rollups, resulting in a unique and efficient solution.

Optimistic rollups allow for quick and cost-efficient transaction processing, with transactions being posted to the underlying Layer 1 platform without providing validity proofs. However, there is a lengthy finality period during which validators can raise a fraud proof if inconsistencies are found.

On the other hand, ZK-rollups require validity proofs to be attached to transaction batches before they are sent to Layer 1. This eliminates the need for a lengthy finality period, resulting in faster transaction finality times.

By combining these two technologies, Metis is able to achieve low-cost transactions that are confirmed within seconds, while also reducing transaction finality times from seven days to just around four hours. This hybrid approach allows for significant fee reductions and faster transaction confirmation times, making Metis a highly efficient Layer 2 solution for Ethereum users.

The Decentralized Autonomous Company (DAC) framework used by Metis is a unique governance model that sets it apart from typical decentralized autonomous organizations (DAOs). In a DAC, the rules for on-platform governance are pre-specified by developers through smart contracts, based on an organized structure similar to real-life companies. This framework helps address potential issues of power concentration and uninformed decision-making that can arise in DAOs.

In the Metis DAC framework, two primary actors drive the governance process: Commons and EcoNodes. Anyone can launch a DAC on the network and become a Common, creating proposals and staking METIS tokens to accrue veMETIS governance tokens. These tokens are then used to participate in decision-making. EcoNodes, on the other hand, are selected by existing EcoNodes based on their contributions to the Metis ecosystem and have greater voting weight.

This DAC framework ensures an efficient, well-organized, and comprehensive decentralized business structure for Metis, promoting community-based governance while mitigating the potential drawbacks of traditional DAO models.

The Metis Virtual Machine (MVM) is the computational engine of the Metis platform that achieves equivalence with Ethereum's EVM (Ethereum Virtual Machine). This equivalence allows developers to easily deploy native Ethereum applications on the Metis platform with minimal code modification. It also enables seamless testing and porting of applications between the two platforms.

The MVM is designed to provide full compatibility with the EVM, ensuring that smart contracts and decentralized applications (DApps) built for Ethereum can run smoothly on Metis. This compatibility is crucial for developers who want to leverage the benefits of Layer 2 scaling solutions while maintaining compatibility with the Ethereum ecosystem.

By achieving EVM equivalence, Metis ensures that developers can take advantage of the scalability and cost-efficiency of its Layer 2 solution without sacrificing the functionality and compatibility of their applications. This makes it easier for developers to transition their projects to Metis and benefit from its low transaction costs and fast processing speeds.

Metis offers several bridges for token transfers to and from its crypto ecosystem. The platform's native bridge, Metis Bridge, is the default option for transferring assets between Metis and Ethereum. It supports popular Ethereum-based tokens such as USDT, USDC, LINK, DAI, AAVE, and WBTC. For NFT transfers, the Metis NFT Bridge supports ERC-721 and ERC-1155 token formats.