We all want cheap transaction fees but we also want decentralization and security. At the moment, Ethereum can't provide us with that so we need to go beyond the first layer and look for simpler solutions.
Before we begin, if Vitalik's Mom was involved in an ETH scaling solution, would you use it?
Scaling Sucks
Before we get into Metis let's talk about the current scaling progress. Arbitrum, Optimism and zkSync are all great but they all have one thing in common - VC backing. If we are aiming for true decentralization this model can't work because VCs will always have their interests in front of everything else.
Another issue are token distribution models. Everyone is expecting these rollups to airdrop their tokens sometime in the future but those that make the rules always get the bigger piece of the pie. If you don't know what I'm talking about here is a blast from the past.
VC Fund Farms Millions from DeFi Airdrop; It Backed the Same Project
Unfair distribution can't work in the long run so we need a solution that is not corrupted by VC money and Metis could just be the thing we are all looking for.
What Is Metis?
Metis is an L2 scaling solution that has gained very little popularity in the space. This is mostly caused by the lack of VC marketing money but that shouldn't discredit the project in any way. A closer look under the hood brings a lot of promises and a few surprises as well.
It combines Vitalik Buterin’s own vision for the future of Ethereum. This is what’s really interesting: it didn’t happen by accident! Now, Vitalik’s mother’s involvement in Metis is public, and Vitalik knows Metis CEO Elena. Elena is Vitalik’s childhood sweetheart and has known each other since she was a toddler. It’s easy to put the two of them together.
That's the weird part and if you want to read more about it be my guest.
On the technical side of things, Metis seems to have a lot to offer:
Cheap transactions
Almost instant confirmations
Publicly funded
Fast and scalable
Based on the spirit of Optimistic Rollup, Metis is building an easy-to-use, highly scalable, low-cost, and fully functional Layer 2 framework (Metis Rollup) to fully support the application and business migration from Web 2.0 to Web 3.0. Its scalable protocol supports a wide range of use cases, including yield farming, DEX trading, and powering the gig economy via dApps that offer cheap and fast micropayments.
Non-Developer Friendly
Apart from trying to solve Ethereums scaling problems, Metis also wants to bring blockchain development closer to everyone. Metis Polis is aiming to do just that with a simplified dashboard that should enable "anyone" to port their apps over from other chains and even from Web 2.0.
Metis aims to allow everyone access to blockchain. Polis is the first step towards building the full Metis Ecosystem. Developers who are not familiar with blockchain will be able to connect to Polis with their own product and create decentralized applications (DApps) with ease.
More info on Pollis can be found here.
How To Get Started
You can use Metis today if you want to and bridging over shouldn't be a hustle.
Metamask Setup
Network Name: Metis Network
New RPC URL: https://andromeda.metis.io/?owner=1088
ChainID: 1088
Symbol: Metis
Block Explorer URL: https://andromeda-explorer.metis.io/
PolyBridge can help you get some Metis across from other chains. It can also be bought on some cexes but I don't think they will allow direct withdrawals to the Metis network.
Gate.io Link: https://www.gate.io/trade/METIS_USDT
Uniswap: https://v2.info.uniswap.org/pair/0xd03dffd02db4b076e3eed9272a6a243a23de16e3
Coingecko: https://www.coingecko.com/en/coins/metis-token
Coinmarketcap: https://coinmarketcap.com/currencies/metisdao/
$METIS contract address: 0x9e32b13ce7f2e80a01932b42553652e053d6ed8e
Conclusion
This is just a first look at Metis and from what I can see it is worth a shot. The Buterin family involvement is a bit strange but knowing Vitalik's goals and commitment to scaling ETH, this can only be a good sign.
I also love the fact that they are making the chain more noob-friendly so even the non-dev people can deploy and experiment with dapps. All in all, Metis is definitely worth looking into. If you don't want to miss the L2 hype train you simply have to add it to your list.
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Read this with great interest @jerrythefarmer, as I had never heard of it. Standing out is the personal link with Buterin's family!? 🤔 Not sure what to think about that ... 🤷♂️
A key barrier for my own participation is how to get involved without using 1) CEXes and 2) ETH. I may still (gotta leave room for exceptions ...) change my mind, but for now I have intentionally chosen to only buy into a new token position if I can do it via a DEX that is not on ETH. Any ideas on that yourself?
And, from there, of course, we would then need to be able to bridge across into METIS ...
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Can't comment on the Butterin family involvement but I guess it can only be a good thing lol
As for getting started, it's actually easy to get it to Metis. You can find the contract addresses on Coingecko, buy Metis on Pancake or Uniswap and then bridge it over via the PolyBridge.
No cexes are needed if you have funds on ETH or BSC.
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Okay, very good. I keep funds on BSC, so that would be the way to go for me. On the strength of your recommendation, I'll add METIS to my watch list, for the next time I am ready to get into a new position.
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Changed my mind @jerrythefarmer, with a little time on my hands, and went ahead and purchased a small stake. Then moved it across the PolyBridge ...
In doing so, I was able to prove out the 0xe552fb52a4f19e44ef5a967632dbc320b0820639 address for METIS on BSC (supplied by your link to CoinGecko) is, in fact, correct! 👍
While the 2 transactions (test amount, then the rest ...) to move my METIS to the Metis blockchain went smoothly, I was not very happy to be charged 3 BNB "approval" fees - 1 for the 1st transfer, then 2 more for the 2nd transfer! 😒 Never have I paid more than an initial 1 on any other bridge. That's crypto I guess ... 🤷♂️
Forgot to ask in my original comment, did you consider adding the #leoalpha tag to this post? Seems a worthy candidate to me. I'll tag @jk6276 and see what he thinks ...
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Didn't know I'm so influential I can change people's minds lol. Welcome to the Buterin chain.
Jokes aside, the PolyBridge requires so many confirmations because you aren't claiming any tokens on the other side.
At first, bridging from say BSC to xDAI was "approve" and "send" but once the tokens arrive on xDAI you need to claim them. If you had no xDAI (in your case Metis) you wouldn't be able to claim the tokens and get them in your wallet because it would include a gas fee on Metis. You also couldn't reverse the process because it would require some Metis to send Metis back to BSC.
Long story short, there should always be at least 3 transactions when bridging funds from one chain to another.
Also thanks for the Leo Alpha shoutout. I had no idea you had to add a tag to the post. Was always thinking it's just a curation account looking into many different categories.
Posted Using LeoFinance Beta
Thanks for the explanation on bridging. While claiming no expertise on the subject, I have never experienced, however, what you are detailing, before PolyBridge, although I have used bridges many times. Oh well ... As I said, that's crypto ...
Certainly. Happy to help, as we all help each other. To your point, I believe you are correct about LeoAlpha also curating other posts without their tag. But I know you can put it into your post and help them out, so to speak, in finding it! They still have the same discretion that any curator has, when it comes to whether they agree with your assessment ... 😉
Posted Using LeoFinance Beta
One more thing I forgot to add is the delay of confirmed permission transactions. Some dapps will need a minute or two before they acknowledge that you actually granted access to the bridge. It happens often that I confirm the same transaction twice because I didn't wait for it to load so maybe that was the case.
But hey, as long as it works as intended I'm not complaining too much given that it is the only "cheap" option right now.
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Wow... That's good.
Why wouldn't we just use #Hive? It seems like #HiveFixesThis, but I'm sure there is something I'm missing.
We are already using it but you can't force people to come if they prefer Ethereum.
Hopefully one day they will come to their senses.
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Right on. I'm all for competition and more options. I'm not an ETH user but all I hear is high fees, not scalable and a stuff like that and those are Hive strengths for sure.
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I don't think Ethereum transaction are going to be cheap because they are having more people that's joining their token
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https://reddit.com/r/METIS_IO/comments/15gn68r/what_is_metis/
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