Metis Proposes Migration to Ethereum Mainnet for Enhanced Data Availability

Metis, a Layer 2 network built on Ethereum, announced a significant proposal on September 27, 2023. The proposal aims to migrate its data availability mechanism back to the Ethereum mainnet by switching from its current off-chain storage layer to its original Optimistic Rollup architecture. This move is seen as a strategic step to facilitate the launch of the Metis sequencer pool, a groundbreaking decentralized sequencer initiative.

In the spring of 2022, Metis entered into a partnership with Memo Labs to develop an off-chain storage layer. This collaboration enabled Metis to transact on its Layer 2 network at a lower cost by reducing the amount of data pushed to Layer 1 Ethereum. While this approach has been cost-effective, it has raised concerns about data availability.

Data availability is a cornerstone in the blockchain ecosystem. It ensures that all transaction data are readily available for reconstruction by validators and users. The Optimistic Rollup architecture, which Metis originally employed, batches this transaction data to Layer 1, thereby enhancing data availability. The current off-chain storage model, while cost-effective, relies on Memo Labs, a third-party entity, which could potentially compromise the robustness of data availability.

Metis aims to become the first Layer 2 network to decentralize its sequencer by launching a first-of-its-kind sequencer pool. This move would eliminate the single-point-of-failure risk associated with relying on a single sequencer entity. It would also open up new staking opportunities for METIS token holders, who would need to stake METIS to become eligible sequencers.

Switching to the Optimistic Rollup architecture would offer several benefits:

* Simplification of the Metis architecture, thereby facilitating the sequencer pool’s launch.

* Enhanced data availability, which is crucial for the sequencer pool.

* Decentralization and security upgrades through the sequencer pool.

However, the move comes with a trade-off: Metis would lose its current cost advantage, as transaction fees would align with those of other Layer 2 networks.

The proposal is currently open for community feedback. Once a consensus is reached, it will proceed to the Snapshot stage for a community vote. If the vote garners a 51% “YES,” Metis will implement the proposed changes. The community also has the option to revert to the off-chain storage model after the sequencer pool’s successful launch, subject to further evaluation and voting.

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Weekend Crypto News Recap: BTC, ETH, PEPE, METIS, ORDI

Below is a weekend market news recap on BTC, ETH, PEPE, METIS, ORDI.

$METIS and $ETH:

On July 9, the PolyNetwork exploiter sold 43.27K $METIS for 349.4 $ETH ($652K) on the Ethereum chain over the past 15 hours, causing a more than 10% drop in $METIS price. The exploiter still holds 62,818 $METIS ($961K) and may continue to sell more, potentially affecting the $METIS market.

$PEPE:

Also on July 9, a prominent crypto trader known as Dimethyltryptamine.eth made a substantial sale of 180 billion $PEPE for 149.4 $ETH, equivalent to $279K. This sale leaves 2.07 trillion $PEPE, worth approximately $3.24M, in circulation. The trader initially spent 0.125 $ETH ($251) to buy 5.9 trillion $PEPE and has since sold a total of 3.83 trillion $PEPE for 2,411 $ETH, netting around $4.5M.

$ETH and $BTC:

On July 8, a smart trader identified as 0xe28, who has a trading profit of $841K, started to long $ETH and $BTC. The trader’s positions in $ETH and $BTC could potentially influence the market prices of these cryptocurrencies.

Ordinals(#ORDI) and Bitcoin ($BTC):

On July 8, Dune Analytics data showed that the Bitcoin NFT protocol Ordinals has minted approximately 15.4 million inscriptions, generating a total fee income of 1813 BTC, worth about $54.975M.

Bitcoin ($BTC):

On July 7, Hong Kong-listed company Linekong Interactive Group (08267.HK) announced that it had purchased a total of 44.2812 Bitcoins on the open market for $590K and $650K respectively. This corporate investment in Bitcoin could potentially influence its market value.

$ANKR and Flare($FLR):

Also on July 7, Ankr announced that it would soon be adding the Flare blockchain to its RPC service. This development is expected to benefit developers looking to build scalable and data-connected dApps on top of Flare.

Bitcoin ($BTC):

On July 6, Matrixport’s report indicated that Bitcoin reached a one-year high on June 22, 2023, signaling the end of bear markets and the start of new crypto bull markets. This signal has been triggered four times, with bull markets occurring in 2013, 2017, and 2021. Based on previous signals, it is a 100% probability that by the end of 2024, Bitcoin will experience another massive bull market with a price target of $125,000 (+310%).

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Ethereum (ETH), Solana (SOL) and Polygon (MATIC) Will Be Explosive in 2022, According to Altcoin Daily – Here’s Why

Crypto analyst Aaron Arnold thinks Ethereum (ETH), Solana (SOL) and three other altcoins will be “explosive” this year.

The co-host of Altcoin Daily tells his 1.2 million YouTube subscribers that surging interest in non-fungible tokens (NFTs) and decentralized finance (DeFi) is driving his bullishness on a handful of crypto assets.

“[I’m] talking about quality L1s and quality L2s. I’m talking about projects that have real activity going on on the protocol.

These cryptocurrency projects are going to be explosive this year. Why do I say that?

It is because the amount of activity we are seeing in the NFT space, the DeFi space, just continues to go parabolic.”

Leading smart contract platform Ethereum is trading at $3,129.40 at time of writing, down 0.9% in the past 24 hours, while competing smart contract platform Solana is currently trading at $136.58.

Arnold is also bullish on layer-2 scaling solution Polygon (MATIC), which is trading at $2.04 at time of writing, down 2.57% in the past 24 hours.

Next on Arnold’s list is Immutable X (IMX), a scaling solution for NFTs aiming to enable near-instant, zero gas fee transactions. IMX is trading at $3.57 at time of writing, down 4.67% in the past 24 hours.

Arnold also mentions Metis Token (METIS), another layer-2 scaling solution. The 154th-ranked crypto asset by market cap is trading at $282.99 at time of writing.

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Ethereum-Based Altcoin Quietly Rallies 122% in Five Days While Bitcoin and ETH Dip

One under-the-radar altcoin that’s designed to solve several of Ethereum’s biggest challenges is stacking up massive gains as ETH and Bitcoin (BTC) consolidate into the new year.

The layer-2 scaling solution Metis Token (METIS) offers lower fees and faster transaction times than Ethereum, while still retaining the security of the leading smart contract platform.

According to the project website,

“Offloading data and execution to a second layer allows Metis to provide a more scalable and cost-efficient environment for building and interacting with Web3 applications.”

The protocol employs optimistic rollup technology to achieve its functional goals on a layer above the layer-1 blockchain but relies on this underlying layer for both security and settlements.

METIS, its native token, can be used for staking and internal payments, but also serves an important function within the Metis Virtual Machine (MVM) during the creation of a decentralized autonomous company (DAC).

The project explains,

“METIS tokens also play a role in reducing spam and ensure trust between developers and users alike. Users must stake some amount of METIS to start a collaboration with others on the platform, such as the founding of a DAC.

These tokens will be returned to the initial users if the collaboration is successful. Unsuccessful collaborations can lead to users losing their stake (akin to slashing penalties). Collaborators will also be paid and rewarded in METIS for the contributions.”

The price of METIS surged 122% from December 22th to the 27th, working its way up from $73.68 to an all-time high (ATH) of $164.23.

After some choppy corrective action took the altcoin as low as $133.42 earlier this week, it’s back up another 18.3% today and touched a fresh ATH of $175.60. It is now up 134% in the last seven days.

By contrast, Ethereum has been trading flat all week and at $3,762 is down 18.8% from its monthly high of $4,631.

Bitcoin remains below $50,000 and is currently priced at $47,648.

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Metis Launches Network Testnet and Ecosystem Development Program

Ethereum-based layer 2 protocol Metis DAO has launched its first network testnet, paving the way for new developments within its ecosystem. The blockchain platform also revealed its new ecosystem development program, designed to help companies build products by leveraging blockchain technology.

Metis Launches Beta Network Testnet 

The Beta testnet launch continues the development from the Alpha Testnet released in Q1 2021. The Beta testnet has more features, including multi-MVM and multi- sequencer support and deployment. 

The Beta Testnet allows developers to start deploying and testing smart contracts on Metis. The testnet also enables smart contracts and other functions to be deployed with minimal gas fees and at high transaction speeds per second. Metis Beta testnet also provides a decentralized and secure infrastructure that leverages the strengths of the Ethereum blockchain. 

The launch of the Beta Testnet represents a significant milestone for Metis, with more features set to be released in July and the mainnet release slated for September. Metis further stated that developers and community members interested in testing their smart contracts and dApps on the testnet could apply on the testnet platform. Early adopters will be rewarded with METIS tokens as an incentive. 

Speaking on the development Metis C0-founder and CEO Elena Sinelnikova stated:

“From the beginning, we’ve remained focused on working closely with our community, using their input to build the best platform possible. We look forward to getting a fresh round of essential feedback in this Beta Testnet phase, so we can make all the improvements and refinements necessary to deliver a Layer 2 solution that will be second to none,” she added. 

Ecosystem Development Program 

In addition to the Beta Testnet launch, Metis has introduced its new Ecosystem Development Program. The program seeks to assets blockchain startups and projects with technical help and support. 

Additionally, Metis will also provide an ideal ecosystem for non-blockchain projects launched on its layer 2 protocol. These projects will leverage the low cost, high efficiency, and highly scalable blockchain protocol. 

Some of the program features include technical support from the Metis team, introduction of businesses to leading venture capital firms within the DeFi space for seed funding. 

Businesses can also leverage the well-established Metis community to increase brand awareness and grow their individual communities. Metis will also create kickoff grants from its token to enable developers to build on the Metis layer 2 platform. Companies will also have the opportunity to access fast-track listing on the Paid Ignition launchpad and associated platforms. ‘

Companies can apply to the Metis Ecosystem Development Program and leverage the opportunities to grow their businesses. 

Metis co-founder Kevin Liu revealed that the ecosystem development program was a good development for the blockchain platform.

“Having been through all the bumps and bruises that come with being a startup and a growing enterprise, we know what it’s like for companies trying to find their own way.”

Adding:

“That’s why we put so much time and effort into building an ecosystem development program that can provide the funding, technical support, marketing muscle, and other ingredients necessary for both startups and more established companies to grow their businesses through blockchain adoption,” Liu concluded. 

About Metis

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.

Metis integrates the Decentralized Autonomous Company (DAC) framework within its Layer 2 infrastructure, a differentiating factor that makes it easy for any developers, builders, or community leaders to build their applications and communities. It also makes it easy to use pre-set tools to facilitate their development, manage collaboration, and enjoy the network effects of the world’s largest decentralized finance ecosystem, without the costs and bottlenecks typically associated with Ethereum.

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Metis Launches The First-Ever Community-Minted NFT, “Rebuilding The Tower Of Babel”

TORONTO, CANADA / ACCESSWIRE / April 21, 2021 11:00 AM ET – Metis, the project focusing on developing technical and organizational infrastructure for the Web 3.0 economy, presents the first-ever community-minted *Non-Fungible Token (NFT). Known as “Rebuilding the Tower of Babel”, this community-minted NFT will bring people together to create a versatile community. Once the NFT is minted, it will be auctioned on the NFT marketplace OpenSea, with all proceeds shared among contributors.

By introducing the first-ever community-minted Non-Fungible Token, Metis will create a very different spin on the fast-growing NFT industry. Bringing together a community of incentivized contributors to partake in the “Rebuilding the Tower of Babel” project shows the versatility of NFT activities. 

Interested users can sign up and form their own Tribes at Tribe.MetisDAO.org.

The entire event will span five steps: Reserve Airdrop, Claim Tribe NFT, Community NFT minting, Auction, and Rewards.

Everyone who participates in the airdrop phase can unveil a mystery box displaying three cards. Every participant gets one choice to pick a card, which will have a reward attached to it. The vast majority of rewards are keys granting 1x mining power. A few lucky users will receive a key with 3x mining power. This mining power depicts the pace at which users can mine Metis Tokens in the incentive pool, which goes live after the community NFT-minting event is finished. Users will also receive the option to create a Tribe on the blockchain and receive Metis tokens as an airdrop incentive.

The purpose of these Tribes is to increase mining power for the incentive pool. Referring friends and other members will increase a Tribe’s Trust, while the referred user receives Metis Tokens as the incentive. The higher a Tribe’s Trust, the higher the mining power will become. Every Tribe can hold a maximum of 15 people, creating a fair and transparent playing field for all participants. 

As the airdrop phase lasts for up to five days, community participation will be essential. Following the airdrop, the community NFT-minting event will mint a large piece of NFT artwork, known as “Rebuilding the Tower of Babel”. The artwork consists of 256 puzzle pieces, with every piece representing a different Tribe. Every creator of a Tribe can claim an NFT piece that represents ownership by that specific Tribe. As more pieces are claimed, the artwork will be built up and revealed.  

“By bringing power back to users, Web 3.0 will vastly improve financial inclusion and help bring the world together,” said Elena Sinelnikova, Metis CEO and co-founder. “We may speak different languages and come from different cultures, but people around the world can achieve amazing things through decentralized collaborations. We’re excited to watch the rebuilding of the Tower of Babel and show just how much power communities can have when they band together.” 

Once the artwork is unveiled, information regarding Tribes and their members will be minted into the final artwork NFT. This information depicts the contributions and collective minting done by the community forever. As the process finalizes, the final artwork NFT will be completed and uploaded to the OpenSea marketplace for auction. Seventy percent of proceeds will go to participating Tribes, with the artist (StarCloud AI) receiving the remaining 30%. 

Metis aims to establish a larger community-oriented NFT effort that provides viable incentives for all participants. The Non-Fungible Token industry can serve many purposes, including bringing together people worldwide who share similar goals. The “Rebuilding the Tower of Babel” event will thus emphasize the value of coming together within the industry, rather than maintaining siloed environments. 

About Metis

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.

Metis integrates the Decentralized Autonomous Company (DAC) framework within its Layer 2 infrastructure, a differentiating factor that makes it easy for any developers, builders, or community leaders to build their applications and communities. It also makes it easy to use pre-set tools to facilitate their development, manage collaboration, and enjoy the network effects of the world’s largest decentralized finance ecosystem, without the costs and bottlenecks normally associated with Ethereum.

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Bitcoin (BTC) $ 27,145.27 0.44%
Ethereum (ETH) $ 1,683.25 0.01%
Litecoin (LTC) $ 66.88 1.09%
Bitcoin Cash (BCH) $ 235.85 0.27%