Metis (METIS), also referred to as Metis Andromeda, is a Layer 2 solution designed to improve the Ethereum ecosystem. It utilizes a novel hybrid rollup architecture that combines features of both optimistic and zero-knowledge (ZK) rollups. Since its mainnet launch in November 2021, following a fork from Optimism, Metis aims to reduce transaction costs and increase processing speeds to support Ethereum's scalability.
The METIS token is multifunctional, used for transactions, staking, and governance, with a maximum supply of 10 million tokens to maintain a finite supply model.
The platform's Metis Virtual Machine (MVM) is closely aligned with the Ethereum Virtual Machine (EVM), ensuring high compatibility with Ethereum. It incorporates a decentralized storage system based on the InterPlanetary File System (IPFS), aiming for greater security and efficiency. This approach has resulted in significantly lower transaction fees compared to many of its competitors, with Metis reporting average fees for ETH transfers below one cent and token swaps around four cents as of early November 2023.
Metis differentiates itself from traditional optimistic rollups by decentralizing transaction processing, spreading it across a network of peers rather than relying on a single centralized sequencer. This method not only reduces reliance on Ethereum's main layer but also boosts the platform's security. The hybrid rollup model facilitates faster transaction processing and reduced finality times from the standard seven days to approximately four hours.
In governance, Metis adopts a Decentralized Autonomous Company (DAC) model, which is a deviation from the more common DAO structure. This model is designed to mitigate centralization risks and promote more informed voting, with smart contracts establishing clear guidelines for participation and decision-making.
Metis also focuses on connectivity within the Ethereum ecosystem and beyond, offering diverse bridging options for token transfers through its native and third-party bridges.
