METIS: Another game-changer in the Layer2 track!

Hello everyone, I am ??, welcome back to the #区块链发展史 Project Investment Research Series. Today, we will focus on "METIS/Metis".

Friends who have paid attention to the cryptocurrency sector may know that the Layer2 track has been particularly crowded in the past six months, with various Layer2 projects emerging in an endless stream. It always feels that the world does not need Layer2, just like the world does not need another Ethereum!

sequence:

Imagine that blockchain is like a car, but there is a problem with this car: it can't be fast, fuel-efficient, and secure at the same time. This is the so-called "impossible triangle". In the blockchain world, these three aspects are: scalability to handle many transactions, decentralization without central control, and security to prevent hackers. Usually, you can only choose two.

Take Ethereum and Solana, for example. They are both recognized Layer1s, like the engine of a car. Ethereum wants to be fast (scalability) and secure at the same time, but in doing so, it is not so fuel-efficient (decentralization). Solana is a monster that runs very fast, but some people are worried about whether its seat belts are fastened securely.

Because of this problem, Layer2 came into being. Imagine if your car wasn't fast enough, you might add a turbocharger. Layer2 is like a turbocharger for blockchain, which helps Layer1 run faster without sacrificing security or becoming less fuel efficient. It does this by processing more transactions and then sending them back to Layer1 at once, so that the main chain is less congested.

In short, Layer2 is a super booster for blockchain, allowing it to serve us better without losing its true nature. With the advancement of technology, we expect it to help blockchain go further!

For more information about Layer1 and Layer2, please refer to my popular science post: https://www.binance.com/zh-CN/feed/post/1087490

1. Metis:

2. What makes Metis different:

1. Decentralized sorter: Metis’s first release focused on decentralized sorters for key breakthroughs. By creating a sorter pool and node pledge mechanism, it ensures network security and decentralization, and solves the centralized single sorter problem of other Layer2s.

2. Hybrid Rollups: Metis adopts its innovative Hybrid Rollups solution. Hybrid Rollups combines two mainstream blockchain expansion technologies: Optimistic Rollup (OP Rollup) and Zero-Knowledge Proofs Rollup (ZKPs Rollup). This combination makes Metis' solution efficient and secure when processing large numbers of transactions.

3. Uses of governance tokens: $METIS Tokens have a wide range of uses, including network fees (GAS), node staking, and governance voting. They not only serve as value targets, but also contribute to the development of the network!

3. Decentralized Sorter:

METIS’s sorter is the key to its breakthrough, not only in its technical implementation, but more importantly in its combination with its token!

The transaction request submitted by the user is first received by Metis's RPC node. Then, these transactions are randomly distributed to the connected POS nodes. The POS nodes put the pending transactions into the local transaction pool (mempool) and then broadcast them to other POS nodes.

Leader nodes are randomly elected in the POS node network and rotated according to a schedule. In each time segment (slot), the Leader aggregates a batch of pending transactions in the mempool into a transaction batch and broadcasts it to other nodes. The POS node signs this transaction batch, indicating that it has been synchronized to this batch. Although the transaction batch has been synchronized, the transactions in it are out of order and have not yet been sequenced. At this time, Metis's decentralized sorter comes on stage to further sort the transactions and give the execution results.

Metis's decentralized sorter includes three main roles: the administrator, who is responsible for managing the operation of the entire system, setting rules, controlling the speed of transaction processing, etc. The sorter pool, which consists of a group of verified sorters, one of which is L2 Geth, is responsible for sorting transactions and packaging them into blocks. The PoS consensus layer, which exists independently of Metis, manages the signing permissions between sorters. The three work together to give execution results.

At the same time, in order to ensure the normal operation of the system, Metis's decentralized sorter adopts a staking incentive system. The operators of the sorter pool and the consensus layer node operators need to pledge a certain number of tokens as collateral. If the sorter behaves dishonestly when processing transactions, others can challenge it. A successful challenge will cause the sorter to lose part of its stake!

4. Hybrid Rollups:

Hybrid Rollup is a hybrid Rollup that maximizes product functionality by combining the scalability of Optimistic Rollups with the security of ZK Rollup, thereby finding the best fit between product and market. Hybrid Rollup starts as Optimistic Rollup, obtains block/transaction data from Ethereum, sorts this data in a certain way within the consensus client, and then inputs this data into the L2 execution client for execution. This architecture solves the first half of the "ideal Rollup" puzzle and provides us with an EVM Equivalent L2. Then, we need to solve the problem of how to tell Ethereum what is happening inside Optimism in a "provable way"!

The only real difference between ZK Rollup and Optimistic Rollups is the form of the proof. As technology advances over time, Optimistic Rollups can gradually evolve into ZK Rollups. The goal of METIS is to enable existing modern Optimistic Rollups to seamlessly transform into ZK Rollups.

METIS has made the development of this new architecture its top priority and will open source this technology!

For more information about Layer2’s scaling solution (Optimistic Rollup, ZK Rollup), please refer to my popular science post: https://www.binance.com/zh-CN/feed/post/1087490

5. DAC:

Metis' DAC is a groundbreaking concept that combines decentralized governance and business applications and is a key component in the Metis ecosystem. It is a decentralized autonomous company (DAC) infrastructure that allows decentralized businesses with real-world enterprise functions to be built on the chain while maintaining the security and decentralization of Ethereum! 。

Unlike traditional DAOs (Decentralized Autonomous Organizations), DACs provide more than just voting and governance functions, but also include a wider range of business applications, making it easier to migrate any business to the chain. Developers can

6. Other information:

Metis has been listed on a number of exchanges including Binance, Coinbase, OKX, etc., with a current circulating market value of US$470 million and a full circulation market value of US$890 million.

According to DeFiLlama data, its TVL has doubled since the end of 2023. The current TVL is 80 million US dollars, and it is currently ranked 10th in Layer2.

According to RootData statistics, there are 76 well-known projects in its ecosystem, and it is still in its early stages.

Easter egg: Behind METIS is Vitalik’s mom!

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