Metis’s TVL is up 775% in 4 weeks, whereas its token gained 384% over the identical interval
Metis, an Ethereum Layer 2 community, launched a decentralized sequencer on testnet because the mission seeks to distinguish itself from rival tasks inside Ethereum’s rising L2 ecosystem.
Metis launched its decentralized sequencer on the Sepolia Ethereum testnet on Jan. 15, urging customers to assist stress-test the characteristic. Metis stated testnet members will likely be rewarded with Group Testing factors.
“Metis is dedicated to pioneering the event of the primary Ethereum Layer 2 rollup that includes a decentralized sequencer,” Metis stated. “We encourage our neighborhood members to check and discover various DApps actively on the Sepolia Testnet.”
Metis stated that a number of DeFi dApps are presently reside on its Sepolia deployment to stress-test the sequencer. Stated dApps embrace decentralized exchanges supporting stablecoin, perpetuals, and token swaps within the type of Hummus Trade, Tethys Finance, and Netswap, along with the League Tech socialfi platform and Midas Video games predictions market.
Metis stated customers can earn factors by finishing actions on every protocol, with rewards reducing by 25% with every repeated motion. The mission stated it should reveal particulars for its second season of neighborhood testing quickly.
Incentives propel large development for Metis
The information follows a latest surge in Metis’s complete worth locked (TVL) following the Dec. 18 announcement of the Metis Ecosystem Improvement Fund — which is able to distribute 4.6M METIS tokens to native DeFi dApps this month. The mission additionally provided 100,000 METIS to community customers in September.
Metis now ranks because the third-largest Layer 2 community by TVL after rising 776% from $108M on Dec. 19 to $946M as we speak, based on L2beat. Knowledge from DeFi Llama additionally reveals a 162% enhance within the worth of property held in Metis-based dApps from $31.6M to $82.9M over the identical interval.
The value of the METIS token has additionally loved meteoric development over the previous 30 days, surging 384% to $118.4, based on CoinGecko.
Nonetheless, Metis’s surging development has did not translate to a major enhance in on-chain exercise, with the community processing an all-time excessive throughput of simply 1.55 transitions per second (TPS) on Jan. 6. Metis hosted a meager 0.39 TPS over the previous 24 hours on common, rating seventeenth amongst Layer 2 networks.
Sequencer decentralization
Metis goals to determine some extent of distinction from rival L2s by turning into the primary mission to completely decentralize its sequencer.
Sequencers are accountable for amassing and ordering customers’ transactions, with Ethereum’s main Layer 2s all presently sustaining centralized sequencers. Centralized sequencers permit a mission’s group to delay, reorder, or censor transactions, with U.S.-based groups being compelled to adjust to U.S. Treasury Division sanctions. Additionally they pose a central level of failure for networks.
Arbitrum, the main L2 by TVL, has engaged Espresso Methods to discover decentralized sequencing for Arbitrum. Optimism additionally cites sequencer decentralization as a future precedence in its documentation, whereas ZkSync period has described the transfer as a future goal that’s “non-negotiable.”
