Section 2 of Metis’ decentralized sequencer rollout introduces rewards for node stakers and operators
Metis, a prime 10 Layer 2 community by TVL, launched the second section of its decentralized sequencer improve.
Introduced on April 23, Metis mentioned Section 2 of the rollout introduces METIS rewards for sequencer node operators and stakers, transaction swimming pools, and the inclusion of a number of transactions inside a single block.
Its novel “Sequencer Mining” mechanism will permit bizarre customers to generate yields by staking belongings by way of liquid staking token (LST) suppliers to earn LSTs. Node operators also can earn LST yields.
“With Sequencer Mining, sequencer nodes will earn METIS tokens for his or her position in processing transactions and producing blocks inside blockchain networks utilizing Layer 2 options,” Metis mentioned. “LST suppliers will function sequencer nodes, and customers will be capable to ‘stake’ through these LST suppliers, unlocking liquid tokens within the course of.”
Metis famous that Artemis Finance and Enki Protocol had been chosen as the 2 LST suppliers for its Alpha rollout by way of neighborhood governance. “Customers will be capable to deposit and begin mining instantly by way of Artemis at launch, and Enki will supply a “Pre-Staking” program forward of its Mainnet launch,” it mentioned.
Artemis Finance is an LST protocol developed completely to help Metis’ decentralized sequencer.
Section 2 may also supply 220,000 METIS ($14.6 million) in grants for LST protocols in a bid to advertise the expansion of its decentralized sequencer ecosystem this 12 months.
Metis launched the primary section of its decentralized sequencer rollup final month, claiming to turn into the primary Layer 2 rollup boasting decentralized transaction sequencing.
Metis pulls again
Metis surged to Layer 2 competition this 12 months, with community TVL hovering greater than 900% from $97.6 million in mid-December to $968.4 million one month later, in keeping with L2beat. Nevertheless, its TVL has fallen by virtually 47% since tagging an all-time excessive of $1.07 billion on March 12 to at the moment sit at $567.6 million.
Nonetheless, the worth of belongings held in Metis-native DeFi protocols has proved stickier than community TVL. The whole worth locked of Metis’ DeFi ecosystem fell 24% to $89.1 million from $110.4 million over the identical interval, in keeping with DeFi Llama.
But regardless of the energy of Metis’ DeFi ecosystem, the METIS token has suffered heavy losses over the six weeks, crashing 53% to $66.4 from $141.6, in keeping with CoinGecko.
