We know that you've been eagerly waiting for this moment, and we are delighted to announce that the Metis decentralized sequencer is going live now! Standing as the first Ethereum Layer 2 solution to decentralize its sequencer, this marks a significant milestone for Metis and a revolutionary shift for the entire crypto industry.
Today, history has been made, as Metis has now become the first rollup to feature a decentralized sequencer. To carry out this transition, network operations were temporarily suspended, given such a big upgrade needs extremely careful execution and revision. Now, the historic upgrade has been completed and Metis Mainnet is back up and running.
As of right now, there are two (2) sequencers, both run by the Metis Foundation, operated by Artemis Finance, and Enki Protocol. Throughout the next few weeks and months, there will be more nodes, as well as LST providers, integrating the decentralized sequencer model employed by Metis. This is just the beginning of a very exciting future.
Decentralization and security are of utmost important for Metis. The main weaknesses of centralized sequencers are their censorship risk, reordering risk, and liveness risk. A decentralized sequencer contributes to a more transparent and stable network, making it harder for malicious actors to compromise transaction censorship/reordering, and ensuring that network operations won’t ever go offline.
As we unveil this multi-phase upgrade, there are some very exciting upcoming catalysts that will complete the historic upgrade. These include:
Sequencer Rewards: Sequencer nodes will earn METIS tokens by processing transactions and contributing to block production. More participation means greater security against malicious attacks. It's a win-win situation!
20% Mining Reward: In the initial phase of the decentralized sequencer's launch, all sequencer nodes will enjoy a 20% mining reward rate.
Front End: Users will be able to closely track the decentralized sequencer operations through a custom front-end designed by Metis.
Community Engagement: Active participation increases community recognition, opening doors for future collaborations and partnerships. To maximize engagement, there will be a series of initiatives designed to rewards active users, as well as keep stress-testing the network throughout the gradual sequencer decentralization.
The alpha launch is unfolding in exciting, multi-phase upgrades, starting with the decentralization of the sequencer. Next up, we're enhancing the front-end experience and rolling out sequencer rewards. Rest assured, we'll keep you informed every step of the way. Get ready for a thrilling journey ahead – you won't want to miss what's coming next!
Now: Time to reward Community Testing Contributors
None of this would be possible without the valuable contributions of our Metis community, and we’re immensely grateful. Now, it’s time to reward these valuable contributions.
As we move on to a chapter categorized by decentralization, community-ownership, and incentive alignment, we believe this is the perfect time to unveil the Community Testing Airdrop. Contributors will receive detailed instructions on how to claim within the next few days. We highly encourage everyone to follow closely the Metis X handle.
Our mission is centered around decentralization. We chose to decentralize the sequencer as a way to show our commitment to building a more secure and decentralized environment, and we are extremely excited to see this dream coming to reality. We want to express our deepest appreciation for the incredible support we received from our community during the testing phase. Your contributions were invaluable.
This is just the beginning.
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