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The Summer of Metis has been hot with developments and upgrades to our network, each one a testament to our commitment to innovation and growth. There's a lot to unpack, from technology upgrades to strategic partnerships.
This summer was all about setting the right pieces in play to tap into our ecosystem’s potential.
Join us as we explore the action that took place on Metis this summer.
We recently rolled out sequencer mining withdrawals for sequencer node operators. This new feature streamlines the process for those operating sequencer nodes within our network, enabling partial and full withdrawals. Node operators can now enjoy more flexibility in managing their METIS tokens.
Partial withdrawals can be initiated once per cycle, provided the remaining funds meet the 20,000 METIS threshold. A cycle is the period of time it takes to complete a withdrawal (3-5 days). Meanwhile, full withdrawals allow sequencer node operators to exit their positions completely, reclaiming all locked METIS after a 21-day wait. This enhancement is designed to offer maximum control and flexibility over locked METIS.
Additionally, users aren't left out of these changes. Those who deposit METIS tokens via liquidstaking token protocols can withdraw according to the LST protocol’s withdrawal conditions. This provides the opportunity for everyone in the network to benefit from the new system's flexibility and efficiency.
These withdrawal features symbolize a massive step towards achieving full decentralization. By empowering node operators with the ability to withdraw at any time, Metis is paving the way for an independent network that optimizes user control and advantages for contributors.
June 28th marked the conclusion of the Decentralized Sequencer node community governance process, a milestone event in the Metis ecosystem. After a rigorous selection process, we welcomed six new Decentralized Sequencer node operators to our network.
This initiative is part of our broader strategy to decentralize network operations, enhance security, and share network ownership. The newly selected sequencer nodes will play a crucial role in maintaining the integrity and efficiency of the Metis network.
Hashkey Cloud is set to become Metis' first external Decentralized Sequencer client. In addition, OKX is set to follow them shortly as the next onboarded independent sequencer node operator.
Both are very established industry-leading companies in Web3, offering centralized exchange services, VC investment, institutional interest, and robust node operating infrastructure.
Metis has recalibrated its gas pricing formula, providing an industry-low gas fee cost and more consistent fee structure. The new equation (gasPrice = 50 / METIS price in USD) guarantees predictability and fairness in transaction fees, making it easier for users to plan and execute transactions.
Alongside price adjustments, Metis has significantly increased block size, raising the gas limit from 25 million to 1.1 billion. This expansion supports higher throughput dApps, paving the way for more complex and engaging digital experiences.
These changes benefit developers and gamers, who can now create and enjoy dApps with enhanced performance, reliability, and capital efficiency.
The Metis Foundation recently launched a $4 million annualized incentive program to empower developers. In collaboration with partners like Gitcoin and Thryve, Metis is beginning a new initiative that seeks to ignite a community-driven grants process that amplifies engagement, creativity, and innovative entrepreneurship.
These partnerships will support the creation of new applications on the Metis network by nurturing talent and incubating innovation.
The long-term goal is to become a hub for new blockchain solutions, attracting developers and entrepreneurs from around the world.
Arena of Faith (AOF) is a leading game that is serving as a gateway to the burgeoning Metis ecosystem for many gamers. By offering a high-quality gaming experience, AOF is onboarding a new wave of users, expanding our gaming community and influence in Web3 gaming.
It’s a thrilling MOBA game that bridges traditional gaming and blockchain tech, leveraging engaging mechanics coupled with an esports framework. Its unique experience and combination of esports and Web3 attract new players and viewers.
We recently implemented EIP-3855, introducing new functionalities and enhancing the network's stability and reliability. The upgrade allows developers to leverage the Shanghai EVM version, facilitating smoother integrations and expanded capabilities. It presents an opportunity for builders looking to maximize the potential of the Metis blockchain.
We’re now using Chainlink's Cross-Chain Interoperability Protocol (CCIP) as our canonical cross-chain infrastructure. Integrating CCIP enhances our cross-chain capabilities for builders, while giving users secure and efficient asset transfers.
CCIP opens the door to solutions like cross-chain exchanges, lending, and liquid staking. These advancements enhance Metis' utility and appeal, positioning our network as a versatile, interoperable blockchain solution that appeals to institutional interests.
The integration of Cede.store represents a major breakthrough in liquidity management. Seamless transfers from centralized exchanges to blockchain networks help provide more access into Web3 and usability for DeFi users on our chain.
Cede.store's non-custodial interface gives users control of their assets securely and efficiently, setting a new standard for CeFi to DeFi interactions.
Kevin's latest letter outlined Metis' strategic priorities for the future, focusing on infrastructure decentralization, ecosystem excellence, and nurturing innovation through grants and incubations.
We are committed to onboarding diverse sequencer node operators, increasing support for partners and builders, and streamlining grant processes to accelerate growth and innovation.
Kevin's letter rallied the Metis community to renew interest in contributing to the network's evolution and success.
One final update - the Aave borrowing proposal passed August 20th, giving users the ability to collateralize their METIS tokens. Now METIS can be supplied on Aave and earn supply rewards while being able to borrow up to 30% of the value of their METIS supply. Currently, users can borrow USDC or USDT. This upgrade allows users to expand their liquidity options and access more incentive opportunities in the Metis ecosystem.
The recent developments within our ecosystem mark major strides toward full decentralization, industry-leading performance, and increased community engagement. We don’t plan on slowing down as we continue to push the boundaries of blockchain technology in the Ethereum Layer 2 ecosystem.
