Even with an explosive month of January, February was the strongest month of the year so far for the Metis ecosystem. February saw the highest transaction volumes Metis Andromeda has had in 2023, mainly driven by a high number of integrating dApps and collaborative campaigns. Besides increasing accessibility to the network, Metis Andromeda has been working on the developing DAO/DAC spectrum, as the DAOtribution campaign is unveiled and multiple DAOs/workgroups have been transitioning to Metis Andromeda.
Accessibility is key for adoption. Knowing this, Metis Andromeda is very glad to welcome strong partners as Banxa, committed to the mission of bringing blockchain to the people. By integrating Banxa, now millions of individuals have access to on-ramp into, and off-ramp out of, Metis Andromeda. We are overly excited about this integration because it opens the doors for businesses and people all around the world to seamlessly access the most cost-efficient Ethereum Layer 2.
The Granary was added to the Metis Marathon campaign in order to build strong foundations for Decentralized Finance. Even though Metis is an Ethereum layer 2, both, wBTC and ETH will be crucial building blocks. Granary Finance will play a key role in the inception of wrapped Bitcoin into Metis Andromeda, and we expect this to be just the first product and wBTC-centered campaign. As the TVL and liquidity for wBTC increases, it will encourage other Andromeda DeFi protocols to take action and capitalize through new products and novel implementations.
Alongside Koris DAC, incubated by the Metis Foundation, Metis Andromeda launched the DAOtribution campaign. The DAOtribution campaign is focused on funding DAOs and work groups while also providing them the right tooling for their decentralized operations: DAC Tooling. This campaign will provide a total of $15,000 in grants to the DAOs/workgroups voted by the public. The DAOtribution campaign is currently fostering a lot of interest among external DAOs to come into Metis Andromeda and try Koris out. During the first few weeks, there were over 25 DAOs participating, and we can’t wait to see how many more will join in the near future.
Onto Wallet is the newest cross-chain wallet dApp available for Metisians: a decentralized, multi-chain gateaway for identity and asset management. Besides integrating the network, Onto Wallet also hosted a Hold-To-Earn campaign that incentivized the usage of the dApp and maintaining funds in it, inviting a lot of Metis users to try it out. ONTO Wallet also claims to be in conversations with other Metis ecosystem dApps for upcoming collaborations, which could be great for users, dApps, Onto, and the overall ecosystem.
Even though we thought the biggest highlight of January was Daily Tx Volume being up 10x, during February we saw a 20x increase in relation to January 1st. Metis Andromeda saw even more growth in its Daily Transaction Volume since January 1st, compared to January. Daily Tranaction Volume went up from $470,000 in January 1st, to $8,680,000 on February 16th. Volume has been growing steadily, mainly because of innovation within ecosystem dApps, fostering the innovation, speculation, and development that makes Metis Andromeda’s growth stand out among competitors.
Every month, Metis Foundation gives back a portion of the network transaction fees to all ecosystem projects generating transaction volume. This is Metis Foundation’s way to retroactively fund all and every project contributing to the network’s activity.
Top 5 Performing Projects in January:
MaiaDAO/Hermes Protocol drove the most network activity in Andromeda for the second straight month, and there’s a wide list of potential reasons. The dApp’s high usage comes mainly from their capital efficient DEX, and bribing system. The former reason gives users a motive to use Hermes over other alternatives, and the latter reason give LPs a motive to provide liquidity in Hermes and stay active as well, as they need to be allocating liquidity to different pools. Hermes v2 will bring very awaited features like Uniswap v3 Gauges, allowing for concentrated liquidity pools. Besides, Hermes has already announced that they’re entering the auditing phase for their v2 ecosystem. So, yeah: add another catalyst to the list for Hermes. On a separate note, there are rumors of a potential Uni v3 Fork by MaiaDAO, which is also causing interest around the Maia Ecosystem to skyrocket.
Netswap was the 2nd largest driver of network activity for 2 months in a row as well. The dApp’s high usage is mostly derived mostly from the POLAR IDO, and their NETT staking feature allowing users to stake their NETT for METIS rewards. These 2 are the main reasons behind the high usage Netswap has been experiencing, and could perfectly keep experiencing as more projects deploy through their Launchpad.
Tethys’ high usage numbers for February are mainly driven, again, by Perpetual Contracts Trading, but this time it’s different than January. In February, users have been very excited about TLP because of the high yields and potential for profit during a “bear market”. Tethys Finance is progressively getting more involved with the Metis community, as well as fostering interest in their protocol in other EVM chains’ communities.
Month after month, Hummus keeps being one of the top ecosystem dApps in terms of usage. Hummus is providing unmatched capital efficiency for stablecoin swaps, becoming a very attractive alternative for whales looking to efficiently swap stablecoins. Even after a Sunday Scary involving Platypus Finance’s recent exploit, Hummus was proven to be free of any smart contract risk, and kept adding users to the platform. Now, Hummus even uploaded a proposal to launch a Balancer Fork and integrate it to the stableswap, turning lots of heads towards Hummus.
Hera has been making lots of noise recently with their 0-slippage swaps. Besides AI integrations finding all relevant swap data for traders, Hera is also offering users 0-slippage swaps through their innovative tech, specifically their last upgrade to v2.5. There are many isolated AMM liquidity pools that traders might want to compare or/and access across the ecosystem: Hera makes this possible and seamless.
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