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December was a month in which Metis Andromeda surpassed all prior expectations: Layer Zero was integrated, Onto Wallet was integrated, Aave’s Temp. Check Vote was passed, the proposal for a Stargate deployment passed, and we’ve got multiple fascinating projects going through CEG. Nevertheless, January had just as big of plans for Andromeda.
Metis Foundation revealed their 2023 Strategy, in which they plan to build the foundations for a truly decentralized and prosperous web3 through the implementation of:
EcoNodes will be the center of Metis Foundation’s proposed governance structure, defining the lines to pave the way towards a Multi-Layer Stack for the Web3 Economy. These implementations, combined with the veMETIS initiative, will make this vision feasible and bring it to life.
2. BGD Labs Technical Evaluation for a potential Aave Deployment
BGD Labs conducted a Technical Evaluation on Metis as part of the new process for Aave integrations. The results were very positive, Metis scored: 6 categories as Optimal Level, 5 categories as Good Level, and only 2 categories as Acceptable. That’s right! Metis Andromeda did not get a “needs improvement” score for any categories, which would mean Aave protocol wouldn’t work properly. Nevertheless, we aim to improve all the areas that scored anything less than Optimal, as we strive to provide users and builders with the best product possible.
3. Stargate Deployment in Metis
After Metis passed the deployment proposal with flying colors, Stargate officially deployed in Metis Andromeda mid-January. Stargate is the first bridge to solve the bridging trilemma. Existing bridges are forced to make trade-offs on core bridge features like Instant Guaranteed Bridging Finality, Native Assets, and Unified Liquidity; Stargate isn’t. Web3 users are now able to bridge USDT from BNB Chain, Avalanche, and Ethereum Mainnet to Metis Andromeda. Users will also be able to bridge METIS seamlessly between Ethereum Mainnet, BNB Chain, and Metis.
4. Koris Reveal
Decentralized Autonomous Companies (DACs) are closer than most think. Metis Foundation revealed Koris, the first operational system for DACs. Koris is one of the 3 EcoNodes currently in existence, and will facilitate Treasury Management, Task Management, Payments, On-Chain Resumes, Contracting, Permissions, Voting, and Notifications. Every DAC can and should utilize these services for better organization and execution.
5. 10x’ed Daily Transaction Volume since January 1st.
Metis Andromeda has seen exponential growth in its Daily Transaction Volume since January 1st. The volume growth has been growing steadily as Metis reveals upcoming verticals, like Koris, and ecosystem protocols keep innovating, like Hera Finance, Hermes Protocol, and Hummus Exchange. Part of this notable increase has been the result of Stargate Finance’s deployment in Metis, facilitating USDT and METIS bridging into Metis from many different Chains. The cherry on top, was likely the Technical Evaluation over Metis performed by BGD Labs, core contributor team of Aave protocol. All these together, have created the perfect blend of innovation, speculation, 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 out of all dApps. The dApp’s success is derived from the very anticipated launch of Hermes v2, for which the official documentation was released in January. 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. Another reason for Hermes’ roaring success, has been the collaborative campaign between Metis L2 and the innovative decentralized protocol.
2. Netswap
Netswap, the first ever DEX deployed in Metis Andromeda, was the 2nd largest driver of network activity for the months of January. The dApp’s success is mostly derived from their Staking and IDO features, facilitating the launch of existing and upcoming Metis dApps. The preferred feature is, undoubtedly, their staking platform, as it allows Netswap users to stake their tokens for METIS rewards; stake for veNETT, allowing users to get dividend airdrops; and stake for wNETT, giving users access to participate in upcoming IDOs. All these, combined with an awakening Netswap community, have led to its great January performance.
3. Tethys Finance
Tethys’ roaring success during the last month has been fully driven by their latest innovation: Perpetual Contracts Trading. Tethys Finance’s fierce community, combined with the excitement brought by one of the first perpetual contracts trading platforms in Metis, is all Tethys needed to get back to the Top performing platforms, consequently being among the BMR leaders. Curiously, though, part of the activity has also come from Tethys V1, as part of the community still uses V1’s swap to this day.
4. Hummus Exchange
Hummus has been among the top drivers of network activity in Andromeda since their deployment. It provides unmatched ease for users to swap between stables with near zero slippage. Hummus accomplishes such low slippage through their single-sided stable pools, currently incentivized and yielding rates ranging from 4–12%, making it the highest single-sided stable yields in all DeFi, especially for MAI. Hummus has demonstrated stability and constant progress, contributing to their high network activity, month after month. Besides, Hummus is now seeing cross-chain collaboration with Platypus Finance (Avalanche). Keep an eye!
5. Hera Finance
The high level of interaction with Hera’s application is tied to product market fit. 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. Their artificial intelligence finds all relevant swap data for traders, and presents them the option that most optimizes their swap experience on Metis. This is especially the case for end users that are trading with larger levels of capital.
Looking for an ecosystem to launch your new project? Search no more.
Metis supports its ecosystem builders all the way down the road. Take advantage of our Builder Mining Rewards program, and leverage the benefits of delivering a good product.
Retroactive funding is key for the short and long term sustainability of Public Goods, such as the Metis Ecosystem. Learn more about Builder Mining Rewards.
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