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For the first half of the year our team worked relentlessly towards a bold vision of decentralizing our network.
Our mission for the next 6 months: To disrupt the standard L2 economic models by empowering our contributors with network ownership, impactful governance roles, and reinforced economic security through revenue sharing, while igniting adoption, growth, and activity via the Metis Ecosystem Development Fund (EDF).
We are now ready to share our comprehensive roadmap for the second half of 2024, outlining the key initiatives and milestones that will propel our network towards achieving this vision. This roadmap represents our commitment to:
At the heart of our 6 month roadmap lies the ongoing rollout of the Decentralized Sequencer, key to unlocking unprecedented network ownership and incentives alignment.
By decentralizing the critical function of the sequencer across a growing network of independent nodes, we are paving the way for a system where no single entity controls the flow of data on our network enhancing censorship resistance and network reliability by eliminating single points of failure and ensuring consistent access to the network.
Importantly, our Decentralized Sequencer distributes ownership of the network to each sequencer node operator that is selected by our community. As owners of the network, sequencer node operators will play a crucial role in ecosystem governance, determining strategic goals, and driving growth on the network.
Metis' Decentralized Sequencer model creates a positive feedback loop that drives network growth and sustainability. As transaction volume increases, gas fee revenue rises, leading to higher revenue for sequencers, which are distributed to users through METIS. This enhances the utility and value of METIS, attracting more participants to the network. Increased participation leads to more transactions, further boosting sequencer revenue. This cycle reinforces itself, aligning the incentives of all stakeholders with the network's growth.
Furthermore, Metis users directly benefit by experiencing a more reliable and responsive network with enhanced security for transactions and assets. In addition, with sequencer node operators having a direct stake in the network, their goals align with users’. This alignment of interests between sequencer node operators and users means decisions are made with user needs in mind, leading to faster innovation and improvements that are directly beneficial. They are incentivized to maintain high performance, security, and user satisfaction, ensuring a better experience for network participants.
As the network grows, any entity may have the chance to become a sequencer node operator, opening up increased access to network operations, development, and revenue sharing. See more about applying here.
Tldr;
Our transition to a fully Decentralized Sequencer has been underway with significant milestones achieved over the past few months.
The Metis Foundation took the critical first step by deploying the initial sequencer nodes to ensure a smooth transition and maintain network stability during the onboarding process. Performance metrics such as throughput and latency have met expectations, demonstrating the efficiency of the Decentralized Sequencer design.
Meanwhile, since March 14, the initial nodes have locked up a staggering 322k METIS, with 9,893 METIS already awarded to participants, at time of this writing.
Recently, through a series of proposals and votes on the Metis Governance Forum, our community made key decisions to onboard 6 independent sequencer node providers:
and 2 more liquid staking token (LST) protocols that could potentially pair with the sequencer nodes:
Adding independent sequencer node operators and more LST protocols to our ecosystem effectively makes our network more decentralized and secure while expanding the opportunity for more users to participate in sequencer mining (revenue share).
This section outlines our plan for setting the basis for an ecosystem that is truly self-sustaining - one where value creation is distributed, incentives are aligned, and network ownership is distributed.
The Metis Ecosystem Development Fund (EDF) will continue to be a driving force behind the growth of our network, providing critical funding and support to a wide range of projects and initiatives. To date, the EDF has allocated funding to several projects, including Hercules, WAGMI, and DeFi Kingdoms.
Currently changes to the Metis EDF grants process are being developed for a governance proposal, putting more oversight into the hands of the Metis community, resulting in a role in the funding process for innovative projects. This will ensure the network evolves in line with the vision of our users.
As the network continues to grow, so too will the value generated within the ecosystem. Metis is committed to distributing this value among its community through a robust revenue-sharing model. Foundation nodes continually reinvest in the EDF, creating a powerful growth cycle where user, builder, and network success are one and the same.
What this means for the network:
user incentives
What this means for the community:
The core of our vision for decentralization lies in the concept of network ownership. Sequencer node operators that are selected by the community will own the most critical piece of our network’s infrastructure. As a result, they will play a critical role in maintaining the network's security and uptime while guiding its strategic direction, shaping the future of Metis alongside the core team.
What’s in it for the Metis community? The community is empowered by our governance model to propose and select sequencer node providers, putting community at the heart of network operations and decisions. This ensures the future of Metis aligns with the community’s vision.
Our growth and success are intrinsically linked to the growth of our builders community. As we continue to build a self-sustaining network, our focus remains on promoting an environment that attracts and nurtures innovative projects, cultivating a diverse and thriving community of builders and users.
Our Builders Mining Rewards (BMR) program is an incentives system that will continue to put value back into the hands of those driving our ecosystem forward. Build on Metis, generate transactions, and claim your share. Monthly allocated rewards can now scale further to contributing dApps from the Metis Ecosystem Development Fund. Further putting focus and support to contributors.
To further accelerate the influx of groundbreaking projects into the Metis ecosystem, we have forged a strategic relationship with P1X, our sister company and leading Web3 incubator in the AIPAC region. This collaboration aims to identify and nurture promising projects, particularly those focused on emerging sectors such as memecoins and real-world asset (RWA) tokenization.
In the coming months, our focus will be on optimizing key aspects of the network, ensuring that users can seamlessly interact with the ecosystem while enjoying the benefits of low transaction costs and efficient infrastructure. These added benefits will allow our network to host high throughput dApps like the standout blockchain game DeFi Kingdoms.
We recently reduced gas fees for our users with an infrastructure-level upgrade. Through this optimization, we achieved significantly lower gas costs for transactions in an effort to enhance user and builder experience for our dApps.
In addition to lowering gas fees, Metis is committed to continuously improving the underlying infrastructure of our network. Our roadmap for the next six months includes a series of upgrades designed to optimize performance, enhance security, and future-proof our network.
One of the highly anticipated upgrades was the recent introduction of sequencer mining withdrawal functionality, which enables sequencer node operators to partially or fully withdraw their locked assets. Each sequencer node provider that has expanded sequencer mining to users will determine their own withdrawal system. Artemis is the first protocol to implement withdrawal of sequencer mining rewards for its users.
We are preparing for the integration of EigenDA, a cutting-edge data availability protocol that promises to enhance the scalability and efficiency of our network while maintaining decentralization and security. As stated above, this integration will give our network the capability to handle high throughput for gaming, SocialFi and messaging dApps, to name a few.
In our commitment to enhancing cross-chain interoperability, Metis is set to integrate Chainlink's Cross-Chain Interoperability Protocol (CCIP) as our canonical cross-chain infrastructure. This integration will significantly expand Metis' capabilities, enabling seamless and secure communication with other blockchain networks. By leveraging CCIP, we'll provide our users with enhanced asset transfers, cross-chain smart contract interactions, and multi-chain applications. This will open up new possibilities for developers to create innovative dApps that operate across multiple networks, while users will enjoy increased liquidity and access to a broader range of services.
As part of our commitment to decentralization, we will implement the latest fault proof system from the OP Stack with some adjustments that will offer:
Our ambitions in this roadmap are to nurture a vigorous ecosystem that incentivizes user participation and real network ownership among our contributors.
Over the next six months, our key goals and milestones will lay the foundation for our vision of decentralization:
We are building more than just a network – we're creating a decentralized ecosystem where our community of users, builders, and contributors are at the forefront of owning, earning, and governing.
Explore our website, engage with our community on X, Telegram, and Discord, and get ready to take an active role in the next chapter of our story.
