New Metis Builder Mining Incentive Plan
We’re delighted to report that Metis recently crossed $800 million in TVL, and we’re currently ranked third among all Layer 2 platforms by L2Beat.com. Based on the on-chain data from ETHTPS.info, Metis is also one of the most active L2s on the market; last weekend, we saw more volume on Metis DEXes than on all the DEXes on Avalanche, Polygon, Optimism, and Arbitrum…combined.
That said, we are still very early, having launched our Andromeda mainnet less than four months ago. Given how early and also how ambitious we are, we keep asking ourselves this question: How do we upgrade Metis to a new level, so that we can become the flagship Ethereum scaling solution, a network that will backbone the entire Web3 economy, honor the principles of true decentralization, and pioneer the DAC economy?
Migrating existing projects from Layer 1 to Layer 2 is a key goal for every scaling solution, Metis included. But we never forget our core mission: serving the interests of our community and partners. They’re the ones who’ve built the foundation for Metis, and we would be nowhere without them.
Every decision we make as a project comes with the ideal of Blockchain for Everyone in mind. Metis itself launched with very little in the way of VC support, so we know what it’s like to bootstrap an operation and compete against projects with gigantic war chests and massive allocations to whales. So when small dev teams come to us with big dreams, innovative tech, and a desire to fair-launch to the Metis community, we speak their language. We have and will continue to do everything in our power to help these upstart projects achieve their big dreams, so that both they and our community reap the benefits.
Look at the short history of Andromeda, and you’ll see tons of examples of small projects achieving big things. Netswap, Tethys, Agora, MaiaDAO, Starstream, StarLedger, BinaryDAO…we’ve helped these and other successful projects in numerous ways, from cold launch to marketing, community engagement to partnerships, Builder Mining rewards to LP farm rewards. We’ve put our heart and soul into helping them on their path to success.
We recently announced our plan to fuel the next phase of Metis ecosystem growth, as we’ve upgraded the Builder Mining program to a 48-month campaign.
One of the most popular metrics to measure blockchain success is the Total Value Locked (TVL) on a network. While we value TVL as an important metric to evaluate the performance of a Layer 2 solution, there are other metrics worth considering too. One of the biggest is the number of transactions executed, which directly reflects the level activity of a network.
With that in mind, we are adjusting the parameters of our Builder Mining rewards program. Every month, we will distribute 10,000 $METIS to our ecosystem partners to incentivize the best DeFi, NFT, GameFi, Metaverse, DAO, SocialFi, and Web2 projects to deploy and prosper on our Layer 2 platform. Of that amount, 4,000 $METIS will be distributed based on trading volume.
The formula for token distribution to partners is as follows:
Project A’s allocation percentage = Total Transaction Numbers via Project A’s Smart Contracts / ∑ (Total Transaction Numbers via All Applied Projects’ Smart Contracts)
Builder Mining rewards will be calculated by each block, which means the more blocks, the more rewards (with an upper limit of 4,000 $METIS) can be distributed.
Note: For every month we will calculate the number of blocks that generated in that month; $METIS rewards will be accumulated at each level, but will not surpass the upper limit. This plan will be adjusted when the number of blocks per month surpasses 4,000,000.
The ongoing $100,000 Netswap Trading Competition is a great example of a promotion that promotes trading volume and community engagement on Andromeda. When that promotion ends, it will also serve as a good example of the rewards that can be accrued for stimulating activity on our Layer 2 network.
As for the rest of the 6,000 $METIS that will be distributed every month, those assets will be used to provide special support; for example Verifier rewards, Staking rewards, special grants, cold launch assistance, and milestone events for native projects launched on Metis.
Verifier rewards will also be calculated by block:
For other special support, eligible projects come from:
- Ecosystem projects’ applications
- Recommendations from current ecosystem projects on Metis
- Recommendations from the Metis community via Snapshot proposal voting, thanks to our recently announced partnership with Snapshot.org
We plan to support at least three projects per month in this manner. If any tokens from this pool of 6,000 per month are not used in a given month, they will be rolled over to the following month.
We’ve already seen how Layer 2 solutions can (and do) solve the Blockchain Trilemma, combining the security and decentralization of Ethereum with enhanced scalability for a fast, inexpensive blockchain experience. The rise of L2s will combine with Ethereum becoming a consensus layer to ensure the security and superior performance of the blockchain.
How we get there, though, is a chapter that has yet to be written. So if you’re an aspiring developer looking to hop on the L2 train, we urge you to take a long long at Metis. From tech support to the power of our marketing machine to some of the most generous and longest-lasting partner revenue incentives in the industry, we’re here to help you make your blockchain dreams come true.