From Day 1, the Metis project has grown from our community. It is our firm belief that Metis and our ecosystem partners can benefit each other. We provide a robust, low-cost, high-speed, highly scalable Layer 2 infrastructure, which ecosystem projects can leverage to do great things and achieve exciting growth. Together, we are building a prosperous Web3 world: The Metisverse.
WHAT IS THE BUILDER MINING PROGRAM?
The Metisverse is not and will not be built purely by Metis, it is our ecosystem partners building it together, piece by piece. The Metis Builder Mining program will incentivize all the ecosystem partners who are or will be launching on the Metis Layer 2 network.
One of the key metrics for evaluating an ecosystem’s viability is the volume of transactions and transaction costs (gas fees). On the Metis Layer 2 network (the current version is called Andromeda), every transaction is charged in $METIS tokens. The Builder Mining program is thus designed to reward each project that’s integrated onto the Metis network and generating transactions. The more transactions a DApp makes, the higher contribution it’s making to the whole ecosystem, and thus the more gas fees that DApp will share.
HOW DOES IT WORK?
For all the gas fees charged from transactions, 30% will be allocated and shared with all our ecosystem projects that live on the Metis Layer 2 network.
Every project that wants to qualify for the builder mining program will need to submit the smart contracts address here. There will be a program to monitor and calculate the transactions made through these smart contracts. If the project is using Polis to build its application, this project is naturally involved (no applications needed) in the Builder Mining program.
For example, if there are 1000 $METIS tokens collected from the gas fees, 300 $METIS tokens will be shared among all the eligible projects. If Project A’s transaction volume occupies 10% of all the transactions, then Project A will get 300*10%=30 $METIS tokens as Builder Mining rewards. Builder Mining rewards will be released once a month.
As a project dedicated to our community, we greatly value our ecosystem partners and their ability to generate cutting-edge technology and tangible value for our users. We will continue to support our partners and our community, and look forward to building a robust, thriving, and exciting Metisverse.