Our new decentralized storage is used for rollup data and fraud-proof challenge processes, so a much larger number of transactions can be rolled up at once, resulting in a significant reduction of transaction costs — from a cost of about $2-$3 just a few months ago to 2 cents and 19 cents for a swap, at the time of this article!
The new IPFS-like distributed storage solution supports all types of API frameworks for easy integration with DApps that would like to leverage the benefits of native storage on Metis’ Layer 2 network.
At Metis Andromeda, we prioritize our users and our partners, which is precisely the reason why we are so excited. The decentralized storage is a major, solid step in the right direction for Metis Andromeda. This new development will not only create a wider community engagement but also directly benefit the network efficiency. In this short article, we will cover many of the benefits that will be enjoyed by both: builders and users.
Lower Gas Fees
The implementation of the Decentralized storage will not only improve performance but will also make it more economic through the reduction of gas fees. How are lower gas fees achieved?
Simple! Rolling up data and fraud-proof challenge processes, resulting in a much larger number of transactions being rolled up at once (fee get cut off in smaller slices). This takes us to our next point!
Since the gas fees for Andromeda Network have fallen so low, not only do the ecosystem and its products become more usable, but DeFi itself actually becomes more profitable. All the auto-compounding DeFi products would get incredibly benefited from this implementation, due to the fact that “auto-compounding” implies that the harvesting is done automatically and continuously. Since there are a lot of fees involved in these processes, the reduction of said fees in a process where their use is SO continuous can create a huge difference in the short, medium and long run.
The Decentralized Storage deployment will allow us to bring a completely new and revolutionary NFT experience to all our users. The times in which you’d have to allocate half your funds for an ETH NFT and the other half for the gas fees related to successfully minting the NFT are over. Metis brings phenomenal upside to Artists/Collections, NFT Marketplaces, and of course: our user. Besides the deployment of our NFT Hub, our incredibly low fees allow the NFT space to maximize market efficiency.
- For users, the upside is obvious: no more gas wars or having to pay the same amount in gas than the actual price of the NFT for popular collections: Andromeda will be paradise for them.
- For Artists/Collections, since it’s known that in ETH a lot of money has to be used to be able to mint an NFT (excluding the NFTs actual price): take advantage of the lack of high fees in here, and find a middle ground that users like as well. These Collections/Artists will be able to charge more than in other chains, while still making their buyers happier!
- For Marketplaces, it’s obvious as well: marketplaces could take advantage of the lack of high fees and take a more active role implementing an extra or a higher fee than usually for minting, and it would still be amazingly cheaper than minting NFTs in any other chain.
The beautiful thing about the possibilities for the NFT space in Andromeda, is that all the costs will be so much lower than EVERYONE will be able to be better off!
Integrated decentralized storage will not only improve performance but also add much needed functionality space to enable exciting new Web2- + Web3-hybrid DApps, as well as the Metisverse virtual platform. Specially since onboarding Web2 projects through our DAC infrastructure is one of our main priorities, this implementation of our very awaited Decentralized Storage Layer will absolutely change the game for the whole crypto industry.
In our next phase, we’ll also implement Storage Providing. This will also be a way for users to provide excess storage, which will also encourage a way higher community engagement. Storage Providers will receive incentives in the form of METIS tokens for contributing to the network’s speed and scalability. While users benefit directly from providing storage, they also benefit indirectly if invested in ecosystem DeFi projects (interesting right?).
Introducing a truly decentralized storage layer is an incredible milestone for the Metis Andromeda network! Metis users, community and network efficiencies are all benefited from the release. Not only does the storage layer significantly reduce transaction finality and fees (making us the cheapest L2 in the space!), but it provides decentralized storage, DeFi incentives, cheaper minting of NFTs, and improves functionality for not only web3, but expanding to even web2.