Phase 2 of Metis' Decentralized Sequencer Upgrade Goes Live

April 23, 2024 at 09:00 AM EDT

Sequencer Mining is the most awaited feature from Phase 2, allowing Metis to properly align incentives through revenue sharing

TORONTO, ON / ACCESSWIRE / April 23, 2024 / Last month's launch of Phase 1 of the Metis Decentralized Sequencer upgrade established Metis as the first-ever rollup platform with a decentralized sequencer. Now, Metis is making history again with Phase 2, opening the door to ensuring all network participants are properly incentivized.

Phase 2 of the Decentralized Sequencer upgrade introduces a new wave of groundbreaking features and functions, including enabling multiple transactions within a single block, transaction pools, and brings Sequencer Mining to the Metis ecosystem for users to interact with.

With Sequencer Mining, sequencer nodes will earn METIS tokens for their role in processing transactions and generating blocks within blockchain networks using Layer-2 solutions like Metis. These nodes, which are operated by various entities globally to avoid a single point of failure, ensure fairness in block sequencing. Their tasks include ordering and batching transactions, as well as submitting batches to the Ethereum mainnet.

Similar to Lido Finance on Ethereum, LST providers will operate sequencer nodes, and users will be able to "stake" via these LST providers, unlocking liquid tokens in the process. In other words, LST providers engage with the sequencer, and users in turn interact with the providers. Through Metis' Community Ecosystem Governance (CEG), the community chose Artemis Finance and Enki Protocol as the two LST protocols for the Alpha Phase.

Artemis Finance is a liquid staking protocol designed exclusively for Metis' Decentralized Sequencer. Users can stake METIS tokens on Artemis Finance and receive the liquid staking token artMETIS.

Enki Protocol is a Metis-native liquid staking protocol leveraging dual-token architecture from protocols like Frax and Lido to implement the most battle-tested LST design to the Metis Decentralized Sequencer. Users can stake METIS via Enki and receive seMETIS, but the protocol utilizes ENKI for its governance.

To support expansion for LSTs and LST-focused products in the ecosystem, Metis Liquid Staking Blitz (LSB), supported by the Metis EDF, will provide grants to verified projects to accelerate growth. More than 220,000 METIS are committed in grants for 2024 alone to support MetisLSB and catalyze growth of LST products on Metis. Even before Sequencer Mining goes officially live, we've already seen deployments of LST-focused products like Shoebill Finance, Stablis Protocol, pools on Hercules Finance, and more.

Metis has secured important partnerships with recognized crypto institutions that will help the network achieve proper decentralization and high participation rates on the Decentralized Sequencer.

Users can deposit and start mining immediately through Artemis. ENKI will be fully launching on Mainnet soon, but users can already participate in their "Pre-Staking" program.

About Metis

Metis is an EVM-Equivalent Ethereum Layer-2 protocol focused on bridging the gap between Web2 and Web3. Metis provides users with a decentralized and scalable easy-to-use network secured by Ethereum. Metis became the first Ethereum rollup to decentralize its sequencer with the launch of Decentralized Sequencer, which enhances network security and provides more revenue earning opportunities for users.

Contact:

Colin Landers
[email protected]

SOURCE: Metis

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