Metis is a permissionless Ethereum Layer 2 network designed to power the next generation of decentralised applications. It aims to address the blockchain trilemma by enhancing scalability, decentralisation, and security, specifically targeting issues related to speed, cost, and scalability on the Ethereum network.
Metis operates using a Layer 2 architecture that utilises Optimistic Rollups and Zero-Knowledge Proofs (ZKPs) to offload transaction processing from the Ethereum mainnet to a secondary layer. This reduces transaction costs and increases processing speed. The platform incorporates a staking mechanism where validators stake METIS tokens to validate transactions. It also employs Merkle Tree algorithms for efficient transaction processing and verification, and supports smart contract deployment.
Metis can be utilised across various sectors including:
Founded by Elena Sinelnikova in 2019, Metis developed its Layer 2 scaling solution focusing on optimistic rollups and zero-knowledge rollups. The METIS token was launched in December 2020. Over the years, Metis has introduced features like an NFT bridge and storage solution, integrated significant technologies such as Chainlink's CCIP, and launched initiatives like the Builder Mining Program to encourage network use.