Metis Announces Major New Collaborations Advancing Self-Sustainability

February 29, 2024 at 16:00 PM EST

--News Direct--

Ethereum Layer-2 roll-up platform Metis is excited to announce major collaborations with Chainlink Labs, EigenLayer, Renzo, Ethena, and DeFi Kingdoms. These collaborations will make Metis even stronger and more accessible—a superfluid self-sustaining blockchain—by enabling better user experiences and deeper liquidity.

Many Ethereum Layer 2 (L2) networks offer low transaction costs and decent user experiences. But for long-term viability, an L2 also needs to be self-sustaining with deep liquidity. Metis already has the lowest transaction fees among its peers and will soon be the first Ethereum L2 with a decentralized sequencer, removing a centralized point of failure and protecting Metis’s future.

As a part of these new developments, the Metis bridge interface will be upgraded to leverage Chainlink CCIP as the official cross-chain infrastructure to power the canonical Metis token bridge, with an initial focus on bridging leading stablecoins from Ethereum mainnet onto the Metis network. Over time, additional blockchain networks and tokens are expected to be supported to further accelerate the growth of the Metis ecosystem. Additional information on the migration will be provided in the near future.

Over the next couple of months, EigenLayer will integrate Metis, creating a new liquid-restaking layer to the Metis ecosystem and dramatically boosting the network’s liquidity. Native and cross-chain restaking on Metis will come first, followed by dual restaking with $METIS, the Metis network token. Eigenlayer will also allow users to use $METIS to pay for EigenDA, EigenLayer’s hyperscale data-availability layer, with additional functionality for future actively validated services (AVSes) and roll-up services coming in mid-2024.

Metis’s partnership with Renzo will bring native ETH restaking. Using Connext’s Restake from Anywhere module, users will be able to deposit Metis-native ETH into Renzo for ezETH without worrying about bridging and restaking manually. This will unlock easier access to DeFi within the Metis ecosystem.

Ethena will also contribute a key component to Metis's new liquidity layer: the yield-bearing stablecoin USDe. Protected by LayerZero's security, USDe allows users to deposit traditional fiat, ETH, or liquid staking tokens (LSTs) and earn yield while minimizing risk through delta-neutral hedging. Bridging USDe from multiple blockchains to Metis will give users flexible investment options and nicely complement Metis's recent Liquid Staking Blitz.

Ethena users can also bridge their USDe to Metis from multiple chains, all powered and secured by LayerZero.

Lastly, after two years of development, DeFi Kingdoms (DFK) will deploy a new, eagerly awaited combat mode of their game on Metis, introducing player-versus-player (PvP) battles and tournaments in the Colosseum. At launch, this feature will live exclusively on Metis. On Avalanche, DFK generated up to $130 million daily at its peak, so the new game mode has significant potential to bring players and transaction volume to the Metis blockchain.

Together, these five developments will give users compelling new reasons to choose the Metis ecosystem while eliminating more of the pain points associated with L2 networks. With new value propositions and substantial new incoming liquidity building on a successful foundation of low fees and increasing decentralization, Metis is well-positioned to be a superfluid, self-sustaining blockchain.

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 secure, decentralized, scalable, and easy-to-use network.