Metis Unveils Sequencer Mining, Revolutionizing Network Security and Incentivizing Participation

Metis, the first rollup platform with a decentralized sequencer, has launched Phase 2 of its upgrade, introducing Sequencer Mining, a feature that allows users to contribute to network security by locking their tokens through Liquid Staking providers (LSTs). LST providers Artemis Finance and Enki Protocol will initially support Phase 2's Alpha Phase, offering users a liquid staking token (LST) that can be used in other DeFi dApps or held. Sequencer nodes will benefit from a 20% Mining Rewards Rate in the first year, and the Metis Liquid Staking Blitz will provide grants to projects accelerating growth.

Metis Completes Phase 2 of Decentralized Sequencer Upgrade, Ushering in Sequencer Mining and Enhanced Incentives

Dubai, UAE, April 23rd, 2024

Metis, the pioneering Ethereum Layer-2 rollup platform, has successfully implemented Phase 2 of its Decentralized Sequencer upgrade, introducing a transformative feature known as Sequencer Mining. This groundbreaking development empowers users to actively contribute to the network's security and stability while earning substantial rewards.

Sequencer Mining: Decentralizing Network Security and Incentivizing Participation

Sequencer Mining enables users to lock their METIS tokens through Liquid Staking (LST) providers, thereby strengthening the network's security apparatus. These LST providers interface seamlessly with the Decentralized Sequencer, while users interact with the LST providers to receive a Liquid Staking Token (LST) that can be utilized across a wide range of decentralized finance (DeFi) applications or simply held as an investment.

Through Metis' Community Ecosystem Governance (CEG), the community has meticulously selected Artemis Finance and Enki Protocol as the exclusive LST protocols for the Alpha Phase of Sequencer Mining. This strategic partnership ensures the highest standards of security and efficiency for the network.

In the inaugural year of Sequencer Mining, sequencer nodes will be incentivized with a substantial 20% Mining Rewards Rate (MRR). This MRR is identical to the rate at which smart contracts compensate participants for block production on the Ethereum blockchain, ensuring a lucrative stream of revenue for users who contribute to Metis' security.

Metis Liquid Staking Blitz (LSB): Accelerating LST Adoption and Innovation

Further bolstering the adoption and growth of LST products on Metis, the Metis EDF has launched Metis Liquid Staking Blitz (LSB). This initiative provides substantial grants to verified projects that demonstrate the potential to accelerate the development and implementation of innovative LST solutions. The commitment of over 220,000 METIS in grants for 2024 alone underscores Metis' unwavering dedication to fostering a thriving ecosystem of LST products.

Prior to the formal launch of Sequencer Mining, there has been a surge of activity surrounding LST-related products. Shoebill Finance and Stablis Protocol have both deployed their respective LST offerings, while Hercules Finance has established participation pools to facilitate user involvement.

Strategic Partnerships Drive Decentralization and Participation

To ensure the long-term success and sustainability of its Decentralized Sequencer, Metis has forged strategic partnerships with leading crypto institutions. These collaborations are instrumental in attracting a diverse pool of users and fostering a highly decentralized and participatory network.

Users can immediately begin depositing and mining through Artemis. ENKI is expected to fully launch on Mainnet shortly, but users can already participate in its "Pre-Staking" program to secure their stake in the future of Metis.

About Artemis

Artemis Finance is a bespoke liquid staking protocol meticulously designed for Metis' Decentralized Sequencer. Users can seamlessly stake METIS tokens on Artemis Finance and receive the liquid staking token artMETIS, which can be utilized across a wide range of DeFi applications or held as an investment.

About Enki

Enki Protocol is a Metis-native liquid staking protocol that leverages a battle-tested dual-token architecture similar to protocols like Frax and Lido. This architecture ensures the highest levels of security and stability for the Metis Decentralized Sequencer. Users can stake METIS via Enki and receive seMETIS, while the protocol utilizes ENKI for governance purposes.

About Metis

Metis is an EVM-Equivalent Ethereum Layer-2 protocol that bridges the gap between Web2 and Web3. By leveraging a decentralized and scalable architecture, Metis empowers users with a user-friendly and highly secure network that is fully compatible with the Ethereum ecosystem.

Metis has become the first Ethereum rollup to successfully decentralize its sequencer through the implementation of the Decentralized Sequencer. This groundbreaking achievement enhances network security, reduces operational costs, and opens up new avenues for revenue generation for users.

Contact:
Jamie Kingsley
Metis
j.kingsley@theprgenius.com